Excellent results realized in AIDC, Communications and Security Products
For the year ended June 30, 2011, net sales increased $552 million or 26.1% to $2.7 billion, from the prior year ended June 30, 2010. Fiscal year operating income also increased 49.3% to $113.1 million from $75.8 million from the prior year. Net income increased 50.6% to $73.5 million compared to $48.8 million from the prior fiscal year. The effective tax rate for the year was 34.3% compared to 35.6% for the prior fiscal year. Diluted earnings per share increased 48.4% to $2.70 compared to $1.82 in the prior fiscal year.Allianz Global Investors Fund Management LLC ("AGIFM"), an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group. Pacific Investment Management Company LLC, an AGIFM affiliate, serves as the Fund's sub-adviser.ScanSource, Inc. (NASDAQ:SCSC) is the leading international distributor of specialty technology products, consisting of seven sales units in North America, Latin America and Europe. ScanSource POS and Barcoding in North America, Latin America and Europe delivers AIDC and POS solutions; Catalyst Telecom in the U.S. and ScanSource Communications in North America and Europe, provide voice, video and converged communications equipment; and ScanSource Security in North America offers physical security solutions. Founded in 1992, the company ranks #839 on the Fortune 1000. For more information, call the toll-free sales telephone number at 800.944.2432 or visit www.scansourceinc.com.[Table Omitted]“ScanSource delivered record results in a tough economy by focusing on our core competencies and taking market share,” said Mike Baur, CEO, ScanSource, Inc. “All of our business units performed exceptionally well, with the strongest year-over-year growth in our International segment.”The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to what is reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance that the Fund will meet its stated objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in its registration statements, By-laws and other governing documents as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.The Company announced its revenue forecast for the first quarter of fiscal 2012. ScanSource expects that net revenues for the quarter ending September 30, 2011 could range from $730 million to $750 million.(b) Since the Fund’s net earning rates fluctuate from month to month, there will be periods when the Fund may over-earn or under-earn its monthly dividend rate. This fluctuation will have the effect of adding to or subtracting from the Fund's undistributed net investment income balance. Fund management analyzes the current and projected net earning rates prior to recommending dividend amounts to the Fund's Board of Trustees for declaration. There can be no assurance that the monthly dividend rate will remain at its current level or that the undistributed net investment income balance will be sufficient to cover any shortfall in earnings to meet the current dividend rate.This press release contains comments that are “forward looking” statements that involve risks and uncertainties; these statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Any number of important factors could cause actual results to differ materially from anticipated or forecasted results, including, but not limited to, factors affecting our expanded operations in emerging markets, such as Brazil, that expose us to greater political and economic volatility than our operations in established markets, the results of purchase accounting, macroeconomic circumstances that could impact our business, such as currency fluctuations, continued adverse capital and credit market conditions and a continued economic downturn. For more information concerning factors that could cause actual results to differ from anticipated results, see the Company’s annual report on Form 10-K for the year ended June 30, 2010 filed with, and the Company’s annual report on Form 10-K for the year ended June 30, 2011 to be filed with, the Securities and Exchange Commission.For the quarter ended June 30, 2011, net sales increased 26.2% to $734.9 million compared to $582.3 million for the quarter ended June 30, 2010. Operating income increased by 39.4% to $29.2 million from $21.0 million in the comparable prior year quarter. Net income increased 39.9% to $19.7 million for the quarter ended June 30, 2011 versus $14.0 million for the quarter ended June 30, 2010. The effective tax rate for the quarter decreased to 31.7% in the current quarter from 33.1% in the prior year quarter. Diluted earnings per share increased 36.5% to $0.71 in the current quarter compared to $0.52 in the prior year quarter.
ScanSource, Inc. (NASDAQ:SCSC) is the leading international distributor of specialty technology products, consisting of seven sales units in North America, Latin America and Europe. ScanSource POS and Barcoding in North America, Latin America and Europe delivers AIDC and POS solutions; Catalyst Telecom in the U.S. and ScanSource Communications in North America and Europe, provide voice, video and converged communications equipment; and ScanSource Security in North America offers physical security solutions. Founded in 1992, the company ranks #839 on the Fortune 1000. For more information, call the toll-free sales telephone number at 800.944.2432 or visit www.scansourceinc.com.
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