SYNNEX Corporation, a leading business process services company, today announced financial results for the fiscal first quarter ended February 28, 2010. Manitex International Inc. trades on the “New York Stock Exchange” under the stock symbol “SNX”. For More information regarding the “SNX", make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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SYNNEX Corporation (
For the fiscal first quarter, revenues from continuing operations were $1.94 billion, an increase of 12.5% compared to $1.72 billion for the fiscal quarter ended February 28, 2009. The reported revenues of $1.94 billion reflect the impact of the Company’s fiscal first quarter 2010 change in revenue accounting for certain types of services and extended warranty contracts. These contracts, which would have contributed approximately $79 million of revenues in the fiscal first quarter, are now accounted for on a net fee basis. The Company's fiscal first quarter revenue estimate did not anticipate this change in net revenue accounting. This change in revenue accounting had no effect on the gross profit reported.
“I am very pleased with our continued industry-leading, financial performance and top-line growth. SYNNEX has, once again, gained market share while expanding our margins and growing our EPS and ROIC,” stated Kevin Murai, President and Chief Executive Officer. “This is a testament to our unique business model and our team’s ability to execute effectively within our differentiated business strategy and further develop our key initiatives.”
About SYNNEX Corporation:
SYNNEX Corporation, a Fortune 500 corporation, is a leading business process services company, servicing resellers and original equipment manufacturers in multiple regions around the world. The Company provides services in IT distribution, supply chain management, contract assembly and global business services. Founded in 1980, SYNNEX employs over 6,300 associates worldwide and operates in the United States, Canada, China,
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including 2009 growth, revenue for the second quarter and year of 2009 and gross margin for the second quarter and year of 2009. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets.
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