Ingram Micro Posts Profit as Expenses Drop

From Bloomberg News

Ingram Micro Inc., the world’s biggest distributor of computers and related parts, returned to profit in its third quarter as it cut expenses and benefited from an tax decision.

Ingram reported profit of $81.2 million, or 53 cents a share, from a loss of $8.32 million, or 6 cents, a year earlier. Sales at the Santa Ana company fell 7% to $5.21 billion. Ingram Micro said it had a benefit of $70.5 million,because it didn’t owe U.S. income taxes on a 1999 sale of stock in Japan’s Softbank Corp.

Ingram shares climbed 6 cents to $14.45 on the NYSE.