Printer Friendly

ALL AMERICAN SEMICONDUCTOR, INC. ANNOUNCES RECORD HIGH SALES AND SIGNIFICANT EARNINGS GROWTH FOR 1991

 ALL AMERICAN SEMICONDUCTOR, INC. ANNOUNCES
 RECORD HIGH SALES AND SIGNIFICANT EARNINGS GROWTH FOR 1991
 MIAMI, March 31 /PRNewswire/ -- All American Semiconductor, Inc. (NASDAQ: SEMI), a national distributor of electronic components, today announced its audited results for the year ended Dec. 31, 1991.
 Net Sales for 1991 were the highest in the company's history at $45.3 million. This represents a 10 percent increase from net sales of $41.3 million in 1990. Income from operations increased 55 percent to $1.8 million in 1991, up $623,000 from $1.1 million in 1990. Income from operations increased significantly as a percentage of sales, increasing to 3.9 percent of sales in 1991, compared to 2.7 percent of sales in 1990. These increases were primarily due to record high sales and increased market share resulting from increased penetration in certain territories as well as the addition of passive products to the company's product offering. In addition, selling, general and administrative costs as a percentage of sales decreased in 1991 due to the benefit of economies of scale.
 For the year ended Dec. 31, 1991, the company had net income of $117,000, or $.03 per share, compared to net income of $18,000, or $.01 per share in 1990. The increase in net income in 1991 resulted primarily from the increased sales and reductions in selling, general and administrative expenses as a percentage of sales. These factors more than offset an increase in interest expense, an increase in depreciation expense associated with new computer and communications equipment, an adverse affect of losses incurred by the company's Maryland affiliate and nonrecurring expenses of $124,000 before taxes, associated with the relocation of the company's corporate headquarters and consolidation of the company's semiconductor and passive inventories into one updated warehouse facility. The losses from the company's Maryland affiliate, in the amount of $95,000, before taxes, were non-cash losses, as the company is not responsible for any of the affiliate's obligations. In addition, net income for 1991 includes approximately $46,000 of other income as a result of the settlement of certain litigation.
 Paul Goldberg, chairman of All American, stated, "We are pleased that we are continuing to progress in a profitable manner, despite substantial expenses incurred as a result of the development of our new computer system which went into service in mid-1991 as well as $124,000 of nonrecurring expenses incurred in connection with the relocation of our corporate headquarters and the consolidation of our warehouses. These two major events have now positioned our company to be able to sustain significant growth with minimal additional investment in fixed overhead as we now have computer and communications equipment and plant capacity to facilitate a significant increase in volume. During 1991, All American increased its market share as the company was able to achieve a 10 percent growth rate in a year when the industry had a decline in total revenues. Furthermore, as a result of our recent warehouse consolidation and other cost control programs, we have been able to increase our output with a 10 percent reduction in our labor force. The benefits of the labor force reductions will not be reflected in our earnings until future periods as most reductions occurred at the end of 1991 or in the beginning of 1992.
 "As we continue to develop our new computer system and our updated warehouse, we expect to be able to achieve growth with enhanced asset management and improved customer service and quality control. As our industry continues to mature and consolidate, we see new opportunities for All American and believe that, with our strong management team, we can become a leader in the electronics distribution industry."
 All American was ranked as the nation's 24th largest distributor of electronic components with 10 offices throughout the country.
 ALL AMERICAN SEMICONDUCTOR, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 Years Ended Dec. 31, 1991 1990
 Net Sales $45,332,000 $41,315,000
 Income from Operations $ 1,754,000 $ 1,131,000
 Income Before Nonrecurring
 Relocation Expenses and
 Income Taxes $ 394,000 $ 75,000
 Nonrecurring Relocation
 Expenses (124,000) --
 Income Before Income Taxes 270,000 75,000
 Provision for Income Taxes $ (153,000) (57,000)
 Net Income $ 117,000 $ 18,000
 Net Income per Common Share $.03 $.01
 -0- 3/31/92
 /CONTACT: Bruce M. Goldberg, executive vice president or Howard L. Flanders, vice president and CFO of All American Semiconductor, 305-621-8282/
 (SEMI) CO: All American Semiconductor, Inc. ST: Florida IN: CPR SU: ERN


JB-AW -- FL001 -- 3281 03/31/92 09:46 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 31, 1992
Words:760
Previous Article:ACTON CORPORATION ANNOUNCES UNAUDITED RESULTS OF OPERATIONS
Next Article:JEAN PHILIPPE FRAGRANCES REPORTS RECORD 1991 RESULTS; SALES INCREASE 34 PERCENT, NET INCOME INCREASES 46 PERCENT
Topics:


Related Articles
DIGI INTERNATIONAL INC. REPORTS RECORD FOURTH QUARTER AND YEAR END RESULTS
MOTOROLA REPORTS HIGHER FOURTH QUARTER SALES, EARNINGS
PIONEER-STANDARD REPORTS RECORD SALES, BUT EARNINGS DECLINE
APPLIED INNOVATION INC. ANNOUNCES LOWER FOURTH QUARTER EARNINGS; RECORD EARNINGS FOR 1991
MOTOROLA REPORTS HIGHER FIRST QUARTER RESULTS
AMERICAN BUSINESS INFORMATION REPORTS RECORD FIRST QUARTER EARNINGS
ALL AMERICAN SEMICONDUCTOR, INC. ANNOUNCES RECORD HIGH SALES AND FIRST QUARTER RESULTS
BIO-RAD LABORATORIES REPORTS RECORD SALES AND OPERATING INCOME FOR FIRST QUARTER OF 1992
AMERICAN EDUCATIONAL PRODUCTS RECORDS HIGHEST FIRST QUARTER EARNINGS
PIONEER-STANDARD HAS RECORD NINE-MONTH EARNINGS, UP 133 PERCENT

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters