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Solid Revenue Growth; Acquisition Integrations On Track
SYNNEX Corporation (NYSE:SNX), a leading business process services company, announced financial results for the fiscal second quarter ended May 31, 2011.
“The SYNNEX team delivered another quarter of solid results with strong organic revenue growth in all regions led by our North American commercial distribution business,” stated Kevin Murai, President and Chief Executive Officer. “In the second quarter, we also tracked well towards completing the integration of our recent acquisitions and in the third quarter, our main focus turns to revenue growth for these newly acquired businesses.”
Business Segment Highlights:
* Distribution: Revenue from continuing operations was $2.46 billion, an increase of 22.5% over the prior fiscal year quarter. The acquisition of SYNNEX Infotec Corporation in Japan added $316 million to the fiscal second quarter revenue. Distribution income from continuing operations before non-operating items, income taxes and noncontrolling interest was $50.5 million, or 2.05% of distribution revenue compared with $40.5 million, or 2.01% in the prior fiscal year quarter. Fiscal Q2 2011 included $217 thousand of acquisition and integration expenses.
* Global Business Services (GBS): GBS revenue from continuing operations was $38.8 million, an increase of 40.2% over the prior fiscal year quarter. In fiscal Q2 2011, the revenue contribution from acquisitions was $11.7 million. GBS income from continuing operations before non-operating items, income taxes and noncontrolling interest was $3.7 million, or 9.56% of GBS revenue compared with $3.0 million, or 10.80% in the prior fiscal year quarter. Fiscal Q2 2011 included $185 thousand in acquisition and integration expenses.
Fiscal 2011 Second Quarter Additional Financial Highlights:
* The trailing fiscal four quarters ROIC increased to 10.3% for the fiscal second quarter of 2011, up from 9.5% in the prior year fiscal second quarter.
* The cash conversion cycle was 42 days.
* The debt to capitalization ratio was 28%.
* Depreciation and amortization were $4.3 million and $1.8 million, respectively.
In addition, the SYNNEX Board of Directors approved an anti-dilution share repurchase program under which it will begin purchasing up to $65 million of its Common Stock over a period of up to three years for the purpose of mitigating or reducing the dilution resulting from the various employee stock incentive and employee stock purchase programs. Any stock repurchases may be made through open market and privately negotiated transactions, at times and in such amounts as management deems appropriate, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
SYNNEX Corporation (NYSE:SNX), a Fortune 500 corporation, is a leading business process services company, servicing resellers, retailers and original equipment manufacturers in multiple regions around the world. The Company provides services in IT distribution, supply chain management, contract assembly and business process outsourcing. Founded in 1980, SYNNEX employs over 10,000 full-time and part-time associates worldwide.
Additional information about SYNNEX may be found online at www.synnex.com.
Cracker Barrel Old Country Store, Inc. (Nasdaq:CBRL) has elected Coleman Peterson to its Board of Directors, effective immediately. Peterson's election brings the number of Cracker Barrel board members to 10, nine of whom are independent directors. Coleman Peterson is president/CEO of Hollis Enterprises, LLC, the human resources consulting firm he founded in 2004 following his retirement from Wal-Mart Stores, Inc. Known as America's top people person, Peterson served as executive vice president of people for Wal-Mart Stores, Inc., where he had the distinction of being the chief human resource officer of the world's largest private workforce.
Cracker Barrel Old Country Store provides a friendly home-away-from-home in its old country stores and restaurants. Guests are cared for like family while relaxing and enjoying real home-style food and shopping that's surprisingly unique, genuinely fun and reminiscent of America's country heritage…all at a fair price.For more information, visit crackerbarrel.com.
National Health Partners, Inc. (OTC:NHPR)
National Health Partners, Inc. is a national healthcare savings organization that provides discount healthcare membership programs to uninsured and underinsured people through a national healthcare savings network called "CARExpress."
CARExpress is one of the largest networks of hospitals, doctors, dentists, pharmacists and other healthcare providers in the country and is comprised of over 1,000,000 medical professionals that belong to such PPOs as CareMark and Aetna.
National Health Partners, Inc primary target customer group is the 47 million Americans who have no health insurance of any kind. The company's secondary target customer group includes the millions of Americans who lack complete health insurance coverage.
New medical technology has saved millions of lives all over the world, particularly in the US. New drugs have been made and formulated. Drug manufacturers become successful in discovering new and effective drugs thanks to state-of-the-art technological equipment invented by scientists and engineers. According to analysts, this is the reason why there is a regular increase in the price of medical expenses, particularly in drugs and treatment procedures. Of course, these companies will not invest in something that they will not profit on so they charge the cost of these equipments to their loyal customers, the public.
National Health Partners, Inc., a leading provider of discount healthcare membership programs, announced the recent signing of two new significant marketing agreements. These two clients provide very different opportunities and continue to expand the reach of CARExpress into new marketplaces.
By launching their own unique internet marketing program, the first group should be able to provide a widespread push into the on-line market to produce an excellent volume of new CARExpress sales into the pipeline. In addition, the second group offers a reach into the wholesale marketplace where CARExpress will be wrapped into other programs to enhance the value of the overall package to the consumer. They would consider this non-traditional business and a great opportunity to expand their reach as well as recognition of the CARExpress program nationwide.
The company plans to announce the rollout of these new marketing campaigns as well as several others over the next few weeks.
For more information about National Health Partners, Inc. visit its website at www.nationalhealthpartners.com
Concur Technologies, Inc. (Nasdaq:CNQR) announced the availability of deep integration between TripIt Pro and Concur's industry-leading expense reporting solutions. Now, any Concur corporate client can enable TripIt Pro to deliver business travel itinerary data - no matter where that travel is booked - directly into their employee expense reports. In addition to providing companies with enhanced visibility into business travel spend, this integration gives any company - even those with lightly managed or unmanaged travel programs - the power to link travel and expense with zero disruption to their current approach to travel procurement.
Concur Technologies, Inc. provides on-demand employee spend management solutions worldwide. The company was founded in 1993 and is headquartered in Redmond, Washington.
Cleantech Transit Inc. (OTCPK:CLNO)
Cleantech Transit Inc. was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. The Company has expanded its focus to invest directly in specific green projects. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech has selected to invest in Phoenix Energy (www.phoenixenergy.net). This project can generate shareholder returns as well benefit the Company's manufacturing clients worldwide.
Cleantech Transit, Inc. is pleased to announce it has met its funding requirement to secure the Company's ability to earn in 25% of the 500KW Merced Project.
The Company is in the final stages of closing its initial interest in the Merced Project and is currently working on completing the necessary documentation and expects closing the transaction approximately June 30th. As previously announced Cleantech has the option to earn up to 40% of the Merced Project and the Company plans to continue to work towards increasing its interest in the Merced Project as they move ahead.
"This is a significant milestone for the Company and our goal is to continue to build value as we progress," said Mr. Kenneth Bosket, Cleantech's President and CEO.
Biomass is renewable; we are going to carry on making waste products, plants and trees are going to die and the cycle will continue. This ensures that the sources contributing to biomass are always available. The use of biomass can be environmentally friendly because the biological mass is reduced, recycled and then re-used. Wood is the largest energy source of biomass: contributors include the timber industry, agricultural crops and raw materials from the forest.
Please visit Cleantech Transit, Inc. website www.cleantechtransitinc.com.
Sanderson Farms, Inc. (NASDAQ:SAFM) announced that management will host an investor conference to be held October 19-20, 2011, at The Hotel Monteleone in New Orleans, Louisiana. The investor presentation and Q&A session will be led by Joe F. Sanderson, Jr., chairman and chief executive officer, with additional comments from industry experts and the Company's management team. The presentation will begin at approximately 7:30 a.m. Central Time on Thursday, October 20, 2011, and will be available to investors via a live audio webcast. The Company will also host a dinner for conference participants on Wednesday night, October 19, 2011. A link to the broadcast will be posted on the investor relations section of the Company's website, www.sandersonfarms.com, and a replay will be available for 30 days.
Sanderson Farms, Inc., an integrated poultry processing company, engages in the production, processing, marketing, and distribution of fresh, frozen, processed, and prepared chicken products. Sanderson Farms, Inc. was founded in 1947 and is headquartered in Laurel, Mississippi.
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