-----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, OPS/Vk4+L7DJQlZOC7Q7cuDXRMLI/dg0wjTm8CiJcngpKGwrR9nzjR3tTjlMdxVp Ip7oTnKccNK1V6TSMvQgqg== 0000932214-04-000012.txt : 20040505 0000932214-04-000012.hdr.sgml : 20040505 20040505152606 ACCESSION NUMBER: 0000932214-04-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040229 ITEM INFORMATION: FILED AS OF DATE: 20040505 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: 04781368 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 prelease8k505.txt FORM 8-K INITIAL REPORT - 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: May 5, 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 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On May 5, 2004, the Registrant issued a press release announcing the Registrant's financial results for the fourth quarter ended February 29, 2004. 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. -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: May 5, 2004 -3- EX-99.1 2 release8k505.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 FOURTH QUARTER AND FISCAL YEAR END 2004 EARNINGS MELVILLE, NY, May 5, 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 fourth quarter and year ended February 29, 2004. Net sales for the fourth quarter increased to $102.0 million from $70.9 million for the comparable period last year, an increase of 45%. Net income for the current quarter was $409,000 or $0.02 per share on 16,859,766 basic shares outstanding ($.02 per share on 17,928,342 diluted shares outstanding), compared with a net loss of $1.8 million or $0.11 per share on 16,683,817 shares outstanding in the same period last year. For the fiscal year ended February 29, 2004, net sales from continuing operations increased to $345.9 million from $302.1 million in the comparable period last year. Net loss for fiscal 2004 was $848,000 or $0.05 per share on 16,729,163 shares outstanding, compared with a net loss of $2.5 million, or $.15 per share on 16,663,817 shares outstanding in the year-earlier period. Arthur Nadata, president and chief executive officer of Nu Horizons, said, "We have now reported four sequential quarters of sales growth, with the fiscal 2004 fourth quarter experiencing a 12% sequential increase in sales over the fiscal 2004 year's third quarter. We believe that our industry is in full recovery mode and that Nu Horizons should continue to participate in the benefits of this increased demand. Nadata continued, "Our strategy of maintaining our infrastructure and investing during the electronic industry's severe downturn is now beginning to see positive results. Our sales in Asia increased almost 200% from fiscal 2003 to 2004 and our book to bill ratio, company wide, remains positive. Key to our Asia initiative has been our ability to transfer American design wins into Asian sales when those designs become production orders offshore. With investments stabilizing and sales continuing to grow we look forward to increasing bottom line results. Our industry continues to show robust growth and we are maintaining our positioning to maximize the benefits of this growth. Year over year and quarter over quarter we have increased market share with all of our major suppliers. This is true for both our semiconductor and passive component businesses." (more) NUHC Reports Fourth Quarter Fiscal 2004 Results Page 2 Nadata concluded, "The second half of calendar 2003 appears to have been the break out period the industry has been long been expecting. This was evidenced by industry wide double digit sequential and year over year increases in sales dollar volume, albeit accompanied by continued downward margin pressures. We believe this improvement in the components market worldwide should continue." 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), refer to NuHorizons call. A webcast of the call will also be available online after the call at www.nuhorizons.com and a transcript of the webcast will remain available on that website for a period of twelve months after the call. In connection with the conference call, Nu Horizons has posted on its website certain information regarding its fourth quarter and fiscal year financial results. 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 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 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. 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. (Tables Follows) NUHC Reports Fourth Quarter Fiscal 2004 Results Page 3
NU HORIZONS ELECTRONICS CORP. Consolidated Statement of Operations FOR THE THREE MONTHS ENDED FOR THE YEAR ENDED -------------------------- ------------------ 02/29/04 02/28/03 02/29/04 02/28/03 NET SALES $102,023,822 $ 70,927,941 $345,863,877 $302,080,809 ----------------------------------------------------------------------- COSTS AND EXPENSES: Cost of sales 85,249,298 58,064,130 284,903,097 246,852,741 Operating expenses 16,120,339 14,602,507 62,435,992 57,439,743 Interest expense 27,458 - 139,630 98,068 Interest income (2,563) (9,693) (345,782) - TOTAL COSTS AND EXPENSES 101,394,532 72,656,944 347,132,938 304,390,552 ----------------------------------------------------------------------- INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES AND MINORITY INTEREST 629,290 (1,729,003) (1,269,061) (2,309,743) Provision (credit) for income taxes 176,395 (514,121) (704,275) (539,927) ------------------------------------------------------------------------ INCOME (LOSS) BEFORE MINORITY INTERESTS 452,895 (1,214,882) (564,786) (1,769,816) Minority interest in earnings of subsidiary 43,636 (560,737) 283,213 (741,822) ------------------------------------------------------------------------ NET INCOME (LOSS) $ 409,259 $ (1,775,619) $ (847,999) $ (2,511,838) ======================================================================== NET INCOME (LOSS) PER COMMON SHARE: Basic $.02 $(.11) $(.05) $(.15) ======================================================================== Diluted $.02 - - - ======================================================================== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 16,859,766 16,663,817 16,729,163 16,663,817 Diluted 17,928,342 * * *
* The effect of stock options have been excluded from the determination of the weighted average common shares for diluted (loss) per share for the 2004 and 2003 years and fourth quarter of 2003 as the effect was antidilutive. (more) NUHC Reports Fourth Quarter Fiscal 2004 Results Page 4
NU HORIZONS ELECTRONICS CORP. AND SUBSIDIARIES - ---------------------------------------------- Consolidated Balance Sheets - --------------------------- -ASSETS- ------ CURRENT ASSETS: February February 29, 2004 28, 2003 ------------------------------- Cash $ 12,469,973 $ 31,345,616 Accounts receivable - net of allowance for doubtful accounts of $4,089,802 and $4,083,590 for 2004 and 2003, respectively 68,230,405 39,092,343 Inventories 68,729,081 66,073,022 Prepaid expenses and other current assets 794,085 2,952,665 ------------------------------- ------------------------------- TOTAL CURRENT ASSETS 150,223,545 141,511,213 PROPERTY, PLANT AND EQUIPMENT - NET 4,401,898 5,150,499 OTHER ASSETS: Subordinated note receivable 2,000,000 2,000,000 Other assets 1,552,728 1,485,044 ------------------------------- ------------------------------- $ 158,178,171 $ 148,099,189 ===============================
-LIABILITIES AND SHAREHOLDERS' EQUITY- ------------------------------------ CURRENT LIABILITIES: Accounts payable $ 21,479,465 $ 16,732,172 Accrued expenses 5,250,006 5,939,395 ------------------------------- TOTAL CURRENT LIABILITIES 26,729,471 22,671,567 ------------------------------- LONG-TERM LIABILITIES: Revolving credit line 5,300,000 - Deferred income taxes 280,495 252,832 ------------------------------- TOTAL LONG-TERM LIABILITIES 5,580,495 252,832 ------------------------------- MINORITY INTEREST IN SUBSIDIARIES 1,465,662 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; 16,859,766 and 16,663,817 shares issued and outstanding for 2004 and 2003, respectively 111,275 109,981 Additional paid-in capital 43,934,877 42,925,545 Retained earnings 80,650,760 81,498,759 Other accumulated comprehensive income (loss) (294,369) (541,944) -------------------------------- TOTAL SHAREHOLDERS' EQUITY 124,402,543 123,992,341 -------------------------------- $ 158,178,171 $ 148,099,189 ================================
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