Product category:
Microprocessors, Microcontrollers and DSPs
News Release from: Nu Horizons Electronics Corp
Edited by the Electronicstalk Editorial
Team on 09 January 2007
Market weakness causes third quarter
blip
Nu Horizons Electronics Corp has reported financial and operating results for the third quarter and nine months ended 30th November 2006.
Nu Horizons Electronics Corp has reported financial and operating results for the third quarter and nine months ended 30th November 2006 Net sales for the quarter ended 30th November 2006 increased 26% to US $186.1 million as compared with $147.5 million for the comparable period last year
This article was originally published on Electronicstalk on 7 Jul 2008 at 8.00am (UK)
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Net income for the quarter was $2.4 million or $0.13 per diluted share up 59 and 62%, respectively, as compared with net income of $1.5 million or $0.08 per diluted share for the third quarter of the prior year.
Sales, however, declined from the immediately preceding quarter primarily as a result of a decline in the company's systems business related to a substantial customer-specific decrease, as well as to market weakness related to some end customer and manufacturing channel inventory builds.
For the nine months ended 30th November 2006, net sales increased to $567.4 million from $397.2 million in the comparable period last year, an increase of 43%.
Net income for the first nine months of fiscal 2007 was $9.0 million or $0.49 per diluted share, up 224% and 206% respectively, compared with net income of $2.8 million or $0.16 per diluted share in the same period last year.
Arthur Nadata, Chairman of the Board and Chief Executive Officer, stated: "We are pleased with our continued earnings performance for the third quarter compared with the prior year, which we attribute to increased net sales and lower operating expenses as a percentage of sales".
"We have expanded our sales force, line card and geographic presence, all of which have enabled us to gain market share and contributed to this quarter's strong financial performance".
"We believe that notwithstanding the current market weakness, we will continue to gain market share and outperform our competitors".
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