Ingram Micro 2006 Annual Report Download - page 52

The following table sets forth certain unaudited quarterly historical financial data for each of the eight quarters
in the two years ended December 30, 2006. This unaudited quarterly information has been prepared on the same
basis as the annual information presented elsewhere herein and, in our opinion, includes all adjustments necessary
for a fair statement of the selected quarterly information. This information should be read in conjunction with the
consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. The
operating results for any quarter shown are not necessarily indicative of results for any future period.
Net
Sales
Gross
Profit
Income
From
Operations
Income
Before
Income
Taxes
Net
Income
Diluted
Earnings
per
Share
(In millions, except per share data)
Fiscal Year Ended December 30, 2006
Thirteen Weeks Ended:
April 1, 2006 .................... $7,598.8 $405.5 $ 98.9 $ 85.7 $61.7 $0.36
July 1, 2006 ..................... 7,395.6 391.7 88.0 74.7 53.8 0.32
September 30, 2006 ............... 7,510.3 405.7 93.8 81.3 58.5 0.34
December 30, 2006 ................ 8,852.8 482.4 141.7 125.6 91.8 0.53
Fiscal Year Ended December 31, 2005
Thirteen Weeks Ended:(1)
April 2, 2005 .................... $7,052.0 $379.5 $ 76.2 $ 61.5 $42.4 $0.26
July 2, 2005 ..................... 6,840.5 367.5 71.3 57.2 41.7 0.26
October 1, 2005 .................. 6,959.3 381.8 82.9 62.3 48.4 0.29
December 31, 2005 ................ 7,956.5 446.2 131.7 120.9 84.4 0.51
(1) Includes impact of charges related to reorganization costs and other major-program costs as follows (pre-tax):
first quarter, $9.8 million; second quarter, $14.0 million; third quarter, $7.2 million; fourth quarter, $8.2 million.
The second quarter also includes the reversal of Softbank deferred tax liability of $2.2 million. The third quarter
also includes a loss on the redemption of senior subordinated notes of $8.4 million.
Liquidity and Capital Resources
Cash Flows
We have financed our growth and cash needs largely through 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 and January 1, 2005.
Our cash and cash equivalents totaled $333.3 million and $324.5 million at December 30, 2006 and
December 31, 2005, respectively.
Operating activities provided net cash of $50.7 million, $8.2 million, and $360.9 million in 2006, 2005 and
2004, respectively. The net cash provided by operating activities in 2006 principally reflects net income before
noncash charges, partially offset by a net increase in working capital. The increase in working capital largely
reflects the higher volume of business. The net cash provided by operating activities in 2005 principally reflects our
net income before noncash charges and reduction of other current assets, partially offset by a decrease in accrued
expenses and an increase in our working capital. The reduction of other current assets and accrued expenses
primarily relates to the settlement of a currency interest-rate swap and related collateral deposits. The increase in
working capital largely reflects the growth of our business in 2005 and a decrease in days of accounts payable
outstanding at the end of 2005 compared to the end of 2004. The net cash provided by operating activities in 2004
was primarily due to net income before noncash charges and a net decrease in working capital, which reflects our
continued focus on working capital management.
28