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Article Excerpt
Business Editors/High-Tech Writers
MERRIMACK, N.H.--(BUSINESS WIRE)--Jan. 30, 2003
FOURTH QUARTER HIGHLIGHTS:
-- 18% growth in net sales
-- $.12 earnings per share -- 18 basis point improvement in gross margins
PC Connection, Inc. (NASDAQ: PCCC), a leading direct marketer of information technology (IT) products and solutions, today announced results for the quarter and year ended December 31, 2002. Net sales for the three months ended December 31, 2002 increased by $48.6 million, or 18%, to $322.2 million from $273.6 million for the three months ended December 31, 2001. Net income for the quarter was $2.9 million, or $.12 per share, compared to $1.4 million, or $0.06 per share for the three months ended December 31, 2001.
Net sales for the year ended December 31, 2002 were $1.19 billion, compared to $1.19 billion for the corresponding period a year ago. Net income for the year ended December 31, 2002 was $3.2 million, or $.13 per share, compared to net income of $7.4 million, or $.30 per share for the corresponding period a year ago.
Excluding MoreDirect, Inc., the Company's most recent acquisition, net sales for the quarter were $252 million, compared to $273.6 million for the three months ended December 31, 2001. Earnings per share for the quarter, excluding the MoreDirect operations, were $.02 per share compared to $.06 per share for the same period a year ago. MoreDirect's sales for the fourth quarter were $69.9 million, flat with the third quarter, but up 38% on a pro forma basis from the prior year fourth quarter. MoreDirect was acquired by PC Connection, Inc. in April 2002.
Patricia Gallup, Chief Executive Officer of PC Connection, Inc., said, "Our fourth quarter results were stronger than we expected given the current economic environment. Excluding the operations of MoreDirect, net sales for the month of December grew by 5% over a year ago. Our positive finish in 2002 has encouraged us to be cautiously optimistic that, increasingly, there will be renewed demand in 2003 for the products and services PC Connection provides."
As of December 31, 2002, the number of Outbound Sales Account Managers for all operating segments totaled 479. This compares to 464 as of December 31, 2001, and...
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