Avnet 2000 Annual Report Download - page 33

Diversity Statement:
Avnet is committed to building a high-performance work envi-
ronment in which individual differences are respected and val-
ued, opening the way for more participation and greater career
success for all employees.
Avnet is also an equal opportunity employer providing affirma-
tive action programs for the full and effective utilization of qual-
ified persons regardless of race, religion, color, age, gender,
sexual orientation or national origin. We additionally support
programs for the employment and advancement of qualified dis-
abled veterans and Vietnam-era veterans.
Safe Harbor Statement:
“Safe Harbor” statement under the Private Securities
Litigation Reform Act of 1995: Any statements made in this
Report which are not historical facts are forward-looking state-
ments that involve risks and uncertainties. Among the factors
which could cause actual results to differ materially are (i)
major changes in business conditions and the economy in gen-
eral, (ii) risks associated with foreign operations, such as cur-
rency fluctuations, (iii) allocations of products by suppliers, and
(iv) changes in market demand and pricing pressure.
Form 10-K:
A copy of the Company’s annual report on Form
10-K, filed in September 2000 with the Securities and
Exchange Commission, may be obtained by writing to
Lillie Scarna, Investor Relations Coordinator, at the
executive offices address.
Auditors:
Arthur Andersen LLP, Phoenix, Arizona
Transfer Agent:
Wells Fargo Bank Minnesota, N.A.
Shareowner Services
P.O. Box 64854
St. Paul Minnesota 55164-0854.
Telephone: [phone]
e-mail: stocktransfer@ wellsfargo.com.
website: www.wellsfargo.com/ business-stocktransfer
Hearing impaired shareholders with access to
telecommunications device (TDD) can communicate
directly with Wells Fargo Bank. The TDD number is:
[phone].
Executive Offices:
Avnet, Inc.
2211 S. 47th St.
Phoenix, AZ 85034
[phone]
Investor Relations Department:
Telephone: [phone]
Fax: [phone]
John J. Hovis, SVP Director of Investor Relations,
e-mail: john.hovis@ avnet.com
Lillie Scarna, Investor Relations Coordinator
lillie.scarna@ avnet.com
Internet:
Avnet’s annual report, Quarterly Fact Sheet, upcom-
ing analyst meetings/ teleconferences and other
investor relations information are also available on
the World Wide Web at: http:/ / www.avnet.com
Annual Meeting:
The annual meeting of shareholders will be held at
the Marriott New York Financial Center, 85 West
Street, New York, NY, on November 20, 2000 at 9:30
AM (Eastern Standard Time). A formal notice of the
meeting, together with a proxy statement, will be
mailed to each shareholder.
*Dividends Declared:
Cash Dividends on the Company’s common stock
were 7.5 cents per share during each quarter of fiscal
years 2000 and 1999.
*Price Range of Common Stock:
The Company’s common stock is listed on the New
York Stock Exchange (trading symbol: AVT). The
high and low prices during each quarter of fiscal
years 2000 and 1999 were as follows:
QTR. HIGH LOW HIGH LOW
Fourth $ 40.56 $ 28.00 $ 25.50 $ 17.00
Third 36.75 25.00 30.47 17.81
Second 30.25 18.66 30.31 17.47
First 26.22 20.53 29.25 17.63
2000 1999
* The market prices and dividends per share indicated above
have been adjusted to reflect a two-for-one stock split distrib-
uted on September 28, 2000 to shareholders of record on
September 18, 2000. See Note 1 to consolidated financial
statements.
SHAREHOLDERS’ INFORMATION
© Copyright 2000 Avnet, Inc. All rights reserved.
Agency: Park & Co. Phoenix, AZ
Design: L3 Creative, Phoenix, AZ
Illustrations: Bob Case
Printing: Prisma Graphics, Phoenix, AZ
AVNET, the AV logo and AVNET FASTRAC are trademarks of Avnet, Inc.
All other trademarks are the properties of their respective owners.
62
REPORT OF INDEPENDENT
PUBLIC ACCOUNTANTS
To Avnet, Inc.:
We have audited the accompanying consolidated balance sheets of Avnet,
Inc. (a New York corporation) and Subsidiaries as of June 30, 2000 and July
2, 1999 and the related consolidated statements of income, shareholders’
equity and cash flows for each of the three years in the period ended June
30, 2000. These financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the finan-
cial statements are free of material misstatement. An audit includes exam-
ining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Avnet, Inc. and Subsidiaries as
of June 30, 2000 and July 2, 1999, and the results of their operations and
their cash flows for each of the three years in the period ended June 30,
2000 in conformity with accounting principles generally accepted in the
United States.
s/ ARTHUR ANDERSEN LLP
Phoenix, Arizona
August 7, 2000 (except with respect to the
stock split discussed in Note 1, as to which
the date is September 18, 2000)
The consolidated financial statements of Avnet, Inc. and Subsidiaries have
been prepared under the direction of management in conformity with gen-
erally accepted accounting principles and include certain amounts based
upon our best estimates and use of judgement. The financial information
contained in this Report has also been prepared by management which is
responsible for its accuracy and consistency with the financial statements.
To meet management’s responsibility for financial reporting, we have estab-
lished a system of internal controls designed to provide reasonable assur-
ance as to the integrity and reliability of financial reporting, and to ensure
that assets are properly accounted for and safeguarded. The concept of
reasonable assurance is based on the recognition that there are inherent
limitations in all systems of internal control, and the cost of maintaining
such systems should not exceed the benefits to be received. The Company
has a professional staff of internal auditors whose responsibility, among
other things, is to review these systems and controls, and monitor compli-
ance therewith. The Company’s independent accountants are engaged to
express an opinion on the year-end financial statements based on an audit
in accordance with generally accepted auditing standards, including a
review of the internal control structure and test of accounting procedures
and records.
The Audit Committee of the Board of Directors is comprised solely of out-
side directors, and is charged with reviewing the status of the annual audit
prior to its completion and determining the nature and extent of the
issues, if any, warranting consideration by the full Board, reviewing dis-
agreements, if any, that have not been resolved to the satisfaction of both
management and the independent accountants, evaluating the adequacy
and effectiveness of Avnet’s internal controls and reporting to the full
Board with respect thereto. The Audit Committee meets periodically with
the independent accountants, with our internal auditors, and with man-
agement to review accounting, auditing, internal control structure and
financial reporting matters.
Roy Vallee
Chairman and Chief Executive Officer
Raymond Sadowski
Sr. Vice President and CFO
MANAGEMENT’S RESPONSIBILITY
FOR FINANCIAL REPORTING