SYNNEX Corporation announced financial results for the fiscal third quarter ended August 31, 2015. Depreciation and amortization were $13 million and $13.7 million, respectively.
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Technology Solutions: Revenue was $3 billion, down 7.1% from the prior fiscal year quarter. Adjusting for the translation effect of foreign currencies, the Technology Solutions business decreased by 4.0% compared with last year.
Technology Solutions income before non-operating items, income taxes and noncontrolling interest was $71 million, or 2.39% of segment revenue, compared with $76.9 million, or 2.40% of segment revenue, in the fiscal third quarter of 2014. Fiscal third quarter 2015 results were negatively impacted by an expected $2.3 million Japan pension expense.
Concentrix: Revenue was $359.5 million, a 7.7% increase from the $333.8 million in revenue generated during the third quarter of last year. Adjusting for the translation effect of foreign currencies, Concentrix revenue grew 15.5% compared with last year.
Income before non-operating items, income taxes and noncontrolling interest was $10.1 million, or 2.82% of Concentrix revenue, compared with $1.7 million in the prior fiscal year quarter.
Non-GAAP income before non-operating items, income taxes and noncontrolling interest was $25.2 million, or 7.02% of segment revenue, for fiscal third quarter of 2015, compared with $28.3 million, or 8.49% of segment revenue, in the fiscal third quarter of 2014.
The trailing fiscal four quarters Return on Invested Capital ("ROIC") was 8.7% compared with 8.2% in the prior year fiscal third quarter. Excluding the impact of acquisition and integration expenses and amortization of intangibles, the trailing fiscal four quarters ROIC was 10.1%.
The debt to capitalization ratio was 30%, down from 38% in the prior fiscal year quarter.
Cash generated from operations was approximately $220 million for the quarter and approximately $555 million year-to-date.
The Company repurchased 120,000 shares during the quarter at an aggregate cost of $8.7 million.
The Company paid a quarterly dividend of $0.125 per share or $4.9 million. ■