FOR IMMEDIATE RELEASE Contact: Timothy N. Jenson
Chief Executive Officer
Vice President of Finance
MERISEL REPORTS SECOND-QUARTER RESULTS
EL SEGUNDO, Calif. (July 30, 2003) -- Merisel, Inc. (Nasdaq:MSEL) today
announced results for its second quarter ended June 30, 2003. The company
reported net income available to common stockholders of $62,000, or $0.01 per
share, on sales of $24.7 million, a 38% increase from net sales of $17.8 million
for the second quarter of 2002. Results for the 2003 period were favorably
affected by adjustments related to the wind-down of the U.S. hardware
distribution business and other items not related to the on-going operations of
the software licensing business, which reduced cost of sales by $89,000 and
selling, general and administrative expenses by $94,000. These results compare
with net income available to common stockholders of $91,000, or $0.01 per share,
for second quarter 2002. Results for the second quarter of 2002 included
favorable adjustments related to the wind down of the U.S. distribution business
which reduced cost of sales by $810,000 and selling, general and administrative
expenses by $508,000.
For the six months ended June 30, 2003, the company reported net income
available to common stockholders of $647,000, or $0.08 per share, on sales of
$43.1 million, a 28% increase from net sales of $33.6 million for the second
half of 2002. These results compare with net income available to common
stockholders of $179,000, or $0.02 per share, for first half 2002.
"We are very pleased with our second quarter results which demonstrate
accelerated sales growth in a challenging environment," said Tim Jenson,
Merisel's chief executive officer. "Our strategy will continue to focus on
improving our competitive position and long-term growth prospects as a software
solution provider by expanding our list of manufacturer partners and increasing
our customer base."
Except for the historical information contained herein, the matters discussed in
this news release constitute forward-looking information that involves risks and
uncertainties. Merisel's actual results could differ materially from those
indicated by the forward-looking information. Among the factors that could
impact actual results are demand trends in the computer products industry,
competitive issues, changes in manufacturer terms and conditions, and other
items detailed in the company's SEC filings.
Merisel, Inc. is a provider of software licensing products to resellers
throughout the U.S. Visit Merisel at www.merisel.com.
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(Financial tables follow)
MERISEL, INC. AND SUBSIDIARIES