-----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, OczK01900I5WmXombGIxBAc2UlwGkHaDwoYF7FAOFt7SJYauMWbMfzROLKhUBBol IZch344M79llaOV2SoJuvQ== 0001019056-05-000833.txt : 20050803 0001019056-05-000833.hdr.sgml : 20050803 20050803152444 ACCESSION NUMBER: 0001019056-05-000833 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050803 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050803 DATE AS OF CHANGE: 20050803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALL AMERICAN SEMICONDUCTOR INC CENTRAL INDEX KEY: 0000818074 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 592814714 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16207 FILM NUMBER: 05995541 BUSINESS ADDRESS: STREET 1: 16115 N W 52ND AVENUE CITY: MIAMI STATE: FL ZIP: 33014 BUSINESS PHONE: 3056218282 MAIL ADDRESS: STREET 1: 16115 NW 52ND AVENUE CITY: MIAMI STATE: FL ZIP: 33014 8-K 1 aa_8k.txt FORM 8-K UNITED STATES 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 (Date of earliest event reported): August 3, 2005 All American Semiconductor, Inc. (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation) 0-16207 59-2814714 (Commission File Number) (I.R.S. Employer Identification No.) 16115 Northwest 52nd Avenue, Miami, Florida 33014 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (305) 621-8282 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. All American Semiconductor, Inc. (the "Company") announced its financial results for the quarter ended June 30, 2005. A copy of the Company's press release issued on August 3, 2005 concerning the foregoing is furnished as part of this report. Item 9.01 Financial Statements and Exhibits. (c) Exhibits Exhibit No. Exhibit Description ----------- ------------------- 99 Press Release dated August 3, 2005. 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. ALL AMERICAN SEMICONDUCTOR, INC. Date: August 3, 2005 By: /s/ HOWARD L. FLANDERS ------------------------------------ Howard L. Flanders Executive Vice President and Chief Financial Officer EXHIBIT INDEX ------------- Exhibit No. Exhibit Description ----------- ------------------- 99 Press Release dated August 3, 2005. EX-99 3 ex_99.txt EXHIBIT 99 Exhibit 99 FOR IMMEDIATE RELEASE --------------------- ALL AMERICAN SEMICONDUCTOR REPORTS SECOND QUARTER RESULTS Second Quarter Sales at Highest Quarterly Level Since 2001 Representing 18% Sequential Increase and 4% Year Over Year Miami, FL - August 3, 2005 -- All American Semiconductor, Inc. (The Nasdaq Stock Market:SEMI), a leading distributor of electronic components, today announced its results for the second quarter and first half of 2005. Net sales for the quarter ended June 30, 2005 were $111.2 million, up from net sales of $106.9 million for the same period of 2004. Income from operations was $1.6 million for the second quarter of 2005, compared to $2.7 million for the second quarter of last year. Net income for the quarter ended June 30, 2005 was $308,000 or $.08 per share (diluted), compared to net income of $1.0 million or $.25 per share (diluted) for the second quarter of 2004. For the first half of 2005, net sales were $205.5 million, compared to net sales of $205.2 million for the first half of 2004. Income from operations was $2.7 million for the first six months of 2005, compared to $5.2 million for the same period of 2004. Net income was $369,000 or $.09 per share (diluted) for the six months ended June 30, 2005, compared to $1.9 million or $.47 per share (diluted) for the same period of 2004. Bruce M. Goldberg, President and Chief Executive Officer of All American, stated, "While industry conditions have improved slightly we are pleased that we were able to achieve 18% sequential growth in sales for the second quarter of 2005. Sales for the second quarter represented the highest quarterly sales level since the first quarter of 2001. Even though we achieved significant sequential revenue growth in the second quarter, it is still difficult to determine how strong the balance of 2005 will be." "Due to the consolidation in our industry we believe it is an important time to be adding resources and continuing to invest in order to be properly positioned to respond to industry developments. These investments as well as a slight decline in our gross margins have impacted our profitability. We are confident that, when conditions improve further, our continued commitment to our strategies will result in enhanced returns to our shareholders in future periods." All American is recognized as the nation's 4th largest distributor of semiconductors and the 9th largest electronic components distributor overall. The Company has offices in 36 strategic locations throughout North America, as well as operations in both Asia and Europe. To the extent that this press release discusses future performance, expectations, beliefs or intentions about our sales, markets, future operating results or investments in the growth of our business or otherwise makes statements about the current or future industry or market conditions, trends or developments including relating to industry consolidation, the statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially from the statements made. Factors that could adversely affect the Company's future results, performance or achievements include, without limitation: a weakening of industry and market conditions and business activity; a tightening by customers of their inventory levels; a slowdown in sales; the continuance of a trend for electronics manufacturing to move offshore; the level of effectiveness of the Company's business and marketing strategies, including those outside North America and particularly in Asia; insufficient funds from operations, from the Company's credit facility and from other sources (debt and/or equity) to support the Company's operations or the inability of the Company to obtain additional financing when needed or on terms acceptable to the Company; an increase in interest rates, including as a result of interest rate hikes by the Federal Reserve Board, and/or an increase in the Company's average outstanding borrowings; a reduction in the level of demand for products of its customers including the level of growth of some of the new technologies supported by the Company; deterioration in the relationships with existing suppliers, particularly one of our largest suppliers; decreases in gross profit margins, including decreasing margins resulting from the Company being required to have aggressive pricing programs, an increasing number of low-margin, large volume transactions, inventory oversupply conditions and/or increases in the costs of goods; problems with telecommunication, computer and information systems; the inability of the Company to expand its product offerings or obtain product during periods of allocation; the impact from changes in accounting rules; adverse currency fluctuations; the adverse impact of terrorism or the threat of terrorism on the economy; and the other risks and factors including those detailed in the Company's reports on Forms 10-K and Forms 10-Q and other press releases. These risks and uncertainties are beyond the ability of the Company to control. In many cases, the Company cannot predict the risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. The Company undertakes no obligation to update publicly or revise any forward-looking statements, business risks and/or uncertainties. ALL AMERICAN SEMICONDUCTOR, INC. CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED) (Dollars in thousands except per share amounts)
Quarters Six Months Periods Ended June 30 2005 2004 2005 2004 - ------------------------------------------------------------------------------------ Net Sales $ 111,214 $ 106,909 $ 205,523 $ 205,151 ========== ========== ========== ========== Income from Operations $ 1,629 $ 2,728 $ 2,748 $ 5,162 ========== ========== ========== ========== Net Income $ 308 $ 1,025 $ 369 $ 1,916 ========== ========== ========== ========== Earnings Per Share: Basic $ .08 $ .27 $ .09 $ .51 ======= ======= ======= ======= Diluted $ .08 $ .25 $ .09 $ .47 ======= ======= ======= ======= Average Shares: Basic 3,926,791 3,811,213 3,919,620 3,789,136 ========= ========= ========= ========= Diluted 4,105,271 4,157,996 4,118,387 4,107,474 ========= ========= ========= =========
# # # CONTACT: Bruce M. Goldberg, CEO Howard L. Flanders, CFO (305) 621-8282 x1417 -----END PRIVACY-ENHANCED MESSAGE-----