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ScanSource net sales jump 23%

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Staff Report
gsanews@scbiznews.com
Published Feb. 10, 2016

A Greenville-based technology company reported a 23% increase in net sales for its second quarter that ended on Dec. 31.

ScanSource Inc. reported the increase included the acquisitions of Network1 in January 2015 and KBZ in September. Its net sales in constant currency excluding those acquisitions grew 5% year over year. In total, the company reported net sales of $993.5 million, an increase over the $807 million it reported for the same time the previous year.

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“Sales exceeded our expectations due to large deals and excellent execution by our sales team and support across the globe,” said Mike Baur, ScanSource CEO, in a statement.

The company’s operating income for the quarter was $31.9 million compared with $26 million the year before. All net income for the quarter totaled $20.7 million, or $0.77 per diluted share, compared with net income of $16.8 million, or $0.58 per diluted share, in the same quarter a year ago.

During the second quarter, ScanSource reported repurchasing approximately 800,000 shares for an aggregate purchase price of about $29.6 million. The company has repurchased nearly 2.5 million shares under its repurchase program for just over $90 million, which constitutes approximately 75% of the total authorization.

Its worldwide barcode and security division had the biggest sales growth, seeing a 26% increase over the same quarter a year ago. The division reported net sales of $689.5 million, an increase over the $547 million reported in December 2014. For the first six months of its fiscal calendar, the worldwide barcode and security division has reported net sales of $1.2 billion, a 15% increase over the first six months of its previous fiscal year.

The company’s international sales jumped 17% for the quarter and for the first six months, from $415.8 million to $486.7 million. Domestically, sales went from $1.1 billion for the first six months in 2014 to $1.4 billion in the same period of 2015.

ScanSource trades on the Nasdaq under the ticker symbol SCSC. Over the last three months, the company’s stock price has gone from $39.04 per share to $33.43 per share as of Feb. 10.

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