Ingram Industries Inc. said Tuesday that it now owns 96% of Micro D's stock and will "proceed promptly" to implement its merger with the Santa Ana company.
Micro D, a Santa Ana distributor of personal computer products, agreed last month to be acquired by Nashville-based Ingram for $14.75 per share, or $43.9 million. The deadline for Micro D shareholders to surrender their stock to Ingram ended at midnight Monday.
The Nashville conglomerate has said it plans to merge Micro D's operations with its own computer products distribution company in Buffalo, N.Y. Micro D officials have said the combined company will be based in Santa Ana.
Also Tuesday, Micro D reported record earnings and revenue for 1988. Earnings rose 50% to $8.2 million, from $5.4 million in 1987. Boosted by numerous acquisitions in 1988, revenue soared 57% to $553.4 million, from $352.4 million a year earlier.
For the fourth quarter ended Dec. 31, Micro D's earnings rose 75% to $2.7 million, from $1.5 million a year ago. Revenue was up 60% to $173.2 million, from $108 million in 1987. Micro D Chairman Linwood A. (Chip) Lacy said he was pleased with the year's results, despite an unspecified loss at the firm's Frantek subsidiary in Canada. He said the company's fourth quarter and yearly results were reduced by $330,000 because of merger-related expenses.
Micro D is the nation's largest wholesale distributor of personal computer products.
Ingram is a private holding company with interest in marine transportation, oil and gas exploration, and book, magazine and videotape distribution.