Synnex earns US$8 million in first public results

Synnex posted strong earnings and revenue in its first quarter as a public company.

The distributor earned US$8.6 million, or US35 cents per share, on US$1.25 billion in revenue for its fourth fiscal quarter ended November 30, 2003.

Synnex completed its initial public offering November 25, 2003, which resulted in US$78.3 million in proceeds.

The first-quarter results compare with net income of US$7.7 million, or US31 cents per share, on sales of US$1.07 billion in the year-ago quarter.

For the fiscal year, Synnex earned US$30 million, or US$1.22 per share, on sales of US$4.13 billion. In fiscal 2002, the distributor earned US$28 million, or US$1.16 per share, on US$3.77 billion in sales.

'We are very pleased to complete our IPO, and I would like to thank our new investors for their show of confidence in our company and our future,' said Robert Huang, president and CEO, in a statement.

Synnex shares closed at US$16.65 Thursday, up US$1.35, or 9 percent. The shares opened at US$14.50.

For the first fiscal quarter ending February 29, Synnex expects net income of between US$8.8 million and US$9.4 million, or US30 cents to US32 cents per share, and sales between US$1.13 billion and US$1.18 billion.

'Our first-quarter guidance reflects reasonably strong growth in our December results, and we are cautiously optimistic that the recent improvement in technology spending will continue,' said Huang.