Ingram Micro Reports Second Quarter 2009 Results

Gross margins hit highest second-quarter level in 11 years

SANTA ANA, Calif., July 30 /PRNewswire-FirstCall/ -- Ingram Micro Inc. (NYSE:
IM), the world's largest technology distributor, today announced financial
results for the second quarter of 2009, ended July 4, 2009.

"The company's focus on return on invested capital, sustainable profitability
and productivity has served us well," said Gregory Spierkel, chief executive
officer. "We ended the quarter with a record cash balance and the highest
second-quarter gross margin in 11 years, providing a solid foundation for the
future."

Worldwide sales for the second quarter were $6.58 billion, a 25-percent
decrease from $8.82 billion in the prior-year period, primarily attributable
to weaker demand caused by the worldwide economic downturn. The translation
impact of the relatively weaker foreign currencies had an approximate
seven-percentage-point negative effect on the year-over-year comparison.
Sequentially, sales declined two percent from the first quarter, which is
relatively consistent with historical seasonal norms over the last several
years.

Net income for the second quarter was $25.3 million, or $0.15 per diluted
share, which includes costs of approximately $0.05 per diluted share related
to expense-reduction programs and a goodwill impairment charge. In the 2008
second quarter, net income was $58.9 million, or $0.35 per diluted share,
which also included costs related to expense-reduction programs totaling $0.03
per diluted share.

"I continue to be pleased with our performance in this difficult economic
environment," added Spierkel. "Since we first experienced the effects of the
downturn early last year, we have focused on operational improvements directly
within our control - such as managing working capital and expenses, shedding
underperforming operations and enhancing gross margins - which are generating
visible results. With many of the improvements behind us, we are now in a
position to leverage our strong balance sheet and improved infrastructure to
begin driving towards pre-recession operating levels."

Additional Second Quarter Highlights
For additional detail regarding the results outlined below, please refer to
the financial statements and schedules attached to this news release or visit
www.ingrammicro.com.

Regional Sales:
-- North American sales were $2.74 billion (41 percent of total
revenues),
a decrease of 22 percent versus the $3.52 billion reported a year ago,
reflecting the impact of the region's weakened economy and the
company's focus on more profitable sales opportunities during the
quarter.
-- Sales in the EMEA region were $2.01 billion (31 percent of total
revenues), a decrease of 32 percent compared to the prior-year
quarter.
The translation impact of the relatively weaker European currencies
had
an approximate 12-percentage-point negative effect on comparisons to
the
$2.96 billion in sales reported in 2008. The year-over-year sales
decline is primarily attributable to soft demand caused by the
weakened
European economies, the exit of unprofitable businesses during the
prior
12 months and a focus on more profitable sales opportunities.
-- Asia-Pacific sales were $1.50 billion (23 percent of total revenues),
a
decrease of 21 percent versus the $1.90 billion reported in the second
quarter of 2008. The translation impact of the relatively weaker
regional currencies had an approximate 9-percentage-point negative
effect on comparisons to the prior year. The year-over-year decline
is
primarily attributable to weaker demand caused by the softer regional
economies.

-- Latin American sales were $322 million (5 percent of total revenues),
a
decrease of 27 percent compared to the $438 million reported a year
ago.
The translation impact of the relatively weaker regional currencies
had
an approximate 13-percentage-point negative effect on comparisons to
2008's second quarter. Weaker economies also dampened sales in
most of the region's markets.

Gross margin
Gross margin was 5.87 percent, an improvement of 34 basis points compared to
the prior-year quarter, driven by the company's recent efforts to shed
underperforming businesses, pursue an improved mix of higher-margin accounts
and products, control margin leakage and enhance its service-based revenues.

Operating expenses
Total operating expenses were $345.1 million or 5.25 percent of revenues,
which included $7.4 million (0.11 percent of revenues) in severance and other
costs associated with the company's expense-reduction programs and $2.5
million (or 0.04 percent of revenues) in impairment of goodwill associated
with the company's acquisitions in Asia-Pacific during the second quarter. In
the year-ago quarter, operating expenses were $394.2 million or 4.47 percent
of revenues, which included $7.7 million (0.09 percent of revenues) in
expense-reduction program costs. Contributing to the $49.1 million
year-over-year decline is the translation effect of weaker foreign currencies,
which had an approximate $27 million favorable impact on operating expenses
relative to the prior year, as well as the benefit of the company's
expense-reduction initiatives implemented over the past five quarters. The
increase in operating expenses as a percent of revenues is primarily a result
of sales declining at a more rapid pace than expense reductions.

Operating income
Worldwide operating income was $41.0 million or 0.62 percent of revenues,
which included a combined charge of $9.9 million (0.15 percent of revenues) in
expense-reduction program costs and goodwill impairment, as noted above. In
the prior-year quarter, operating income was $93.2 million or 1.06 percent of
revenues, which included $7.7 million (0.09 percent of revenues) in
expense-reduction program costs.
-- North America operating income was $9.1 million or 0.33 percent of
revenues, which included $5.3 million (0.19 percent of revenues) in
expense-reduction program costs. In the year-ago quarter, operating
income was $44.4 million or 1.26 percent of revenues, which included
$0.9 million (0.03 percent of revenues) in expense-reduction program
costs. The region's operating income was negatively impacted by
revenue declining at a greater rate than expense reductions, as well
as
losses in the region's consumer electronics units.
-- EMEA operating income was $10.2 million or 0.51 percent of revenues,
which included $1.5 million (0.07 percent of revenues) in
expense-reduction program costs. In the year ago quarter, operating
income was $15.7 million or 0.53 percent of revenues, which included
$6.8 million (0.23 percent of revenues) in expense-reduction program
costs. While weak European economies continue to dampen sales, the
region has mitigated the impact on profitability through targeted cost
reduction actions, pricing discipline and a focus on a more profitable
business mix.
-- Asia-Pacific operating income was $22.8 million, or 1.52 percent of
revenues, which included $0.5 million (0.04 percent of revenues) in
expense-reduction program costs and goodwill impairment of $2.5
million
(0.17 percent of revenues), compared to operating income of $32.7
million or 1.72 percent of revenues in the year-ago quarter. The
region
was able to reduce expenses in advance of the economic downturn,
maintaining strong profitability.
-- Latin America operating income was $5.2 million, or 1.60 percent of
revenues, which includes $0.1 million (0.02 percent of revenues) in
expense-reduction program costs. In the year-ago quarter, operating
income was $7.2 million or 1.65 percent of revenues. Like the Asia
Pacific region, Latin America was able to maintain profitability by
adjusting expenses before sales were affected by the weak economy.

-- Stock-based compensation expense, which amounted to $6.3 million in
the
current quarter and $6.7 million in the prior year quarter, is
presented
as a separate reconciling amount in the company's segment reporting
in both periods. As such, these expenses are not included in the
regional operating results, but are included in the worldwide
operating
results.

-- Other income and expense for the quarter was $6.7 million versus $10.8
million in the year-ago period, primarily driven by higher net cash
levels (cash less debt outstanding) and lower average interest rates.
-- The effective tax rate for the quarter was 26 percent, compared to an
effective tax rate of 28.5 percent in the year-ago quarter.
-- Total depreciation and amortization was $17.3 million.

-- Capital expenditures were $15.5 million.

Balance Sheet
-- The balance of cash and cash equivalents at the end of the quarter was
slightly more than $1.3 billion, an increase of $553 million over the
year-end balance.
-- Total debt was $335 million, a decrease of $144 million from year-end.

Debt-to-capitalization was 11 percent versus 15 percent at the end of
2008.
-- Inventory was $1.86 billion or 27 days on hand compared to $2.31
billion
or 28 days on hand at the end of the year.

-- Working capital days were 19, a 3-day improvement compared to year-end
2008 and a 4-day improvement versus the second quarter of last year.

"The continued discipline of our operating units in this environment is a
priority," said William Humes, senior executive vice president and chief
financial officer. "Despite weak demand, gross margin was at the highest
second quarter level since the late 1990s. Our expense-reduction efforts are
on track and we're beginning to see some of the benefits of these actions.
All our regions remain profitable, with Latin America delivering operating
margins close to last year's level. We managed working capital days to
near-record low levels, which we expect will return to our normal range of 22
to 26 days in the coming quarters. Our record cash balance exceeds debt by
nearly $1 billion, providing the flexibility to pursue a variety of
opportunities in the months ahead."

Six-Month Period
For the six months ended July 4, 2009, worldwide sales were $13.32 billion, a
23-percent decrease from the $17.39 billion reported a year ago, reflecting
the weaker economic environment and an approximate seven-percentage-point
unfavorable translation impact of weaker foreign currencies. Regional sales
were $5.51 billion for North America (a 19-percent decrease versus the
prior-year period); $4.28 billion for Europe (a decrease of 29 percent); $2.89
billion for Asia-Pacific (a decrease of 22 percent); and $643 million for
Latin America (a 24-percent decrease).

Worldwide operating income for the six-month period was $86.2 million, or 0.65
percent of revenues, which included expense-reduction program costs of $21.6
million (approximately 0.16 percent of revenues) and a goodwill impairment
charge totaling of $2.5 million (approximately 0.02 percent of revenues). In
the year-ago period, operating income was $192.5 million, or 1.11 percent of
revenues, which included expense-reduction program costs of $7.7 million
(approximately 0.04 percent of revenues).

Six-month net income was $52.8 million, or $0.32 per diluted share, which
included expense-reduction program costs and a goodwill impairment charge
totaling $17.6 million after tax or $0.11 per diluted share. In the year-ago
period, net income was $123.0 million, or $0.71 per diluted share, which
included expense-reduction program costs of $5.5 million after tax or $0.03
per diluted share.

Outlook
"Looking to the third quarter," said Spierkel, "we expect the overall demand
environment to follow historical seasonal patterns. While we do not
anticipate an economic rebound in the near term, our larger regions will begin
to leverage some of the benefits of our recent cost-reduction and
operational-improvement actions. Our efforts to protect return on invested
capital and improve our business mix have delivered industry-leading balance
sheet metrics and solid gross-margin performance but have also contributed to
the sales decline in recent quarters. We now plan to place a greater emphasis
on securing incremental sales while maintaining our focus on operational
excellence and profitability.

"In addition, we will continue to see progress on our expense-reduction
efforts. Last year's expense-reduction program is realizing benefits of
approximately $5 million per quarter, while our current program, which began
in the fourth quarter of 2008, has realized about half of the quarterly
savings of $25 million to $30 million expected by year-end. Costs-to-date
related to the current program are $28.4 million, and we expect total costs to
be towards the low end of our previously announced range of $45 million to $65
million, with the remainder incurred by the end of the year.

"While the demand picture is not deteriorating, we believe that the road to
recovery will be protracted over a number of quarters as unemployment weighs
on the confidence levels of consumers and small businesses. Our customers are
fundamentally sound, but they remain understandably cautious until more
economic indicators turn positive. We believe we're making the right moves to
navigate this recovery period successfully and create a foundation for a more
prosperous future."

Conference Call and Webcast
Additional information about Ingram Micro's financial results will be
presented in a conference call with presentation slides today at 5 p.m. ET.
To listen to the conference call Web cast and view the accompanying
presentation slides, visit the company's Web site at www.ingrammicro.com
(Investor Relations section). The conference call is also accessible by
telephone at (888) 455-0750 (toll-free within the United States and Canada) or
(210) 839-8501 (other countries).

The replay of the conference call with presentation slides will be available
for one week at www.ingrammicro.com (Investor Relations section) or by calling
(800) 678-3180 or (402) 220-3063 outside the United States and Canada.

Cautionary Statement for the Purpose of the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995
The matters in this press release that are forward-looking statements,
including but not limited to statements about economic conditions, capital
resources, cost reduction actions, revenues, operating income, margins,
expenses, integration costs, operating efficiencies, profitability, market
share and rates of return, are based on current management expectations.
Certain risks may cause such expectations to not be achieved and, in turn, may
have a material adverse effect on Ingram Micro's business, financial condition
and results of operations. Ingram Micro disclaims any duty to update any
forward-looking statements. Important risk factors that could cause actual
results to differ materially from those discussed in the forward-looking
statements include, without limitation: (1) difficult conditions in the global
economy in general have affected our business and results of operations and
these conditions are not expected to improve in the near future and may
worsen; (2) changes in our credit rating or other market factors such as
continued adverse capital and credit market conditions may significantly
affect our ability to meet liquidity needs through reduced access to capital,
or it may increase our cost of borrowing; (3) our failure to adequately adapt
to economic and industry changes and to manage prolonged contractions could
negatively impact our future operating results; (4) if our business does not
perform well, we may be required to recognize further impairments of our
intangible or other long-lived assets or establish a valuation allowance
against our deferred income tax assets, which could adversely affect our
results of operations or financial condition; (5) we continually experience
intense competition across all markets for our products and services, which
may intensify in a more difficult global economy; (6) we operate a global
business that exposes us to risks associated with international activities;
(7) we have made and expect to continue to make investments in new business
strategies and initiatives, including acquisitions and continued enhancements
to information systems, processes and procedures and infrastructure on a
global basis, which could disrupt our business and have an adverse effect on
our operating results; (8) we are dependent on a variety of information
systems and a failure of these systems could disrupt our business and harm our
reputation and net sales; (9) terminations of a supply or services agreement
or a significant change in supplier terms or conditions of sale could
negatively affect our operating margins, revenue or the level of capital
required to fund our operations; (10) changes in, or interpretations of, tax
rules and regulations may adversely affect our effective tax rates or
operating margins and we may be required to pay additional tax assessments;
(11) we cannot predict with certainty what loss we might incur as a result of
other litigation matters and contingencies that we may be involved with from
time to time; (12) we may incur material litigation, regulatory or operating
costs or expenses, and may be frustrated in our marketing efforts, as a result
of new environmental regulations or private intellectual property enforcement
disputes; (13) future terrorist or military actions could result in disruption
to our operations or loss of assets, in certain markets or globally; (14) the
loss of a key executive officer or other key employees, or changes affecting
the work force such as government regulations, collective bargaining
agreements or the limited availability of qualified personnel, could disrupt
operations or increase our cost structure; (15) we face a variety of risks
with outsourcing arrangements; (16) changes in accounting rules could
adversely affect our future operating results; (17) our quarterly results have
fluctuated significantly; and (18) we are dependent on third-party shipping
companies for the delivery of our products.

Ingram Micro has instituted in the past and continues to institute changes to
its strategies, operations and processes intended to address these risk
factors and to mitigate their impact on Ingram Micro's results of operations
and financial condition. However, no assurances can be given that Ingram Micro
will be successful in these efforts. For a further discussion of significant
factors to consider in connection with forward-looking statements concerning
Ingram Micro, reference is made to Item 1A Risk Factors of Ingram Micro's
Annual Report on Form 10-K for the year ended January 3, 2009; other risks or
uncertainties may be detailed from time to time in Ingram Micro's future SEC
filings.

About Ingram Micro Inc.
As a vital link in the technology value chain, Ingram Micro creates sales and
profitability opportunities for vendors and resellers through unique marketing
programs, outsourced logistics services, technical support, financial
services, and product aggregation and distribution. The company serves
approximately 150 countries and is the only global broad-based IT distributor
with operations in Asia. Visit www.ingrammicro.com.

2009 Ingram Micro Inc. All rights reserved. Ingram Micro and the registered
Ingram Micro logo are trademarks used under license by Ingram Micro Inc.

Ingram Micro Inc.
Consolidated Balance Sheet
(Dollars in 000s)
(Unaudited)

July 4, January 3,
2009 2009
---------- ----------

ASSETS
Current assets:
Cash $1,315,771 $763,495
Trade accounts receivable, net 2,835,919 3,179,455
Inventory 1,855,466 2,306,617
Other current assets 352,966 425,270
---------- ----------

Total current assets 6,360,122 6,674,837

Property and equipment, net 214,230 202,142
Other assets 228,294 206,494
---------- ----------

Total assets $6,802,646 $7,083,473
========== ==========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $3,252,276 $3,427,362
Accrued expenses 386,956 485,573
Current maturities of long-term debt 77,003 121,724
---------- ----------

Total current liabilities 3,716,235 4,034,659

Long-term debt, less current maturities 257,637 356,664
Other liabilities 57,170 36,305
---------- ----------

Total liabilities 4,031,042 4,427,628

Stockholders' equity 2,771,604 2,655,845
---------- ----------

Total liabilities and stockholders'
equity $6,802,646 $7,083,473
========== ==========

Ingram Micro Inc.
Consolidated Statement of Income
(Dollars in 000s, except per share data)
(Unaudited)

Thirteen Weeks Ended
------------------------------
July 4, 2009 June 28, 2008
------------ -------------

Net sales $6,578,598 $8,816,615

Cost of sales 6,192,493 8,329,193
------------ -------------
Gross profit 386,105 487,422
------------ -------------

Operating expenses:
Selling, general and administrative 336,288 (a) 387,578 (a)
Impairment of goodwill 2,490 (a) -
Reorganization costs 6,334 (a) 6,613 (a)
------------ -------------
345,112 394,191
------------ -------------

Income from operations 40,993 93,231

Interest and other 6,745 10,755
------------ -------------

Income before income taxes 34,248 82,476

Provision for income taxes 8,904 23,541
------------ -------------

Net income $25,344 $58,935
============ =============

Diluted earnings per share $0.15 $0.35
============ =============

Diluted weighted average
shares outstanding 164,888,168 170,239,703
============ =============

(a) See related footnotes on the succeeding schedule of supplementary
information for the thirteen weeks ended July 4, 2009 and June 28,
2008.

Ingram Micro Inc.
Consolidated Statement of Income
(Dollars in 000s, except per share data)
(Unaudited)

Twenty-six Weeks Ended
------------------------------
July 4, 2009 June 28, 2008
------------ -------------

Net sales $13,323,682 $17,393,932

Cost of sales 12,556,573 16,421,003
------------ -------------
Gross profit 767,109 972,929
------------ -------------

Operating expenses:
Selling, general and administrative 658,260 (a) 773,801 (a)
Impairment of goodwill 2,490 (a) -
Reorganization costs 20,120 (a) 6,613 (a)
------------ -------------
680,870 780,414
------------ -------------

Income from operations 86,239 192,515

Interest and other 14,366 23,478
------------ -------------

Income before income taxes 71,873 169,037

Provision for income taxes 19,063 46,047
------------ -------------

Net income $52,810 $122,990
============ =============

Diluted earnings per share $0.32 $0.71
============ =============

Diluted weighted average
shares outstanding 163,537,398 172,343,947
============ =============

(a) See related footnotes on the succeeding schedule of supplementary
information for the twenty-six weeks ended July 4, 2009 and June 28,
2008.

Ingram Micro Inc.
Supplementary Information
Income from Operations
(Dollars in 000s)
(Unaudited)

Thirteen Weeks Ended July 4, 2009
--------------------------------------
Operating Operating
Net Sales Income Margin
---------- ---------- ---------

North America $2,743,815 $9,121 (a) 0.33%
EMEA 2,011,605 10,228 (a) 0.51%
Asia-Pacific 1,501,178 22,794 (a)(b) 1.52%
Latin America 322,000 5,162 (a) 1.60%
Reconciling amount
(stock-based compensation
under SFAS 123R) - (6,312) -
---------- ----------

Consolidated Total $6,578,598 $40,993 (a)(b) 0.62%
========== ==========

Thirteen Weeks Ended June 28, 2008
---------------------------------------
Operating Operating
Net Sales Income Margin
---------- ---------- ----------

North America $3,518,983 $44,380 (c) 1.26%
EMEA 2,955,209 15,669 (c) 0.53%
Asia-Pacific 1,904,144 32,699 1.72%
Latin America 438,279 7,232 1.65%
Reconciling amount
(stock-based compensation
under SFAS 123R) - (6,749) -
---------- ----------

Consolidated Total $8,816,615 $93,231 (c) 1.06%
========== ==========

(a) The thirteen weeks ended July 4, 2009 includes charges of $7,353
(0.11% of consolidated net sales) to operating expenses comprised of
the following: (1) net charges of $5,275 in North America (0.19% of
North America net sales), which included reorganization costs of
$4,456 primarily related to employee termination benefits for
workforce reductions and facility exit costs, and $819 charged to
selling, general and administrative, or SG&A, expenses, for retention
costs related to the reorganization program and accelerated
depreciation of fixed assets associated with the exit of facilities;
(2) net charges of $1,493 in EMEA (0.07% of EMEA net sales), which
included reorganization costs of $1,293 related to employee
termination benefits for workforce reductions and facility
exit costs, and $200 primarily for consulting costs associated with
the reorganization program charged to SG&A expenses; and (3)
reorganization costs of $531 in Asia-Pacific (0.04% of Asia-Pacific
net sales) and $54 in Latin America (0.02% of Latin America net
sales) both related to employee termination benefits for workforce
reductions.

(b) The thirteen weeks ended July 4, 2009 also includes impairment of
goodwill of $2,490 (0.04% of consolidated net sales and 0.17% of
Asia-Pacific net sales) recorded to SG&A expenses related to the
acquisitions of Value Added Distributors Limited, or VAD, and Vantex
Technology Distribution Limited, or Vantex, during the thirteen weeks
ended July 4, 2009.

(c) The thirteen weeks ended June 28, 2008 includes charges of $7,707
(0.09% of consolidated net sales) to operating expenses comprised of
the following: (1) net charges of $877 in North America (0.03% of
North America net sales), which included reorganization costs of
$1,407 for severance associated with the Company's targeted reduction
of administrative and back-office positions in North America, and a
credit adjustment of $530 for lower than expected costs to settle
lease obligations related to previous actions; and (2) charges of
$6,830 in EMEA (0.23% of EMEA net sales), which included
reorganization costs of $5,736 related to employee termination
benefits for workforce reductions associated with restructuring the
regional headquarters in EMEA, and $1,094 for consulting and other
costs related to the reorganization program charged to SG&A.

Ingram Micro Inc.
Supplementary Information
Income from Operations
(Dollars in 000s)
(Unaudited)

Twenty-six Weeks Ended July 4, 2009
---------------------------------------
Operating Operating
Net Sales Income Margin
----------- ---------- ----------

North America $5,516,621 $21,912 (a) 0.40%
EMEA 4,277,774 25,346 (a) 0.59%
Asia-Pacific 2,885,824 36,624 (a)(b) 1.27%
Latin America 643,463 10,215 (a) 1.59%
Reconciling amount
(stock-based compensation
under SFAS 123R) - (7,858) -
----------- ----------

Consolidated Total $13,323,682 $86,239 (a)(b) 0.65%
=========== ==========

Twenty-six Weeks Ended June 28, 2008
---------------------------------------
Operating Operating
Net Sales Income Margin
----------- ---------- ----------

North America $6,809,164 $84,969 (c) 1.25%
EMEA 6,021,578 42,448 (c) 0.70%
Asia-Pacific 3,717,573 65,240 1.75%
Latin America 845,617 15,055 1.78%
Reconciling amount
(stock-based compensation
under SFAS 123R) - (15,197) -
----------- ----------

Consolidated Total $17,393,932 $192,515 (c) 1.11%
=========== ==========

(a) The twenty-six weeks ended July 4, 2009 includes charges of $21,577
(0.16% of consolidated net sales) to operating expenses comprised of
the following: (1) net charges of $11,470 in North America (0.21% of
North America net sales), which included reorganization costs of
$10,324 primarily related to employee termination benefits for
workforce reductions and facility exit costs, and $1,146 charged to
SG&A expenses for retention costs related to the reorganization
program and accelerated depreciation of fixed assets associated with
the exit of facilities; (2) net charges of $7,605 in EMEA (0.18% of
EMEA net sales), which included reorganization costs of $7,294
related to employee termination benefits for workforce reductions and
facility exit costs, and $311 primarily for consulting costs
associated with the reorganization program charged to SG&A expenses;
and (3) reorganization costs of $2,266 in Asia-Pacific (0.08% of
Asia-Pacific net sales) and $236 in Latin America (0.04% of Latin
America net sales) both related to employee termination benefits for
workforce reductions.

(b) The twenty-six weeks ended July 4, 2009 also includes impairment of
goodwill of $2,490 (0.02% of consolidated net sales and 0.09% of
Asia-Pacific net sales) recorded to SG&A expenses related to the
acquisitions of VAD and Vantex during the second quarter of 2009.

(c) The twenty-six weeks ended June 28, 2008 includes charges of $7,707
(0.04% of consolidated net sales) to operating expenses comprised of
the following: (1) net charges of $877 in North America (0.01% of
North America net sales), which included reorganization costs of
$1,407 for severance associated with the Company's targeted reduction
of administrative and back-office positions in North America, and a
credit adjustment of $530 for lower than expected costs to settle
lease obligations related to previous actions; and (2) charges of
$6,830 in EMEA (0.11% of EMEA net sales), which included
reorganization costs of $5,736 related to employee termination
benefits for workforce reductions associated with restructuring the
regional headquarters in EMEA, and $1,094 for consulting and other
costs associated with the reorganization program charged to SG&A.

SOURCE Ingram Micro

Investor Relations, Ria Marie Carlson, +1-714-382-4400,
ria.carlson@ingrammicro.com, or Kay Leyba, +1-714-382-4175,
kay.leyba@ingrammicro.com, or Media, Rekha Parthasarathy, +1-714-382-1319,
rekha@ingrammicro.com, all of Ingram Micro Inc.