ATLANTA-SED International Holdings Inc., an international distributor and value-added services provider of computer and wireless technology, reported decreased financial returns for the company’s fourth quarter and mixed earnings for full year fiscal 2000 results ended June 30.
Company revenues fell from $161.7 million posted during the fourth quarter last year to $132.4 million this year. Net income also dropped from $882,000 during the fourth quarter last year, a return of 13 cents per share, to $76,000 this year, a return of 1 cent per share. Year-end revenues were also down from $707.6 million posted last year, to $609.4 million reported for fiscal year 2000. Net earnings jumped from a loss of $37.9 million last year, a loss of $4.35 per share, to a profit of $1.6 million this year.
Gerald Diamond, chairman and chief executive officer of SED, attributed the company’s shortfall in profits for the quarter to ongoing wireless handset shortages, increased profit pressure on selected products and a one-time increase in credit reserves tied to a specific account.
