Ingram Micro Confirms Fourth Quarter Guidance
December 01 2003 - 9:41PM
PR Newswire (US)
Ingram Micro Confirms Fourth Quarter Guidance Company Executives to
Participate in Investor Conferences in December SANTA ANA, Calif.,
Dec. 1 /PRNewswire-FirstCall/ -- Ingram Micro Inc. , the world's
leading provider of wholesale technology products and services,
today confirmed its guidance for the fourth quarter of fiscal year
2003, ending Jan. 3, 2004. As previously disclosed on Oct. 30,
2003, sales are expected to range from $5.70 billion to $5.90
billion, while net income (excluding any major-program costs and
other special items) is expected to range from $32 million to $37
million, or $0.21 to $0.24 per diluted share. The company's net
income, required to be reported based on GAAP, will likely differ
significantly from this forecast because of major-program costs
related to the profit-enhancement program, announced on Sept. 18,
2002, and other actions that may be implemented. The company's
major-program costs and other actions, if any, and therefore GAAP
earnings, in any one quarter cannot be reasonably estimated.
"Customer activity and economic reports have been promising, which
gives us greater confidence in generating sales around the top of
the guidance range," said Kent B. Foster, chairman and chief
executive officer, Ingram Micro Inc. "Our guidance also reflects
improvements in net income compared to last year, driven by the
success of our profit-enhancement program." In addition, company
executives are scheduled to present at two upcoming investor
conferences, as follows: * Wednesday, Dec. 3, 2003 Credit Suisse
First Boston Technology Conference The Phoenician Resort,
Scottsdale, Ariz. Kent Foster, chairman and chief executive officer
11 a.m. ET (9 a.m. MT) * Thursday, Dec. 11, 2003 Raymond James IT
Supply Chain Conference InterContinental The Barclay, New York,
N.Y. Kent Foster, chairman and chief executive officer, Michael
Grainger, president and chief operating officer, and Thomas Madden,
executive vice president and chief financial officer 9:30 a.m. ET
(6:30 a.m. PT) To access the live audio webcasts of these
presentations, visit the Investor Relations page of the Ingram
Micro Web site located at http://www.ingrammicro.com/corp . The
archived versions will be available for approximately one week
following the events. Cautionary Statement for the Purpose of the
Safe Harbor Provisions of the Private Securities Litigation Reform
Act of 1995 The matters in this press release that are
forward-looking statements, including but not limited to statements
about future sales levels, margins, restructuring charges,
major-program costs, cost savings, operating efficiencies, and
profitability, are based on current management expectations that
involve certain risks which if realized, in whole or in part, could
have a material adverse effect on Ingram Micro's business,
financial condition and results of operations, including, without
limitation: (1) the company's failure to achieve the objectives of
its profit enhancement program as announced in September 2002 or
other process or organizational changes, in whole or in part, or
delays in implementing components of the program; (2) intense
competition, regionally and internationally, including competition
from alternative business models, such as manufacturer-to-end-user
selling, which may lead to reduced prices, lower sales or reduced
sales growth, lower gross margins, extended payment terms with
customers, increased capital investment and interest costs, bad
debt risks and product supply shortages; (3) termination of a
supply or services agreement with a major supplier or customer or a
significant change in supplier terms or conditions of sale; (4)
failure of information systems and/or failure to successfully
transition certain components of the company's IT infrastructure to
its third-party provider which could result in significant
disruption to business or additional cost, or may not generate the
intended level of cost savings; (5) disruptions in business
operations due to reorganization activities; (6) the continuation
or worsening of the severe downturn in economic conditions
(particularly purchases of technology products) and failure to
adjust costs in a timely fashion in response to a sudden decrease
in demand; (7) losses resulting from significant credit exposure to
reseller customers and negative trends in their businesses; (8)
rapid product improvement and technological change and resulting
obsolescence risks; (9) possible disruption in commercial
activities caused by terrorist activity or armed conflict,
including changes in logistics and security arrangements as a
result thereof, and reduced customer demand; (10) dependence on key
individuals and inability to retain personnel; (11) reductions in
credit ratings and/or unavailability of adequate capital; (12)
interest rate and foreign currency fluctuations; (13) adverse
impact of governmental controls and actions or political or
economic instability which could adversely affect foreign
operations; (14) failure to attract new sources of business from
expansion of products or services or entry into new markets; (15)
inability to manage future adverse industry trends; (16)
difficulties and risks associated with integrating operations and
personnel in acquisitions; (17) future periodic assessments
required by current or new accounting standards which may result in
additional charges; and (18) dependence on independent shipping
companies. Ingram Micro has instituted in the past and continues to
institute changes to its strategies, operations and processes to
address these risk factors and to mitigate their impact on Ingram
Micro's results of operations and financial condition. However, no
assurances can be given that Ingram Micro will be successful in
these efforts. For a further discussion of significant factors to
consider in connection with forward-looking statements concerning
Ingram Micro, reference is made to Exhibit 99.01 of Ingram Micro's
Annual Report on Form 10-K for the year ended December 28, 2002;
other risks or uncertainties may be detailed from time to time in
Ingram Micro's future SEC filings. Ingram Micro disclaims any duty
to update any forward-looking statements. About Ingram Micro Inc.
As a vital link in the technology value chain, Ingram Micro creates
sales and profitability opportunities for vendors and resellers
through unique marketing programs, outsourced logistics services,
technical support, financial services, and product aggregation and
distribution. The company serves 100 countries and is the only
global IT distributor with operations in Asia. Ranked 76 on the
Fortune 500, Ingram Micro generated $22.5 billion in revenues for
fiscal year 2002. Visit http://www.ingrammicro.com/corp . (C) 2003
Ingram Micro Inc. All rights reserved. Ingram Micro and the
registered Ingram Micro logo are trademarks used under license by
Ingram Micro Inc. DATASOURCE: Ingram Micro Inc. CONTACT: media,
Jennifer Baier, +1-714-382-2692, , or Marie Meoli, +1-714-382-2190,
, or investors, Ria Marie Carlson, +1-714-382-4400, , or Lisa
Mueller, +1-714-382-2012, , all of Ingram Micro Inc. Web site:
http://www.ingrammicro.com/corp Web site:
http://www.ingrammicro.com/
Copyright
Ingram Micro A (NYSE:IM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ingram Micro A (NYSE:IM)
Historical Stock Chart
From Jul 2023 to Jul 2024