Avnet 2001 Annual Report Download - page 42

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Avnet, Inc. and Subsidiaries
Consolidated Statements of Income
June 29, June 30, July 2,
Years Ended 2001 2000 1999
(In thousands, except per share amounts)
Sales $12,814,010 $9,915,042 $6,805,736
Cost of sales (Note 17) 10,948,484 8,470,257 5,757,709
Gross profit 1,865,526 1,444,785 1,048,027
Selling, shipping, general and administrative expenses (Note 17) 1,611,874 1,076,793 865,577
Operating income 253,652 367,992 182,450
Other income, net 25,495 10,452 13,002
Interest expense (191,895) (94,798) (62,591)
Gain on dispositions of businesses (Note 17) — — 252,279
Income from continuing operations before income taxes 87,252 283,646 385,140
Income taxes (Note 9) 87,155 121,082 204,818
Net income from continuing operations 97 162,564 180,322
Income (loss) from discontinued operations, net of income taxes
of $1,611, $100 and ($3,872), respectively (Note 2) 2,416 828 (5,683)
Gain on disposal of discontinued operations,
net of income taxes of $8,611 12,889 — —
Net income $ 15,402 $ 163,392 $ 174,639
Earnings per share from continuing operations (Note 14):
Basic $ — $ 1.52 $ 1.89
Diluted $ — $ 1.50 $ 1.86
Net earnings per share (Note 14):
Basic $ .13 $ 1.53 $ 1.83
Diluted $ .13 $ 1.51 $ 1.80
Shares used to compute earnings per share (Note 14):
Basic 117,263 106,627 95,266
Diluted 118,815 108,257 99,916
See notes to consolidated financial statements
40