Avnet 2002 Annual Report Download - page 84

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AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
(Millions, except per share amounts)
2001
Sales ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $3,188.6 $3,630.5 $3,457.2 $2,537.7 $12,814.0
Gross proÑt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 487.6 542.8 522.8 312.3 (c) 1,865.5 (c)
Income (loss) from continuing operations 82.4 81.9 66.8 (231.0)(c) 0.1 (c)
Net income (loss) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 85.1 99.6 66.8 (236.1)(c) 15.4 (c)
Diluted earnings (loss) per share:
From continuing operations ÏÏÏÏÏÏÏÏÏÏÏ 0.68 0.69 0.56 (1.96)(c) Ì (c)
Net earnings (loss) per shareÏÏÏÏÏÏÏÏÏÏ 0.70 0.83 0.56 (2.01)(c) 0.13 (c)
(a) As discussed in Note 6, the Company adopted SFAS 142 on the Ñrst day of 2002 and recorded a
$580.5 million transition impairment charge as a cumulative eÅect of change in accounting principle as of
that date. The transition impairment charge was Ñrst reported by the Company in the second quarter of
2002. However, in accordance with the provisions of SFAS 142, the charge has been properly reÖected in
the Ñrst quarter in the table above.
(b) Includes the impact of incremental special charges associated with the write-down in value of certain
assets acquired in the Kent acquisition and certain other charges taken in response to current business
conditions. The charge amounted to $79.6 million pre-tax ($21.6 million included in cost of sales and
$58.0 million included in operating expenses) and $62.1 million after-tax, or $0.52 per share on a diluted
basis for the fourth quarter and year ended June 28, 2002.
(c) Includes the impact of incremental special charges associated with the acquisition and integration of Kent
and for costs related to actions taken in response to business conditions and other restructuring activity.
The charge amounted to $327.5 million pre-tax ($80.6 million included in cost of sales and $246.9 million
included in operating expenses) and $236.7 million after-tax, or $2.01 per share on a diluted basis for the
fourth quarter ($1.99 per share for the year).
73