NU HORIZONS ELECTRONICS CORP.
Consolidated Statement of Operations
For The Year Ended For The Three Months Ended
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02/28/05 02/29/04 02/28/05 02/29/04
NET SALES $467,849,374 $345,863,877 $114,222,492 $102,023,822
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COSTS AND EXPENSES
Cost of sales 390,267,994 284,903,097 95,383,758 85,249,298
Operating
expenses 70,138,119 62,435,993 18,016,075 16,120,339
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460,406,113 347,339,090 113,399,833 101,369,637
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INCOME (LOSS) FROM
OPERATIONS 7,443,261 (1,475,213) 822,659 654,185
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OTHER (INCOME)
EXPENSE
Interest expense 1,920,449 139,630 565,259 27,458
Interest income (57,342) (345,782) (15,391) (2,563)
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1,863,107 (206,152) 549,868 24,895
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INCOME (LOSS)
BEFORE PROVISION
FOR INCOME TAXES
AND MINORITY
INTEREST 5,580,154 (1,269,061) 272,791 629,290
Provision (credit)
for income taxes 2,022,752 (704,275) 39,543 176,395
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INCOME (LOSS)
BEFORE MINORITY
INTERESTS 3,557,402 (564,786) 233,248 452,895
Minority
interest in
earnings of
subsidiary 483,993 283,213 116,642 43,636
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NET INCOME (LOSS) $ 3,073,409 $ (847,999)$ 116,606 $ 409,259
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NET INCOME (LOSS)
PER COMMON SHARE:
Basic $ .18 $ (.05)$ .01 $ .02
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Diluted $ .17(a) $(.05)$ .01 $ .02
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WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING:
Basic 16,877,147 16,729,163 16,891,647 16,859,766
Diluted 17,768,649(a)16,729,163 17,689,764 17,928,342
Due to loss, the effect of stock options would be antidilutive for the
2004 fiscal year.
NU HORIZONS ELECTRONICS CORP. AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
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-ASSETS-
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February 28, February 29,
CURRENT ASSETS: 2005 2004
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Cash $ 7,024,203 $ 12,469,973
Accounts receivable - net of allowance
for doubtful accounts of $4,581,812
and $4,089,801 for 2005 and 2004,
respectively 79,679,565 68,230,405
Inventories 81,696,415 68,729,081
Prepaid expenses and other current assets 1,782,872 794,086
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TOTAL CURRENT ASSETS 170,183,055 150,223,545
PROPERTY, PLANT AND EQUIPMENT - NET 3,928,058 4,401,898
OTHER ASSETS:
Subordinated note receivable 2,000,000 2,000,000
Other assets 1,688,187 1,552,728
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$177,799,300 $158,178,171
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-LIABILITIES AND SHAREHOLDERS' EQUITY-
-------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 20,251,746 $ 21,479,465
Accrued expenses 3,446,226 5,250,006
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TOTAL CURRENT LIABILITIES 23,697,972 26,729,471
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LONG-TERM LIABILITIES:
Revolving credit line 22,800,000 5,300,000
Deferred income taxes 2,168,766 280,495
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TOTAL LONG-TERM LIABILITIES 24,968,766 5,580,495
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MINORITY INTEREST IN SUBSIDIARIES 1,199,655 1,465,662
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COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock, $1 par value, 1,000,000
shares authorized; none issued or
outstanding - -
Common stock, $.0066 par value, 50,000,000
shares authorized; 16,891,647 and
16,859,766 shares issued and outstanding
for 2005 and 2004, respectively 111,485 111,275
Additional paid-in capital 44,089,809 43,934,877
Retained earnings 83,724,169 80,650,760
Other accumulated comprehensive income
(loss) 7,444 (294,369)
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TOTAL SHAREHOLDERS' EQUITY 127,932,907 124,402,543
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$177,799,300 $158,178,171
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Contact:
Nu Horizons Electronics Corp.
Andrew Barwicki, 631-396-5000
