Tech Data reports 61% revenue growth

Tech Data (Clearwater, FL, Nasdaq: TECD) reports Q4 '98 sales of $2.1 billion, up 61% from Q4 '97. Net income of $26.1 million compares with a Q4 '97 net income of $17.8 million. For the year, sales were up $7.1 billion over 1997, and net income increased 57% to $89.5 million. Tech Data's peripherals and networking divisions saw an increase over Q4 '97 sales of 81% and 66%, respectively. Software sales were up 37%, and systems sales were up 44%. International business accounted for 29% of Q4 results, nearly double the amount from the same period last year. "We had a terrific year," said chairman and CEO Steve Raymund. During the quarter Tech Data and IBM (Armonk, NY) introduced the Factory Direct service offering, whereby Tech Data has set up distribution operations within IBM's facility in Research Triangle Park, NC. Earlier this month, Tech Data announced that it is reshaping its workflow, imaging and document management (WIDM) into a KM business unit, which will offer hardware and software for workflow, imaging, document management, data warehousing, Internet/ intranet products and messaging groupware. Tech Data is also planning to host regional knowledge management seminars and receptions at various industry events.