All American Semiconductor Reports Record Sales for the Fourth Quarter and Year-End 1999 and Reports 116% Increase in Net Income for the Year.Business Editors MIAMI--(BUSINESS WIRE)--March 8, 2000 Earnings per share $.46 for year; $.22 for 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. (Nasdaq:SEMI), a leading national distributor of electronic components, today announced results for the quarter and year ended December December: see month. 31, 1999. 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 fourth quarter of 1999 were at record levels of $90 million, a 40% increase over sales of $65 million for the same period of 1998. Income from operations was $2.9 million for the fourth quarter of 1999 compared to a loss of $783,000 for the same period of 1998. Net income was $856,000 or $.22 per share for the quarter ended December 31, 1999, compared to a loss of $1 million or $.26 per share for the 1998 period. Net sales for 1999 reached a new record of $330 million, an $80 million or 32% increase over 1998 sales of $250 million. Income from operations in 1999 was $8.1 million, compared to $5.7 million for 1998. Net income increased to $1.8 million or $.46 per share for 1999, compared to $831,000, or $.21 per share for 1998. All per share amounts above have been restated to reflect a one-for-five reverse stock split which became effective on June June: see month. 1, 1999. The 1998 periods included a nonrecurring charge Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". of $2.9 million ($1.7 million on an after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. ). 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 very pleased with our 1999 performance which included four consecutive quarterly sales records. Additionally, our net income for 1999 increased 116% over last year and each quarter of 1999 represented an improvement in net income from the previous sequential quarter." Mr. Goldberg continued, "More exciting than our record sales levels and improved net income is the rate at which we are booking new business. Our 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 for the fourth quarter of 1999 was 1.2 to 1 and increased to 1.3 to 1 in each of January January: see month. and February 2000. These positive indicators reflect the simultaneous occurrence of two trends. The first is the industry expansion relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc technology growth which many analysts expect to continue for years to come. Additionally, the company is benefiting from the realization of the strategic positioning that it has been developing over the past several years to take advantage of the opportunities resulting from the significant changes occurring in electronics distribution today." 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 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 or general technology growth, 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 and continued success 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 the Company being required to have aggressive pricing programs, increased competition from third party logistics 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, as well as general technology growth, 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 OPERATIONS
(Dollars in thousands
except per share amounts)
Quarters Twelve Months
Periods Ended Dec. 31 1999 1998 1999 1998
---------------------------------------------------------------------
Net Sales $ 90,470 $ 64,506 $ 329,563 $ 250,044
========== ========== ========== ==========
Income (Loss) from
Operations(1) $ 2,948 $ (783) $ 8,142 $ 5,705
========== ========== ========== ==========
Net Income (Loss)(2) $ 856 $ (1,007) $ 1,799 $ 831
========== ========== ========== ==========
Earnings (Loss) Per
Share(2)(3):
Basic $.22 $(.26) $.46 $.21
==== ===== ==== ====
Diluted $.22 $(.26) $.46 $.21
==== ===== ==== ====
Average Shares(3):
Basic 3,883,674 3,937,322 3,921,138 3,937,021
========== ========== ========== ==========
Diluted 3,885,952 3,939,537 3,924,166 3,998,802
========== ========== ========== ==========
(1) Included in 1998 were nonrecurring expenses of $2.9 million.
(2) Included in 1998 were nonrecurring expenses of $1.7 million on an
after-tax basis.
(3) Restated to reflect a one-for-five reverse stock split which
became effective June 1, 1999.
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