Avnet 2002 Annual Report Download - page 25

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Item 6. Selected Financial Data*
Years Ended
June 28, June 29, June 30, July 2, June 26,
2002 2001 2000 1999 1998
(Millions, except for per share and ratio data)
Income:
Sales ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $8,920.2 $12,814.0 $9,915.0 $6,805.7 $6,334.6
Gross proÑt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,222.8 (e) 1,865.5(d) 1,444.8(c) 1,048.0(b) 1,081.1(a)
Operating income (loss) ÏÏÏÏÏÏÏ (3.0)(e) 253.7(d) 368.0(c) 182.5(b) 293.5(a)
Income tax provision (beneÑt)ÏÏ (36.4)(e) 87.2(d) 121.1(c) 204.8(b) 125.6(a)
Earnings (loss)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (84.4)(e)(f) 0.1(d) 162.6(c) 180.3(b) 165.9(a)
Financial Position:
Working capital ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,928.7 1,177.4 2,368.7 1,977.0 1,899.1
Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4,682.0 5,864.1 5,934.4 3,563.4 3,308.6
Total debt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,625.1 2,221.6 2,153.9 998.5 1,017.9
Shareholders' equityÏÏÏÏÏÏÏÏÏÏÏ 1,804.5 2,374.6 2,246.7 1,718.8 1,628.5
Per Share(g):
Basic earnings (loss) ÏÏÏÏÏÏÏÏÏÏ (0.71)(e)(f) Ì(d) 1.52(c) 1.89(b) 1.63(a)
Diluted earnings (loss) ÏÏÏÏÏÏÏÏ (0.71)(e)(f) Ì(d) 1.50(c) 1.86(b) 1.59(a)
Dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.15 0.30 0.30 0.30 0.30
Book value ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 15.11 20.15 19.88 18.15 16.86
Ratios:
Operating income (loss) margin
on sales ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì% (e) 2.0%(d) 3.7%(c) 2.7%(b) 4.6%(a)
ProÑt (loss) margin on sales ÏÏÏ (0.9)%(e)(f) Ì%(d) 1.6%(c) 2.6%(b) 2.6%(a)
Return on equity ÏÏÏÏÏÏÏÏÏÏÏÏÏ (4.1)%(e)(f) Ì%(d) 8.1%(c) 11.0%(b) 9.5%(a)
Return on capital ÏÏÏÏÏÏÏÏÏÏÏÏÏ (0.2)%(e)(f) 2.2%(d) 6.1%(c) 8.1%(b) 7.7%(a)
QuickÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.2:1 0.7:1 1.1:1 1.8:1 1.9:1
Working capital ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2.5:1 1.5:1 2.2:1 3.3:1 3.9:1
Total debt to capital ÏÏÏÏÏÏÏÏÏÏ 47.4% 48.3% 48.9% 36.8% 38.5%
* Income amounts are from continuing operations and net assets from discontinued operations have been
classiÑed as current assets. All amounts prior to 2002 have been restated for the acquisition of Kent,
which has been accounted for using the ""pooling-of-interests'' method.
(a) Includes the net negative impact of $14.9 pre-tax and $12.5 after-tax ($0.12 per share on a diluted basis)
for (i) the gain on the sale of Channel Master of $33.8 pre-tax and $17.2 after-tax, (ii) costs relating to
the divestiture of Avnet Industrial, the closure of the Company's corporate headquarters in Great Neck,
New York, and the anticipated loss on the sale of Company-owned real estate, amounting to $13.3 pre-
tax and $8.5 after-tax, and (iii) incremental special charges associated with the reorganization of EM,
amounting to $35.4 pre-tax and $21.2 after-tax.
(b) Includes the net gain on exiting the printed catalog business recorded in the fourth quarter of 1999 oÅset
by special charges recorded in the Ñrst quarter associated with the reorganization of EM. The net positive
eÅect on 1999 operating income, net income and diluted earnings per share were $183.0, $64.0 and $0.64,
respectively.
(c) Includes special charges associated with: (i) the integration of Marshall Industries, Eurotronics B.V. and
the SEI Macro Group into EM, (ii) the integration of JBA Computer Solutions into CM North
America, (iii) the reorganization of EM Asia, (iv) the reorganization of EM's European operations
including costs related to the consolidation of EM's European warehousing operations and (v) costs
14