Home | Business News | Browse by Publication | B | Business Wire

Insight Enterprises, Inc. Reports Third Quarter 2009 Results.

Article Excerpt
TEMPE, Ariz. -- Insight Enterprises, Inc. (Nasdaq: NSIT) ("Insight" or the "Company") today reported results of operations for the quarter ended September 30, 2009.

Third Quarter Highlights

* Net sales for the third quarter of 2009 decreased 17% compared to the third quarter of 2008 to $969.9 million.

* Gross profit for the third quarter decreased 13% compared to the third quarter of 2008 to $133.5 million.

* Net earnings from continuing operations before one-time items for the third quarter increased 53% to $10.1 million compared to the third quarter of 2008.* (Net earnings from continuing operations for the third quarter increased 10% to $7.3 million including one-time items.)

* Diluted net earnings per share from continuing operations before one-time items for the third quarter of $0.22.* (Diluted net earnings per share from continuing operations for the quarter of $0.16 including one-time items.)

* One-time items in the third quarter of 2009 results include $4.0 million, $2.5 million net of tax, for severance and restructuring expenses, and $560,000, $346,000 net of tax, for professional fees and costs associated with the trade credit restatement remediation and related litigation. There were no one-time items in the third quarter of 2008.

* Prior year third quarter results include $3.3 million of foreign currency losses, primarily resulting from the strengthening of the U.S. dollar against the Euro and the British Pound Sterling and the volatility of those exchange rates during the quarter. Current year third quarter results include only $93,000 of net foreign currency losses.

* Results for the third quarter of 2009 include $1.5 million of tax benefit primarily from the true-up of...

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!