ScanSource Announces Third Quarter Results

About this update from Scansource, Inc.

[{"type":"text","content":" GREENVILLE, S.C.--(BUSINESS WIRE)--\nScanSource, Inc. (NASDAQ: SCSC), a leading provider of technology products and solutions, today announced financial results for the third quarter ended March 31, 2020.\n\n\n\n\n \n\n\n\nQuarter ended March 31,\n\n\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\nChange\n\n\n\n\n\n \n\n\n\n(in millions, except per share data)\n\n\n\n\n\nNet sales\n\n\n\n$\n\n\n\n872.5\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n893.4\n\n\n\n \n\n\n\n \n\n\n\n(2\n\n\n\n)%\n\n\n\n\n\nNon-GAAP net sales, excluding Planned Divestitures(1)\n\n\n\n744.6\n\n\n\n \n\n\n\n \n\n\n\n752.8\n\n\n\n \n\n\n\n \n\n\n\n(1\n\n\n\n)%\n\n\n\n\n\nOperating income\n\n\n\n6.3\n\n\n\n \n\n\n\n \n\n\n\n18.8\n\n\n\n \n\n\n\n \n\n\n\n(66\n\n\n\n)%\n\n\n\n\n\nNon-GAAP operating income(1) (2)\n\n\n\n14.8\n\n\n\n \n\n\n\n \n\n\n\n30.6\n\n\n\n \n\n\n\n \n\n\n\n(52\n\n\n\n)%\n\n\n\n\n\nNet income\n\n\n\n1.7\n\n\n\n \n\n\n\n \n\n\n\n11.7\n\n\n\n \n\n\n\n \n\n\n\n(85\n\n\n\n)%\n\n\n\n\n\nNon-GAAP net income(1) (2)\n\n\n\n9.3\n\n\n\n \n\n\n\n \n\n\n\n20.6\n\n\n\n \n\n\n\n \n\n\n\n(55\n\n\n\n)%\n\n\n\n\n\nDiluted EPS\n\n\n\n$\n\n\n\n0.07\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.45\n\n\n\n \n\n\n\n \n\n\n\n(84\n\n\n\n)%\n\n\n\n\n\nNon-GAAP diluted EPS(1) (2)\n\n\n\n$\n\n\n\n0.37\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.80\n\n\n\n \n\n\n\n \n\n\n\n(54\n\n\n\n)%\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n(1) A reconciliation of non-GAAP financial information to GAAP financial information is presented in the Supplementary Information (Unaudited) below.\n\n\n\n\n\n(2) Non-GAAP results exclude amortization of intangible assets related to acquisitions, change in fair value of contingent consideration, the impact of Planned Divestitures and other non-GAAP items. A reconciliation of non-GAAP to GAAP financial information is presented below.\n\n\n\n\n\n“In March, companies around the world, including ours, immediately shifted to work-from-home,” said Mike Baur, Chairman and CEO, ScanSource, Inc. “I am proud of how our ScanSource employees made the transition to work-from-home and delivered the same level of customer service. During the quarter, we saw an accelerated decline in our sales of premise-based communications products. However, we had a significant increase in sales of headsets, cameras, speakers, keyboards, displays, back-up powe...

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