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The Best And The Worst Channel Stocks In Q3 2020

Rick Whiting

Of the 24 companies on our watch list this quarter, 16 recorded stock price increases in the third quarter with eight recording stock price declines – including four by double-digit percentages. Take a look at whose shares managed to hold their value and which ones took the biggest losses.

ScanSource

CEO: Mike Baur

June 30, 2020 Close: $24.09

Sept. 30, 2020 Close: $19.83

Change: -17.68%

Sept. 30, 2020 Market Cap: $502.92 Million (-17.63%)

In July ScanSource said the COVID-19 pandemic and ensuing recession had dramatically affected its business and announced plans to lay off 200 employees and close down its Canpango Salesforce deployment business – all part of a $30 million expense reduction initiative.

For the fourth quarter (ended June 30) of fiscal 2020 ScanSource reported sales of $636.5 million, down nearly 22 percent from $811.4 million in the fourth quarter of fiscal 2019. The company reported a $217.3 million net loss for the quarter compared to net income of $11.6 million one year before.

For all of fiscal 2020 (ended June 30) ScanSource reported revenue of $3.05 billion, down 6.2 percent from $3.25 billion in fiscal 2019. The company reported a net loss of $192.7 million for the fiscal year compared to net income of $57.6 million one year earlier.

 

 
Rick Whiting

Rick Whiting has been with CRN since 2006 and is currently a feature/special projects editor. Whiting manages a number of CRN’s signature annual editorial projects including Channel Chiefs, Partner Program Guide, Big Data 100, Emerging Vendors, Tech Innovators and Products of the Year. He also covers the Big Data beat for CRN. He can be reached at rwhiting@thechannelcompany.com.

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