Software Spectrum, Inc. announces record net sales and third quarter financial results.GARLAND Garland, city (1990 pop. 180,650), Dallas co., N Tex., a suburb of Dallas; inc. 1891. Since World War II, Garland has grown from an agricultural community into an important center for electronics research and for the production of electronic equipment. , Texas--(BUSINESS WIRE)--Jan. 24, 1996--Software Spectrum, 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 :SSPE SSPE abbr. subacute sclerosing panencephalitis SSPE subacute sclerosing panencephalitis. SSPE Subacute sclerosing panencephalitis, see there ) today announced record 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 of $117,751,000 for the quarter ended December December: see month. 31, 1995. This represents an increase of 16% over net sales of $101,463,000 for the same quarter one year ago. Net income for the quarter ended December 31, 1995 was $2,773,000, compared to $3,459,000 for the same quarter last year. Earnings per share for the quarter ended December 31, 1995 were $.65, based on 4.3 million weighted average shares outstanding, compared to $.82, based on 4.2 million weighted average shares outstanding for the same quarter last year. For the nine months ended December 31, 1995, net sales increased by 12% to $298,896,000 compared to $266,834,000 for the same period last year. Net income for the first nine months of fiscal 1996 was $6,176,000 compared to net income of $6,690,000 for the nine month period ended December 31, 1994. For the nine months ended December 31, 1995, earnings per share were $1.45, based on 4.3 million weighted average shares outstanding, compared to $1.59, based on 4.2 million weighted average shares outstanding for the same period last year. "We are pleased with the sales growth we saw in the December 1995 quarter. This is especially true as the December 1994 quarter was a very strong sales quarter as a result of an exceptionally high volume of sales of a specific product line. The operating results for last December also reflected an unusually high level of financial incentives earned on this product line, which were not expected to, and which did not recur in the December 1995 quarter," stated Judy Judy is most commonly a female given name, as well as a shorten form of Judith. It may also refer to:
adj. 1. Almost exact or correct: the approximate time of the accident. 2. 50% of our total sales, as customers continued to recognize the cost savings, global contracting capability and other advantages of this purchasing method." Software Spectrum is a leading supplier of microcomputer microcomputer Small digital computers whose CPU is contained on a single integrated semiconductor chip. As large-scale and then very large-scale integration (VLSI) have progressively increased the number of transistors that can be placed on one chip, the processing capacity software and services to businesses. Focused on delivering the future of desktop software, Software Spectrum remains committed to providing superior customer service while maintaining a cost-efficient Adj. 1. cost-efficient - productive relative to the cost cost-effective efficient - being effective without wasting time or effort or expense; "an efficient production manager"; "efficient engines save gas" operating structure. The Company provides customers with a wide variety of business software products, volume software licensing services and technology support and assists them in the implementation, deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. , and ongoing support of their personal computing Refers to users working on their own computers rather than a terminal to a mainframe. Sometimes, the term refers to using computers at home for work and/or entertainment in contrast to business use only. See personal computer. software strategies. Software Spectrum is headquartered in Garland, Texas Garland is a city in Dallas County, Texas, (USA). It is a northeastern suburb of Dallas and is a major part of the Dallas-Fort Worth Metroplex. As of the 2000 census, the city had a population of 215,768, making it the tenth-most populous city in Texas and the eighty-sixth most , and has 32 sales locations across 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. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . -0-
SOFTWARE SPECTRUM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
------------------ -----------------
1995 1994 1995 1994
---- ---- ---- ----
Net sales $ 117,751 $ 101,463 $ 298,896 $ 266,834
Cost of sales 102,160 87,342 258,328 230,660
---------- ---------- ---------- ----------
Gross margin 15,591 14,121 40,568 36,174
Selling, general and
administrative
expenses 11,511 9,035 31,904 25,927
---------- ---------- ---------- ----------
Operating income 4,080 5,086 8,664 10,247
Interest income, net 239 130 741 257
---------- ---------- ---------- ----------
Income before
income taxes 4,319 5,216 9,405 10,504
Federal and state
income taxes 1,546 1,757 3,229 3,814
---------- ---------- ---------- ---------
Net income $ 2,773 $ 3,459 $ 6,176 $ 6,690
========== ========== ========== ==========
Earnings per share $ 0.65 $ 0.82 $ 1.45 $ 1.59
========== ========== ========== ==========
Weighted average shares
outstanding 4,266 4,218 4,261 4,213
========== ========== ========== ==========
-0-
SOFTWARE SPECTRUM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31, March 31,
1995 1995
------------ ---------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 19,585 $ 11,543
Short-term investments 5,277 14,728
Trade accounts receivable, net of
allowance for doubtful accounts 95,543 67,859
Inventories 17,132 13,665
Prepaid expenses and other
current assets 15,143 8,363
--------- ---------
Total current assets 152,680 116,158
Furniture, equipment and leasehold improvements, net 9,345 7,517
Intangibles and other assets 5,285 1,023
--------- ---------
$ 167,310 $ 124,698
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable $ 75,549 $ 47,539
Other current liabilities 17,407 10,212
--------- ---------
Total current liabilities 92,956 57,751
Other liabilities 2,163 1,113
Shareholders' equity
Preferred stock, par value $.01;
authorized, 400,000 shares; issued
and outstanding, none -- --
Common stock, par value $.01;
authorized, 10,000,000 shares; issued
4,239,372 shares at December 31 and
4,209,550 shares at March 31 42 42
Additional paid-in capital 36,361 35,979
Retained earnings 36,322 30,315
--------- ---------
72,725 66,336
Less treasury stock 534 502
--------- ---------
Total shareholders' equity 72,191 65,834
--------- ---------
$ 167,310 $ 124,698
========= =========
CONTACT: Software Spectrum, Inc., Garland Judy Sims or Deborah Deborah (dĕb`ōrə), in the Bible, prophetess and judge of Israel, the only woman to hold that office. Under her guidance Barak conquered Sisera and delivered Israel from the oppression of the Canaanite King Jabin. Nugent Nugent may refer to one of the following:
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