ScanSource Q4 net sales up 5%

ScanSource, Inc. (NASDAQ: SCSC), a global provider of technology products and solutions, has announced financial results for the fourth quarter and fiscal year ended June 30, 2017, the company said.

For the fourth quarter of fiscal year 2017, net sales increased 5% to USD 917.3 million from USD 877.5 million in the prior year quarter, driven by growth in the Worldwide Barcode, Networking & Security segment. Operating income increased 17% to USD 22.1 million, and non-GAAP operating income increased 47% to USD 27.8 million, primarily from higher sales volume and higher gross margins.

On a GAAP basis, net income for the quarter totaled USD 19.0 million, or USD 0.74 per diluted share, compared with net income of USD 12.9 million, or USD 0.50 per diluted share, for the prior year quarter. Non-GAAP net income for the fourth quarter of fiscal year 2017 increased to USD 17.3 million, or USD 0.68 per diluted share.

For the full fiscal year 2017, net sales increased 1% to USD 3.6 billion, including the Intelisys acquisition. Operating income decreased to USD 88.2 million, due to higher amortization of intangible assets and the change in fair value of contingent consideration from the Intelisys acquisition. Non-GAAP operating income increased 1% to USD 110.2 million, primarily from the addition of the Intelisys acquisition. Cash flow from operations increased to USD 94.9 million, up from USD 52.2 million for the prior fiscal year.

On a GAAP basis, net income for fiscal year 2017 totaled USD 69.2 million, or USD 2.71 per diluted share, compared with net income of USD 63.6 million, or USD 2.38 per diluted share, for the prior year. Non-GAAP net income for the year totaled USD 70.3 million, or USD 2.75 per diluted share.

ScanSource, Inc. (NASDAQ: SCSC) is a global provider of technology products and solutions, focusing on point-of-sale (POS), payments, barcode, physical security, unified communications and collaboration, cloud and telecom services. Founded in 1992, the company is headquartered in Greenville, South Carolina. For more information, visit www.scansource.com.x