ScanSource, which is trying to sell its operations in Europe and the UK, has reported Q1 net sales of $757.3m, down 10% year-over-year (down 7% year-over-year for organic growth).
Gross profit of $80.8m is down 18% year-over-year.
“I am incredibly proud of the ScanSource team and our strong execution in an unprecedented operating environment,” said Mike Baur, Chairman and CEO, ScanSource, Inc. “Our sales grew 19% quarter-over-quarter with broad-based growth across our technologies in North America and Brazil. ScanSource is uniquely positioned to help channel partners drive growth by providing customers with industry-leading endpoints and cloud solutions.”
The year-over-year reduction in net sales is primarily due to the impact of the COVID-19 pandemic.
On a GAAP basis, net loss for the first quarter of fiscal year 2021 totaled $(0.1)m, or $(0.01) per diluted share, compared to net income of $12.3 million, or $0.48 per diluted share, for the prior-year quarter. At September 30, 2020, ScanSource had cash and cash equivalents of $55.6m and total debt of $168.7m for continuing and discontinued operations.
