Tech Data FZ-LLC, distributor of computer hardware, software and services for the Middle East and North Africa region, announced that the third quarter sales and earning results of its mother company, Tech Data Corporation, have surpassed analysts expectations, despite the global IT market slowdown since the beginning of this year. Tech Data FZ-LLC‘s second quarter results for 2001 achieved a 35 percent growth in sales in the same period last year.
Tech Data Corporations’ sales for the third quarter ending in October 31, 2001 were $4.2 billion, and net income totaled $33.1 million. Net income for the quarter ended October 31, 2001 was $28.5 million. Tech Data was thus ranked third on BusinessWeek’s InfoTech 100 list of the IT industry’s best-performing companies. Published November 26, the rankings are based on revenues, sales growth, profitability, and stock appreciation. The magazine described “IT Services and Distributors” as the best-performing industry category.
Since the beginning of its fiscal year, Tech Data reduced its outstanding revolving loan indebtedness by $758 million, resulting in a ratio of senior debt to total capital of 25 percent. Additionally, the company has reduced inventory levels to less than 26 days of supply for two consecutive quarters, while continuing to maintain excellent customer service.
Tech Data Corporation, founded in 1974, is a global provider of IT products, logistics management and other value-added services. Ranked 95th on the Fortune 500, the company and its subsidiaries serve more than 100,000 technology resellers in the United States, Canada, the Caribbean, Latin America, Europe and the Middle East.
Tech Data’s service offering includes pre- and post-sale training and technical support, financing options and configuration services as well as electronic commerce solutions. The company generated sales of $20.4 billion for its most recent fiscal year, which ended January 31, 2001.
The regional Tech Data FZ-LL is based in Dubai, United Arab Emirates, with warehouse and logistics operations in Dubai, Jebel Ali, Dubai Airport Free Zone and Bahrain Air port Free Zone. — (menareport.com)
© 2001 Mena Report (www.menareport.com )