CDW 2nd-quarter net income rises

CDW 2nd-quarter net income rises on higher revenue from clients

Associated Press

VERNON HILLS, Ill. (AP) -- Information technology company CDW Corp., which went public in June, said Friday its second-quarter net income rose 27 percent on higher revenue from corporate and public clients rose.

Net income rose to $46.7 million for the three months ended June 30 from $36.8 million last year. Revenue rose nearly 8 percent to $2.78 billion from $2.5 billion last year.

No earnings per share figures were provided. The company said that was because the initial public offering didn't close until July.

"This quarter's performance demonstrates the power of our balanced portfolio of customers, products and technologies when combined with our focus on execution and profitable growth as we once again grew faster than U.S. IT market estimates and delivered solid profitability," said CEO Thomas Richards.

CDW raised about $400 million from its public offering in June, which it plans to use to pay down debt.

Based in Vernon Hills, Ill., CDW was a public company from 1993 until October 2007 — when it was purchased by Madison Dearborn and Providence Equity for about $7.4 billion.

It provides IT services to business, government, education and health care clients in the U.S.

Its shares rose 24 cents to $21.90 in morning trading Friday after trading as high as $22.10 earlier in the session. Its high since going public has been $22.14.

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