Avnet, Inc. Reports Fourth Quarter Fiscal Year 2013 Results

* See Notes to Consolidated Statements of Operations.

 
 
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  

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