Avnet 2012 Annual Report Download - page 17

Table of Contents
In August 2012, the Board of Directors approved adding $250 million to the share repurchase program. With this increase, the Company
may repurchase up to a total of $750 million of the Company's common stock under the share repurchase program.
Item 6. Selected Financial Data
______________________
16
(1)
Includes purchases of Avnet’s common stock associated with the Company’
s ESPP as follows: 5,800 shares in April, 5,300 shares in May
and 4,900 shares in June.
Years Ended
June 30,
2012
July 2,
2011
July 3,
2010
June 27,
2009 (a)
June 28,
2008 (a)
(Millions, except for per share and ratio data)
Income:
Sales
$
25,707.5
$
26,534.4
$
19,160.2
$
16,229.9
$
17,952.7
Gross profit
3,050.6
3,107.8
2,280.2
2,023.0
2,313.7
Operating income (loss)
884.2
(b)
930.0
(c)
635.6
(d)
(1,019.0
) (e)
710.8
(f)
Income tax provision
223.8
(b)
201.9
(c)
174.7
(d)
34.7
(e)
203.8
(f)
Net income (loss)
567.0
(b)
669.1
(c)
410.4
(d)
(1,129.7
) (e)
489.6
(f)
Financial Position:
Working capital (g)
3,455.7
3,749.5
3,190.6
2,688.4
3,191.3
Total assets
10,167.9
9,905.6
7,782.4
6,273.5
8,195.2
Long-term debt
1,272.0
1,273.5
1,243.7
946.6
1,169.3
Shareholders’ equity
3,905.7
4,056.1
3,009.1
2,760.9
4,141.9
Per Share:
Basic earnings (loss)
3.85
(b)
4.39
(c)
2.71
(d)
(7.49
) (e)
3.26
(f)
Diluted earnings (loss)
3.79
(b)
4.34
(c)
2.68
(d)
(7.49
) (e)
3.21
(f)
Book value per diluted share
26.12
26.28
19.66
18.30
27.17
Ratios:
Operating income (loss) margin
on sales
3.4
%
(b)
3.5
%
(c)
3.3
%
(d)
(6.3
)%
(e)
4.0
%
(f)
Net income (loss) margin on
sales
2.2
%
(b)
2.5
%
(c)
2.1
%
(d)
(7.0
)%
(e)
2.7
%
(f)
Return on capital
12.9
%
(b)
15.2
%
(c)
14.0
%
(d)
(26.6
)%
(e)
11.0
%
(f)
Quick
1.2:1
1.2:1
1.4:1
1.5:1
1.4:1
Working capital
1.7:1
1.8:1
1.9:1
2.1:1
2.1:1
Total debt to capital
35.4
%
27.2
%
29.8
%
26.0
%
22.7
%
(a)
As adjusted for the retrospective application of an accounting standard. The Financial Accounting Standards Board issued authoritative
guidance which requires the issuer of certain convertible debt instruments that may be settled in cash (or other assets) on conversion to
separately account for the debt and equity (conversion option) components of the instrument. The standard requires the convertible debt to
be recognized at the present value of its cash flows discounted using the non-
convertible debt borrowing rate at the date of issuance. The
resulting debt discount from this present value calculation is to be recognized as the value of the equity component and recorded to
additional paid in capital. The discounted convertible debt is then required to be accreted up to its face value and recorded as non-
cash
interest expense over the expected life of the convertible debt. In addition, deferred financing costs associated with the convertible debt are
required to be allocated between the debt and equity components based upon relative values. During the first quarter of fiscal 2010, the
Company adopted this standard; however, there was no impact to the fiscal 2010 consolidated financial statements because the Company’
s
2% Convertible Senior Debentures, to which this standard applied, were extinguished in fiscal 2009. Due to the required retrospective
application of this standard to prior periods, the Company adjusted the prior period comparative consolidated financial statements. The
following table summarizes the adjustments to increase (decrease) previously reported balances.