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TECH DATA REPORTS RECORD RESULTS; YEAR-TO-DATE SALES EXCEED $1 BILLION

 CLEARWATER, Fla., Nov. 22 /PRNewswire/ -- Tech Data Corporation (NASDAQ-NMS: TECD) announced today record sales and earnings for the third quarter ended Oct. 31, 1993. Net income increased 42 percent to $8.0 million, or $.43 per share, compared with $5.6 million, or $.36 per share, in the third quarter last year. Earnings per share reflects the dilutive effect of the company's February 1993 public offering of 2.6 million shares of common stock. Third quarter sales increased 52 percent to $403.9 million, compared with $265.4 million last year.
 Net income for the first nine months of fiscal 1994 increased 52 percent to $21.4 million or $1.18 per share, up from $14.1 million, or $.90 per share, in the same period last year. Sales for the nine- month period this year grew 57 percent to $1.088 billion compared with $695 million in the same period last year.
 Steven A. Raymund, chairman and chief executive officer, said, "Sales during the quarter continued to benefit from better computer systems availability, despite continuing shortages of many notebook models. In addition, we added several significant new vendors during the quarter including Symantec and Hewlett-Packard.
 "Our selling, general and administrative expenses as a percentage of sales dropped to an all-time low of 5.1 percent, compared with 5.6 percent in the third quarter last year. The improvement in operating expenses allowed us to aggressively price our products while achieving an operating profit margin of 3.7 percent," he said.
 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 40,000 value-added resellers and retail dealers throughout the United States, Canada and Latin America.
 TECH DATA CORPORATION AND SUBSIDIARY
 CONSOLIDATED STATEMENT OF INCOME
 (In thousands, except per share amounts)
 Three months ended Nine months ended
 Oct. 31, Oct. 31,
 1993 1992 1993 1992
 Net sales $403,946 $265,441 $1,088,303 $695,047
 Cost and expenses:
 Cost of products sold 368,506 240,403 992,143 627,449
 Selling, general and
 administrative expenses 20,587 14,819 57,209 41,888
 389,093 255,222 1,049,352 669,337
 Operating profit 14,853 10,219 38,951 25,710
 Interest expense 1,388 1,074 3,533 2,780
 Income before income taxes 13,465 9,145 35,418 22,930
 Provision for income taxes 5,486 3,511 14,008 8,846
 Net income $ 7,979 $ 5,634 $ 21,410 $ 14,084
 Net income per
 common share $ .43 $ .36 $ 1.18 $ .90
 Weighted average common
 shares outstanding 18,470 15,682 18,218 15,677
 CONSOLIDATED BALANCE SHEET
 (In thousands)
 Oct. 31, Jan. 31,
 1993 1993
 ASSETS
 Current assets:
 Cash $ 594 $ 391
 Accounts receivable, net 175,525 121,279
 Inventories 182,803 158,597
 Prepaid expenses 18,310 11,277
 Total current assets 377,232 291,544
 Property and equipment, net 42,143 32,760
 Excess of cost over
 acquired net assets, net 937 959
 Other assets 1,379 1,622
 $ 421,691 $ 326,885
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Revolving credit loan $ 79,585 $ 89,198
 Current portion of
 long-term debt 169 164
 Accounts payable 118,096 104,632
 Accrued expenses 10,599 8,206
 Total current liabilities 208,449 202,200
 Long-term debt 9,510 9,638
 217,959 211,838
 Total shareholders' equity 203,732 115,047
 Total liabilities and
 shareholders' equity $ 421,691 $ 326,885
 -0- 11/22/93
 /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

JB-RK -- FL011 -- 6951 11/22/93 16:21 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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