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News and Information Article
SANTA ANA, Calif., Nov. 29 /-FirstCall/ -- Ingram Micro Inc.
(NYSE: IM), the worlds largest technology distributor, today reaffirmed
its guidance for the fourth-quarter ending Dec. 30, 2006, in advance of
executive presentations at upcoming investor conferences in December.
As originally reported on Oct. 24, 2006, sales are expected to range
from $8.40 billion to $8.65 billion, with net income ranging from $85 to
$92 million or $0.50 to $0.54 per diluted share based on 171 million
weighted average shares outstanding and an effective tax rate of 28
percent.
Net income estimates include pre-tax expenses of approximately $6.5
million ($0.03 per diluted share) for the effect of non-cash stock-based
compensation, as well as approximately $2.5 million ($0.01 per diluted
share) for incremental investments in information technology capabilities.
These expenses were not included in the results for the year-ago quarter.
"We expect to reach record sales this quarter, based on our guidance,"
said Gregory M. Spierkel, chief executive officer. "Our expected
year-over-year sales growth of 6 to 9 percent exceeds third-party reports
of overall IT spending trends. Demand remains stable and our regions
continue to perform well."
The companys reaffirmation of guidance is in advance of the following
investor events:
* Friday, December 1, 2006
Credit Suisse Technology Conference
Phoenician Hotel - Scottsdale, AZ
9:00 a.m. MT (11:00 a.m. ET)
Presenter: William D. Humes, executive vice president and chief
financial officer
* Wednesday, December 6, 2006
Lehman Brothers 2006 Global Technology Conference
The Fairmont Hotel - San Francisco, CA
3:00 p.m. PT (6:00 p.m. ET)
Presenter: Kevin M. Murai, president & chief operating officer
* Wednesday, December 13, 2006
Raymond James 2006 IT Supply Chain Investor Conference
InterContinental the Barclay - New York
10:10 a.m. ET
Presenters: Gregory M. Spierkel, chief executive officer
William D. Humes, executive vice president and chief
financial officer
To access the live audio webcasts of the presentations, visit the
Investor Relations page of http://www.ingrammicro.com. The archived version will
be available for approximately one week following the event.
Cautionary Statement for the Purpose of the Safe Harbor Provisions of
the Private Securities Litigation Reform Act of 1995
The matters in this press release that are forward-looking statements,
including but not limited to statements about future revenues, sales
levels, operating income, margins, stock-based compensation expense,
integration costs, cost synergies, operating efficiencies, profitability,
market share and rates of return, are based on current management
expectations that involve certain risks which, if realized, in whole or in
part, could cause such expectations to fail to be achieved and have a
material adverse effect on Ingram Micros business, financial condition and
results of operations, including, without limitation: (1) intense
competition, regionally and internationally, including competition from
alternative business models, such as manufacturer-to-end-user selling,
which may lead to reduced prices, lower sales or reduced sales growth,
lower gross margins, extended payment terms with customers, increased
capital investment and interest costs, bad debt risks and product supply
shortages; (2) integration of our acquired businesses and similar
transactions involve various risks and difficulties -- our operations may
be adversely impacted by an acquisition that (i) is not suited for us, (ii)
is improperly executed, or (iii) substantially increases our debt; (3)
foreign exchange rate fluctuations, devaluation of a foreign currency,
adverse governmental controls or actions, political or economic
instability, or disruption of a foreign market, and other related risks of
our international operations may adversely impact our operations in that
country or globally; (4) we may not achieve the objectives of our process
improvement efforts or be able to adequately adjust our cost structure in a
timely fashion to remain competitive, which may cause our profitability to
suffer; (5) our failure to attract new sources of profitable business from
expansion of products or services or risks associated with entry into new
markets, including geographies, products and services, could negatively
impact our future operating results; (6) an interruption or failure of our
information systems or subversion of access or other system controls may
result in a significant loss of business, assets, or competitive
information; (7) significant changes in supplier terms, such as higher
thresholds on sales volume before distributors may qualify for discounts
and/or rebates, the overall reduction in the amount of incentives
available, reduction or termination of price protection, return levels, or
other inventory management programs, or reductions in payment terms, may
adversely impact our results of operations or financial condition; (8)
termination of a supply or services agreement with a major supplier or
product supply shortages may adversely impact our results of operations;
(9) changes in, or interpretations of, tax rules and regulations may
adversely affect our effective tax rates or we may be required to pay
additional tax assessments; (10) we cannot predict with certainty, the
outcome of the SEC and U.S. Attorneys inquiries; (11) if there is a
downturn in economic conditions for an extended period of time, it will
likely have an adverse impact on our business; (12) we may experience loss
of business from one or more significant customers, and an increased risk
of credit loss as a result of reseller customers businesses being
negatively impacted by dramatic changes in the information technology
products and services industry as well as intense competition among
resellers -- increased losses, if any, may not be covered by credit
insurance or we may not be able to obtain credit insurance at reasonable
rates or at all; (13) rapid product improvement and technological change
resulting in inventory obsolescence or changes in demand may result in a
decline in value of a portion of our inventory; (14) future terrorist or
military actions could result in disruption to our operations or loss of
assets, in certain markets or globally; (15) the loss of a key executive
officer or other key employees, or changes affecting the work force such as
government regulations, collective bargaining agreements or the limited
availability of qualified personnel, could disrupt operations or increase
our cost structure; (16) changes in our credit rating or other market
factors may increase our interest expense or other costs of capital, or
capital may not be available to us on acceptable terms to fund our working
capital needs; (17) our failure to adequately adapt to industry changes and
to manage potential growth and/or contractions could negatively impact our
future operating results; (18) future periodic assessments required by
current or new accounting standards such as those relating to long-lived
assets, goodwill and other intangible assets and expensing of stock options
may result in additional non-cash charges; (19) seasonal variations in the
demand for products and services, as well as the introduction of new
products, may cause variations in our quarterly results; and (20) the
failure of certain shipping companies to deliver product to us, or from us
to our customers, may adversely impact our results of operations.
Ingram Micro has instituted in the past and continues to institute
changes to its strategies, operations and processes to address these risk
factors and to mitigate their impact on Ingram Micros results of
operations and financial condition. However, no assurances can be given
that Ingram Micro will be successful in these efforts. For a further
discussion of significant factors to consider in connection with
forward-looking statements concerning Ingram Micro, reference is made to
Item 1A Risk Factors of Ingram Micros Annual Report on Form 10-K for the
year ended December 31, 2005; other risks or uncertainties may be detailed
from time to time in Ingram Micros future SEC filings. Ingram Micro
disclaims any duty to update any forward-looking statements.
About Ingram Micro Inc.
As a vital link in the technology value chain, Ingram Micro creates
sales and profitability opportunities for vendors and resellers through
unique marketing programs, outsourced logistics services, technical
support, financial services, and product aggregation and distribution. The
company serves 140 countries and is the only global broadline IT
distributor with operations in Asia. Visit http://www.ingrammicro.com.
2006 Ingram Micro Inc. All rights reserved. Ingram Micro and the
registered Ingram Micro logo are trademarks used under license by Ingram
Micro Inc.
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