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Table of Contents
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
See notes to consolidated financial statements
41
Years Ended
June 30,
2012
July 2,
2011
July 3,
2010
(Thousands, except share amounts)
Sales
$
25,707,522
$
26,534,413
$
19,160,172
Cost of sales
22,656,965
23,426,608
16,879,955
Gross profit
3,050,557
3,107,805
2,280,217
Selling, general and administrative expenses
2,092,807
2,100,650
1,619,198
Restructuring, integration and other charges (Note 17)
73,585
77,176
25,419
Operating income
884,165
929,979
635,600
Other income (expense), net
(5,442
)
10,724
2,480
Interest expense
(90,859
)
(92,452
)
(61,748
)
Gain on bargain purchase and other (Note 2)
2,918
22,715
—
Gain on sale of assets (Note 2)
—
—
8,751
Income before income taxes
790,782
870,966
585,083
Income tax provision (Note 9)
223,763
201,897
174,713
Net income
$
567,019
$
669,069
$
410,370
Net earnings per share (Note 14):
Basic
$
3.85
$
4.39
$
2.71
Diluted
$
3.79
$
4.34
$
2.68
Shares used to compute earnings per share (Note 14):
Basic
147,278
152,481
151,629
Diluted
149,553
154,337
153,093