Tech Data Beats Street, Income Rises 42 Percent

Tech Data posted earnings of $52.7 million, or 92 cents per diluted share, for the fourth quarter ended Jan. 31, a 42.3 percent increase over the $37.1 million, or 67 cents per diluted share, the distributor earned during the same period last year.

Sales for the fourth quarter were $5.3 billion, an 11.2 percent increase over the $4.8 billion in sales reported during the same quarter a year ago.

The distributor exceeded First Call estimates of 86 cents per share.

Sales for the 2000 fiscal year were $20.4 billion, up 20.2 percent over the $17 billion reported during the prior fiscal year. Net income for fiscal year 2000 was $178 million, up 40 percent over the $127.5 million earned during the same period last year.

"Our results for the quarter and fiscal year clearly demonstrate Tech Data's superior earnings power," said Steve Raymund, Tech Data's chairman and CEO, in a statement.

"This record-breaking performance underscores that we have the right business model and strategic direction for long-term success. Tech Data is clearly the best performer in its industry, and we are poised to strengthen this leadership position," he added.

Tech Data stock closed Wednesday at $26.32 per share, down 6.2 percent from market close yesterday.