ScanSource Reports Record Quarterly Sales

GREENVILLE, S.C.--()--ScanSource, Inc. (NASDAQ: SCSC), a leading global provider of technology products and solutions, today announced financial results for the second quarter ended December 31, 2017.

    Quarter ended December 31,
    2017   2016   Change
    (in millions, except per share data)
Net sales   $ 1,032.2     $ 904.8     14 %
Operating income   22.3     23.3     (4 )%
Non-GAAP operating income(1)   34.7     29.6     18 %
GAAP net income   8.0     23.0     (65 )%
Non-GAAP net income(1)   23.0     19.1     21 %
GAAP diluted EPS   $ 0.31     $ 0.91     (66 )%
Non-GAAP diluted EPS(1)   $ 0.90     $ 0.75     20 %
(1) Non-GAAP results exclude amortization of intangible assets related to acquisitions, change in fair value of contingent consideration, tax reform charges, acquisition costs and other non-GAAP adjustments. A reconciliation of non-GAAP financial information to GAAP financial information is presented in the Supplementary Information (Unaudited) below.

“Second quarter showed strong growth and improved profitability,” said Mike Baur, CEO, ScanSource, Inc. “Our quarterly sales exceeded $1 billion for the first time with organic sales growth of 10%. We are executing our strategic plan to deepen customer relationships and grow profitably.”

For the second quarter of fiscal year 2018, net sales increased 14% to $1.032 billion, driven by strength in the Worldwide Barcode, Networking and Security segment, including higher big deals in North America. Organic sales growth, which excludes the impact from foreign currency translation and a recent acquisition, was 10%. Operating income totaled $22.3 million, reflecting a decline of 4% from increased expense for the change in fair value of contingent consideration and higher intangible amortization. Non-GAAP operating income increased 18% to $34.7 million, driven by operating leverage from higher sales volumes and the addition of the POS Portal acquisition.

On a GAAP basis, net income for the quarter totaled $8.0 million, or $0.31 per diluted share, and included current quarter tax reform charges of $6.7 million. Non-GAAP net income increased to $23.0 million, or $0.90 per diluted share, including a $0.07 per share benefit from U.S. tax reform lower rates.

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