ScanSource, a Greenville-based distributor of technology products and services, recently announced a net sales increase for the first quarter of fiscal year 2019.
The company’s net sales over the quarter, ending Sept. 30, 2018, increased by 5 percent to $972.9 million, according to a news release.
Organic sales, which exclude the impact from foreign currency translation and recent acquisitions, grew 6.5 percent year-over-year, the release said.
Operating income increased to $21.4 million, as the expense for the change in contingent consideration related to Network1 decreased. Non-GAAP operating income increased 7 percent to $32.7 million, driven by higher sales volumes and higher gross margins.
On a GAAP basis, net income for the first quarter of fiscal year 2019 totaled $14.3 million, or 56 cents per diluted share, compared with net income of $4.1 million, or 16 cents per diluted share, during the same period last year, the release said.
“We had a strong start to our fiscal year with excellent results across the board,” ScanSource CEO Mike Baur said in the release. “Both worldwide segments contributed to our organic sales growth of 6.5 percent, as we kept our strategic focus on putting our customers first and helping them grow their businesses.”
ScanSource’s reported growth comes months after its multimillion dollar acquisition of Wisconsin-based consulting firm Canpango.
The acquisition, which was finalized in August, allowed ScanSource and Intelisys, the company’s distributor of telecommunications and cloud services, to expand their customer-relationship-management capabilities and professional-services offerings without opening their own practice, according to company officials.
In addition to its acquisition of Canpango, ScanSource recently purchased POS Portal, a California-based company that provides payment devices and services to small and medium-sized businesses.
Founded in 1992, ScanSource is a provider of technology products and solutions, with a focus on point-of-sale, payments, barcode, physical security, unified communications and collaboration, and cloud and telecom services.
For more information, visit www.scansource.com.