Ingram Micro Reports First Quarter Financial Results
Summary
IRVINE, Calif.--( BUSINESS WIRE )--Ingram Micro Inc. today announced financial results for the first quarter ended March 30, 2019. The translation of foreign currencies versus last year had a negative impact of approximately 4 percentage points on worldwide sales. Non-GAAP net income also excludes the impact of foreign exchange gains or losses related to the translation effect on Euro-based inventory purchases in Ingram Micro’s pan-European entity. Ingram Micro’s management believes these non-GAAP financial measures are useful because they provide meaningful comparisons to prior periods and an alternate view of the impact of acquired businesses. Ingram Micro Inc.Consolidated Balance Sheets(Amounts in 000s)(Unaudited)March 30,December 29,20192018ASSETS Current assets: Cash and cash equivalents $ 553,926 $ 533,949 Trade accounts receivable, net 6,801,761 7,756,983 Inventory 4,514,009 4,509,474 Other current assets 670,120 669,044 Total current assets 12,539,816 13,469,450 Property and equipment, net 433,129 421,008 Goodwill 936,496 938,407 Intangible assets, net 296,426 316,597 Other assets 319,257 317,318 Total assets $ 14,525,124 $ 15,462,780 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Accounts payable $ 7,590,896 $ 8,578,895 Accrued expenses 904,968 835,474 Short-term debt and current maturities of long-term debt 128,119 175,215 Total current liabilities 8,623,983 9,589,584 Long-term debt, less current maturities 1,308,469 1,313,287 Other liabilities 174,004 163,806 Total liabilities 10,106,456 11,066,677 Stockholders equity 4,418,668 4,396,103 Total liabilities and stockholders equity $ 14,525,124 $ 15,462,780 Ingram Micro Inc.Consolidated Statements of Income(Amounts in 000s)(Unaudited)Thirteen Weeks EndedMarch 30, 2019March 30, 2018 Net sales $ 11,575,516 $ 11,762,140 Cost of sales 10,804,055 11,017,579 Gross profit 771,461 744,561 Operating expenses: Selling, general and administrative 625,926 618,246 Amortization of intangible assets 19,708 24,733 Reorganization costs 303 14,916 645,937 657,895 Income from operations 125,524 86,666 Other (income) expense: Interest income (2,353 ) (5,122 ) Interest expense 27,038 27,059 Net foreign currency exchange gain (11,070 ) (5,077 ) Other 6,369 6,085 19,984 22,945 Income before income taxes 105,540 63,721 Provision for income taxes 29,005 17,128 Net income $ 76,535 $ 46,593 Ingram Micro Inc.Consolidated Statements of Cash Flows(Amounts in 000s)(Unaudited)Thirteen Weeks EndedMarch 30, 2019March 31, 2018Cash flows from operating activities: Net income $ 76,535 $ 46,593 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 48,598 51,808 Gain on marketable securities, net (5,309 ) (1,724 ) Loss (gain) on sale of property and equipment 20 (425 ) Noncash charges for interest and bond discount amortization 578 1,002 Deferred income taxes (549 ) 12,711 Changes in operating assets and liabilities, net of effects of acquisitions: