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ﾑ'We delivered 57 percent growth in net
income on approximately 12 percent growth in revenues as compared to the same quarter of last year,'' said Mitchell Jacobson,
chairman & CEO. "We converted 34 percent of incremental revenues into operating income, ahead of our 25 percent target for
leverage. Gross margin was 44.9 percent for the quarter, a year-over-year improvement of 130 basis points, supported by modest
price increases, a more favorable product ...
ﾑ'We delivered 57 percent growth in net
income on approximately 12 percent growth in revenues as compared to the same quarter of last year,'' said Mitchell Jacobson,
chairman & CEO. "We converted 34 percent of incremental revenues into operating income, ahead of our 25 percent target for
leverage. Gross margin was 44.9 percent for the quarter, a year-over-year improvement of 130 basis points, supported by modest
price increases, a more favorable product mix, better purchasing power, and higher than expected terms discounts. We are continuing
to execute our model, gain market share and generate leverage. In addition, we generated $7.8 million in free cash flow and
ended the first quarter with a cash balance of $65 million.'
ﾑ'After a good start to the second quarter of fiscal 2003,
sales during the weeks of Christmas and New Year's declined by an amount that we consider to be an anomaly due to our customers'
extended holiday shutdowns. Although January sales are currently performing closer to our forecasts, December sales have limited
our visibility on the second quarter. Consequently, we expect second quarter 2003 revenues to be in the range of $205 million
to $210 million with earnings per diluted share in the range of $0.16 to $0.18.''
In the first quarter of fiscal 2003,
MSC repurchased 283,000 shares of its Class A Common Stock for approximately $3 million.
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