Reptron Electronics, Inc. Reports First Quarter 2001 Results

Highlights:

-- First quarter sales of $134.0 million, up 9% year-to-year

-- Opened seven new branch offices

-- On track to open distribution center in Reno, Nevada in May 2001

-- Generated over $6 million of cash from operations during first

quarter, 2001



Apr 25, 2001, 01:00 ET from Reptron Electronics, Inc.

    TAMPA, Fla., April 25 /PRNewswire/ -- Reptron Electronics, Inc.
 (Nasdaq: REPT), a leading electronics manufacturing supply chain services
 company, today reported results for its first quarter ended March 31, 2001.
     For the quarter, net sales increased 9% to $134.0 million, compared to
 $123.0 million in the same period a year ago.  For the quarter, the Company
 had a net loss of $0.3 million, or  $0.04 per diluted share, compared to net
 income of  $0.4 million, or $0.06 per diluted share reported for the same
 period last year.  Cash earnings per diluted share for the first quarter of
 2001 were break-even.  Cash earnings per share is calculated by adding back
 the goodwill amortization net of the tax effect. Reptron generated
 $6.2 million of cash from operations in the first quarter of 2001.
     Paul J. Plante, President and Chief Operating Officer of Reptron said, "We
 remain committed and confident about our business and its future success
 despite difficult market conditions.  Like others in our industry, we have
 been adversely impacted by the electronics inventory overhang and the slowing
 economy.  In response to these conditions, we have executed a plan to reduce
 operating costs, which should benefit Reptron beginning in April 2001.  We
 expect these measures to yield cost and expense savings in excess of
 $8.0 million annually.  In addition, in the first quarter we generated over
 $6.0 million in cash from operations."
     Plante continued, "While curbing expenses, we continue to make strategic
 investments in our business.  We opened seven new branch offices and we remain
 on track to open a distribution center in Reno, Nevada in May.  We believe
 this current downward cycle will reach bottom during the second quarter of
 2001.  Our current outlook is for market conditions to improve during the
 second half of 2001.  We believe our integrated business model of providing
 supply chain services within the mid-tier electronics sector provides the
 Company with a diversified and stable platform for growth."
 
     BUSINESS OUTLOOK
     The following statements are based on current expectations.  These
 statements are forward-looking, and actual results may differ materiality.
     -- The Company's current outlook for the second quarter ending
        June 30, 2001 is for net sales to be between $120.0 million and
        $127.0 million.  The Company's current outlook for the second quarter
        ending June 30, 2001 is for diluted EPS to be a loss between $0.06 to
        $0.08 per diluted share.
 
     About Reptron
     Reptron Electronics, Inc. is a leading electronics manufacturing supply
 chain services company providing distribution of electronic components, custom
 logistics and supply chain management services, engineering services,
 electronics manufacturing services and display integration services. Reptron
 Distribution is authorized to sell over 60 vendor lines of semiconductors,
 passive products and electromechanical components and offers a variety of
 custom logistics and supply chain management services. Reptron Manufacturing
 Services offers full electronics manufacturing services including complex
 circuit board assembly, complete supply chain services and manufacturing
 engineering services to OEMs in a wide variety of industries. Reptron Display
 and System Integration provides value-added display design engineering and
 system integration services to OEMs. For more information, please access
 www.reptron.com .
 
     Safe Harbor statement under the Private Securities Litigation Reform Act
 of 1995:
     Certain of the above statements contained in this press release, are
 forward-looking statements that involve a number of risks and uncertainties.
 Such forward-looking statements are within the meaning of that term in Section
 27A of the Securities Act of 1933, as amended, and Section 21E of the
 Securities Act of 1934, as amended. Factors that could cause actual results to
 differ materially include the following: business conditions and growth in the
 Company's industry and in the general economy; competitive factors; risks due
 to shifts in market demand; risks inherent with predicting revenue and
 earnings outcomes; uncertainties involved in implementing improvements in the
 manufacturing process; the ability of the Company to complete and integrate
 acquisitions; and the risk factors listed from time to time in the Company's
 reports filed with the Securities and Exchange Commission as well as
 assumptions regarding the foregoing. The words "believe," "estimate,"
 "expect," "intend," "anticipate," "plan" and similar expressions and
 variations thereof identify certain of such forward-looking statements, which
 speak only as of the dates on which they were made. In particular, the
 information set forth in the heading business outlook is a forward-looking
 statement as is our plan to reduce operating costs by $8.0 million.  The
 Company undertakes no obligation to publicly update or revise any forward-
 looking statements, whether as a result of new information, future events, or
 otherwise. Readers are cautioned that any such forward looking statements are
 not guarantees of future performance and involve risks and uncertainties, and
 that actual results may differ materially from those indicated in the forward-
 looking statements as a result of various factors. Readers are cautioned not
 to place undue reliance on these forward-looking statements.
 
 
                           REPTRON ELECTRONICS, INC.
                          CONSOLIDATED BALANCE SHEETS
                       (In thousands, except share data)
 
                               ASSETS
 
                                                     March 31,    December 31,
                                                        2001          2000
 
     CURRENT ASSETS
     Cash and cash equivalents                           $678         $3,049
     Accounts receivable - trade, net                  85,417        100,311
     Inventories, net                                 119,749        124,695
     Prepaid expenses and other                         1,964          2,298
     Deferred tax benefit                                 232             62
         Total current assets                         208,040        230,415
 
     PROPERTY, PLANT & EQUIPMENT - AT COST, NET        32,838         33,051
     EXCESS OF COST OVER NET ASSETS ACQUIRED, NET      31,123         31,473
     OTHER ASSETS                                       2,823          2,528
                                                     $274,824       $297,467
 
                LIABILITIES AND SHAREHOLDERS' EQUITY
 
     CURRENT LIABILITIES
     Accounts payable - trade                         $52,811        $65,199
     Current portion of long-term obligations           2,476          2,476
     Accrued expenses                                   9,647         11,941
     Income taxes payable                                 216          1,230
         Total current liabilities                     65,150         80,846
 
     NOTE PAYABLE TO BANK                              74,298         80,270
 
     LONG-TERM OBLIGATIONS, less current portion       81,772         82,576
 
 
     SHAREHOLDERS' EQUITY
     Preferred Stock - authorized 15,000,000 shares
       of $.10 par value; no shares issued                  -              -
     Common Stock - authorized 50,000,000 shares
       of $.01 par value; issued and outstanding,
       6,376,757 and 6,359,257 shares, respectively        64             64
     Additional paid-in capital                        22,961         22,862
     Retained earnings                                 30,579         30,849
                                                       53,604         53,775
                                                     $274,824       $297,467
 
 
                           REPTRON ELECTRONICS, INC.
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                (In thousands, except share and per share data)
 
 
                                                       Three Months Ended
                                                        March 31,
                                                       2001           2000
 
     Net sales:
       Electronic Component Distribution              $78,348        $71,817
       Electronic Manufacturing Services               55,882         51,176
         Total net sales                             $134,230       $122,993
 
     Gross profit:
       Electronic Component Distribution              $14,442        $13,262
       Electronic Manufacturing Services                7,185          6,437
         Total gross profit                            21,627         19,699
 
     Selling, general and administrative expenses      18,749         16,574
       Operating income                                 2,878          3,125
 
     Interest expense, net                              3,067          2,359
       Earnings (loss) before income taxes               (189)           766
 
     Income tax provision                                  81            378
 
       Net earnings (loss)                             $(270)           $388
 
     Net earnings (loss) per common share - basic     $(0.04)          $0.06
 
     Weighted average common shares outstanding -
       basic                                        6,371,903      6,172,442
 
     Net earnings (loss) per common share - diluted   $(0.04)          $0.06
 
     Weighted average common shares outstanding -
       diluted                                      6,371,903      6,609,057
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X97506589
 
 

SOURCE Reptron Electronics, Inc.
    TAMPA, Fla., April 25 /PRNewswire/ -- Reptron Electronics, Inc.
 (Nasdaq: REPT), a leading electronics manufacturing supply chain services
 company, today reported results for its first quarter ended March 31, 2001.
     For the quarter, net sales increased 9% to $134.0 million, compared to
 $123.0 million in the same period a year ago.  For the quarter, the Company
 had a net loss of $0.3 million, or  $0.04 per diluted share, compared to net
 income of  $0.4 million, or $0.06 per diluted share reported for the same
 period last year.  Cash earnings per diluted share for the first quarter of
 2001 were break-even.  Cash earnings per share is calculated by adding back
 the goodwill amortization net of the tax effect. Reptron generated
 $6.2 million of cash from operations in the first quarter of 2001.
     Paul J. Plante, President and Chief Operating Officer of Reptron said, "We
 remain committed and confident about our business and its future success
 despite difficult market conditions.  Like others in our industry, we have
 been adversely impacted by the electronics inventory overhang and the slowing
 economy.  In response to these conditions, we have executed a plan to reduce
 operating costs, which should benefit Reptron beginning in April 2001.  We
 expect these measures to yield cost and expense savings in excess of
 $8.0 million annually.  In addition, in the first quarter we generated over
 $6.0 million in cash from operations."
     Plante continued, "While curbing expenses, we continue to make strategic
 investments in our business.  We opened seven new branch offices and we remain
 on track to open a distribution center in Reno, Nevada in May.  We believe
 this current downward cycle will reach bottom during the second quarter of
 2001.  Our current outlook is for market conditions to improve during the
 second half of 2001.  We believe our integrated business model of providing
 supply chain services within the mid-tier electronics sector provides the
 Company with a diversified and stable platform for growth."
 
     BUSINESS OUTLOOK
     The following statements are based on current expectations.  These
 statements are forward-looking, and actual results may differ materiality.
     -- The Company's current outlook for the second quarter ending
        June 30, 2001 is for net sales to be between $120.0 million and
        $127.0 million.  The Company's current outlook for the second quarter
        ending June 30, 2001 is for diluted EPS to be a loss between $0.06 to
        $0.08 per diluted share.
 
     About Reptron
     Reptron Electronics, Inc. is a leading electronics manufacturing supply
 chain services company providing distribution of electronic components, custom
 logistics and supply chain management services, engineering services,
 electronics manufacturing services and display integration services. Reptron
 Distribution is authorized to sell over 60 vendor lines of semiconductors,
 passive products and electromechanical components and offers a variety of
 custom logistics and supply chain management services. Reptron Manufacturing
 Services offers full electronics manufacturing services including complex
 circuit board assembly, complete supply chain services and manufacturing
 engineering services to OEMs in a wide variety of industries. Reptron Display
 and System Integration provides value-added display design engineering and
 system integration services to OEMs. For more information, please access
 www.reptron.com .
 
     Safe Harbor statement under the Private Securities Litigation Reform Act
 of 1995:
     Certain of the above statements contained in this press release, are
 forward-looking statements that involve a number of risks and uncertainties.
 Such forward-looking statements are within the meaning of that term in Section
 27A of the Securities Act of 1933, as amended, and Section 21E of the
 Securities Act of 1934, as amended. Factors that could cause actual results to
 differ materially include the following: business conditions and growth in the
 Company's industry and in the general economy; competitive factors; risks due
 to shifts in market demand; risks inherent with predicting revenue and
 earnings outcomes; uncertainties involved in implementing improvements in the
 manufacturing process; the ability of the Company to complete and integrate
 acquisitions; and the risk factors listed from time to time in the Company's
 reports filed with the Securities and Exchange Commission as well as
 assumptions regarding the foregoing. The words "believe," "estimate,"
 "expect," "intend," "anticipate," "plan" and similar expressions and
 variations thereof identify certain of such forward-looking statements, which
 speak only as of the dates on which they were made. In particular, the
 information set forth in the heading business outlook is a forward-looking
 statement as is our plan to reduce operating costs by $8.0 million.  The
 Company undertakes no obligation to publicly update or revise any forward-
 looking statements, whether as a result of new information, future events, or
 otherwise. Readers are cautioned that any such forward looking statements are
 not guarantees of future performance and involve risks and uncertainties, and
 that actual results may differ materially from those indicated in the forward-
 looking statements as a result of various factors. Readers are cautioned not
 to place undue reliance on these forward-looking statements.
 
 
                           REPTRON ELECTRONICS, INC.
                          CONSOLIDATED BALANCE SHEETS
                       (In thousands, except share data)
 
                               ASSETS
 
                                                     March 31,    December 31,
                                                        2001          2000
 
     CURRENT ASSETS
     Cash and cash equivalents                           $678         $3,049
     Accounts receivable - trade, net                  85,417        100,311
     Inventories, net                                 119,749        124,695
     Prepaid expenses and other                         1,964          2,298
     Deferred tax benefit                                 232             62
         Total current assets                         208,040        230,415
 
     PROPERTY, PLANT & EQUIPMENT - AT COST, NET        32,838         33,051
     EXCESS OF COST OVER NET ASSETS ACQUIRED, NET      31,123         31,473
     OTHER ASSETS                                       2,823          2,528
                                                     $274,824       $297,467
 
                LIABILITIES AND SHAREHOLDERS' EQUITY
 
     CURRENT LIABILITIES
     Accounts payable - trade                         $52,811        $65,199
     Current portion of long-term obligations           2,476          2,476
     Accrued expenses                                   9,647         11,941
     Income taxes payable                                 216          1,230
         Total current liabilities                     65,150         80,846
 
     NOTE PAYABLE TO BANK                              74,298         80,270
 
     LONG-TERM OBLIGATIONS, less current portion       81,772         82,576
 
 
     SHAREHOLDERS' EQUITY
     Preferred Stock - authorized 15,000,000 shares
       of $.10 par value; no shares issued                  -              -
     Common Stock - authorized 50,000,000 shares
       of $.01 par value; issued and outstanding,
       6,376,757 and 6,359,257 shares, respectively        64             64
     Additional paid-in capital                        22,961         22,862
     Retained earnings                                 30,579         30,849
                                                       53,604         53,775
                                                     $274,824       $297,467
 
 
                           REPTRON ELECTRONICS, INC.
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                (In thousands, except share and per share data)
 
 
                                                       Three Months Ended
                                                        March 31,
                                                       2001           2000
 
     Net sales:
       Electronic Component Distribution              $78,348        $71,817
       Electronic Manufacturing Services               55,882         51,176
         Total net sales                             $134,230       $122,993
 
     Gross profit:
       Electronic Component Distribution              $14,442        $13,262
       Electronic Manufacturing Services                7,185          6,437
         Total gross profit                            21,627         19,699
 
     Selling, general and administrative expenses      18,749         16,574
       Operating income                                 2,878          3,125
 
     Interest expense, net                              3,067          2,359
       Earnings (loss) before income taxes               (189)           766
 
     Income tax provision                                  81            378
 
       Net earnings (loss)                             $(270)           $388
 
     Net earnings (loss) per common share - basic     $(0.04)          $0.06
 
     Weighted average common shares outstanding -
       basic                                        6,371,903      6,172,442
 
     Net earnings (loss) per common share - diluted   $(0.04)          $0.06
 
     Weighted average common shares outstanding -
       diluted                                      6,371,903      6,609,057
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X97506589
 
 SOURCE  Reptron Electronics, Inc.