Nu Horizons Electronics Corp. (NASD: NUHC), a leading global distributor of advanced technology semiconductor, display, illumination, power and system solutions to a wide variety of commercial original equipment manufacturers (OEMs) and Electronic Manufacturing Services providers (EMS), recently announced its financial results for the fiscal second quarter 2009, which ended on August 31, 2008.
Nu Horizons’ shares moved higher earlier this week, after the company announced a 14.3 percent year-over-year increase in new sales to $211.8 million. Second quarter net income totaled $192,000, or $0.01 per diluted share, compared with a net income of $783,000, or $0.04 per diluted share during the same period one-year earlier. On a pro forma basis, diluted earnings per share reached $0.09 for the second quarter of fiscal 2009, compared to $0.08 for the prior-year period. The increase in net sales resulted primarily from continued growth in the Nu Horizons’ core electronics distribution business in the Asia-Pacific region, as well as from significant end-of-life sales in its systems business in North America.
Commenting on the company’s international growth initiatives, Rich Schuster, the president and chief operating officer stated, “The Asia-Pacific region continues to rapidly grow by double digits. We are bullish about our ability to continue to grow both top and bottom lines there. In the Americas, we saw the benefits of our cost reduction initiatives, but growth here remains an ongoing challenge.” He concluded, “Given the diverse end markets and geographic regions that we serve, we believe that we are in a reasonably good position to withstand these uncertain economic times.”
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