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Insight Enterprises, Inc. Reports Second Quarter 2009 Results.

Article Excerpt
Insight Enterprises, Inc. (Nasdaq: NSIT) ("Insight" or the "Company") reported results of operations for the quarter ended June 30, 2009. Second Quarter Highlights Net sales for the second quarter of 2009 decreased 26% compared to the second quarter of 2008 to $1.04 billion, an increase of 9% compared to the first quarter of 2009.

Gross profit for the second quarter also decreased 26% compared to the second quarter of 2008 to $147.8 million.

Net earnings from continuing operations before one-time items for the second quarter of $16.0 million.* (Net earnings from continuing operations for the second quarter of $12.9 million including one-time items.)

Diluted net earnings per share from continuing operations before one-time items for the second quarter of $0.34.* (Diluted net earnings per share from continuing operations for the quarter of $0.28 including one-time items.)

One-time items in the second quarter 2009 results include $2.1 million, $1.5 million net of tax, for severance and restructuring expenses, and $2.6 million, $1.6 million net of tax, for professional fees and costs associated with the restatement related to certain aged trade credits.

One-time items in the second quarter 2008 results include $313.8 million, $201.1 million net of tax and adjustments, for a non-cash goodwill impairment charge, which represented the entire goodwill balance of the North America operating segment, and $3.5 million, $2.3 million net of tax, for severance and restructuring expenses.

Earnings from a discontinued operation were $4.5 million, $2.8 million net of tax, or $0.06 per diluted share, bringing consolidated diluted net earnings per share to...

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