| AVNET, INC. | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
| (THOUSANDS EXCEPT PER SHARE DATA) | ||||||||||||||||||||
| FOURTH QUARTERS ENDED | FISCAL YEARS ENDED | |||||||||||||||||||
| JUNE 29, | JUNE 30, | JUNE 29, | JUNE 30, | |||||||||||||||||
|
2013* |
2012* |
2013* |
2012* |
|||||||||||||||||
| Sales | $ | 6,590,703 | $ | 6,307,386 | $ | 25,458,924 | $ | 25,707,522 | ||||||||||||
| Cost of sales | 5,819,764 | 5,548,364 | 22,479,123 | 22,656,965 | ||||||||||||||||
| Gross profit | 770,939 | 759,022 | 2,979,801 | 3,050,557 | ||||||||||||||||
|
Selling, general and administrative expenses |
548,268 | 525,113 | 2,204,319 | 2,092,807 | ||||||||||||||||
|
Restructuring, integration and other charges (Note 1*) |
59,845 | 20,471 | 149,501 | 73,585 | ||||||||||||||||
| Operating income | 162,826 | 213,438 | 625,981 | 884,165 | ||||||||||||||||
| Other expense | (6,723 | ) | (4,053 | ) | (74 | ) | (5,442 | ) | ||||||||||||
| Interest expense | (28,625 | ) | (23,238 | ) | (107,653 | ) | (90,859 | ) | ||||||||||||
|
Gain on bargain purchase and other (Note 2*) |
(339 | ) | (143 | ) | 31,011 | 2,918 | ||||||||||||||
| Income before income taxes | 127,139 | 186,004 | 549,265 | 790,782 | ||||||||||||||||
| Income tax provision | 1,048 | 52,600 | 99,192 | 223,763 | ||||||||||||||||
| Net income | $ | 126,091 | $ | 133,404 | $ | 450,073 | $ | 567,019 | ||||||||||||
| Net earnings per share: | ||||||||||||||||||||
| Basic | $ | 0.92 | $ | 0.92 | $ | 3.26 | $ | 3.85 | ||||||||||||
| Diluted | $ | 0.91 | $ | 0.91 | $ | 3.21 | $ | 3.79 | ||||||||||||
|
Shares used to compute earnings per share: |
||||||||||||||||||||
| Basic | 137,160 | 144,528 | 137,951 | 147,278 | ||||||||||||||||
| Diluted | 139,062 | 146,794 | 140,003 | 149,553 | ||||||||||||||||
Avnet, Inc. Reports Fourth Quarter Fiscal Year 2013 Results
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* See Notes to Consolidated Statements of Operations.
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