All American Announces Record Earnings At $.71 Per Share for the Quarter.Business Editors/Technology Writers MIAMI--(BUSINESS WIRE)--July 20, 2000 Quarterly Revenues Up 58% from Prior Year; Profitability Increases for Sixth Consecutive Quarter All American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of 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 second quarter and first half of 2000, which reflected new sales and earnings records for both periods. 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 June 30, 2000 reached a record of $126.0 million, up 58% from net sales of $79.9 million for the same period of 1999. Income from operations was $6.9 million for the second quarter of 2000, compared to $1.6 million for the second quarter of 1999. Net income for the quarter ended June 30, 2000 was a record $2.9 million or $.71 per share (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ), up more than ten-fold from net income of $247,000 or $.06 per share (diluted) for the second quarter of 1999. For the first half of 2000, net sales were a record $233.3 million, up 55% from net sales of $150.5 million for the first half of 1999. Income from operations was $10.7 million for the first six months of 2000, compared to $3.0 million for the same period of 1999. Net income was $4.2 million or $1.02 per share (diluted) for the six months ended June 30, 2000, compared to $441,000 or $.11 per share (diluted) for the same period of 1999. Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. M. Goldberg, President and Chief Executive Officer of All American, stated, "Our second quarter performance was extremely rewarding as it reflects a combination of improved industry conditions and the benefits of the strategies we have been implementing over the past several years. These industry improvements reflect strong growth in many market segments and the continued emergence of new market drivers which some industry analysts expect could continue for years to come. During the second quarter we experienced significant sales growth and increased market share in almost all territories." Mr. Goldberg continued, "In addition to the rapid sales growth, our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: has continued to increase. Given our solid book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can of 1.4 to 1 for the second quarter and our strong position within an industry which has an extremely positive outlook, we are very excited about our upcoming periods." All American is recognized as the nation's 5th largest distributor of semiconductors and the 12th largest electronic components distributor overall. The Company has offices in 35 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. . To the extent that this press release discusses financial projections, future performance, expectations, beliefs or intentions about our bookings, markets, operating results, new technologies, 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, without limitation, the effectiveness of the Company's business and marketing strategies, the Company's development of new customers, price erosion in and price competition for products sold by the Company, management of growth and expenses, the ability of the Company to generate the expected return Expected Return The average of a probability distribution of possible returns, calculated by using the following formula: from its addition of people and the increase of its infrastructure, 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. including decreasing margins relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company being required to have aggressive pricing programs, increased competition from third party logistics companies, e-brokers and other Internet providers Internet provider - Internet Service Provider through the use of the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the as well as from its traditional competitors, the continued and anticipated growth of the electronics industry and electronic components distribution industry, the failure to achieve acceptance or grow at the expected level of some of the new technologies being supported by the Company, and the other risks and factors detailed in the Company's reports on Forms 10-K and Forms 10-Q and other press releases. These risks and uncertainties are beyond the ability of the Company to control. In many cases, the Company cannot predict the risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. .
ALL AMERICAN SEMICONDUCTOR, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands
except per share amounts)
Quarters Six Months
Periods Ended June 30 2000 1999 2000 1999
Net Sales $ 125,994 $ 79,874 $ 233,267 $ 150,523
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Income from Operations $ 6,939 $ 1,601 $ 10,721 $ 3,037
========== ========= ========== =========
Net Income $ 2,949 $ 247 $ 4,159 $ 441
========== ========= ========== =========
Earnings Per Share:
Basic $ .77 $ .06 $ 1.09 $ .11
====== ====== ======= ======
Diluted $ .71 $ .06 $ 1.02 $ .11
====== ====== ======= ======
Average Shares:
Basic 3,813,910 3,937,371 3,807,939 3,937,371
========= ========= ========= =========
Diluted 4,177,521 3,937,371 4,082,129 3,937,371
========= ========= ========= =========
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