Ingram Micro 2006 Annual Report Download

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Different
DefinitelyDefinitely
Ingram Micro AR06Ingram Micro AR06

Table of contents

  • Page 1
    Definitely Ingram Micro AR06 Different

  • Page 2

  • Page 3
    ... so different about Ingram Micro? How about being one of the few distributors to provide customers with a total solution of products and services-or being the only global broadline technology distributor in Asia-Pacific-or being the only data capture/point of sale distributor with a global reach-or...

  • Page 4
    services different high Taking our to a

  • Page 5
    ... introducing new and different services to our customers...before our competition. In fact, among the flock of technology distributors, we were the first to take flight with a comprehensive services suite. Ours is a different level of service because, like our customers, at Ingram Micro... ...we...

  • Page 6
    ... consumer electronics markets. Like Asia-Pacific- where our investments in processes, controls and management lifted our performance in China from barely break-even to a healthy profit. And still, we continue to breakaway, searching for different worlds of opportunities, because at Ingram Micro...

  • Page 7
    ...we DELIVER different.

  • Page 8
    place different breed as a Taking our

  • Page 9
    ... margin profile-like our data capture and consumer electronic businesses that have consistently separated us from the pack. We continue to pursue additional markets and opportunities-including the expansion of our global private label unit into new product lines and geographies. At Ingram Micro...

  • Page 10
    Different

  • Page 11

  • Page 12
    ...but rather what you'll find on the inside that makes Ingram Micro the world's most complete, technology distribution package- offering a dramatically different solution of products and services to over 159,000 resellers from more than 1,300 suppliers worldwide. Decidedly, Ingram Micro is different.

  • Page 13
    Definitely.

  • Page 14
    numbers different chart Taking our up a

  • Page 15
    Sales by Region 18% 5% 9% 5% 43% 34% 2006 North Europe America AsiaPacific Latin America 54% 32% 2002 Sales ($ millions) 35,000 30,000 31,357 28,808 25,462 22,459 22,613 25,000 20,000 15,000 10,000 5,000 0 2002 2003 2004 2005 2006

  • Page 16
    ... / Keith W. F. Bradley Executive Vice President and President, Ingram Micro North America / William D. Humes Executive Vice President and Chief Financial Officer / Matthew A. Sauer Senior Vice President, Human Resources / Larry C. Boyd Senior Vice President, Secretary and General Counsel / James...

  • Page 17
    .... Through our proprietary Ingram Micro Services Network, managed services offerings, mobility carrier contracts, back-end logistics and targeted marketing programs that build access to prosperous end-user markets, we've long been a leader in bringing complete solutions to our customers. As an early...

  • Page 18
    ... in new initiatives that are enhancing our margins and diversifying the business. These initiatives include a line-up of professional staffing/recruiting services and a stand-alone business unit for mobility. In recognition of these efforts, key industry magazine VARBusiness named Ingram Micro "The...

  • Page 19
    ... managers throughout the region knows how to get the job done. Looking ahead, we see our strategic initiatives of services, consumer electronics, and data capture/point of sale working hand-in-hand with our efforts to spur organic growth. Promising markets such as China and India, and new offerings...

  • Page 20
    ... 75,029 0.49 Non-GAAP diluted earnings per share(2) (1)Excludes off-balance sheet debt of $68,505, $60,000 and $75,000, at fiscal year end 2006, 2003 and 2002, respectively, which amounts represent all of the undivided interests in transferred accounts receivable sold to and held by third parties...

  • Page 21
    ... Number: 1-12203 Ingram Micro Inc. (Exact name of Registrant as Specified in its Charter) Delaware (State or other jurisdiction of incorporation or organization) (Address, including Zip Code, of Principal Executive Offices) 62-1644402 (I.R.S. Employer Identification No.) 1600 E. ST. ANDREW PLACE...

  • Page 22
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  • Page 23
    ...ITEM 1. BUSINESS ...Introduction ...History ...Industry ...Company Strengths ...Customers ...Sales and Marketing ...Products ...Services ...Suppliers ...Competition ...Asset Management ...Trademarks and Service Marks ...Employees ...Available Information ...Executive Officers of the Company ...ITEM...

  • Page 24
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  • Page 25
    ...core IT distribution business, we also are developing an increasing presence in adjacent technology product categories, such as consumer electronics ("CE"), automatic identification and data capture ("AIDC"), point-of-sale ("POS"), radio frequency identification ("RFID") and mobility technologies to...

  • Page 26
    ... sell our products and services to resellers in more than 150 countries. We have local sales offices and/or Ingram Micro sales representatives in North America (United States and Canada), Europe (Austria, Belgium, Denmark, Finland, France, Germany, Hungary, Italy, The Netherlands, Norway, Portugal...

  • Page 27
    ... for AIDC/POS solutions. Our CE business continues to expand in all regions. New CE products, especially those evolving from the IT market such as LCD monitors and TVs, digital music, home networking and gaming PCs are driving growth and interest in consumer electronics. Our 2005 acquisition of AVAD...

  • Page 28
    ... goods while improving buying patterns on our product flow. Furthermore, we continue to manage our accounts receivable generally through timely collections, credit limit setting, customer terms and process efficiencies to minimize our working capital requirements. Our business process improvement...

  • Page 29
    ... Consumer electronics products such as cell phones, digital cameras, digital video disc players, game consoles, televisions, audio, media management and home control. • AIDC/POS/RFID products such as barcode/card printers, AIDC scanners, AIDC software, wireless infrastructure products • Services...

  • Page 30
    ..., CE manufacturers, and AIDC/POS suppliers, such as Acer; Adobe; Advanced Micro Devices Inc.; Canon USA, Inc.; Computer Associates; Epson; Hewlett-Packard; IBM; InFocus; Intel; Juniper Networks; Kingston Technology; Lenovo; Lexmark; LG Electronics; Microsoft; Motorola's Enterprise Mobility business...

  • Page 31
    ... closely related to our core IT products and services distribution business. As we enter new business areas, including value-added services, we may encounter increased competition from current competitors and/or from new competitors, some of which may be our current customers. Asset Management We...

  • Page 32
    ...own or are the licensee of various trademarks and service marks, including, among others, "Ingram Micro," the Ingram Micro logo, "V7" (Video Seven), "VentureTech Network," "AVAD" and "SymTech." Certain of these marks are registered, or are in the process of being registered, in the United States and...

  • Page 33
    ... financial officer from January 2003 to May 2004. Prior to joining Ingram Micro in February 2000 as vice president and controller for the Company's United States operations, Mr. Bradley was vice president and global controller of The Disney Stores, a subsidiary of Walt Disney Company, and an auditor...

  • Page 34
    ... joining Ingram Micro, Ms. Carlson served as vice president, communications and investor relations for Equity Marketing, Inc., an international toy and promotions company, from 1999-2001, vice president, public and investor relations for Sierra Health Services, Inc., from 1996-1999, and associate...

  • Page 35
    ... operational functions that include inventory management, order processing, shipping, receiving, and accounting. At the core of IMpulse is on-line, real-time distribution software, which supports basic order entry and processing and customers' shipments and returns. Although we have not in the...

  • Page 36
    ... as systems, limited price protection or return rights offered by suppliers may have a bearing on the amount of product we may be willing to stock. We expect restrictive supplier terms and conditions to continue in the foreseeable future. Our inability to pass through to our reseller customers the...

  • Page 37
    ... SEC's focus to date has been related to certain transactions with McAfee, Inc. (formerly Network Associates, Inc. or NAI) from 1998 through 2000. We also received subpoenas from the U.S. Attorney's office for the Northern District of California ("Department of Justice") in connection with its grand...

  • Page 38
    ... of declines in inventory value. If major suppliers decrease the availability of price protection to us, such a change in policy could lower our gross margins on products we sell or cause us to record inventory write-downs. We expect the restrictive supplier terms and conditions to continue for the...

  • Page 39
    ... scope of products, suppliers, and customers, we are dependent in large part on our ability to retain the services of our key management, sales, IT, operational, and finance personnel. Our continued success is also dependent upon our ability to retain and recruit other qualified employees, including...

  • Page 40
    ...-based logistics related services in the fourth quarter which affects our operating expenses and gross margins; • competitive conditions in our industry, which may impact the prices charged and terms and conditions imposed by our suppliers and/or competitors and the prices we charge our customers...

  • Page 41
    ... corporate headquarters is located in Santa Ana, California. We support our global operations through an extensive sales and administrative office and distribution network throughout North America, Europe, Latin America, and Asia-Pacific. As of December 30, 2006, we operated 108 distribution centers...

  • Page 42
    ... OF EQUITY SECURITIES Common Stock. Our Common Stock is traded on the New York Stock Exchange under the symbol IM. The following table sets forth the high and low price per share, based on closing price, of our Common Stock for the periods indicated. HIGH LOW Fiscal Year 2006 First Quarter Second...

  • Page 43
    ... effect of adoption of a new accounting standard ...Basic earnings per share - net income (loss) ...Diluted earnings per share - net income (loss) ...Weighted average common shares outstanding: Basic ...Diluted ...Selected Balance Sheet Information Cash and cash equivalents ...Total assets ...Total...

  • Page 44
    ... 2006, 2003 and 2002, respectively, which amounts represent the undivided interests in transferred accounts receivable sold to and held by third parties as of the respective balance sheet dates. ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview...

  • Page 45
    ..." ("FAS 123R"). These charges represent approximately 0.1% of net sales. We continue to pursue and implement business process improvements and organizational changes to create sustained cost reductions without sacrificing customer service over the long-term. Implementation of additional actions...

  • Page 46
    ...we acquired substantially all of the assets and assumed certain liabilities of Nimax, a privatelyheld distributor of AIDC and POS solutions, providing us immediate entry to value-added distribution of AIDC and POS solutions. Working Capital and Debt The IT products and services distribution business...

  • Page 47
    ... quarters of 2006, 2005 and 2004, we performed our annual impairment tests of goodwill in North America, Europe and Asia-Pacific. There is no goodwill in Latin America. The valuation methodologies included, but were not limited to, estimated net present value of the projected future cash flows of...

  • Page 48
    ... represented thereby, as well as operating income and operating margin by geographic region for each of the fiscal years indicated (in millions). 2006 2005 2004 Net sales by geographic region: North America ...Europe ...Asia-Pacific ...Latin America ... ...$13,585 ...10,754 ...5,537 ...1,481 43...

  • Page 49
    ... sales of 9% and 13% in 2006 and 2005, respectively, primarily reflects the improving demand environment for IT products and services across most economies in which we operate globally and additional revenue arising from the acquisitions of Nimax in July 2004, Tech Pacific in November 2004 and AVAD...

  • Page 50
    ... of net sales. We continue to pursue and implement business process improvements and organizational changes to create sustained cost reductions without sacrificing customer service over the long-term. As previously discussed, in 2006 and 2004, the net credit adjustments to reorganization costs were...

  • Page 51
    ...in 2006 was negatively impacted by the implementation of the new warehouse management system in Germany and vendor consolidation actions, which exerted pressure on gross margin in the first half of the year, as well as a generally competitive environment in the region. Operating margin for Europe in...

  • Page 52
    ...income from operations, available cash, borrowings under revolving accounts receivable backed financing programs and revolving credit and other facilities, and trade and supplier credit. The following is a detailed discussion of our cash flows for the years ended December 30, 2006, December 31, 2005...

  • Page 53
    .... Acquisitions In June 2006, we acquired the assets of SymTech Nordic AS, the leading Nordic distributor of automatic identification and data capture and point-of-sale technologies to solution providers and system integrators. The purchase price for this acquisition consisted of a cash payment of...

  • Page 54
    ...under our credit arrangements, will provide sufficient resources to meet our present and future working capital and cash requirements for at least the next twelve months. On-Balance Sheet Capital Resources In July 2006, we increased our borrowing capacity to $550 million under our revolving accounts...

  • Page 55
    ... under these facilities was 6.4% and 6.1% per annum at December 30, 2006 and December 31, 2005, respectively. Off-Balance Sheet Capital Resources We have revolving trade accounts receivable-based factoring facilities in Europe, which provides up to approximately $236 million of additional financing...

  • Page 56
    ...as well as our European off-balance sheet accounts receivable-based factoring facility, including minimum tangible net worth, restrictions on funded debt and interest coverage and trade accounts receivable portfolio performance covenants, including metrics related to receivables and payables. We are...

  • Page 57
    ...leading global business process outsource service provider. The services to be provided include selected North America positions in finance and shared services, customer service, vendor management and selected U.S. positions in technical support and inside sales (excluding field sales and management...

  • Page 58
    ... as an executive officer, if later. At December 30, 2006 and December 31, 2005, our employee loans receivable balance was $0.1 million and $0.6 million, respectively. In July 2005, we assumed from AVAD agreements with certain representative companies owned by the former owners of AVAD, who are now...

  • Page 59
    ... foreign currency fluctuations and interest rate changes due to our international sales and global funding. In the normal course of business, we employ established policies and procedures to manage our exposure to fluctuations in the value of foreign currencies and interest rates using a variety of...

  • Page 60
    ... Balance Sheet ...Consolidated Statement of Income ...Consolidated Statement of Stockholders' Equity ...Consolidated Statement of Cash Flows ...Notes to Consolidated Financial Statements ...Schedule II - Valuation and Qualifying Accounts ...Report of Independent Registered Public Accounting...

  • Page 61
    INGRAM MICRO INC. CONSOLIDATED BALANCE SHEET Fiscal Year End 2006 2005 (Dollars in 000s, except share data) ASSETS Current assets: Cash and cash equivalents ...$ 333,339 Trade accounts receivable (less allowances of $78,296 and $81,831) ...3,316,723 Inventories ...2,682,558 Other current assets ......

  • Page 62
    INGRAM MICRO INC. CONSOLIDATED STATEMENT OF INCOME Fiscal Year 2006 2005 2004 (Dollars in 000s, except per share data) Net sales...$31,357,477 Cost of sales ...29,672,192 Gross profit ...Operating expenses: Selling, general and administrative ...Reorganization costs (credits) ...Income from ...

  • Page 63
    INGRAM MICRO INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY Common Stock Class A Additional Paid-in Capital Accumulated Other Comprehensive Retained Income (Loss) Earnings (Dollars in 000s) Unearned Compensation Total January 3, 2004 ...Stock options exercised ...Income tax benefit from ...

  • Page 64
    INGRAM MICRO INC. CONSOLIDATED STATEMENT OF CASH FLOWS 2006 Fiscal Year 2005 (Dollars in 000s) 2004 Cash flows from operating activities: Net income ...Adjustments to reconcile net income to cash provided (used) by operating activities: Depreciation and amortization ...Stock-based compensation ...

  • Page 65
    ...net impact on gross margin from estimated sales returns is included in allowances against trade accounts receivable in the consolidated balance sheet. The Company also has limited contractual relationships with certain of its customers and suppliers whereby the Company assumes an agency relationship...

  • Page 66
    ... 10% or more of the Company's net sales in each of the last three years. Warranties The Company's suppliers generally warrant the products distributed by the Company and allow returns of defective products, including those that have been returned to the Company by its customers. The Company does not...

  • Page 67
    ... should be reviewed at least annually thereafter. In the fourth quarters of 2006, 2005 and 2004, the Company performed its annual impairment tests of goodwill in North America, Europe and Asia-Pacific. The valuation methodologies included, but were not limited to, estimated net present value of the...

  • Page 68
    ... with similar remaining maturities based on quoted market prices. Changes in the fair value of derivatives not designated as hedges are recorded in current earnings. The notional amount of forward exchange contracts is the amount of foreign currency bought or sold at maturity. The notional amount of...

  • Page 69
    ... 1, 2006, the Company adopted the fair value recognition provisions of Statement of Financial Accounting Standards No. 123 (revised 2004), "Share-Based Payment" ("FAS 123R"). FAS 123R addresses the accounting for stock-based payment transactions in which an enterprise receives employee services in...

  • Page 70
    ... services, customer service, vendor management and certain U.S. positions in technical support and inside sales (excluding field sales and management positions) - to a leading global business process outsource provider. As part of the plan, the Company also restructured and consolidated other job...

  • Page 71
    ..., distribution centers, returns processing centers and configuration centers throughout North America, consolidation and/or exit of warehouse and office facilities in Europe, Latin America and Asia-Pacific, and other costs primarily comprised of contract termination expenses associated with...

  • Page 72
    ... reduction in Asia-Pacific and net credit adjustments of $3,212 related to detailed actions taken in previous periods. Note 4 - Acquisitions In June 2006, the Company acquired the assets of SymTech Nordic AS, the leading Nordic distributor of automatic identification and data capture and point...

  • Page 73
    .... In July 2004, the Company acquired substantially all of the assets and assumed certain liabilities of Nimax, a privately-held distributor of automatic identification and data capture and point-of-sale solutions in the U.S. The purchase price, consisting of cash payments of $9,749, was allocated...

  • Page 74
    ...503, $1,552 and $5,015 for the fiscal years 2006, 2005 and 2004, respectively, related to the sale of trade accounts receivable under these facilities, or off-balance sheet debt, are included in other expense (income) in the Company's consolidated statement of income. Note 6 - Property and Equipment...

  • Page 75
    INGRAM MICRO INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Note 7 - Long-Term Debt The Company's debt consists of the following: Fiscal Year End 2006 2005 North American revolving trade accounts receivable-backed financing facilities ...Asia-Pacific revolving trade accounts ...

  • Page 76
    ... and trade accounts receivable portfolio performance covenants, including metrics related to receivables and payables. The Company is also restricted in the amount of additional indebtedness it can incur, dividends it can pay, as well as the amount of common stock that it can repurchase annually. At...

  • Page 77
    INGRAM MICRO INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Note 8 - Income Taxes The components of income before income taxes consist of the following: 2006 Fiscal Year 2005 2004 United States ...$133,399 Foreign ...233,934 Total ...$367,333 The provision for (benefit from) income ...

  • Page 78
    ...1999. The Softbank common stock was sold in the public market by certain of our foreign subsidiaries, which are located in a low-tax jurisdiction. At the time of sale, the Company concluded that U.S. taxes were not currently payable on the gains based on its internal assessment and opinions received...

  • Page 79
    ... owned by the former owners of AVAD, who are now employed with Ingram Micro. These include agreements with two of the representative companies to sell products on the Company's behalf for a commission. In fiscal 2006 and 2005, total sales generated by these companies were approximately $11,100...

  • Page 80
    ...leading global business process outsource service provider. The services to be provided include selected North America positions in finance and shared services, customer service, vendor management and selected U.S. positions in technical support and inside sales (excluding field sales and management...

  • Page 81
    ... units; therefore, the Company is reporting this as a separate amount. Geographic areas in which the Company operated during 2006 include North America (United States and Canada), Europe (Austria, Belgium, Denmark, Finland, France, Germany, Hungary, Italy, The Netherlands, Norway, Spain, Sweden...

  • Page 82
    INGRAM MICRO INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Financial information by geographic segments is as follows: 2006 For the Fiscal Year Ended 2005 2004 Net sales North America Sales to unaffiliated customers ...Intergeographic sales ...Europe ...Asia-Pacific ...Latin America...

  • Page 83
    ... - $16,933 6,002 $22,935 $ $ - - - Effective January 1, 2006, the Company adopted the fair value recognition provisions of FAS 123R, which addresses the accounting for stock-based payment transactions in which an enterprise receives employee services in exchange for (a) equity instruments of the...

  • Page 84
    ... the most recent period commensurate with the estimated expected life of the Company's stock options. The expected life of an award is based on historical experience and the terms and conditions of the stock awards granted to employees. The fair value of options granted in the year ended December 30...

  • Page 85
    ... in January 2006, the Company reduced the level of grants of stock options compared to previous years and now grants restricted stock and restricted stock units, in addition to stock options, to key employees and members of the Company's Board of Directors. Options granted generally vest over...

  • Page 86
    .... Total fair value of stock options vested and expensed was $20,526 for the year ended December 30, 2006. As of December 30, 2006, the Company expects $20,155 of total unrecognized compensation cost related to stock options to be recognized over a weighted-average period of 1.2 years. Cash received...

  • Page 87
    ... The Company's employee benefit plans permit eligible employees to make contributions up to certain limits, which are matched by the Company at stipulated percentages. The Company's contributions charged to expense were $3,365 in 2006, $3,498 in 2005, and $4,476 in 2004. Note 13 - Common Stock The...

  • Page 88
    INGRAM MICRO INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) There were no issued and outstanding shares of Class B Common Stock during the three-year period ended December 30, 2006. The detail of changes in the number of issued and outstanding shares of Class A Common Stock for the ...

  • Page 89
    INGRAM MICRO INC. SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Description Balance at Beginning of Year Charged to Costs and Expenses Deductions (Dollars in 000s) Other(*) Balance at End of Year Allowance for doubtful accounts receivable and sales returns: 2006 ...2005 ...2004 ... $81,831 93,465...

  • Page 90
    ... Inc.: We have completed integrated audits of Ingram Micro Inc.'s consolidated financial statements and of its internal control over financial reporting as of December 30, 2006, in accordance with the standards of the Public Company Accounting Oversight Board (United States). Our opinions, based...

  • Page 91
    ...or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any...

  • Page 92
    ... our internal control over financial reporting was effective as of December 30, 2006. Our management's assessment of the effectiveness of our internal control over financial reporting as of December 30, 2006 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting...

  • Page 93
    ... Valuation and Qualifying Accounts" of this Annual Report under "Item 8. Financial Statements and Supplemental Data." (a)3. 3.1 3.2 List of Exhibits Exhibit Exhibit No. Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.01 to the Company's Registration Statement on...

  • Page 94
    ...the Company's Current Report on Form 8-K on March 6, 2006) Summary of Annual Executive Incentive Award Program Amended and Restated German Master Receivables Transfer and Servicing Agreement between BNP Paribas Bank N.V. as Transferee and Ingram Micro Distribution GMBH as Originator and Ingram Micro...

  • Page 95
    ... Center B.V.B.A. and Ingram Micro Europe Treasury LLC, Bank of Nova Scotia, as administrative agent, ABN AMRO Bank N.V., as syndication agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on August 2, 2005) Ingram Micro Code...

  • Page 96
    ... for time-vested awards (Non-EU countries) (incorporated by reference to Exhibit 99.3 to the 1/3/07 8-K) Compensation Agreement - Form of Restricted Stock Award Agreement for time-vested awards (EU countries) (incorporated by reference to Exhibit 99.4 to the 1/3/07 8-K) Compensation Agreement - Form...

  • Page 97
    ... AUTHORIZED. INGRAM MICRO INC. By: /s/ Larry C. Boyd Larry C. Boyd Senior Vice President, Secretary and General Counsel February 26, 2007 PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THIS REPORT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS ON BEHALF OF THE REGISTRANT AND...

  • Page 98
    SIGNATURE TITLE DATE /s/ Linda Fayne Levinson Linda Fayne Levinson /s/ Gerhard Schulmeyer Gerhard Schulmeyer /s/ Michael T. Smith Michael T. Smith /s/ Joe B. Wyatt Joe B. Wyatt Director February 26, 2007 Director February 26, 2007 Director February 26, 2007 Director February 26, 2007 74

  • Page 99
    ... internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons...

  • Page 100
    ... internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons...

  • Page 101
    ... of Title 18 of the United States Code. In my capacity as chief executive officer of Ingram Micro Inc., I hereby certify that, to the best of my knowledge, Ingram Micro Inc.'s annual report on Form 10-K for the fiscal year ended December 30, 2006 as filed with the Securities and Exchange Commission...

  • Page 102
    ... of Title 18 of the United States Code. In my capacity as chief financial officer of Ingram Micro Inc., I hereby certify that, to the best of my knowledge, Ingram Micro Inc.'s annual report on Form 10-K for the fiscal year ended December 30, 2006 as filed with the Securities and Exchange Commission...

  • Page 103
    ...20.41 on the last trading day of our 2006 fiscal year (December 29, 2006) and $19.41 on April 11, 2007, the record date of the annual meeting. The historical price performance of our common stock is not an indication of its future performance. 225 INGRAM MICRO INC. 200 SIC CODE INDEX 175 NYSE MARKET...

  • Page 104
    ... INGRAM MICRO 2006 ANNUAL REPORT RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Dollars in 000s, except per share data) 2006 Income from operations (GAAP) ...$ Reorganization costs ...Other major-program costs included in: Selling, general and administrative expenses ...Cost of sales ...Non...

  • Page 105
    ... Vice President, Human Resources Ria M. Carlson Corporate Vice President, Strategy and Communications James F. Ricketts Corporate Vice President and Treasurer Corporate Offices Ingram Micro Inc. 1600 E. St. Andrew Place Santa Ana, CA 92705 Phone: 714.566.1000 Annual Meeting The 2007 Annual Meeting...

  • Page 106
    © 2007 Ingram Micro Inc. All rights reserved. Ingram Micro and the Ingram Micro logo are trademarks used under license by Ingram Micro Inc. All other trademarks are the property of their respective companies.