All American Announces Second Quarter Results; Net Income Up 62%.MIAMI--(BUSINESS WIRE)--Aug. 10, 1998--All American Semiconductor, Inc. (Nasdaq:SEMI), a leading national distributor of electronic components, today announced its results for the second 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 June 30, 1998, were $63.0 million, a 7.6% decrease from sales for the second quarter of 1997 of $68.1 million. Income from operations increased to $2.9 million for the second quarter of 1998, from $2.4 million for the same period of 1997. Net income increased significantly to $1.0 million or $.05 per share for the quarter ended June 30, 1998, representing a 62.4% increase from $622,000, or $.03 per share for the 1997 period. For the first half of 1998 net sales were $126.5 million compared to $130.4 million for the same period of 1997. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the increased to $4.9 million for the six months ended June 30, 1998, from $4.1 million for the same period of 1997. Net income increased 65.4% to $1.5 million or $.08 per share for the first half of 1998 from $924,000, or $.05 per share for the 1997 period. 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, "Even though industry conditions caused a decline in our overall sales, we are prideful that as a result of the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and cost control programs implemented during 1996 we are able to report a significant increase in our net income. "Our due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and preparation of documentation relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the merger with Reptron Electronics, Inc., announced in June of this year, is continuing." To the extent that this press release discusses financial projections, future performance, expectations, beliefs or intentions about our products, markets or operating results or the merger with Reptron Electronics, Inc., 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 or the merger with Reptron Electronics, Inc. include the failure of All American Semiconductor and Reptron Electronics to enter into a definitive agreement and plan of merger or thereafter, among other matters, the inability to obtain any required consents or approvals of governmental agencies, the shareholders of either company not approving the proposed merger or Reptron Electronics being unable to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. or otherwise retire All American Semiconductor's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, 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 has recently moved up in the rankings and is now recognized as the nation's 7th largest distributor of semiconductors and the 14th largest electronic components distributor overall. The Company has offices in 32 strategic locations, 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 Six Months
Periods Ended June 30 1998 1997 1998 1997
----------------------------------------------------------------------
Net Sales $ 62,981 $ 68,131 $ 126,511 $ 130,370
========== ========== ========== ==========
Income from
Operations $ 2,866 $ 2,350 $ 4,873 $ 4,077
========== ========== ========== ==========
Net Income $ 1,010 $ 622 $ 1,528 $ 924
========== ========== ========== ==========
Basic and Diluted
Earnings Per Share $ .05 $ .03 $ .08 $ .05
========== ========== ========== ==========
Average Shares:
Basic 19,683,600 19,673,600 19,683,600 19,669,489
========== ========== ========== ==========
Diluted 20,279,532 19,686,277 20,217,534 19,691,161
========== ========== ========== ==========
CONTACT: All American Semiconductor, Inc., Miami
Bruce M. Goldberg, CEO
Howard L. Flanders, CFO
(305) 621-8282, ext. 1417
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