All American Semiconductor announces second quarter results and 55% increase in first half sales.MIAMI--(BUSINESS WIRE)--Aug. 14, 1996--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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SEMI), a leading national distributor of electronic components, Wednesday announced its results for the second quarter and six months ended June 30, 1996. 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, 1996, were $62.6 million, a 38% increase over the second quarter of 1995 sales of $45.5 million. For the first half of 1996 net sales were $129.8 million, representing a 55% increase over the first half of 1995. Excluding nonrecurring items, the company had income from operations of $540,000 and $2.6 million for the quarter and six months ended June 30, 1996, compared to $2.1 million and $3.7 million for the same periods of 1995. The company had net income of $110,000 or $.01 per share for the six months ended June 30, 1996, excluding nonrecurring and extraordinary items. For the quarter and six months ended June 30, 1996, including nonrecurring and extraordinary items, the company had net losses of $523,000, or $.03 per share, and $362,000, or $.02 per share compared to net income of $808,000 or $.06 per share and $1.3 million, or $.10 per share, for the 1995 periods. Included in the second quarter of 1996 is a nonrecurring expense of $276,000 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. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the termination of certain employment agreements and an extraordinary after-tax gain of $272,000 relating to a settlement of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . In addition to these items, the results for the first six months of 1996 include a nonrecurring expense of $254,000 on an after-tax basis associated with the closing of the company's cable assembly division in Lisle lisle n. 1. A fine, smooth, tightly twisted thread spun from long-stapled cotton. 2. Fabric knitted of this thread, used especially for hosiery and underwear. , Ill. and an extraordinary after-tax expense of $214,000 resulting from the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt. 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 of All American, stated: "While our sales were ahead of last year, they were substantially below our expectations due to adverse market conditions and price erosion on a broad range of products. Our results were also negatively impacted by nonrecurring items, noncash amortization and the increase in SG&A associated with the company's aggressive expansion, including the December 1995 acquisitions and the opening of four new sales offices during 1996. To respond to the adverse market conditions, we have developed and begun implementing strategies to increase profitability. We believe that, as these strategies take effect and as the adverse market conditions subside sub·side intr.v. sub·sid·ed, sub·sid·ing, sub·sides 1. To sink to a lower or normal level. 2. To sink or settle down, as into a sofa. 3. To sink to the bottom, as a sediment. 4. , our performance should improve in the future." All American was recently ranked as the nation's 17th largest distributor of electronic components and 8th largest distributor of semiconductors. The company now has offices in 32 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 new distribution and programming center in Fremont, Calif. -0-
ALL AMERICAN SEMICONDUCTOR INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands
except per share amounts)
Quarters Six Months
Periods Ended June 30 1996 1995 1996 1995
Net sales $ 62,567 $ 45,489 $129,764 $ 83,775 Income from operations $ 55 $ 2,138 $ 1,709 $ 3,747 Income (loss) before income taxes and extraordinary items $ (1,396) $ 1,417 $ (739) $ 2,361 Income tax (provision) benefit 601 (609) 319 (1,015) Income (loss) before extraordinary items (795) 808 (420) 1,346 Extraordinary items 272 -- 58 -- Net income (loss) $ (523) $ 808 $ (362) $ 1,346 Primary and fully diluted earnings per share: Income (loss) before extraordinary items $(.04) $.06 $(.02) $.10 Extraordinary items .01 -- -- -- Net income (loss) $(.03) $.06 $(.02) $.10 Average number of common shares outstanding: Primary 20,439,031 14,043,283 20,444,245 13,348,802 Fully diluted 20,439,031 14,170,464 20,444,245 13,585,049 CONTACT: All American Semiconductor Inc., Miami Bruce M. Goldberg, President Howard L. Flanders, CFO See Chief Financial Officer. 305/621-8282, ext. 1417 |
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