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News :: International
Financial News Headline
29 Jun 2007
Washington Co.'s Black Box reports $1B revenue; net income gains
Friday, June 29, 2007


Jun. 29, 2007 (McClatchy-Tribune Regional News delivered by Newstex) --
Black Box Corp. reported long-delayed financial results Thursday, including double-digit jumps in total revenue to $1 billion in the fiscal year ended March 31 and in net income during its latest three-month period.

But executives made little mention of progress in a seven-month investigation into the company's stock option practices in prepared remarks or in answering questions during a conference call.

Those practices have placed the Lawrence, Washington County, technical services company under a formal Securities and Exchange Commission investigation and an internal inquiry that's ongoing. A month ago, long-time CEO Fred Young abruptly left the company under speculation his departure was investigation-related.

Terry Blakemore, the Black Box's interim president and CEO, said preliminary results for the fiscal fourth quarter and full year released yesterday are subject to change, depending on the outcome of the internal investigation.

In addition, Blakemore said the company is looking for a permanent replacement for Young, a process that will be completed within 120 days.

'The board has hired an outside executive search firm, with interviews beginning within 30 to 45 days,' Blakemore said.

Black Box said in a news release that the internal investigation, conducted by the board's audit committee and outside legal counsel caused the company to 'incur significant costs,' expenses still being totalled. Previously, the company said charges related to the investigation would total at least $70 million for the 15-year review period.

Blakemore said Black Box was pleased with fiscal 2006 revenue that hurdled the benchmark $1 billion level.

For the year, net income rose to $37.6 million, or $2.11 per share, up from $37.4 million, or $2.13 a share, for the year ended March 31. Total revenue was $1.0 billion, an increase of $295 million, or 41 percent, from $721 million for the previous year.

Net income for the fourth quarter jumped 49.6 percent to $7 million, or 39 cents a share, up from $4.7 million, or 26 cents one year earlier. Revenue for the quarter totaled $250 million, an increase of 43 percent from $175 million for the same quarter last year. Third quarter revenue was $265 million.

For fiscal year 2008, the company projects revenues of about $1 billion, with operating earnings expected to range between $3.45 a share to $3.65 a share.

Newstex ID: KRTB-0288-17809271


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