-----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, GOOK9ylCTixMh/2qa46E0SmR0PQa+XoUB5dCGBPt1zUmVra8pPIB43I5VhWlLsIL iqsTXTGHQvVc7mWQ9YS+HQ== 0000932214-04-000003.txt : 20040108 0000932214-04-000003.hdr.sgml : 20040108 20040108120636 ACCESSION NUMBER: 0000932214-04-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031130 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040108 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: 04514853 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 pressrel8k184.txt INITIAL REPORT - CURRENT REPORT 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 8, 2004 (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 7. Financial Statements and Exhibits. Exhibits - -------- 99.1 Press release dated January 8, 2004, issued by Nu Horizons Electronics Corp. ("Registrant"). Item 12. Results of Operations and Financial Condition On January 8, 2004, the Registrant issued a press release announcing the Registrant's financial results for the third quarter ended November 30, 2003. A copy of the Registrant's press release is attached hereto as Exhibit 99.1. The information in this Form 8-K is being furnished under Item 12 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934 (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 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. 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 8, 2004 EX-99.1 3 pr8k184.txt PRESS RELEASE NU HORIZONS ELECTRONICS CORP. 70 Maxess Road, Melville, NY 11747 631-396-5000, Fax: 631-396-5060 Company Contact: Paul Durando Nu Horizons Electronics Corp. 631-396-5000 FOR IMMEDIATE RELEASE NU HORIZONS REPORTS IMPROVED FINANCIAL AND OPERATING RESULTS FOR THE THIRD QUARTER OF FISCAL YEAR 2004 MELVILLE, NY, January 8, 2004 --- 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, 2003. Net sales for the third quarter ended November 30, 2003 increased to $91.1 million from $75.8 million for the comparable period last year. Net income for the current quarter was $197,000 or $0.01 per share on 16,700,700 basic shares outstanding ($0.01 per share on 17,641,150 diluted shares), compared with a net loss of $998,000 or $0.06 per share on 16,663,817 shares outstanding in the same period last year. For the nine months ended November 30, 2003, net sales increased to $243.8 million from $231.2 million in the comparable period last year. Net loss for the first three quarters of fiscal 2003 was $1,257,000 or $0.08 per share on 16,685,628 shares outstanding, compared to a net loss of $736,000 or $0.04 per share on 16,649,037 shares outstanding in the year-earlier period. Arthur Nadata, president and chief executive officer of Nu Horizons, said, "Sales for the quarter were up 20% versus last year's third quarter. More importantly, we have now reported three sequential quarters of sales growth, with the current quarter experiencing a 13.8% sequential increase in sales over this year's second quarter. While we hesitate to be overly optimistic following the difficult market conditions of the recent past, we are encouraged by what we believe to be the beginnings of a modest recovery." (more) Nadata concluded, "Our entire industry continues to experience uncertain market and economic conditions. The combination of our strong financial condition, continued focus on `design in' component sales strategies along with our ongoing efforts to expand our global capabilities in the Asian marketplace, should leave us well positioned to profit from an eventual market recovery. We believe this market recovery has begun and should continue into calendar 2004." A conference call to further discuss earnings will be held today at 4:15 pm ET. The call can be accessed by dialing (800) 915-4836, (international, dial 1-973-317-5319). A rebroadcast of the call will be available beginning at 7:00 pm ET at (800)-428-6051 confirmation code 322906 (international, dial 1- 973-709-2089). A webcast of the call will also be available, online (both live and after the call), at www.nuhorizons.com. Nu Horizons is a national distributor of high technology electronic components, which provide innovative, total semiconductor and passive component solutions through products and technologies that are faster, smaller and lower powered. Nu Horizons was established in 1982 and currently has 29 branch and subsidiary offices located in the U.S., Asia and Europe. For more information, visit Nu Horizons' home page at http://www.nuhorizons.com. Except for historical information contained herein, the matters set forth in this news release are forward looking statements that 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 electronic 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. (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, 2003 November 30, 2002 November 30, 2003 November 30, 2002 ----------------- ----------------- ----------------- ----------------- NET SALES $ 243,840,055 $ 231,152,869 $ 91,071,802 $ 75,830,874 ------------------ ---------------- -------------------- ----------------- COSTS AND EXPENSES: Cost of sales 199,653,799 188,788,612 75,312,065 62,492,563 Operating expenses 46,315,653 42,837,236 15,560,035 14,501,397 Interest expense 112,172 107,762 25,361 38,269 Interest income (343,218) - (232,238) - ------------------ ----------------- -------------------- ----------------- 245,738,406 231,733,610 90,665,223 77,032,229 ------------------ ----------------- -------------------- ----------------- INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES AND MINORITY INTERESTS (1,898,351) (580,741) 406,579 (1,201,355) Provision (credit) for income taxes (880,674) (25,806) 136,931 (238,897) ------------------- ------------------ -------------------- ------------------ INCOME (LOSS) BEFORE MINORITY INTERESTS (1,017,677) (554,935) 269,648 (962,458) Minority interest in earnings of subsidiaries 239,577 181,085 72,682 35,592 ------------------- ------------------ -------------------- ------------------ NET INCOME (LOSS) $ (1,257,254) $ (736,020) $ 196,966 $ (998,050) =================== ================== ==================== ================== NET INCOME (LOSS) PER COMMON SHARE: Basic $ (.08) $ (.04) $ .01 $ (.06) =================== ================== ==================== ================== Diluted $ (.08) $ (.04) $ .01 $ (.06) =================== ================== ==================== ================== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 16,685,628 16,649,037 16,700,700 16,663,817 Diluted 16,685,628 16,649,037 17,641,150 16,663,817
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NU HORIZONS ELECTRONICS CORP. AND SUBSIDIARIES ---------------------------------------------- CONSOLIDATED CONDENSED BALANCE SHEETS ------------------------------------- November 30, February 28, 2003 2003 ------------------- ------------------ (unaudited) - ASSETS - CURRENT ASSETS: Cash and cash equivalents $ 17,632,558 $ 31,345,616 Accounts receivable - net of allowance of doubtful accounts of $4,133,129 and $4,083,590 for November 30, 2003 and February 28, 2003, respectively 55,543,178 39,092,343 Inventories 66,968,859 66,073,022 Prepaid expenses and other current assets 1,790,595 2,952,665 -------------------- -------------------- TOTAL CURRENT ASSETS 141,935,190 139,463,646 PROPERTY, PLANT AND EQUIPMENT - NET 4,522,688 5,150,499 OTHER ASSETS: Subordinated note receivable 2,000,000 2,000,000 Other assets 1,514,615 1,485,044 -------------------- -------------------- $ 149,972,493 $ 148,099,189 ==================== ==================== - LIABILITIES AND SHAREHOLDERS' EQUITY - CURRENT LIABILITIES: Accounts payable $ 21,547,667 $ 16,732,172 Accrued expenses 3,569,370 5,939,395 -------------------- -------------------- TOTAL CURRENT LIABILITIES 25,117,037 22,671,567 ==================== ==================== LONG-TERM LIABILITIES: Deferred income taxes 276,646 252,832 Revolving credit line - - -------------------- -------------------- 276,646 252,832 TOTAL LONG-TERM LIABILITIES -------------------- -------------------- MINORITY INTEREST IN SUBSIDIARIES 1,422,026 1,182,449 -------------------- -------------------- 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; 16,700,700 and 16,663,817 shares issued and outstanding for November 30, 2003 and February 28, 2003, respectively 110,224 109,981 Additional paid-in capital 43,065,963 42,925,545 Retained earnings 80,241,505 81,498,759 Other accumulated comprehensive (loss) (220,475) (541,944) ------------------- -------------------- 123,197,217 123,992,341 LESS: LOAN TO ESOP ( 40,433) - ------------------- -------------------- TOTAL SHAREHOLDERS' EQUITY 123,156,784 123,992,341 ------------------- -------------------- $ 149,972,493 $ 148,099,189 =================== ====================
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