Arrow Electronics 2010 Annual Report Download - page 89

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ARROW ELECTRONICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands except per share data)
87
17. Quarterly Financial Data (Unaudited)
The company operates on a quarterly interim reporting calendar that closes on the Saturday following the
end of the calendar quarter.
A summary of the company's consolidated quarterly results of operations is as follows:
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2010
Sales $ 4,235,366 $ 4,613,307 $ 4,657,841 $ 5,238,162
Gross profit 537,933 588,476 608,794 683,404
Net income attributable to
shareholders 87,046 (b) 116,193 (c) 118,502 (d) 157,889 (e)
Net income per share (a):
Basic $ .72 (b) $ .97 (c) $ 1.01 (d) $ 1.37 (e)
Diluted .71 (b) .96 (c) 1.00 (d) 1.34 (e)
2009
Sales $ 3,417,428 $ 3,391,823 $ 3,671,865 $ 4,202,985
Gross profit 430,996 402,194 421,061 496,643
Net income attributable to
shareholders 26,741 (f) 21,097 (g) 12,581 (h) 63,093 (i)
Net income per share (a):
Basic $ .22 (f) $ .18 (g) $ .10 (h) $ .53 (i)
Diluted .22 (f) .18 (g) .10 (h) .52 (i)
(a) Quarterly net income per share is calculated using the weighted average number of shares
outstanding during each quarterly period, while net income per share for the full year is calculated
using the weighted average number of shares outstanding during the year. Therefore, the sum of
the net income per share for each of the four quarters may not equal the net income per share for
the full year.
(b) Includes restructuring, integration, and other charges ($5,545 net of related taxes or $.05 per share
on both a basic and diluted basis).
(c) Includes restructuring, integration, and other charges ($4,095 net of related taxes or $.03 per share
on both a basic and diluted basis) and a loss on prepayment of debt ($964 net of related taxes or
$.01 per share on both a basic and diluted basis).
(d) Includes restructuring, integration, and other charges ($9,506 net of related taxes or $.08 per share
on both a basic and diluted basis).
(e) Includes restructuring, integration, and other charges ($5,459 net of related taxes or $.05 per share
on both a basic and diluted basis), as well as a net reduction of the provision for income taxes
($9,404 net of related taxes or $.08 per share on both a basic and diluted basis) and a reduction of
interest expense ($2,312 net of related taxes or $.02 per share on both a basic and diluted basis)
primarily related to the settlement of certain income tax matters covering multiple years.