Tech Data Corporation announced its financial results for the fourth quarter ended January 31, 2015. Net sales were $7.3 billion, a decrease of 8% from the prior-year quarter.
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Excluding the negative impact of the weakening of certain foreign currencies against the U.S. dollar, consolidated net sales were flat compared to the prior-year quarter.
The Americas: Net sales were $2.6 billion (approximately 35 percent of worldwide net sales), a decrease of 5 percent from the prior-year quarter.
Europe: Net sales were $4.8 billion (approximately 65 percent of worldwide net sales), a decrease of 9 percent (an increase of 1 percent in euros) from the prior-year quarter.
Gross profit was $372.3 million, or 5.07 percent of net sales, compared to $398.0 million, or 4.99 percent of net sales in the prior-year quarter.
Selling, general and administrative expenses ("SG&A") were $266.9 million, or 3.64 percent of net sales, compared to $288.0 million, or 3.61 percent of net sales in the prior-year quarter. Non-GAAP SG&A was $260.5 million, or 3.55 percent of net sales, compared to $280.7 million, or 3.52 percent of net sales in the prior-year quarter.
Worldwide operating income was $101.7 million, or 1.39 percent of net sales, compared to $97.7 million or 1.23 percent of net sales in the prior-year quarter. Non-GAAP operating income was $111.7 million, or 1.52 percent of net sales, compared to $117.3 million, or 1.47 percent of net sales in the prior-year quarter.
The Americas: Operating income was $37.8 million, or 1.47 percent of net sales, compared to $43.6 million, or 1.62 percent of net sales in the prior-year quarter. Non-GAAP operating income was $39.3 million, or 1.53 percent of net sales, compared to $36.3 million, or 1.35 percent of net sales in the prior-year quarter.
Europe: Operating income was $67.9 million, or 1.42 percent of net sales, compared to $56.0 million, or 1.06 percent in the prior-year quarter. Non-GAAP operating income was $76.4 million, or 1.60 percent of net sales, compared to $82.9 million, or 1.57 percent of net sales in the prior-year quarter.
Stock-based compensation expense was $4.0 million, compared to $1.9 million in the prior-year quarter. These expenses are not included in the regional segment reported results, but are presented as a separate line item in the company's segment reporting (see the GAAP to non-GAAP reconciliation in the financial tables of this press release).
Net income was $80.7 million, or $2.11 per diluted share, compared to $109.8 million, or $2.87 per diluted share in the prior-year quarter. Non-GAAP net income was $74.9 million, or $1.96 per diluted share, compared to $80.4 million or $2.10 per diluted share in the prior-year quarter.
Net cash provided by operations was $177 million in the quarter. ■