SANTA ANA — Ingram Micro Inc., the world's largest distributor of computer products, said Wednesday that net income climbed 31% last year on record revenue.
The Santa Ana-based company, which completed one of Orange County's biggest initial public stock offerings last year, reported net income of $110.7 million, or 88 cents a share, up from $84.3 million, or 69 cents a share, for 1995.
The 1996 figure included a $19.5-million non-cash compensation charge related to stock options. Revenue rose 40% to $12 billion from $8.6 billion.
For the fourth quarter of 1996, net income rose 18% to $33.1 million, or 24 cents a share, from $28 million, or 23 cents a share, for the comparable 1995 period. Sales rose 40% to $3.5 billion from $2.5 billion.
Jeff Rodek, Ingram Micro's chief operating officer, attributed the record results to gains in existing markets and expansion into new product categories last year. For example, the company began shipping products to resellers that serve the government and education markets for the first time, Rodek said.
The company ended 1996 with about 8,800 employees, up 12% from a year earlier.