Intcomex's Q1 revenue down 10%; company posts net loss of $1 million

By Lisa Kerner

Charlotte, N.C., May 20 - Intcomex, Inc. had cash and cash equivalents at the end of the first quarter of $24.5 million, compared to $30.6 million as of Dec. 31.

As of March 31, the total amounts outstanding under the company's lines of credit, overdraft and credit facilities were $51.2 million, versus $50 million at year-end.

Intcomex believes its existing cash and cash equivalents, as well as any cash it expects to generate from operating activities, will be sufficient to meet the company's anticipated cash needs for at least the next 12 months, according to a form 10-Q filed with the Securities and Exchange Commission.

Working capital was flat at $116.6 million at quarter-end versus the quarter ended Dec. 31.

Revenue was down 10% for the quarter at $351.6 million, while gross profit fell 11.7% to $3 million year-over-year.

Intcomex attributed the decline in gross profit to the lower average selling price of several of core products, most notably mobile devices.

Total operating expenses remained relatively steady at $25 million for the three-month period compared to a year ago.

Operating income decreased 45.2% year-over-year to $5 million, due primarily to lower sales, the filing said.

Capital expenditures increased to $1.8 million, of which $800,000 was financed, as compared to $800,000 for first-quarter 2012.

The company reported a first-quarter net loss of $1 million, compared to net income of $5.3 million for the three months ended March 31, 2012.

Intcomex is a Miami-based distributor of computer information technology products focused on Latin America.

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