Synnex Earns $8.6 Million In First Public Results

The Fremont, Calif.-based distributor earned $8.6 million, or 35 cents per share, on $1.25 billion in revenue for its fourth fiscal quarter ended Nov. 30, 2003. Synnex completed its initial public offering Nov. 25, 2003, which resulted in $78.3 million in proceeds.

The first-quarter results compare with net income of $7.7 million, or 31 cents per share, on sales of $1.07 billion in the year-ago quarter.

For the fiscal year, Synnex earned $30 million, or $1.22 per share, on sales of $4.13 billion. In fiscal 2002, the distributor earned $28 million, or $1.16 per share, on $3.77 billion in sales.

"We are very pleased to complete our IPO, and I would like to thank our new investors for their show of confidence in our company and our future," said Robert Huang, president and CEO, in a statement.

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Synnex shares closed at $16.65 Thursday, up $1.35, or 9 percent. The shares opened at $14.50.

For the first fiscal quarter ending Feb. 29, Synnex expects net income of between $8.8 million and $9.4 million, or 30 cents to 32 cents per share, and sales between $1.13 billion and $1.18 billion.

"Our first-quarter guidance reflects reasonably strong growth in our December results, and we are cautiously optimistic that the recent improvement in technology spending will continue," said Huang.