Financial Reports: Black Box, Henry Schein, Lands’ End, and More

Black Box Annual Income Up 31%

Pittsburgh—For its fiscal year ended March 31, networking products and services provider Black Box Corp. (Nasdaq: BBOX) posted net income of $64.2 million, up 31% from $48.9 million last year. Revenue growth outpaced income growth. The company’s net sales for the year were $826.9 million, a 63% rise from last year’s $508.3 million. The cataloger noted that it expects to finish the current fiscal year with sales of at least $1 billion.

Healthy 1Q Growth for Henry Schein

Melville, NY—With a 7% rise in first-quarter net sales and a 24% jump in net income, medical, dental, and veterinary supplies cataloger Henry Schein (Nasdaq: HSIC) got the year off to a healthy start. For the three months ended March 21, the company reported net income of $14.1 million on net sales of $593.9 million. For the first quarter of 2000, it posted net income of $11.4 million on sales of $554.1 million. Henry Schein’s medical division posted the greatest sales gain—more than 15%, to $195.9 million in revenue for the quarter. Conversely, veterinary sales fell nearly 5%.

Systemax Posts 1Q Profit Despite Sales Decline

Port Washington, NY—Despite a nearly 10% drop in first-quarter sales, computer and industrial products manufacturer/marketer Systemax (NYSE: SYX) managed to reverse last year’s first-quarter loss. For the three months ended March 31, Systemax earned $363,000 on $405.9 million in net sales. For the first quarter of 2000, the company had posted a net loss of $2.6 million on net sales of $448.9 million. The company blamed the sales decline on the sluggish domestic computer market. Sales in Europe, on the other hand, grew 11% since last year.

Dramatic Profit Boost for Lands’ End

Dodgeville, WI—Having reported net income of $292,000 for the first quarter of 2000, Lands’ End (NYSE: LE) has made quite a comeback. For the fiscal first quarter of 2002, the apparel and home goods cataloger reported net income of $5.9 million. Revenue rose as well, a less dramatic 9%, from $285.8 million to $311.1 million. Shifting the timing of a clearance catalog and adding a Kids catalog accounted for about two-thirds of the sales growth. Internet sales increased 40%, to $54 million.

Internet Propels Guitar Center Sales Growth

Acoura Hills, CA—The direct division of cataloger/retailer Guitar Center (Nasdaq: GTRC) enjoyed a 28% jump in first-quarter sales. Sales from the division, which includes the Musician’s Friend catalog, were $39.0 million for the three months ended March 31, up from $30.5 million a year ago. Internet sales accounted for the growth, however; sales from the print catalog declined 4%. The company’s overall first-quarter net sales and net income increased 21%, to $213.2 million and $5.0 million respectively.

Healthy Living Pays for Gaiam

Broomfield, CO—Multititle mailer Gaiam (Nasdaq: GAIA) increased its first-quarter sales 41%. Even better, the marketer of healthy-living and eco-friendly merchandise more than doubled its income. For the three months ended March 31, Gaiam posted net income of $419,000 on net sales of $17.7 million. For the first quarter of 2000, net income was $203,000 on net revenue of $12.6 million. Gaiam’s titles include Harmony, Inner Balance, and Real Goods Trading Corp., which it acquired earlier this year.

Concepts Direct Cuts 1Q Loss by One-Third

Longmont, CO—Although its first-quarter sales fell 5% from last year, multititle mailer Concepts Direct (Nasdaq: CDIR) managed to shave roughly one-third off its net loss. For the three months ended March 31, the catalog had a net loss of nearly $1.2 million on $12.1 million in sales. The previous first quarter, Concepts Direct lost nearly $1.8 million on sales of $12.7 million. The company’s titles include Linda Anderson, Colorful Images, and Snoopy Etc.

Sonic Foundry Sees Red

Madison, WI—Despite a 22% increase in revenue for its fiscal second quarter, digital media software manufacturer/marketer Sonic Foundry (Nasdaq: SOFO) more than quadrupled its net loss. For the three months ended March 31, Sonic Foundry lost $10.3 million on revenue of $7.3 million. For the comparable period of 2000, the company took a net loss of $2.5 million on revenue of $6.0 million.

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