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Nu Horizons’ Q1 Sales Up 24% |
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Written by Chelsey Drysdale
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Monday, 12 May 2008 |
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MELVILLE, NY – Nu Horizons Electronics said net sales from continuing operations for the fourth quarter were $193.18 million, up 24.3% compared to last year. Sales in its core components distribution business increased 28.2%.
Net income for the quarter was $424,000, down almost 19% year-over-year.
For the fiscal year ended Feb. 29, revenues increased to $747.2 million, up 11.8% year-over-year. Distribution sales increased 20.1%. Net income was $2,519,000, down 67.4% from the same period last year.
Chairman and CEO Arthur Nadata said, “We are executing well on our sales growth strategy with 42% growth in Asia, 106% in Europe and 11.8% total sales growth year-over-year. We continue to invest in Germany and expect this to fuel future growth in Europe.”
Professional fees continue to adversely affect earnings, he said.
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