The floating of Ingram Micro has produced sound results for its shareholders, with the company announcing first quarter profits of $48.1 million on a turnover increase of 33 per cent to $3.65 billion.
The first quarter profit for the company cannot be compared officially to a previous quarter because of the flotation but was about 69 per cent up, despite distributors' slim profit margins.
The results included charges of $1.5 million related to the flotation. There was also a charge of $4.1 million covering the first quarter of 1996. Both these covered non-cash compensation for previously granted stock options, which were converted to Ingram Micro stock options on flotation.
Insiders said that Ingram Micro had delayed its flotation because of problems with US taxes but its first results vindicate the decision to split off from the main Ingram group.
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