Business Services Industry
Phoenix-Based Computer Distributor Avnet Returns to Profitability.
Knight Ridder/Tribune Business News, January, 2004
By Ed Taylor, The Tribune, Mesa, Ariz. Knight Ridder/Tribune Business News
Jan. 30--Avnet, the Phoenix-based distributor of computer and electronic components, returned to profitability in its fiscal second quarter, which ended Jan.3, helped by higher software sales. The company said Thursday it earned $8.9million, or 7cents a share, compared with a year-earlier net loss of $58.7million.
Sequentially, the profit followed a net loss of $11.4million in the fiscal first quarter.
Revenue in the latest quarter rose to $2.55billion, up 9percent from the same quarter a year ago. Despite the strong showing, which beat Wall Street forecasts, the company's stock dropped in after-hours trading Thursday after falling $1.13, or 4.4percent, to...
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