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$AVT announced the availability of the AT&T IoT Starter Kit (2nd Generation), a new System-on-Module IoT solution that provides a complete development environment for both prototyping and production of sensor-to-cloud applications and services. This kit is fully compliant with FCC, PTCRB, and AT&T network certifications for operations in the US.
$TECD reported a 41% jump in its 3Q18 net sales to $9.1Bil, helped by the addition of the Technology Solutions business acquired from $AVT. Net income during the quarter rose 2% to $37.3MM, compared to $36.5MM in the prior year period. Diluted EPS slipped 6% to $0.97 from $1.03 in 3Q17. Adj. EPS was $2.00, up 39% YoY.
Technology distributor $AVT has entered into a distribution agreement with Opulent Americas, a provider of lighting technology. Under the agreement, effective immediately, the company will start providing technical support to customers using Opulent's systems such as LED lighting and heat sink.
$AVT has acquired Dragon Innovation, expanding its portfolio of offerings for customers as it moves from design to prototype to volume production. Dragon Innovation’s proven process and deep hardware experience would help customers understand manufacturing costs and schedules, find factories and manage production as they scale their businesses.
$AVT said CFO Kevin Moriarty has notified the company of his decision to step down from the position due to personal reasons, effective Aug. 18, 2017. Ken Jacobson, the company's controller, has been named interim CFO. $AVT is initiating a full search process immediately where both internal and external candidates will be considered.
$TECD reported a decline in 1Q18 earnings due to higher interest expenses. Net income fell to $30.65MM or $0.82 per share from $33.37MM or $0.94 per share last year. Net sales grew to $7.66Bil from $5.96Bil, on sales attributed to Technology Solutions business acquired from $AVT. Non-GAAP EPS increased to $1.87 from $1.05.
$AVT BoD has approved a 5.9% increase in the quarterly cash dividend to $0.18 per share. The dividend will be paid on March 28, 2017, to shareholders of record as on March 14, 2017. $AVT's BoD also approved an expansion of its share repurchase authorization by $500MM. $AVT now has a total of $675MM available for share repurchases.
$TECD completed its acquisition of the Technology Solutions business from $AVT. The total purchase price at close was about $2.6Bil. The transaction is expected to be significantly accretive to $TECD's non-GAAP EPS in the first full year. $TECD expects to achieve annual cost savings of about $100MM within 24 months.
$AVT priced offering of $300MM of 3.75% notes due 2021 in a registered offering. The offering is expected to close on Dec. 2, 2016. $AVT plans to use net proceeds for repayment of redemption of existing debt. Merrill Lynch, Pierce, Fenner & Smith, J.P. Morgan Securities and MUFG Securities Americas are joint book-running managers.
$AVT acquired a majority interest in Hackster, Inc. as the first step of a two-part transaction in which $AVT will acquire the remainder of the company in January 2017. Headquartered in San Francisco, California, Hackster.io is an online community that helps users globally learn how to design, create and program Internet-connected hardware.
B2B technology distributor $AVT said that it has agreed to sell its Technology Solutions operating group to $TECD in a stock and cash transaction valued at approx. $2.6Bil. Upon completion of the transaction, the company expects to realize a gain of $3.75-4.75 per share. $AVT expects to close the deal in calendar 1Q17 or 2Q17.
$TECD agreed to buy Technology Solutions business from $AVT. $TECD plans to finance $2.4Bil cash portion of consideration through combination of cash on hand, drawings under its existing revolver, and proceeds from a new term loan facility and senior notes. This is backstopped by fully-committed debt financing from BofA Merrill Lynch.
$TECD agreed to buy Technology Solutions business from $AVT. The deal will significantly add to $TECD's non-GAAP EPS in first year after closing. $TECD will achieve annual cost savings of about $100MM within 2 years after closing, primarily from efficiencies related to technology platforms, as well as duplicative functions and corporate expenses.