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TECH DATA REPORTS RECORD RESULTS; ANNOUNCES PROMOTION

 CLEARWATER, Fla., March 23 /PRNewswire/ -- Tech Data Corporation (NASDAQ-NMS: TECD) announced today record sales and earnings for the fourth quarter and fiscal year ended Jan. 31. Net income for the fourth quarter increased 39 percent to $5.7 million, or $.36 per share, compared with $4.1 million, or $.26 per share in the fourth quarter last year. Fiscal 1993 fourth quarter sales increased 42 percent to $283.8 million compared with $200.2 million in the comparable quarter last year.
 Net income for the year ended Jan. 31 increased 66 percent to $19.8 million, or $1.26 per share, up from $11.9 million, or $.88 per share, last year. Sales for the current year grew 51 percent to $978.9 million compared with $647.0 million for the prior year.
 Steven A. Raymund, chairman and chief executive officer, said, "We continued to experience strong sales demand during the quarter despite continued shortages of certain key products, primarily computer systems.
 "We maintained our focus on reducing, selling, general and administrative expenses as a percentage of sales, which declined to an all-time low of 5.5 percent in the fourth quarter this year, compared with 6.6 percent in the fourth quarter last year. This allowed us to continue our aggressive pricing strategy while maintaining an operating profit margin of 3.6 percent in the quarter. We believe we have the lowest operating expense ratio of any publicly held microcomputer distributor," he added.
 "During the fourth quarter we achieved many important milestones, including reaching an agreement to distribute software products for Microsoft Corporation which we began shipping in January. We also were authorized by IBM Personal Computer Company to begin distributing their PS/ValuePoint and ThinkPad computer systems when more product becomes available in the second quarter. The agreement with IBM made Tech Data the first national distributor to carry system products from the three largest manufacturers of personal computers -- IBM, Compaq Computer Corporation and Apple Computer, Inc.
 "Our financial position was further strengthened by the successful secondary offering of 2.6 million shares of common stock completed in February 1993, resulting in net proceeds of approximately $66.4 million."
 In addition, the company announced the promotion of Jeffery P. Howells to senior vice present of finance and chief financial officer. Howells, who joined the company in October 1991, was formerly vice president of finance and chief financial officer.
 Tech Data Corporation is a leading distributor of personal computer products. The company offers comprehensive product lines in software, networking and communications, mass storage, peripherals and computer systems. In addition to a wide range of products, Tech Data provides extensive pre-sale and post-sale training, service, and support. Tech Data serves more than 35,000 value-added resellers and retail dealers from 11 distribution centers throughout the United States and Canada.
 TECH DATA CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF INCOME
 (In thousands, except per share amounts)
 Three months ended Year ended
 Jan. 31, Jan. 31,
 1993 1992 1993 1992
 Net sales $283,815 $200,238 $978,862 $646,961
 Cost and expenses:
 Cost of products sold 257,843 179,745 885,292 579,766
 Selling, general and
 administrative expenses 15,668 13,119 57,556 44,089
 273,511 192,864 942,848 623,855
 Operating profit 10,304 7,374 36,014 23,106
 Interest expense 1,193 720 3,973 4,078
 Income before income taxes 9,111 6,654 32,041 19,028
 Provision for income taxes 3,413 2,566 12,259 7,141
 Net income $5,698 $4,088 $19,782 $11,887
 Net income per common share $.36 $.26 $1.26 $.88
 Weighted average common
 shares outstanding 15,775 15,674 15,701 13,482
 CONSOLIDATED BALANCE SHEET
 (In thousands)
 Jan. 31,
 1993 1992
 ASSETS
 Current assets:
 Cash $391 $3,921
 Accounts receivable, net 121,279 81,363
 Inventories 158,597 84,834
 Prepaid expenses 11,277 4,420
 Total current assets 291,544 174,538
 Property and equipment, net 32,760 23,121
 Excess of cost over acquired
 net assets, net 959 990
 Other assets 1,622 1,827
 $326,885 $200,476
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Revolving credit loan $89,198 $36,708
 Current portion of long-term debt 164 155
 Accounts payable 104,632 55,147
 Accrued expenses 8,206 4,083
 Total current liabilities 202,200 96,093
 Long-term debt 9,638 9,818
 211,838 105,911
 Total shareholders' equity 115,047 94,565
 Total liabilities and
 shareholders' equity $326,885 $200,476
 -0- 3/23/93
 /CONTACT: Jeffery P. Howells, senior vice president of finance and chief financial officer, 813-538-7825, or Arthur W. Singleton, treasurer and secretary, 813-538-7083, both of Tech Data Corporation/
 (TECD)


CO: Tech Data Corporation ST: Florida IN: CPR SU: ERN PER

JB-AW -- FL004 -- 8808 03/23/93 16:15 EST
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Date:Mar 23, 1993
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