-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P/yGVYiQP/9MIt+1rsVGtT20MXKZvpz58ebnCcqL5sIoXkhc3LfwOf+yUCHWOs5p nkxwhYlHic4NvWFlF36xDA== 0000932214-05-000006.txt : 20050106 0000932214-05-000006.hdr.sgml : 20050106 20050106095903 ACCESSION NUMBER: 0000932214-05-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041130 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050106 DATE AS OF CHANGE: 20050106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NU HORIZONS ELECTRONICS CORP CENTRAL INDEX KEY: 0000718074 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 112621097 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08798 FILM NUMBER: 05514597 BUSINESS ADDRESS: STREET 1: 70 MAXESS RD CITY: MELVILLE STATE: NY ZIP: 11747 BUSINESS PHONE: 5163965000 MAIL ADDRESS: STREET 1: 70 MAXESS ROAD STREET 2: 6000 NEW HORIZONS BLVD CITY: MELVILLE STATE: NY ZIP: 11747 8-K 1 qtrresults8k010605.txt CURRENT FILING SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: January 6, 2005 (Date of earliest event reported) Nu Horizons Electronics Corp. ______________________________________________________________________________ (Exact name of registrant as specified in its charter) Delaware 001-08798 11-2621097 ______________________________________________________________________________ (State or other (Commission (IRS Employer jurisdiction of File Number) Identification incorporation) Number) 70 Maxess Road, Melville, New York 11747 ______________________________________________________________________________ (Address of principal executive offices) (Zip Code) (631) 396-5000 ______________________________________________________________________________ (Registrant's telephone number including area code) N/A ______________________________________________________________________________ (Former name or former address, if changed since last report) ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On January 6, 2005, the Registrant issued a press release announcing the Registrant's financial results for the quarter and nine months ended November 30, 2004. A copy of the Registrant's press release is attached hereto as Exhibit 99.1. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (c) 99.1 PRESS RELEASE The information filed as an exhibit to this Form 8-K is being furnished in accordance with Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. -2- SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Nu Horizons Electronics Corp. By: /s/Paul Durando ------------------------- Paul Durando Vice President-Finance Date: January 6, 2005 -3- EX-99.1 2 pressrelease3qtr05.txt PRESS RELEASE NU HORIZONS ELECTRONICS CORP. 70 Maxess Road, Melville, NY 11747 631-396-5000 Fax: 631-396-5060 Company Contact: Andrew Barwicki Nu Horizons Electronics Corp. 631-396-5000 FOR IMMEDIATE RELEASE - --------------------- NU HORIZONS REPORTS FINANCIAL AND OPERATING RESULTS FOR THE THIRD QUARTER OF FISCAL YEAR 2005 MELVILLE, NY, January 6, 2005 --- Nu Horizons Electronics Corp. (Nasdaq/NM: NUHC), a leading distributor of active and passive electronic components today reported financial and operating results for the third quarter and nine months ended November 30, 2004. Net sales for the third quarter ended November 30, 2004 increased to $116.2 million from $91.1 million for the comparable period last year. Net income for the current quarter was $585,000 or $.03 per share on 16,891,647 basic shares outstanding ($.03 per share on 17,506,975 diluted shares), compared with a net income of $197,000 or $.01 per share on 16,700,700 basic shares outstanding ($.01per share on 17,641,150 diluted shares) in the same period last year. For the nine months ended November 30, 2004, net sales increased to $353.6 million from $243.8 million in the comparable period last year. Net income for the first three quarters of fiscal 2005 was $2,957,000 or $.18 per share on 16,886,647 basic shares outstanding ($.17 per share on 17,816,056 diluted shares), compared to a net loss of $1,257,000 or $.08 per share on 16,685,628 shares outstanding in the year-earlier period. Arthur Nadata, Chairman of the Board and Chief Executive Officer of Nu Horizons, said, "Sales for the quarter were up 27% versus last year's third quarter. While the U.S. economy and end markets are continuing to show modest signs of improvement, Nu Horizons has positioned itself for strong growth in Asia. Our sales in Asia for the first nine months of fiscal 2005 increased 100% as compared to the same period last year." Nadata continued, "The additions to our line card throughout 2004 have improved and strengthened our demand creation model. More importantly, we are considering adding new suppliers, which we expect to compliment our current line card and result in increased market share throughout Asia." Nadata concluded, "Our primary focus and commitment is on market penetration and service excellence. The combination of our strong financial condition, strategic positioning and long-term fundamentals leave us well-positioned for gaining market share and improving overall results." A conference call to further discuss earnings will be held today at 4:15 pm ET. The call can be accessed by dialing (800) 210-9006, (international, dial 1-719-457-2621). A rebroadcast of the call will be available beginning at 7:00 pm ET at (888)-203-1112 confirmation code 299454 (international, dial 1- 719-457-0820). A webcast of the call will also be available, online (both live and after the call), at www.nuhorizons.com. ABOUT NU HORIZONS ELECTRONICS CORP. Nu Horizons is a leading distributor of high technology active components, including analog, communications, discretes, optical, logic & peripherals, memory, microcontrollers, system on chip (SOC), board level and computer system products to a wide variety of commercial original equipment manufacturers (OEMs). With sales facilities in thirty-three locations across North America and Asia, and logistics centers in centralized locations throughout the globe, Nu Horizons partners with a limited number of best-in-class suppliers to provide in-depth product and solutions expertise to its customers. Information on Nu Horizons and its services is available at http://www.nuhorizons.com. The Company does not undertake any obligation to update its forward-looking statements. Except for historical information contained herein, the matters set forth in this news release are forward looking statements. When used in this press release, words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to Nu Horizons or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of Nu Horizons' management, as well as assumptions made by and information currently available to its management. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ from those in the forward looking-statements. Potential risks and uncertainties include such factors as the level of business and consumer spending for electronic products, the amount of sales of the Company's products, the competitive environment within the electronics industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts and the financial strength of the Company's customers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. Such statements reflect our current view with respect to the future and are subject to these and other risks, uncertainties and assumptions relating to Nu Horizons' financial condition, results of operations, growth strategy and liquidity. The Company does not undertake any obligation to update its forward-looking statements. (more) (Tables Follow)
NU HORIZONS ELECTRONICS CORP. AND SUBSIDIARIES ---------------------------------------------- CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS ----------------------------------------------- (unaudited) For the Nine Months Ended For the Three Months Ended November 30, November 30, November 30, November 30, 2004 2003 2004 2003 NET SALES $ 353,626,883 $ 243,840,055 $ 116,218,925 $ 91,071,802 ------------- ------------- -------------- ------------ COSTS AND EXPENSES Cost of sales 294,884,235 199,653,799 96,829,764 75,312,065 Operating expenses 52,122,045 46,315,653 17,687,355 15,560,035 ------------- ------------- -------------- ------------ 347,006,280 245,969,452 114,517,119 90,872,100 ------------- ------------- -------------- ------------ OPERATING INCOME (LOSS) 6,620,603 (2,129,397) 1,701,806 199,702 ------------- -------------- -------------- ------------ OTHER (INCOME) EXPENSE: Interest expense 1,355,191 112,172 569,502 25,361 Interest income (41,951) (343,218) (12,031) (232,238) -------------- -------------- --------------- ------------- 1,313,240 (231,046) 557,471 (206,877) ------------- -------------- --------------- ------------- INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES AND MINORITY INTERESTS 5,307,363 (1,898,351) 1,144,335 406,579 Provision (credit) for income taxes 1,983,209 (880,674) 405,028 136,931 ------------- -------------- -------------- ------------ INCOME (LOSS) BEFORE MINORITY INTERESTS 3,324,154 (1,017,677) 739,307 269,648 Minority interest in earnings of subsidiaries 367,351 239,577 154,459 72,682 ------------- ------------- -------------- ------------ NET INCOME (LOSS) $ 2,956,803 $ (1,257,254) $ 584,848 $ 196,966 ============= ============== ============== ============ NET INCOME (LOSS) PER COMMON SHARE: Basic $ .18 $ (.08) $ .03 $ .01 ============= ============= ============== ============ Diluted $ .17 $ (.08) $ .03 $ .01 ============= ============== ============== ============ WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 16,886,647 16,685,628 16,891,647 16,700,700 Diluted 17,816,056 16,685,628 17,506,975 17,641,150
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NU HORIZONS ELECTRONICS CORP. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS ------------------------------------- November 30, February 29, 2004 2004 ------------- ------------ (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 16,790,466 $ 12,469,973 Accounts receivable - net of allowance for doubtful accounts of $4,316,935 and $4,089,801 for November 30, 2004 and February 29, 2004, respectively 73,970,426 68,230,405 Inventories 100,224,832 68,729,081 Prepaid expenses and other current assets 878,057 794,086 -------------- -------------- -------------- -------------- 191,863,781 150,223,545 TOTAL CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT - NET 4,103,726 4,401,898 OTHER ASSETS: Subordinated note receivable 2,000,000 2,000,000 Other assets 1,622,813 1,552,728 -------------- -------------- $ 199,590,320 158,178,171 ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 21,687,445 $ 21,479,465 Accrued expenses 7,573,303 5,250,006 -------------- -------------- TOTAL CURRENT LIABILITIES 29,260,748 26,729,471 -------------- -------------- LONG TERM LIABILITIES: Revolving credit line 40,200,000 5,300,000 Deferred income taxes 425,146 280,495 -------------- -------------- TOTAL LONG-TERM LIABILITIES 40,625,146 5,580,495 -------------- -------------- MINORITY INTEREST IN SUBSIDIARIES 1,833,013 1,465,662 -------------- -------------- COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Preferred stock, $1 par value, 1,000,000 shares authorized; none issued or outstanding - - Common stock, $.0066 par value, 50,000,000 shares authorized; 16,891,647 and 16,859,766 shares issued and outstanding for November 30, 2004 and February 29, 2004, respectively 111,485 111,275 Additional paid-in capital 44,076,058 43,934,877 Retained earnings 83,607,563 80,650,760 Other accumulated comprehensive income (loss) 76,307 (294,369) -------------- --------------- TOTAL SHAREHOLDERS' EQUITY 127,871,413 124,402,543 -------------- --------------- $ 199,590,320 $ 158,178,171 ============== ===============
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