Avnet 2000 Annual Report Download - page 24

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AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Years ended June 30, 2000, July 2, 1999 and June 26, 1998
(In thousands, except per share amounts)
Additional Cumulative Total
Common Paid-in Retained Translation Valuation Treasury Shareholders’
Stock Capital Earnings Adjustments Adjustments Stock Equity
Balance, June 27, 1997 $ 44,032 $ 425,180 $ 1,215,550 $ (24,767) $ — $ (157,803) $ 1,502,192
Net income 151,424 151,424
Translation adjustments (17,037) (17,037)
Comprehensive income 134,387
Dividends, $0.30 per share (23,986) (23,986)
Repurchase of stock (302,606) (302,606)
Other, net, principally
stock option and
incentive programs 303 9,515 (3,910) 5,908
Balance, June 26, 1998 44,335 434,695 1,342,988 (41,804) — (464,319) 1,315,895
Net income 174,457 174,457
Translation adjustments (4,237) (4,237)
Comprehensive income 170,220
Dividends, $0.30 per share (21,088) (21,088)
Repurchase of stock (70,147) (70,147)
Other, net, principally
stock option and
incentive programs 81 1,235 1,412 2,728
Balance, July 2, 1999 44,416 435,930 1,496,357 (46,041) — (533,054) 1,397,608
Net income 145,141 145,141
Translation adjustments ( 8,541) (8,541)
Valuation adjustments
(net of tax of $1,562) 2,293 2,293
Comprehensive income 138,893
Dividends, $0.30 per share (24,806) (24,806)
Acquisitions of operations (117,256) 469,133 351,877
Two-for-one stock
split (Note 1) 45,378 (45,378)
Other, net, principally
stock option and
incentive programs 963 36,308 1,128 38,399
Balance, June 30, 2000 $ 90,757 $ 309,604 $ 1,616,692 $ (54,582) $ 2,293 $ (62,793) $ 1,901,971
See notes to consolidated financial statements
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years Ended
June 30, July 2, June 26,
2000 1999 1998
Cash flows from operating activities:
Net income $ 145,141 $ 174,457 $ 151,424
Non-cash and other reconciling items:
Depreciation and amortization 75,561 52,275 50,542
Deferred taxes (Note 7) 422 (32,294) (1,721)
Other, net (Note 12) 42,140 24,922 42,936
Pre-tax gain on dispositions of businesses (Notes 2 and 14) — (209,547) (33,795)
263,264 9,813 209,386
Changes in (net of effects from businesses acquired):
Receivables (403,189) (64,447) (113,745)
Inventories (514,400) 19,383 (94,300)
Payables, accruals and other, net 158,416 107,195 4,717
Net cash flows (used for) provided from operating activities (495,909) 71,954 6,058
Cash flows from financing activities:
Repurchase of common stock — (70,147) (308,218)
Issuance of notes in public offering, net 358,326 198,305 —
Issuance (repayment) of commercial paper and bank debt, net 720,709 (209,773) 298,749
(Payment of) proceeds from other debt (138) (128) 604
Cash dividends (Note 12) (18,180) (26,735) (24,548)
Other, net 24,439 603 3,973
Net cash flows provided from (used for) financing activities 1,085,156 (107,875) (29,440)
Cash flows from investing activities:
Purchases of property, plant and equipment (86,927) (73,016) (38,437)
(Acquisition) disposition of operations, net (Notes 2 and 14) (603,143) 338,584 86,853
Investments in non-consolidated entities (42,972) — —
Net cash flows (used for) provided from investing activities (733,042) 265,568 48,416
Effect of exchange rate changes on cash and cash equivalents (995) (272) (1,739)
Cash and cash equivalents:
- (decrease) increase (144,790) 229,375 23,295
- at beginning of year 311,982 82,607 59,312
- at end of year $ 167,192 $ 311,982 $ 82,607
Additional cash flow information (Note 12)
See notes to consolidated financial statements