It remains our goal to provide investors solid profitability and returns in any economic environment.
Kevin Murai, President and Chief Executive Officer, SYNNEX

SYNNEX Corporation (NYSE:SNX), parent company of New Age Electronics - a leading distributor of consumer electronics for the rent-to-own channel, announced that revenues for the company's fourth quarter ended November 2008 were $2.1 billion, an increase of 6.4% compared to $1.97 billion for the fiscal quarter ended November 30, 2007.

RTO industry veteran representative Mike Bertolani was tapped to head New Age Electronics rental division in January, 2008 (see story).

Net income for the fiscal fourth quarter was $26.4 million or $0.80 per diluted share, exceeding Wall Street consensus of $0.71 - a 30.8% improvement in net income year-over-year.

The Company grew diluted EPS in fiscal 2008 more than 30%, surpassing its post-New Age Electronics acquisition adjusted goal of greater than 20% EPS growth.

"We are pleased with SYNNEX' achievements in the fourth quarter and for all of fiscal 2008. In particular, we are very proud that we accomplished our stated goals with respect to our EPS and ROIC targets for the quarter and for the year," stated Kevin Murai, President and Chief Executive Officer. "Our financial results are due to disciplined execution in key aspects of our business from sales to service to operations and support."

"Looking into fiscal 2009, we are committed to achieving above market performance through a combination of continued execution, business line expansion, and improvements in efficiency and productivity," Murai continued. "We believe our lean, flexible, low cost business model best positions SYNNEX to outperform the market in a weak economy. It remains our goal to provide investors solid profitability and returns in any economic environment."