Date: Fri, 21 Nov 1997 02:26:59 GMT Server: Apache/1.2.1 ONENET-WEB-FARM-2 Last-Modified: Thu, 19 Jun 1997 17:06:00 GMT ETag: "6e83d-1a07-33a966f8" Content-Length: 6663 Accept-Ranges: bytes Connection: close Content-Type: text/html X-Pad: avoid browser bug
TO OUR SHAREHOLDERS
1995 marked another first for your company. Revenues crossed the $200 million mark, reaching $230.7 million for the year ended January 5th, 1996 - a 59.6% increase compared to 1994. Even more impressive, in an industry known for intense competition, net income rose 60.1%, yielding earnings per share of $1.64.
We believe that the best is yet to come.
In January, 1996, the Company's central distribution and configuration centers, as well as its inbound order desk, moved into their new facility in Hebron, Kentucky, providing much needed space for expansion. To use an overworked phrase, this new facility is truly state-of-the-art. It was designed with an eye towards our future, with an emphasis on efficiency, security and flexibility.
On March 14, 1996, the Company completed the acquisition of The Computer Supply Store (TCCS), Iowa's largest computer reseller. TCCS, with 1995 revenues of $60 million, is based in Des Moines and has an excellent reputation as a full-service provider that understands the meaning of "going the extra mile" to satisfy customers. This acquisition, combined with our new Indianapolis location, provides the Company with a strong geographic and customer base upon which to further expand.
In May, the Company's headquarters, Cincinnati regional facility, CommTec and Envision offices will combine in a new facility adjacent to the Hebron complex. In addition to providing the Company with economies of scale, the move will encourage increased interaction between the Company's different divisions. We believe that this synergy will have a positive impact on all facets of the business.
Our goal for 1996 is to continue following the blueprint for success that has lead the Company to where it is today. To continue the expansion of our services business, seek to perform even more services for the customers we currently serve, aggressively seek new customers and new markets and to remain focused on cost control and efficiency.
David B. Pomeroy, II
Chairman of the Board,
President and
Chief Executive Officer