Avnet 2000 Annual Report Download - page 23

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AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Years Ended
June 30, July 2, June 26,
2000 1999 1998
Sales $ 9,172,205 $ 6,350,042 $ 5,916,267
Cost of sales (Note 14) 7,883,719 5,401,472 4,935,848
Gross profit 1,288,486 948,570 980,419
Selling, shipping, general and
administrative expenses (Note 14) 954,500 775,337 709,243
Operating income 333,986 173,233 271,176
Other income, net 4,873 1,875 2,363
Interest expense (84,328) (52,096) (39,988)
Gain on dispositions of businesses (Note 14) — 252,279 33,795
Income before income taxes 254,531 375,291 267,346
Income taxes (Note 7) 109,390 200,834 115,922
Net income $ 145,141 $ 174,457 $ 151,424
Earnings per share:
Basic $ 1.77 $ 2.45 $ 1.92
Diluted $ 1.75 $ 2.43 $ 1.90
Shares used to compute earnings per share (Note 1):
Basic 82,213 71,190 78,750
Diluted 83,124 71,834 79,646
See notes to consolidated financial statements
All share and per share data indicated above have been restated to reflect a two-for-one split of the Company’s common stock approved by the Board of
Directors on August 31, 2000. These shares are to be distributed on September 28, 2000 to shareholders of record on September 18, 2000 (See Note 1).
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
June 30, July 2,
2000 1999
Assets:
Current assets:
Cash and cash equivalents $ 167,192 $ 311,982
Receivables, less allowances of $43,623
and $27,626, respectively 1,750,827 960,639
Inventories (Note 3) 1,887,280 997,247
Other 67,956 43,455
Total current assets 3,873,255 2,313,323
Property, plant and equipment, net (Note 4) 289,902 194,012
Goodwill, net of accumulated amortization of
$79,648 and $60,404, respectively (Note 1) 856,831 385,648
Other assets 224,367 91,714
Total assets $ 5,244,355 $ 2,984,697
Liabilities:
Current liabilities:
Borrowings due within one year (Note 5) $ 499,287 $ 288
Accounts payable 1,102,510 480,377
Accrued expenses and other (Note 6) 301,977 315,198
Total current liabilities 1,903,774 795,863
Long-term debt, less due within one year (Note 5) 1,438,610 791,226
Total liabilities 3,342,384 1,587,089
Commitments and contingencies (Notes 9 and 11)
Shareholders’ equity (Notes 1 and 10):
Common stock $1.00 par, authorized 120,000,000
shares, issued 90,757,000 shares and
44,416,000 shares, respectively 90,757 44,416
Additional paid-in capital 309,604 435,930
Retained earnings 1,616,692 1,496,357
Cumulative translation adjustments (54,582) (46,041)
Valuation adjustments 2,293 —
Treasury stock at cost, 2,396,000 shares
and 9,225,000 shares, respectively (62,793) (533,054)
Total shareholders’ equity 1,901,971 1,397,608
Total liabilities and shareholders’ equity $ 5,244,355 $ 2,984,697
See notes to consolidated financial statements
The share information indicated above for June 30, 2000 only has been adjusted to take into account a two-for-one split of the Company’s common stock
approved by the Board of Directors on August 31, 2000. These shares are to be distributed on September 28, 2000 to shareholders of record on September
18, 2000 (See Note 1).