EMJ Announces 2004 Year End Results

Business Wire, Oct 14, 2004

GUELPH, Ontario -- EMJ Data Systems Ltd. today reported its financial results for the fiscal year ended July 31, 2004. Sales for the year increased to $330.2 million from $190.0, an increase of $140.2 million or 73.8%. Sales in the fourth quarter increased to $89.7 million from $45.9 million for the comparable period the previous year, an increase of $43.9 million or 95.7%.

On October 1, 2003, the Company acquired 100% of the outstanding shares of Daisytek (Canada) Inc. ("Daisytek") and the results of the acquired business for the 10 months since October are included in the Company's financial statements. Daisytek contributed approximately $34.8 million in sales in the fourth quarter and $120.5 million since its purchase.

Net income for the year was $3.1 million or $0.38 per common share compared to $2.3 million or $0.30 per common share the previous year, an increase of $793,000. Net income for the fourth quarter was $122,000 or $0.01 per common share compared to $652,000 or $0.09 per common share the previous year.

This marks EMJ's 100th consecutive quarter of operating profit.

On July 14, 2004, the Company entered into a support agreement whereby Synnex Canada Acquisition Limited, a wholly-owned subsidiary of Synnex Canada Limited made an offer to purchase for cash all of the issued and outstanding common shares of the Company for a purchase price of $6.60 per share. On September 15, 2004 the Company and Synnex confirmed that a majority of the Company's shareholders had accepted the offer and Synnex had removed all conditions in its offer.

According to Jim Estill, President & CEO of EMJ Data Systems Ltd., "We are pleased with EMJ's financial results in 2004 and are excited about the business opportunities and synergies that we will see with the purchase of EMJ by SYNNEX in the coming year."

About EMJ Data Systems Ltd.:

EMJ Data Systems Ltd., headquartered in Guelph, Ontario, is a Canadian, publicly owned distributor of computer products and peripherals. EMJ specializes in niche-market products for Apple, Bar Coding/Auto-ID/Point-of-Sale, Build to Order, Digital Video, Networking and Security applications. EMJ has Canadian branch offices in Vancouver, Calgary, Winnipeg, Markham, Montreal and Halifax, as well as one office in the United States. EMJ's common shares are traded on the Toronto Stock Exchange (TSX) under the symbol EMJ. For more information about EMJ visit www.emj.ca.