Ingram Micro hits $3.65 billion

US giant Ingram Micro has shown off its results for the first time since it was floated last year, reporting a Q1 profit of $41.8 million on turnover up 33 per cent to $3.65 billion.

According to Ingram, profit for Q1, ended 29 March, was up 69 per cent compared with an undisclosed figure for last year. The results included charges of $1.5 million related to the flotation, as well as a charge of $4.1 million covering Q1 1996.

Both charges covered non-cash compensation for previously granted stock options, which were converted to Ingram Micro stock options on flotation. Turnover for Q1 1996 was $2.75 billion.

Insiders said Ingram Micro had delayed its flotation because of problems with US taxes, but its first results justified the decision to split off from the main Ingram group.

Two weeks ago, Ingram UK suffered the loss of its MD after the surprise departure of Bill Gretton and two senior managers of the enterprise computing division (PC Dealer, 23 April).