SYNNEX Corporation Reports Fiscal 2010 Fourth Quarter Revenue of $2.47B

SYNNEX Corporation SNX today announced financial results for the fiscal fourth quarter and year ended November 30, 2010. For the fiscal fourth quarter, revenue from continuing operations was $2.47 billion, an increase of 12.3% compared to $2.20 billion for the fiscal fourth quarter ended November 30, 2009. Revenue for the fiscal year 2010 of $8.61 billion increased 11.6% from $7.72 billion in the prior year. Revenue in the fiscal fourth quarter and the full fiscal year 2010 reflects the impact of the previously announced presentation of certain types of services and extended warranty contracts on a net basis beginning in fiscal 2010. These contracts would have contributed approximately $129.7 million to revenue on a gross basis in the fiscal fourth quarter and $395.1 million for the full fiscal year 2010. Income from continuing operations before non-operating items, income taxes and non-controlling interest was a record $64.6 million, or 2.62% of revenue for the quarter and $199.2 million, or 2.31% of revenue for the fiscal year 2010. These results compare to $47.7 million in the prior year fourth quarter and $149.6 million for the prior fiscal year. Income from continuing operations, net of tax, for the fiscal fourth quarter was $37.5 million, or $1.04 per diluted share, and $116.5 million, or $3.26 per share for the fiscal year. This compares with $28.8 million, or $0.83 per diluted share, in the fourth quarter of fiscal 2009 and $85.8 million, or $2.53 per diluted share, in the prior fiscal year