All American Announces Second Quarter and First Half Results; Quarterly Revenues Up 27% From Prior Year and Increasing Profitability for Consecutive Quarters.MIAMI--(BUSINESS WIRE)--July 29, 1999-- 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. (Nasdaq:SEMI semi - /se'mee/ or /se'mi:/ A spoken abbreviation for semicolon. "Commands to grind are prefixed by semi semi star" means that the prefix is ";;*", not 1/4 of a star. ), a leading national distributor of electronic components, today announced its results for the second quarter and first half of 1999, which reflected new sales 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 June: see month. 30, 1999 were a record $79.9 million, up 27% from net sales of $63.0 million for the same period in 1998. Income from operations was $1.6 million for the second quarter of 1999, compared to $2.9 million for the second quarter of 1998. Net income for the quarter ended June 30, 1999 was $247,000 or $.06 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. ), compared to $1.0 million or $.25 per share (diluted) for the second quarter of 1998. For the first half of 1999, net sales were a record $150.5 million, up 19% from net sales of $126.5 million for the first half of 1998. Income from operations was $3.0 million for the first six months of 1999, compared to $4.9 million for the same period of 1998. Net income was $441,000 or $.11 per share (diluted) for the six months ended June 30, 1999, compared to $1.5 million or $.38 per share (diluted) for the same period of 1998. All per share amounts above have been restated to reflect a one-for-five reverse stock split which became effective on June 1, 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, "We are excited to have reached a new quarterly sales record. We are also happy to see our profitability increase compared to the first quarter of this year. Additionally, we are very excited by the opportunities that are being created as a result of the accelerated consolidation occurring in our industry and we are aggressively pursuing many avenues that are opening as a result of this activity. Our present profitability is being impacted as we are investing in our future by adding more quality people, opening new offices and continuing to expand our products and our services." All American is recognized as the nation's 6th largest distributor of semiconductors and the 15th largest electronic components distributor overall. The Company has offices in 34 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, 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 erosion (ĭrō`zhən), general term for the processes by which the surface of the earth is constantly being worn away. The principal agents are gravity, running water, near-shore waves, ice (mostly glaciers), and wind. 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 logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. companies and e-brokers 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, 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. . -0-
ALL AMERICAN SEMICONDUCTOR, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands
except per share amounts)
Periods Ended Quarters Six Months
June 30 1999 1998 1999 1998
---------------------------------------------------------------------
Net Sales $79,874 $62,981 $150,523 $126,511
======= ======= ======== ========
Income from
Operations $ 1,601 $ 2,866 $ 3,037 $ 4,873
======= ======= ======== ========
Net Income $ 247 $ 1,010 $ 441 $ 1,528
======= ======= ======== ========
Earnings
Per Share (1):
Basic $.06 $.26 $.11 $.39
==== ==== ==== ====
Diluted $.06 $.25 $.11 $.38
==== ==== ==== ====
Average
Shares (1):
Basic 3,937,371 3,936,719 3,937,371 3,936,719
========= ========= ========= =========
Diluted 3,937,371 4,055,905 3,937,371 4,043,506
========= ========= ========= =========
(1) Restated to reflect a one-for-five reverse stock split which
became effective June 1, 1999.
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