All American Announces First Quarter Results; Net Income Up 72%.MIAMI--(BUSINESS WIRE)--May 7, 1998--All American Semiconductor, Inc. (The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. :SEMI), a leading national distributor of electronic components, today announced its results for the first quarter of 1998. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter ended March 31, 1998 were $63.5 million, up from net sales of $62.2 million for the same period in 1997. Income from operations increased to $2.0 million for the first quarter of 1998, up from $1.7 million for the first quarter of 1997. Net income for the quarter ended March 31, 1998 was $518,000 or $.03 per share, up from net income for the same period of 1997 of $302,000 or $.02 per share. Bruce M. Goldberg, President and Chief Executive Officer of All American, stated, "We are pleased that our continued focus on our core businesses as well as our cost control programs have enabled All American to achieve a 72% increase in net income despite the weakness in our industry and the pressure on our gross margins." To the extent that this press release discusses financial projections, future performance, expectations, beliefs or intentions about our products, markets or operating results, or otherwise makes statements about our industry's or the Company's future, the statements are forward looking and are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially from the statements made. Factors that could adversely affect the Company's future results, performance or achievements include the timing of delivery of products from suppliers, the product mix sold by the Company, customer demand, availability of products from and relationships with suppliers, price competition for products sold by the Company, interest rates, management of expenses, the Company's ability to collect accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , price decreases on inventory that is not price protected, gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. , growth of the electronics industry and/or electronics distribution and the other risks and factors detailed in the Company's reports on Forms 10-K and Forms 10-Q. All American is ranked as the nation's 8th largest distributor of semiconductors and the 15th largest electronic components distributor overall. The Company now has offices in 30 strategic locations throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , including All American's ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. certified See certification. distribution and programming center in Fremont, California For the unincorporated community in Yolo County, California, see . Fremont (IPA: /ˈfriːmɒnt/) is a city in California that was incorporated on January 23, 1956, from the merger of five smaller communities: . -0-
ALL AMERICAN SEMICONDUCTOR, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands
except per share amounts)
Quarters Ended March 31 1998 1997
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Net Sales $ 63,530 $ 62,239
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Income from Operations $ 2,007 $ 1,727
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Net Income $ 518 $ 302
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Basic and Diluted
Earnings Per Share $.03 $.02
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Average Shares:
Basic 19,683,600 19,665,378
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Diluted 20,146,069 19,697,790
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CONTACT: All American Semiconductor Inc., Miami Bruce M. Goldberg, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Howard L. Flanders, CFO See Chief Financial Officer. 305/621-8282 x1417 |
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