MBI Business Centers Inc., a computer store chain based in Rockville, said yesterday that it has completed the acquisition of Micro-South Corp. of Charlotte, N.C., in a transaction valued at almost $2 million.
MBI said it acquired Micro-South, which operates 11 computer stores in North Carolina and South Carolina, in exchange for 152,280 shares of MBI common stock, which was worth almost $2 million at yesterday's closing price of $12.87 1/2.
MBI, formerly known as Math Box Inc., operates 25 computer stores on the East Coast, between Washington and Boston. For its fiscal year that ended Jan. 31, the company reported revenue of $96 million, up from $50.7 million the year before.
It has not yet released its latest net income figures, but Avner Parnes, MBI chairman and chief executive, said the profits would be ahead of the prior year's earnings of $2 million.
Micro-South reported profits of $530,000 and revenue of $22.2 million for the 12 months that ended Jan. 31.
With the acquisition, MBI now operates 36 computer stores in nine states between Massachusetts and Georgia, and in the District. The Micro-South stores will be renamed MBI Business Centers. MBI plans to retain Micro-South's 100 employes, including current management, Parnes said.