ScanSource 1Q earnings fall 15 percent

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By AP
24 October 2008 @ 07:04 am AEST

GREENVILLE, S.C. - ScanSource Inc., a distributor of barcode scanners and point-of-sale equipment, said Thursday that first-quarter net income fell 15 percent as sales slowed, and vendor problems arose in one of its business units.

ScanSource earned $12.4 million, or 47 cents per share, compared with $14.7 million, or 56 cents, in the same quarter a year ago. Revenue fell 2.5 percent to $539.8 million.

Analysts polled by Thomson Reuters expected profit of 46 cents per share on revenue of $540.1 million.

Chief Executive Mike Baur said troubles with vendors in its Catalyst Telecom unit as well as overall slower revenue growth in most businesses hurt the quarter's results. Catalyst Telecom distributes voice, video and data equipment.

ScanSource expects second-quarter revenue to range from $515 million to $535 million--short of the $557.2 million analysts are expecting.

Shares of the Greenville, S.C.-based company fell 94 cents, or 4.7 percent, to $19.18 on Thursday.

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