David Dicker
Dicker Data ended its first month with Express Data under its wing and it has "great confidence for the future."
The Australian distributor, led by founder David Dicker, reported that both entities had gross margins of more than eight per cent. Total combined revenue was $99,040,617.
Dicker Data’s net profit before tax amounted to $1,675,444, but the figure excludes integration and acquisition costs. Express Data’s net profit before tax was $408,678. Net Profit Aftex Tax (NPAT) was not made available.
Total integration costs incurred to date sit at about $1.6 million.
Dicker said in a statement to the ASX that the distributor expects to pay off remaining integration costs by the end of fiscal 2014 so as to commence the following year with a clean slate.
“As we integrate Express Data into Dicker Data we can expect the consolidated net profit percentage to rise to Dicker Data levels,” David Dicker said.
“It is the intention that the bulk of the integration process [is] to be completed by August 2014 when the Express Data operations in Botany transfer to Dicker Data headquarters in Kurnell.”
Dicker Data announced its intent to buy Express Data on February 11 for $65.5m; the deal was completed on April 1.
The purchase received landslide support from Dicker Data’s shareholders, with a total of 121,481,742 shares voted in favour of the buyout on March 14. Shares against amounted to 83,250, while 35,240 abstained.
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Dicker Data took on $140m of debt to fund the Express Data buy. A credit line of $130m had been agreed to with Westpac Bank, which included a $65.5m cash advance in the form of a bridging facility.
On March 31, ARN reported that Dicker Data and Apple agreed not to continue a multi-million dollar distribution partnership that Dicker inherited through the Express Online part of the Express Data Holdings transaction.
