INACOM'S ACQUISITION OF SEARS BUSINESS CENTERS FINALIZED
OMAHA, Neb., Feb. 22 /PRNewswire/ -- InaCom Corp. (NASDAQ: INAC) of Omaha, Neb., today announced that its acquisition of certain operations of Sears Business Centers (SBC) has been finalized, creating one of the nation's largest providers of computer and communications systems, with over 1,200 affiliated locations. The acquisition agreement was first announced on Jan. 13. InaCom, which recently reported 1992 revenues of $1 billion, will continue to operate locations which produced approximately $436 million of SBC revenues in 1992. As part of the agreement, InaCom acquired certain SBC fixed assets, prepaid assets, leasehold improvements, supplies and inventory for $5.8 million, which includes certain non-compete payments of approximately $2 million. According to InaCom, it acquired 20 locations in new geographic markets and merged 24 SBC offices into existing company-owned or franchised locations. Consolidations will occur over the next 120 days. "Right now our top priority is to ensure a transition that's invisible to customers," said Bill L. Fairfield, president and chief executive officer of InaCom. According to Fairfield, to assure a seamless transition, Sears agreed as part of the transaction to provide client services during the next four months, including distribution, configuration, service dispatch and accounts receivable. Transition teams are in place and plans are being implemented in these and in other areas. "Both customers and shareholders will benefit from the acquisition," said Fairfield. "With the addition of Sears Business Centers' resources, InaCom has an opportunity to significantly increase revenues with a relatively small investment; improve field service and technical support; and reinforce InaCom's leadership position in the industry through added size and coverage.
Fairfield said he also expects new customers to capitalize on InaCom's unique ability to centrally coordinate global MIS projects through its exclusive affiliation with ICG -- the leading computer services organization in Europe.
InaCom will consolidate all headquarters functions in Omaha. InaCom's $1 billion in 1992 revenues compares with $680.4 million in 1991. Total net earnings for the year were $10.7 million, vs. $3.4 million in 1991, with earnings per share of $1.25 vs. 56 cents in 1991. InaCom markets computer systems and services to businesses in 50 states through over 1,200 locations; including ValCOM and Inacomp Computer Centers, systems integrators, value-added resellers and other specialized providers of computer systems and support. For seven consecutive quarters, InaCom-affilated locations have ranked above all other reseller organizations in IBM customer satisfaction surveys. -0- 2/22/93 /CONTACT: Geri Michelic of InaCom, 402-392-3923, or Jim Bierfeldt of Mintz & Hoke, 203-679-9713, for InaCom/ (INAC)
CO: InaCom ST: IN: SU:
DJ -- NE010 -- 0058 02/22/93 13:57 EST
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|Date:||Feb 22, 1993|
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