Synnex makes US$1.97B in the fourth quarter of '07

According to Synnex, its net income for the fourth quarter was US$20.2 million, or US$0.61 per diluted share, compared with US$15.6 million, or US$0.48 per diluted share in the prior year quarter. This also exceeded the company's guidance range of US$0.52 to US$0.54 and represents a 27.1 percent improvement year-over-year.

For the fiscal year ending 30 November 2007, revenues increased by 10.4 percent to US$7 billion, compared to US$6.34 billion for the fiscal year ending November 30, 2006.

Net income for the year increased 22.9 percent to US$63.1 million, or a US$1.93 per diluted share, compared to US$51.4 million, or US$1.61 per diluted share for fiscal 2006. Fiscal 2007 net income is inclusive of the company's third quarter restructuring charge of US$2.7 million pre-tax, or US$0.05 per diluted share and a favourable tax adjustment of US$1.1 million, or US$0.03 per diluted share.

Robert T. Huang, president and chief executive officer, Synnex, said the fourth quarter result is due to the company's execution of its core business and recent strategic acquisitions.

"I am very pleased with our employees for their continued commitment to service our customers and vendors," he said.

The company reports that the restructuring and consolidation of its Canadian operations are substantially complete and expects that any residual charges associated with these activities will be diminutive.