Ingram Micro suffers sales slide
Makes a loss
Ingram Micro has reported a net loss of $13.3 million on sales of $5.83 billion for its Q3 which ended on 29 September.
A year earlier it made a net profit of $38.9 million on sales of $7.56 billion.
The company does not expect much of an upturn in Q4 and forecasts sales in the range of $5.7 to $6.2 billion, with net income before any special items ranging from $6.0 to $15.0 million.
Thomas Madden, Ingram's chief financial officer, said: "The year-over-year sales comparisons were affected by the weak demand for technology products widely reported throughout the world."
US sales, at $3.25 billion, were 56 per cent of Ingram's worldwide total, and 31 per cent down in revenue terms on a year ago. European sales were $1.53 billion (26 per cent of the total), down five per cent (in dollars, but up two per cent in local currencies) on last year. Outside Europe and the US net sales fell 13 per cent to $1.05 billion. (18 per cent of the total).
Net income before taking into account reorganization costs, capitalised software write offs, and other special items was $5.4 million.
Ingram's inventory, at $1.63 billion, was 44 per cent lower than at the end of the 2000 fiscal year. ®