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Ingram profits slip in face of record sales

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Ingram Micro saw profits fall eight per cent, against record sales for the second quarter. Net sales were at a record $6.8 billion, up 37 per cent. And net income was $51.7 million, or 35 cents per share, for the quarter ended 3 July. This compares to $55.6 million, or 37 cents per share, the previous year. Jerre Stead, Ingram chairman and CEO, said he was pleased with the results. Profits had improved 20 per cent on the first quarter, on a similar level of sales. "Much of this improvement was accomplished by streamlining our organisation and reducing our operating expense level to 3.79 per cent of sales," he said. Ingram has made Siemens Corp’s president and CEO a director. Gerhard Schulmeyer brings the Ingram board members to eight. ®

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