Daisytek International Corporation concludes first annual meeting of shareholders.DALLAS--(BUSINESS WIRE)--July 27, 1995--Daisytek International Corp. (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 : DZTK) shareholders re-elected a board member and ratified the appointment of an independent public accounting firm at the company's annual meeting of shareholders on July 26 at the Four Seasons Resort Las Colinas Las Colinas is a developed area in the Dallas suburb of Irving, Texas. Due to its central location between Dallas and Fort Worth and its proximity to DFW Airport, Las Colinas has been a viable place in the Metroplex for corporate and business relocation. in Irving. Re-elected to Daisytek's board of directors was Christopher Yates, a vice president with Daisytek. Shareholders also ratified the appointment of Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing LLP LLP - Lower Layer Protocol as the company's independent public accounting firm. During the annual meeting, Mark C. Latyon, president, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and chief financial officer, reviewed the financial results of fiscal year 1995 and the first quarter of fiscal year 1996. In addition, he discussed several developments important to the company: o The company's inventory level at the end of the first fiscal quarter of 1996 was higher than previous quarters primarily as the result of higher inventory purchases in advance of anticipated manufacturers' price increases. The company expects these inventory purchases to continue during the second quarter. o Daisytek continues to develop innovative technology-based tools that improve internal productivity and accuracy and provide further value-added services to its existing customers. In July 1995, the company's $2.2 million upgrade in its Memphis Superhub's distribution center became fully operational and is running smoothly. o Daisytek is pursuing further opportunities for international growth. Recently, the company completed an agreement in principle on a lease for distribution space in Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe. Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. , to serve as its inventory gateway into the high growth South American consumables market. o To capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the national trend among corporations to outsource areas of their business, the company is reviewing opportunities with its business partners to provide outsourcing of Daisytek's small package distribution expertise to both manufacturers and resellers. Daisytek recognizes the potential to provide small package logistics services as well as telemarketing, advertising and financial support. Daisytek International Corporation is a leading wholesale distributor of non-paper computer and office automation supplies and accessories in 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. . The company sells primarily nationally known, name-brand consumable supply products including laser toner, copier toner, ink jet cartridges, printer ribbons, diskettes, and computer tape cartridges and accessories. The company distributes over 4,800 products manufactured by over 145 original equipment manufacturers to approximately 20,000 customer locations including value-added resellers (VARs), computer supply dealers, computer and office product superstores, and other resellers who sell the products to end users. Daisytek completed an initial public offering in January 1995, in which the company issued 1,380,000 shares of common stock for which it received net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $18.6 million used to reduce outstanding debt. CONTACT: Daisytek International, Dallas Mark C. Layton, 214/881-4700 or Edelman Financial, Dallas Laurie Pennino Noelle Greene-Hunt 214/520-3555 |
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