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TECH DATA REPORTS 65 PERCENT INCREASE IN FIRST QUARTER SALES, EARNINGS

 CLEARWATER, Fla., May 19 /PRNewswire/ -- Tech Data Corporation (NASDAQ-NMS: TECD) announced today record sales and earnings for the first quarter ended April 30, 1993. Net income increased 65 percent to $6.4 million, compared with $3.9 million in the first quarter last year. Earnings per share increased 44 percent to $.36 per share in the first quarter this year, compared with $.25 per share last year, reflecting the dilutive effect of the company's February 1993 public offering of 2.6 million shares of common stock. First quarter sales increased 65 percent to $332.3 million, compared with $201.8 million last year.
 Steven A. Raymund, chairman and chief executive officer, said, "Sales during the quarter were driven by better availability of computer systems from AST, Apple, Compaq, Toshiba and other vendors, though shortages still persist for certain products. Sales of computer systems accounted for 23 percent of the quarter's total sales, up from 17 percent for fiscal 1993. With the recent addition of computer systems, from IBM, NEC Technologies and Zenith Data Systems, our systems business should continue to prosper for the remainder of the year.
 "We continued to make progress in reducing our selling, general and administrative (SG&A) expenses as a percentage of sales, which declined to 5.3 percent in the first quarter this year, compared with 6.5 percent in the first quarter last year. The reduction in SG&A expenses allowed us to continue our aggressive pricing policies, while achieving our operating profit margin goal of 3.5 percent," he said.
 "During the quarter we added approximately 25 new vendors to our product offerings, including Adobe's full-line of type and application software. We now distribute products from more than 300 leading vendors. We plan to continue to expand our product offerings to provide our customers a broad assortment," he added.
 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 SUBSIDIARY
 CONSOLIDATED STATEMENT OF INCOME
 (in thousands, except per share amounts)
 Three months ended
 April 30,
 1993 1992
 Net sales $332,337 $201,835
 Cost and expenses:
 Cost of products sold 302,976 181,489
 Selling, general and
 administrative expenses 17,719 13,190
 Total 320,695 194,679
 Operating profit 11,642 7,156
 Interest expense 1,004 727
 Income before income taxes 10,638 6,429
 Provision for income taxes 4,189 2,514
 Net income $ 6,449 $ 3,915
 Net income per common share $ .36 $ .25
 Weighted average common
 shares outstanding 17,770 15,681
 CONSOLIDATED BALANCE SHEET
 (in thousands)
 April 30, Jan. 31,
 1993 1993
 ASSETS
 Current assets:
 Cash $ 306 $ 391
 Accounts receivable, net 137,916 121,279
 Inventories 166,636 158,597
 Prepaid expenses 16,253 11,277
 Total current assets 321,111 291,544
 Property and equipment, net 37,033 32,760
 Excess of cost over
 acquired net assets, net 952 959
 Other assets 1,500 1,622
 Total $ 360,596 $ 326,885
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Revolving credit loan $ 60,291 $ 89,198
 Current portion of
 long-term debt 165 164
 Accounts payable 93,761 104,632
 Accrued expenses 8,612 8,206
 Total current liabilities 162,829 202,200
 Long-term debt 9,596 9,638
 Total 172,425 211,838
 Total shareholders' equity 188,171 115,047
 Total liabilities and
 shareholders' equity $ 360,596 $ 326,885
 -0- 5/19/93
 /CONTACT: Jeffery P. Howells, senior vice president 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

AW-KD -- FL014 -- 0433 05/19/93 16:07 EDT
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Publication:PR Newswire
Date:May 19, 1993
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