ScanSource, Inc. (NASDAQ: SCSC), a provider of technology products and solutions, has announced financial results for the first quarter ended September 30, 2019, the company said.
Net sales for the first quarter of fiscal year 2020 increased 3.5% year-over-year to USD 1.0 billion, driven primarily by growth across key technologies in North America. Operating income for the first quarter decreased to USD 18.6 million year-over-year and non-GAAP operating income decreased to USD 27.5 million from the prior-year quarter, primarily from investments in our business for future growth.
On a GAAP basis, net income for the first quarter of fiscal year 2020 totaled USD 11.5 million, or USD 0.45 per diluted share, compared with net income of USD 14.3 million, or USD 0.56 per diluted share, for the prior-year quarter. GAAP diluted EPS included a higher than expected expense for the change in fair value of contingent consideration for Intelisys as a result of better than expected actual results. Non-GAAP net income totaled USD 18.5 million, or USD 0.72 per diluted share, compared to USD 22.9 million, or USD 0.89 per diluted share, for the prior-year quarter. Non-GAAP diluted EPS was near the midpoint of the forecast range.
ScanSource is at the center of the technology solution delivery channel, connecting businesses and providing solutions for their complex needs. ScanSource sells through multiple, specialized routes-to-market with digital, physical and services offerings from the world´s suppliers of point-of-sale (POS), payments, barcode, physical security, unified communications and collaboration, telecom and cloud services. For more information, visit www.scansource.com.