Ingram Micro Net Sales Increase 31%, Exceeding $6.7

Billion for First Quarter 1999 / Company Delivers Net Income of $42 Million for the Quarter SANTA ANA, Calif. (PROTEXT) - Ingram Micro Inc. (NYSE: IM) today announced its financial results for the first quarter ended April 3, 1999. The company posted record net sales in the first quarter of 1999 of $6.73 billion, growing 31 percent over the prior period's $5.15 billion. Net income for the period was $42.3 million, or $0.29 per share, declining 25 percent compared to the 1998 first quarter. These results include $6.2 million in costs incurred during the period for the company's reorganization announced on March 11, 1999 and an extraordinary pre-tax gain of $6.2 million on the repurchase of debentures. Net income, excluding these one-time costs and gains, was $42.4 million, or $0.29 per share. About Ingram Micro Inc. Ingram Micro Inc. (NYSE: IM), headquartered in Santa Ana, Calif., is the world's largest wholesale distributor of technology products and services, and is a leading provider of assembly and integration services with sales of $23.6 billion for the past four reported quarters. The company and its subsidiaries operate in 31 countries and distribute more than 200,000 products to more than 140,000 resellers in 130 countries. Ingram Micro can be found at ingrammicro.com. Ingram Micro is a trademark used under license by Ingram Micro Inc. All other logos, brand names and product names are trademarks of their respective companies. INGRAM MICRO INC. CONSOLIDATED BALANCE SHEET (Dollars in 000s, except per share data) (Unaudited) April 3, January 2, 1999 1999 ASSETS Current assets: Cash $100,612 $96,682 Trade accounts receivable 2,620,447 2,562,050 Inventories 2,873,321 3,094,227 Other current assets 295,822 278,591 Total current assets 5,890,202 6,031,550 Property and equipment, net 264,728 254,718 Goodwill, net 435,377 232,112 Other 216,642 215,024 Total assets $6,806,949 $6,733,404 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $3,539,480 $3,306,045 Accrued expenses 269,661 254,627 Current maturities of long-term debt 58,974 38,978 Total current liabilities 3,868,115 3,599,650 Convertible debentures 422,966 473,475 Other long-term debt 943,809 1,208,003 Other 58,526 53,019 Total liabilities 5,293,416 5,334,147 Stockholders' equity 1,513,533 1,399,257 Total liabilities and stockholders' equity $6,806,949 $6,733,404 INGRAM MICRO INC. CONSOLIDATED STATEMENT OF INCOME (Dollars in 000s, except per share data) (Unaudited) Thirteen Weeks Ended April 3, April 4, 1999 1998 Net sales $6,725,275$5,150,088 Cost of sales 6,366,021 4,820,178 Gross profit 359,254 329,910 Selling, general and administration expenses 267,509 213,786 Income from operations before reorganization costs 91,745 116,124 Reorganization costs 6,234 -- Income from operations 85,511 116,124 Interest and other expense 24,364 22,114 Income before income taxes 61,147 94,010 Provision for income taxes 22,671 37,474 Income before extraordinary items 38,476 56,536 Extraordinary gain on repurchase of debentures ($6,183, net of $2,405 in income taxes) 3,778 -- Net income $42,254 $56,536 Diluted earnings per share $0.29 $0.38 Diluted weighted average shares outstanding 148,185,470 149,061,829 ots Original Text Service: Ingram Micro Inc. Internet: http://www.newsaktuell.de Contact: Kimmerly W. Strohm, Investor Relations, 714-382-4400, or Kathleen Janson, Media Relations, 714-382-2046, both of Ingram Micro Inc. Web site: http://www.ingrammicro.com Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents. PROTEXT