Product category:
Microprocessors, Microcontrollers and DSPs
News Release from: Nu Horizons Electronics Corp
Edited by the Electronicstalk Editorial
Team on 11 May 2004
Nu Horizons grows again
Nu Horizons Electronics Corp has reported financial and operating results for the fourth quarter and year ended 29th February 2004.
Nu Horizons Electronics Corp has reported financial and operating results for the fourth quarter and year ended 29th February 2004 Net sales for the fourth quarter increased to $102.0 million from $70.9 million for the comparable period last year, an increase of 45%
This article was originally published on Electronicstalk on 7 Jul 2008 at 8.00am (UK)
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Net income for the current quarter was $409,000 or $0.02 per share on 16,859,766 basic shares outstanding ($0.02 per share on 17,928,342 diluted shares outstanding), compared with a net loss of $1.8 million or $0.11 per share on 16,683,817 shares outstanding in the same period last year.
For the fiscal year ended 29th February 2004, net sales from continuing operations increased to $345.9 million from $302.1 million in the comparable period last year.
Net loss for fiscal 2004 was $848,000 or $0.05 per share on 16,729,163 shares outstanding, compared with a net loss of $2.5 million, or $0.15 per share on 16,663,817 shares outstanding in the year-earlier period.
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Arthur Nadata, President and Chief Executive Officer of Nu Horizons, said: "We have now reported four sequential quarters of sales growth, with the fiscal 2004 fourth quarter experiencing a 12% sequential increase in sales over the fiscal 2004 year's third quarter".
"We believe that our industry is in full recovery mode and that Nu Horizons should continue to participate in the benefits of this increased demand".
Nadata continued: "Our strategy of maintaining our infrastructure and investing during the electronic industry's severe downturn is now beginning to see positive results".
"Our sales in Asia increased almost 200% from fiscal 2003 to 2004 and our book to bill ratio, company wide, remains positive".
"Key to our Asia initiative has been our ability to transfer American design wins into Asian sales when those designs become production orders offshore".
"With investments stabilising and sales continuing to grow we look forward to increasing bottom line results".
"Our industry continues to show robust growth and we are maintaining our positioning to maximise the benefits of this growth".
"Year over year and quarter over quarter we have increased market share with all of our major suppliers".
"This is true for both our semiconductor and passive component businesses".
Nadata concluded: "The second half of calendar 2003 appears to have been the break out period the industry has long been expecting".
"This was evidenced by industry wide double digit sequential and year over year increases in sales dollar volume, albeit accompanied by continued downward margin pressures".
"We believe this improvement in the components market worldwide should continue".
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