Net Sales Growth of 23% and EPS Growth of 33%
Company Website:
http://www.scansource.com
GREENVILLE, S.C. -- (Business Wire)
ScanSource, Inc. (NASDAQ:SCSC), a leading global provider of technology
products and solutions, today announced financial results for fiscal
year 2016 second quarter ended December 31, 2015.
| Quarter ended December 31, |
| 2015 |
| 2014 |
| Change |
| (in millions, except per share data) |
Net sales | $ | 993.5 | | |
$
|
807.0
| | |
23
|
%
|
Operating income | 31.9 | | |
26.0
| | |
23
|
%
|
Non-GAAP operating income(1) | 36.3 | | |
29.4
| | |
24
|
%
|
GAAP net income | 20.7 | | |
16.8
| | |
23
|
%
|
Non-GAAP net income(1) | 23.7 | | |
19.7
| | |
20
|
%
|
GAAP diluted EPS | $ | 0.77 | | |
$
|
0.58
| | |
33
|
%
|
Non-GAAP diluted EPS(1) | $ | 0.88 | | |
$
|
0.68
| | |
29
|
%
|
| | | | |
|
(1) A reconciliation of non-GAAP financial information
to GAAP financial information is presented in the following
Supplementary Information (Unaudited) tables.
|
"Strong demand across our business led to record net sales and record
non-GAAP EPS,” said Mike Baur, CEO, ScanSource, Inc. “Sales exceeded our
expectations due to large deals and excellent execution by our sales and
support teams across the globe.”
Net sales for the quarter ended December 31, 2015 increased 23%
year-over-year to $993.5 million. The increase in net sales includes the
acquisitions of Network1 in January 2015 and KBZ in September 2015. Net
sales in constant currency excluding acquisitions grew 5% year-over-year.
Operating income for the quarter ended December 31, 2015 totaled $31.9
million, compared with $26.0 million in the prior year quarter. Non-GAAP
operating income of $36.3 million increased 24% year-over-year, and the
non-GAAP operating margin increased to 3.7%.
On a GAAP basis, net income for the quarter ended December 31, 2015
totaled $20.7 million, or $0.77 per diluted share, compared with net
income of $16.8 million, or $0.58 per diluted share, for the prior year
quarter. Non-GAAP net income for the quarter ended December 31, 2015 of
$23.7 million increased 20%, and non-GAAP diluted earnings per share of
$0.88 increased 29% year-over-year.
Share Repurchase Update
During the quarter ended December 31, 2015, ScanSource repurchased
approximately 0.8 million shares for an aggregate purchase price of
approximately $29.6 million. Under the Company’s $120 million share
repurchase authorization through December 31, 2015, ScanSource has
repurchased approximately 2.43 million shares for approximately $90.4
million, having executed 75% of the total authorization.
ScanSource Networking and Security
As of October 1, 2015, we branded ScanSource Security as ScanSource
Networking and Security to build on the growing demand for networking
solutions. With this organizational change, we moved some business
operations from our Communications & Services segment to our Barcode &
Security segment. Prior period results have been reclassified to provide
comparable financial information.
Forecast for Next Quarter
The Company announced its current expectations for the third quarter of
fiscal year 2016. ScanSource expects net sales for the quarter ending
March 31, 2016 to range from $850 million to $900 million and non-GAAP
diluted earnings per share to range from $0.62 to $0.70 per share.
Non-GAAP diluted earnings per share exclude amortization of intangibles,
change in fair value of contingent consideration and acquisition costs.
Webcast Details
ScanSource will present additional information about its financial
results and outlook in a conference call with presentation slides today,
February 9, 2016 at 5:00 p.m. (ET). A webcast of the call and
accompanying presentation slides will be available for all interested
parties and can be accessed at www.scansource.com
(Investor Relations section). The webcast will be available for replay
for 60 days.
Safe Harbor Statement
This press release contains comments that are “forward-looking”
statements that involve risks and uncertainties; these statements are
subject to the safe harbor created by the Private Securities Litigation
Reform Act of 1995. Any number of important factors could cause actual
results to differ materially from anticipated or forecasted results,
including, but not limited to, utilization and further implementation of
the Company's new ERP system; risks in connection with our growth which
includes strategic acquisitions; expanded international operations that
expose the Company to greater risks than its operations in domestic
markets; risks associated with consolidation of the Company's vendors;
risks in connection with compliance with laws and regulations governing
the Company's international business; macroeconomic circumstances that
could impact the business, such as currency fluctuations, credit market
conditions, and an economic downturn; expectations of market demand
trends; the ability to forecast volatility in earnings resulting from
the quarterly revaluation of the Company's earnout obligations; the
timing and amount of any share repurchases; the exercise of discretion
by the Company to make any repurchase or continue the share repurchase
authorization; and changes to the source of funds for any repurchases.
For more information concerning factors that could cause actual results
to differ from anticipated results, see the Company's annual report on
Form 10-K for the year ended June 30, 2015, filed with the Securities
and Exchange Commission. Except as may be required by law, the Company
expressly disclaims any obligation to update these forward-looking
statements to reflect events or circumstances after the date of this
press release or to reflect the occurrence of unanticipated events.
Non-GAAP Financial Information
In addition to disclosing results that are determined in accordance with
United States Generally Accepted Accounting Principles ("GAAP"), the
Company also discloses certain non-GAAP financial measures, which are
summarized below. Non-GAAP financial measures are used to better
understand and evaluate performance, including comparisons from period
to period. Non-GAAP results exclude amortization of intangible assets
related to acquisitions and change in fair value of contingent
consideration.
Net sales on a constant currency basis: The Company discloses the
percentage change in net sales excluding the translation impact from
changes in foreign currency exchange rates between reporting periods.
This measure enhances comparability between periods to help analyze
underlying trends.
Non-GAAP operating income, non-GAAP net income and non-GAAP EPS: To
evaluate current period performance on a clearer and more consistent
basis with prior periods, the Company discloses non-GAAP operating
income, non-GAAP net income and non-GAAP diluted earnings per share.
Non-GAAP results exclude amortization of intangible assets related to
acquisitions, change in the fair value of contingent consideration, and
other non-GAAP adjustments. Non-GAAP operating income, non-GAAP net
income, and non-GAAP EPS measures are useful in assessing and
understanding the Company's operating performance, especially when
comparing results with previous periods or forecasting performance for
future periods.
Return on invested capital ("ROIC"): Management uses
ROIC as a performance measurement to assess efficiency in allocating
capital under the Company's control to generate returns. Management
believes this metric balances the Company's operating results with asset
and liability management, is not impacted by capitalization decisions
and is considered to have a strong correlation with shareholder value
creation. In addition, it is easily computed, communicated and
understood. ROIC also provides management a measure of the Company's
profitability on a basis more comparable to historical or future periods.
ROIC assists management in comparing the Company's performance over
various reporting periods on a consistent basis because it removes from
operating results the impact of items that do not reflect core operating
performance. Adjusted earnings before interest expense, income taxes,
depreciation and amortization ("EBITDA") excludes the change in fair
value of contingent consideration, in addition to other non-GAAP
adjustments. Management believes the calculation of ROIC provides useful
information to investors and is an additional relevant comparison of the
Company's performance during the year. In addition, the Company's Board
of Directors uses ROIC in evaluating business and management
performance. Certain management incentive compensation targets are set
and measured relative to ROIC.
These non-GAAP financial measures have limitations as analytical tools,
and the non-GAAP financial measures that the Company reports may not be
comparable to similarly titled amounts reported by other companies.
Analysis of results and outlook on a non-GAAP basis should be considered
in addition to, and not in substitution for or as superior to,
measurements of financial performance prepared in accordance with GAAP.
A reconciliation of the Company's non-GAAP financial information to GAAP
is set forth in the following Supplementary Information (Unaudited)
tables.
About ScanSource, Inc.
ScanSource, Inc. (NASDAQ: SCSC) is a leading global provider of
technology products and solutions, focusing on point-of-sale (POS),
barcode, physical security, video, voice, data networking and emerging
technologies. ScanSource's teams provide value-added solutions and
operate from two segments, Worldwide Barcode & Security and Worldwide
Communications & Services. ScanSource is committed to helping its
reseller customers choose, configure and deliver the industry's best
solutions across almost every vertical market in North America, Latin
America and Europe. Founded in 1992, the Company is headquartered in
Greenville, South Carolina and was named one of the 2015 Best Places to
Work in South Carolina. ScanSource ranks #775 on the Fortune 1000. For
more information, visit www.scansource.com.
ScanSource, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets (Unaudited) |
(in thousands) |
|
| December 31, 2015 |
| June 30, 2015* |
Assets | | | | |
Current assets:
| | | | |
Cash and cash equivalents
| |
$
|
39,438
| | |
$
|
121,646
| |
Accounts receivable, less allowance of $31,967 at December 31, 2015
| |
588,443
| | |
522,532
| |
and $32,589 at June 30, 2015
| | | | |
Inventories
| |
604,093
| | |
553,063
| |
Prepaid expenses and other current assets
| |
62,563
| | |
46,917
| |
Deferred income taxes
| |
19,152
|
| |
20,556
|
|
Total current assets
| |
1,313,689
| | |
1,264,714
| |
Property and equipment, net
| |
46,642
| | |
46,574
| |
Goodwill
| |
83,313
| | |
66,509
| |
Net identifiable intangible assets
| |
54,765
| | |
46,272
| |
Other non-current assets
| |
50,721
|
| |
52,872
|
|
Total assets
| |
$
|
1,549,130
|
| |
$
|
1,476,941
|
|
| | | |
|
Liabilities and Shareholders' Equity | | | | |
Current liabilities:
| | | | |
Current debt
| |
$
|
705
| | |
$
|
2,860
| |
Accounts payable
| |
512,034
| | |
501,329
| |
Accrued expenses and other current liabilities
| |
98,683
| | |
81,000
| |
Current portion of contingent consideration
| |
12,605
| | |
9,391
| |
Income taxes payable
| |
2,287
|
| |
4,180
|
|
Total current liabilities
| |
626,314
| | |
598,760
| |
Deferred income taxes
| |
3,354
| | |
3,773
| |
Long-term debt
| |
5,429
| | |
5,966
| |
Borrowings under revolving credit facility
| |
108,989
| | |
—
| |
Long-term portion of contingent consideration
| |
11,395
| | |
24,569
| |
Other long-term liabilities
| |
38,855
|
| |
34,888
|
|
Total liabilities
| |
794,336
| | |
667,956
| |
Shareholders' equity:
| | | | |
Common stock
| |
89,284
| | |
157,172
| |
Retained earnings
| |
752,967
| | |
716,315
| |
Accumulated other comprehensive income (loss)
| |
(87,457
|
)
| |
(64,502
|
)
|
Total shareholders' equity
| |
754,794
|
| |
808,985
|
|
Total liabilities and shareholders' equity
| |
$
|
1,549,130
|
| |
$
|
1,476,941
|
|
*
|
Derived from audited financial statements.
|
ScanSource, Inc. and Subsidiaries |
Condensed Consolidated Income Statements (Unaudited) |
(in thousands, except per share data) |
|
| |
| |
| |
| |
| | Quarter ended December 31, | | Six Months ended December 31, |
| | 2015 | | 2014 | | 2015 | | 2014 |
Net sales
| |
$
|
993,522
| | |
$
|
807,019
| | |
$
|
1,864,350
| | |
$
|
1,598,738
| |
Cost of goods sold
| |
892,889
|
| |
728,908
|
| |
1,676,166
|
| |
1,442,981
|
|
Gross profit
| |
100,633
| | |
78,111
| | |
188,184
| | |
155,757
| |
Selling, general and administrative expenses
| |
66,965
| | |
51,658
| | |
128,510
| | |
99,813
| |
Change in fair value of contingent consideration
| |
1,816
|
| |
463
|
| |
3,381
|
| |
976
|
|
Operating income
| |
31,852
| | |
25,990
| | |
56,293
| | |
54,968
| |
Interest expense
| |
709
| | |
207
| | |
990
| | |
397
| |
Interest income
| |
(767
|
)
| |
(492
|
)
| |
(1,709
|
)
| |
(1,327
|
)
|
Other, net
| |
278
|
| |
337
|
| |
958
|
| |
724
|
|
Income before income taxes
| |
31,632
| | |
25,938
| | |
56,054
| | |
55,174
| |
Provision for income taxes
| |
10,976
|
| |
9,117
|
| |
19,402
|
| |
19,145
|
|
Net income
| |
$
|
20,656
|
| |
$
|
16,821
|
| |
$
|
36,652
|
| |
$
|
36,029
|
|
Per share data:
| | | | | | | | |
Net income per common share, basic
| |
$
|
0.78
|
| |
$
|
0.59
|
| |
$
|
1.35
|
| |
$
|
1.26
|
|
Weighted-average shares outstanding, basic
| |
26,648
|
| |
28,579
|
| |
27,175
|
| |
28,562
|
|
| | | | | | | |
|
Net income per common share, diluted
| |
$
|
0.77
|
| |
$
|
0.58
|
| |
$
|
1.34
|
| |
$
|
1.25
|
|
Weighted-average shares outstanding, diluted
| |
26,902
|
| |
28,831
|
| |
27,427
|
| |
28,813
|
|
ScanSource, Inc. and Subsidiaries |
Supplementary Information (Unaudited) |
(in thousands) |
| |
| |
Net Sales by Segment: | | | |
| Quarter ended December 31, | | |
Worldwide Barcode & Security: | 2015 |
| 2014 | | % Change |
Net sales, as reported
|
$
|
689,530
| | |
$
|
547,171
| | |
26.0
|
%
|
Foreign exchange impact (a) |
31,923
|
| |
—
|
| | |
Net sales, constant currency
|
721,453
| | |
547,171
| | |
31.9
|
%
|
Less: Acquisitions
|
(131,461
|
)
| |
—
|
| | |
Net sales, constant currency excluding acquisitions
|
$
|
589,992
|
| |
$
|
547,171
|
| |
7.8
|
%
|
| | | | |
|
Worldwide Communications & Services: | | | | | |
Net sales, as reported
|
$
|
303,992
| | |
$
|
259,848
| | |
17.0
|
%
|
Foreign exchange impact (a) |
3,537
|
| |
—
|
| | |
Net sales, constant currency
|
307,529
| | |
259,848
| | |
18.3
|
%
|
Less: Acquisitions
|
(49,049
|
)
| |
—
|
| | |
Net sales, constant currency excluding acquisitions
|
$
|
258,480
|
| |
$
|
259,848
|
| |
(0.5
|
)%
|
| | | | |
|
Consolidated: | | | | | |
Net sales, as reported
|
$
|
993,522
| | |
$
|
807,019
| | |
23.1
|
%
|
Foreign exchange impact (a) |
35,460
|
| |
—
|
| | |
Net sales, constant currency
|
1,028,982
| | |
807,019
| | |
27.5
|
%
|
Less: Acquisitions
|
(180,510
|
)
| |
—
|
| | |
Net sales, constant currency excluding acquisitions
|
$
|
848,472
|
| |
$
|
807,019
|
| |
5.1
|
%
|
| | | | |
|
(a) Year-over-year net sales growth rate excluding the translation
impact of changes in foreign currency exchange rates. Calculated by
translating the net sales for the quarter ended December 31, 2015
into U.S. dollars using the weighted average foreign exchange rates
for the quarter ended December 31, 2014.
|
ScanSource, Inc. and Subsidiaries |
Supplementary Information (Unaudited) |
(in thousands) |
| |
| |
Net Sales by Segment: | | | |
| Six Months ended December 31, | | |
Worldwide Barcode & Security: | 2015 |
| 2014 | | % Change |
Net sales, as reported
|
$
|
1,263,199
| | |
$
|
1,095,943
| | |
15.3
|
%
|
Foreign exchange impact (a) |
66,845
|
| |
—
|
| | |
Net sales, constant currency
|
1,330,044
| | |
1,095,943
| | |
21.4
|
%
|
Less: Acquisitions
|
(166,084
|
)
| |
—
|
| | |
Net sales, constant currency excluding acquisitions
|
$
|
1,163,960
|
| |
$
|
1,095,943
|
| |
6.2
|
%
|
| | | | |
|
Worldwide Communications & Services: | | | | | |
Net sales, as reported
|
$
|
601,151
| | |
$
|
502,795
| | |
19.6
|
%
|
Foreign exchange impact (a) |
7,115
|
| |
—
|
| | |
Net sales, constant currency
|
608,266
| | |
502,795
| | |
21.0
|
%
|
Less: Acquisitions
|
(118,926
|
)
| |
(4,686
|
)
| | |
Net sales, constant currency excluding acquisitions
|
$
|
489,340
|
| |
$
|
498,109
|
| |
(1.8
|
)%
|
| | | | |
|
Consolidated: | | | | | |
Net sales, as reported
|
$
|
1,864,350
| | |
$
|
1,598,738
| | |
16.6
|
%
|
Foreign exchange impact (a) |
73,960
|
| |
—
|
| | |
Net sales, constant currency
|
1,938,310
| | |
1,598,738
| | |
21.2
|
%
|
Less: Acquisitions
|
(285,010
|
)
| |
(4,686
|
)
| | |
Net sales, constant currency excluding acquisitions
|
$
|
1,653,300
|
| |
$
|
1,594,052
|
| |
3.7
|
%
|
| | | | |
|
(a) Year-over-year net sales growth rate excluding the translation
impact of changes in foreign currency exchange rates. Calculated by
translating the net sales for the six months ended December 31, 2015
into U.S. dollars using the weighted average foreign exchange rates
for the six months ended December 31, 2014.
|
ScanSource, Inc. and Subsidiaries |
Supplementary Information (Unaudited) |
(in thousands) |
| |
| |
| |
| |
Net Sales by Geography: | | | | | |
| Quarter ended December 31, | | | | Non-GAAP % Change |
| 2015 | | 2014 | | % Change | | Constant Currency(a) |
United States
|
$
|
735,642
| | |
$
|
587,068
| | |
25.3
|
%
| |
25.3
|
%
|
International
|
257,880
|
| |
219,951
|
| |
17.2
|
%
| |
33.4
|
%
|
Consolidated
|
$
|
993,522
|
| |
$
|
807,019
|
| |
23.1
|
%
| |
27.5
|
%
|
| | | | | | |
|
| | | | | | |
|
| Six Months ended December 31, | | | | Non-GAAP % Change |
| 2015 | | 2014 | | % Change | | Constant Currency(a) |
United States
|
$
|
1,377,572
| | |
$
|
1,182,858
| | |
16.5
|
%
| |
16.5
|
%
|
International
|
486,778
|
| |
415,880
|
| |
17.0
|
%
| |
34.8
|
%
|
Consolidated
|
$
|
1,864,350
|
| |
$
|
1,598,738
|
| |
16.6
|
%
| |
21.2
|
%
|
| | | | | | |
|
(a) Year-over-year net sales growth rate excluding the translation
impact of changes in foreign currency exchange rates. Calculated by
translating the net sales for the quarter and six months ended
December 31, 2015 into U.S. dollars using the weighted average
foreign exchange rates for the quarter and six months ended December
31, 2014. International net sales excluding the translation impact
of foreign currencies for the quarter and six months ended December
31, 2015 totaled $293.3 million and $560.7 million, respectively.
|
ScanSource, Inc. and Subsidiaries |
Supplementary Information (Unaudited) |
(in thousands) |
| |
| |
| |
| |
Non-GAAP Financial Information: | | |
| Quarter ended December 31, 2015 |
| Operating income | | Pre-tax income | | Net income | | Diluted EPS |
GAAP measure
|
$
|
31,852
| | |
$
|
31,632
| | |
$
|
20,656
| | |
$
|
0.77
|
Adjustments:
| | | | | | | |
Amortization of intangible assets
|
2,545
| | |
2,545
| | |
1,732
| | |
0.06
|
Change in fair value of contingent consideration
|
1,816
| | |
1,816
| | |
1,244
| | |
0.05
|
Acquisition costs (a) |
60
|
| |
60
|
| |
60
|
| |
—
|
Non-GAAP measure
|
$
|
36,273
|
| |
$
|
36,053
|
| |
$
|
23,692
|
| |
$
|
0.88
|
| | | | | | |
|
| Quarter ended December 31, 2014 |
| Operating income | | Pre-tax income | | Net income | | Diluted EPS |
GAAP measure
|
$
|
25,990
| | |
$
|
25,938
| | |
$
|
16,821
| | |
$
|
0.58
|
Adjustments:
| | | | | | | |
Amortization of intangible assets
|
1,443
| | |
1,443
| | |
1,025
| | |
0.04
|
Change in fair value of contingent consideration
|
463
| | |
463
| | |
346
| | |
0.01
|
Acquisition costs (a) |
1,474
|
| |
1,474
|
| |
1,474
|
| |
0.05
|
Non-GAAP measure
|
$
|
29,370
|
| |
$
|
29,318
|
| |
$
|
19,666
|
| |
$
|
0.68
|
| | | | | | |
|
(a) Acquisition costs are non-deductible for tax purposes.
| | | | | | | |
ScanSource, Inc. and Subsidiaries |
Supplementary Information (Unaudited) |
(in thousands) |
|
| |
| |
Non-GAAP Financial Information: |
| | Quarter ended December 31, |
| | 2015 | | 2014 |
Return on invested capital (ROIC), annualized (a) | |
17.5
|
%
| |
14.8
|
%
|
| | | |
|
Reconciliation of Net Income to Adjusted
EBITDA | | | | |
Net income - GAAP
| |
$
|
20,656
| | |
$
|
16,821
| |
Plus: Income taxes
| |
10,976
| | |
9,117
| |
Plus: Interest expense
| |
709
| | |
207
| |
Plus: Depreciation and amortization
| |
4,351
|
| |
2,443
|
|
EBITDA
| |
36,692
| | |
28,588
| |
Adjustments:
| | | | |
Change in fair value of contingent consideration
| |
1,816
| | |
463
| |
Acquisition costs
| |
60
|
| |
1,474
|
|
Adjusted EBITDA (numerator for ROIC) (non-GAAP)
| |
$
|
38,568
|
| |
$
|
30,525
|
|
| | | |
|
| | | |
|
Invested Capital Calculation | | | | |
Equity - beginning of quarter
| |
$
|
764,693
| | |
$
|
810,265
| |
Equity - end of quarter
| |
754,794
| | |
818,748
| |
Adjustments:
| | | | |
Change in fair value of contingent consideration, net of tax
| |
1,244
| | |
346
| |
Acquisition costs, net of tax
| |
60
|
| |
1,474
|
|
Average equity
| |
760,396
| | |
815,417
| |
Average funded debt (b) | |
117,421
|
| |
5,429
|
|
Invested capital (denominator for ROIC) (non-GAAP)
| |
$
|
877,817
|
| |
$
|
820,846
|
|
| | | |
|
| | | |
|
| | | |
|
(a) Calculated as net income plus interest expense, income taxes,
depreciation and amortization (EBITDA), plus change in fair value of
contingent consideration and other adjustments, annualized and
divided by invested capital for the period. Invested capital is
defined as average equity plus average daily funded interest-bearing
debt for the period.
|
(b) Average funded debt is calculated as the average daily amounts
outstanding on short-term and long-term interest-bearing debt.
|
ScanSource, Inc. and Subsidiaries |
Supplementary Information (Unaudited) |
(in thousands) |
| |
| |
| |
| |
Segment Information(a) | | |
| | | | | Quarter ended |
| | | | | December 31, 2015 | | September 30, 2015 |
Net Sales:
| | | | | | | |
Worldwide Barcode & Security
| | | | |
$
|
689,530
| | |
$
|
573,669
| |
Worldwide Communications & Services
| | | | |
303,992
|
| |
297,160
|
|
| | | | |
$
|
993,522
|
| |
$
|
870,829
|
|
| | | | | | |
|
Gross Profit:
| | | | | | | |
Worldwide Barcode & Security
| | | | |
57,687
| | |
48,048
| |
Worldwide Communications & Services
| | | | |
42,946
|
| |
39,504
|
|
| | | | |
$
|
100,633
|
| |
$
|
87,552
|
|
| | | | | | |
|
Operating Income:
| | | | | | | |
Worldwide Barcode & Security
| | | | |
$
|
19,000
| | |
$
|
13,814
| |
Worldwide Communications & Services
| | | | |
12,912
| | |
10,847
| |
Corporate (acquisition costs)
| | | | |
(60
|
)
| |
(220
|
)
|
| | | | |
$
|
31,852
|
| |
$
|
24,441
|
|
| | | | | | |
|
Amortization of Intangible Assets:
| | | | | | | |
Worldwide Barcode & Security
| | | | |
$
|
1,047
| | |
$
|
610
| |
Worldwide Communications & Services
| | | | |
1,498
|
| |
1,575
|
|
| | | | |
$
|
2,545
|
| |
$
|
2,185
|
|
| | | | | | |
|
Change in Fair Value of Contingent Consideration:
| | | | | | | |
Worldwide Barcode & Security
| | | | |
$
|
—
| | |
$
|
126
| |
Worldwide Communications & Services
| | | | |
1,816
|
| |
1,438
|
|
| | | | |
$
|
1,816
|
| |
$
|
1,564
|
|
| | | | | | |
|
Non-GAAP Operating Income:
| | | | | | | |
Worldwide Barcode & Security
| | | | |
$
|
20,047
| | |
$
|
14,550
| |
Worldwide Communications & Services
| | | | |
16,226
|
| |
13,860
|
|
| | | | |
$
|
36,273
|
| |
$
|
28,410
|
|
| | | | | | |
|
(a) As of October 1, 2015, we branded ScanSource Security as
ScanSource Networking and Security to build on the growing demand
for networking solutions. With this organizational change, we moved
some business operations from our Communications & Services segment
to our Barcode & Security segment. Prior period results have been
reclassified to provide comparable financial information.
|
| | | | | | |
|
| | | | | | |
|
| | | | | | |
|
| | | | | | |
|
| | | | | | |
|
| | | | | | |
|
ScanSource, Inc. and Subsidiaries |
Supplementary Information (Unaudited) |
(in thousands) |
| | | | | | |
|
Segment Information(a) | | |
| | | | | | |
|
| Quarter ended |
| June 30, 2015 |
| March 31, 2015 |
| December 31, 2014 |
| September 30, 2014 |
Net Sales:
| | | | | | | |
Worldwide Barcode & Security
|
$
|
555,401
| | |
$
|
482,780
| | |
$
|
547,171
| | |
$
|
548,772
| |
Worldwide Communications & Services
|
301,284
|
| |
280,423
|
| |
259,848
|
| |
242,948
|
|
|
$
|
856,685
|
| |
$
|
763,203
|
| |
$
|
807,019
|
| |
$
|
791,720
|
|
| | | | | | |
|
Gross Profit:
| | | | | | | |
Worldwide Barcode & Security
|
$
|
47,266
| | |
$
|
41,208
| | |
$
|
43,618
| | |
$
|
45,743
| |
Worldwide Communications & Services
|
44,052
|
| |
38,808
|
| |
34,493
|
| |
31,902
|
|
|
$
|
91,318
|
| |
$
|
80,016
|
| |
$
|
78,111
|
| |
$
|
77,645
|
|
| | | | | | |
|
Operating Income:
| | | | | | | |
Worldwide Barcode & Security
|
$
|
12,157
| | |
$
|
10,081
| | |
$
|
13,269
| | |
$
|
13,537
| |
Worldwide Communications & Services
|
12,958
| | |
11,707
| | |
14,195
| | |
16,790
| |
Corporate (acquisition costs)
|
(138
|
)
| |
(292
|
)
| |
(1,474
|
)
| |
(1,350
|
)
|
|
$
|
24,977
|
| |
$
|
21,496
|
| |
$
|
25,990
|
| |
$
|
28,977
|
|
| | | | | | |
|
Amortization of Intangible Assets:
| | | | | | | |
Worldwide Barcode & Security
|
$
|
431
| | |
$
|
464
| | |
$
|
519
| | |
$
|
580
| |
Worldwide Communications & Services
|
1,660
|
| |
1,650
|
| |
924
|
| |
412
|
|
|
$
|
2,091
|
| |
$
|
2,114
|
| |
$
|
1,443
|
| |
$
|
992
|
|
| | | | | | |
|
Change in Fair Value of Contingent Consideration:
| | | | | | | |
Worldwide Barcode & Security
|
$
|
806
| | |
$
|
172
| | |
$
|
160
| | |
$
|
498
| |
Worldwide Communications & Services
|
600
|
| |
113
|
| |
303
|
| |
15
|
|
|
$
|
1,406
|
| |
$
|
285
|
| |
$
|
463
|
| |
$
|
513
|
|
| | | | | | |
|
Non-GAAP Operating Income:
| | | | | | | |
Worldwide Barcode & Security
|
$
|
13,394
| | |
$
|
10,717
| | |
$
|
13,948
| | |
$
|
14,615
| |
Worldwide Communications & Services
|
15,218
|
| |
13,470
|
| |
15,422
|
| |
17,217
|
|
|
$
|
28,612
|
| |
$
|
24,187
|
| |
$
|
29,370
|
| |
$
|
31,832
|
|
| | | | | | |
|
(a) As of October 1, 2015, we branded ScanSource Security as
ScanSource Networking and Security to build on the growing demand
for networking solutions. With this organizational change, we moved
some business operations from our Communications & Services segment
to our Barcode & Security segment. Prior period results have been
reclassified to provide comparable financial information.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160209006661/en/
Contacts:
ScanSource, Inc.
Charles A. Mathis
Executive Vice President
and Chief Financial Officer
864-286-4975
or
Mary M. Gentry
Vice
President, Treasurer and Investor Relations
864-286-4892
Source: ScanSource, Inc.
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