Ingram Micro 2008 Annual Report Download - page 45

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Quarterly Data; Seasonality
Our quarterly operating results have fluctuated significantly in the past and will likely continue to do so in the
future as a result of various factors as more fully described in Item 1A. “Risk Factors.”
The following table sets forth certain unaudited quarterly historical financial data for each of the eight quarters
in the two years ended January 3, 2009. 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 consol-
idated 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
(Loss)
From
Operations
Income
(Loss)
Before
Income
Taxes
Net
Income
(Loss)
Diluted
Earnings
(Loss)
Per
Share
($ in millions, except per share data)
Fiscal Year Ended January 3, 2009(1)
Thirteen Weeks Ended:(2)(3)
March 29, 2008 ................ $ 8,577.3 $485.5 $ 99.3 $ 86.6 $ 64.1 $ 0.37
June 28, 2008 ................. 8,816.6 487.4 93.2 82.5 58.9 0.35
September 27, 2008 ............. 8,283.7 452.9 72.5 60.3 46.4 0.28
January 3, 2009 ................ 8,684.5 514.3 (597.1) (611.5) (564.3) (3.48)
Fiscal Year Ended December 29, 2007
Thirteen Weeks Ended:(3)(4)
March 31, 2007 ................ $ 8,245.7 $408.8 $ 73.7 $ 58.3 $ 37.0 $ 0.21
June 30, 2007 ................. 8,186.1 442.8 85.7 70.5 52.4 0.30
September 29, 2007 ............. 8,607.9 474.9 111.0 98.5 72.4 0.41
December 29, 2007 ............. 10,007.4 582.8 176.0 157.9 114.1 0.64
(1) Fiscal 2008 is a 53-week year making the quarter ended January 3, 2009 a 14-week period.
(2) Includes the pre-tax impact of charges related to reorganization costs and expense-reduction program costs as
follows: second quarter, $7.7 million; third quarter; $4.1 million; and fourth quarter, $6.8 million. The fourth
quarter also includes a pre-tax charge of $742.6 for the impairment of goodwill and $8.2 million partial release
of the reserve for Brazilian commercial taxes related to a period which has expired under the statute of
limitations, recorded as a reduction of cost of sales.
(3) Diluted earnings (loss) per share is calculated independently each quarter and for the full year based upon their
respective weighted average shares outstanding. Therefore, the sum of the quarterly earnings (loss) per share
may not equal the annual earnings (loss) per share reported.
(4) Includes the pre-tax impact of the following: first quarter, $33.8 million reserve for commercial taxes in Brazil,
recorded in cost of sales; second quarter, $15.0 million reserve for estimated losses associated with the SEC
matter regarding certain transactions with McAfee, Inc. (formerly NAI) from 1998 through 2000, recorded as a
charge to SG&A expense; and fourth quarter, $3.6 million partial release of the reserve for Brazilian
commercial taxes related to a period which has expired under the statute of limitations, recorded as a reduction
of cost of sales, and a $2.9 million gain on the sale of our Asian semiconductor business, recorded as a reduction
of SG&A expense.
Liquidity and Capital Resources
Cash Flows
We have financed working capital needs and investments in the business largely through net income before
noncash items, available cash, borrowings under various revolving accounts receivable-backed financing programs,
35