Ingram Micro Reports Record Net Income and EPS for the 2010 Fiscal Year: EPS of $0.71

Ingram Micro Inc. IM, the world's largest technology distributor and supply-chain services provider, today announced financial results for the 2010 fourth quarter and fiscal year ended January 1, 2011. Worldwide sales for the fourth quarter were $9.88 billion, an increase of 12 percent compared with $8.81 billion in the fourth quarter of the prior year. The translation impact of foreign currencies was not material to consolidated revenues as general strengthening of currencies in Asia-Pacific and Latin America were offset by an overall weakening of European currencies. For the full year, worldwide sales increased 17 percent to $34.59 billion from $29.52 billion last year. Net income grew to $115.0 million or $0.71 per diluted share, which included a benefit recorded in cost of sales of $9.1 million or $0.05 per diluted share, related to the release of a portion of the reserves for commercial taxes on software imports into Brazil, on which the statute of limitations for an assessment has expired. This compares with net income of $107.0 million or $0.64 per diluted share in the 2009 fourth quarter, which included a net benefit of $2.1 million or $0.03 per share related to the release of a portion of commercial tax reserves in Brazil partially offset by costs related to expense-reduction programs.