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annual report2003

Table of contents

  • Page 1
    annual report 2003

  • Page 2
    ... to target markets and offering innovative services that accelerate their growth. We are 'Enabling Success at the Center of Technology.' Phoenix, Arizona-based Avnet, Inc., a Fortune 500 company, is one of the world's largest distributors of semiconductors, embedded systems, computer products, and...

  • Page 3
    ... the earnings and expenses set forth above in this report on the inside back cover and on page 24 in the Form 10-K. Celebrating industry leadership and more than 40 years on the New York Stock Exchange, Avnet Chairman and CEO Roy Vallee rang the closing bell December 17, 2002. 1 annual report2003

  • Page 4
    ... software vendors and system builders. Through engineering assistance, financing, distribution, supply chain management and end product integration and support, Avnet Applied Computing markets and adds value to embedded technology subsystems, including computer platforms and servers, boards...

  • Page 5
    ...in FY '03, while sales in our subsystem business, Avnet Applied Computing, were down slightly. Although revenue at the largest of our operating groups, Avnet Electronics Marketing, grew only slightly, it achieved profitability in the Americas, Asia, and Europe, the Middle East and Africa (EMEA). The...

  • Page 6
    ... server, storage and communications solutions featuring HP, IBM and Cisco Systems products and services. At Avnet Applied Computing, we continued to focus on embedded systems sales to original equipment manufacturers while reducing our presence in the highly competitive, lower-margin system builder...

  • Page 7
    ... sales and marketing divisions focused on specific market segments. Rick Hamada, formerly president of Avnet Computer Marketing, leads the combined operating group, now called Avnet Technology Solutions, as its global president. 5 annual report2003 Asia Expanding, EMEA Stable, Americas Challenged...

  • Page 8
    6 annual report2003 Avnet Computer Marketing opened a fully automated European Solutions Center in Tongeren, Belgium, its first in the EMEA region. The center offers basic logistics and more complex value-added services such as vendor authorized assembly, system configuration and support, software ...

  • Page 9
    ...the Company approximately $2 million per year. • An exceptional Avnet Computer Marketing customer relationship management system, recognized by CRM magazine and Aberdeen Group, that improves sales and customer satisfaction. • A new design-win tracking system for Avnet Electronics Marketing that...

  • Page 10
    ... approximately $3.1 trillion in calendar 2002, accounting for 8 to 9 percent of the global gross domestic product and rising. Avnet stands at the center of the technology supply chain serving component, subsystem and system manufacturers with valued services that create a balanced revenue portfolio...

  • Page 11
    ... South 47th Street, Phoenix, Arizona (Address of principal executive oÇces) 85034 (Zip Code) Registrant's telephone number, including area code (480) 643-2000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock...

  • Page 12
    ... Executive OÇcers Executive Compensation Security Ownership of Certain BeneÃ'cial Owners and Management Certain Relationships and Related Transactions Principal Accountant Fees and Services PART IV Exhibits, Financial Statement Schedules and Reports on Form 8-K 2 3 10 10 11 12 13 15 31 32...

  • Page 13
    ... entry of new competitors or otherwise. ‚ General economic or business conditions, domestic and foreign, may be less favorable than management expected, resulting in lower sales and declining operating results which can, in turn, impact the Company's credit ratings, debt covenant compliance and...

  • Page 14
    ... system integration and conÃ'guration, and supply chain advisory services. Organizational Structure As of the end of 2003, the Company was comprised of three global operating groups: Electronics Marketing (""EM''), Computer Marketing (""CM'') and Applied Computing (""AC''). Under the operating group...

  • Page 15
    ...Avnet's largest operating group, with sales in 2003 of $4.99 billion, representing 55.1% of Avnet's consolidated sales. EM is comprised of three regional operations: EM Americas, which had sales of $2.38 billion in 2003, or 26.3% of Avnet's consolidated sales; EM EMEA (Europe, Middle East and Africa...

  • Page 16
    ...value-added distributor of enterprise computing systems, software, storage and services, marketing exclusively to the reseller channel. Avnet Partner Solutions has European oÇces in Austria, Czech Republic, Germany, Hungary, Italy, Poland, Switzerland and the United Kingdom. Avnet Partner Solutions...

  • Page 17
    ..., Spain, Italy, Austria (also services eastern Europe), the Nordic region, the Benelux region, France and Switzerland. Avnet Technology Solutions (""ATS'') As discussed above, ATS was formed subsequent to 2003 through the combination of CM and AC. The sales divisions, product oÃ...erings and customer...

  • Page 18
    ... Results of Operations'' appearing in Item 7 of this Report. SigniÃ'cant Acquisitions Avnet made no signiÃ'cant acquisitions during 2003 or 2002. Avnet has historically pursued a strategic acquisition program to grow its presence in world markets for electronic components and computer products. This...

  • Page 19
    ... Savoir Technology Group, Inc. (""Savoir''), a leading distributor of IBM mid-range server products in the Americas. This acquisition has beneÃ'ted the Company, particularly CM, by contributing substantially to making Avnet one of the largest distributors of IBM Enterprise products globally. In...

  • Page 20
    ... are AMP, Amphenol, AVX, ITT Cannon, Molex, T&B, Tyco and 3M. ‚ Passives, Electromechanical and Other: The Company's major suppliers of these products are Aromat, Artesyn Technologies, AVX, Bourns, ITT/C&K, Kemet, Murata, Pulse and Vishay. As of June 27, 2003, the Company had over 300 locations...

  • Page 21
    ..., 2003, the Company owned and leased approximately 748,000 and 3,727,000 square feet of space, respectively, of which approximately 53% is located in the United States. EM's principal facilities for warehousing and value-added operations are located in Chandler, AZ; Poing, Germany; Tongeren, Belgium...

  • Page 22
    ... 2002, the Company's subsidiary, Sterling Electronics, Inc. (""Sterling''), was added as a defendant in an existing lawsuit Ã'led in the Superior Court of California, County of Los Angeles, by property owners and residents in or near the San Gabriel Valley Superfund Site. This master case is...

  • Page 23
    ... Stockholder Matters Market price per share The Company's common stock is listed on the New York Stock Exchange and the PaciÃ'c Exchange. Quarterly market prices (as reported for the New York Stock Exchange composite transactions) for the last two Ã'scal years were: 2003 Fiscal Quarters High Low...

  • Page 24
    ...is included in selling, general and administrative expenses), $65.7 after-tax and $0.55 per share on a diluted basis. 2003 results also include the impact of debt extinguishment costs associated with the Company's cash tender oÃ...ers and repurchases completed during the third quarter of 2003 for $159...

  • Page 25
    ... 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...

  • Page 26
    ... cost (Ã'rst in ÃŒ Ã'rst out) or estimated market value. The Company's inventories include high-technology components, embedded systems and computing technologies sold into rapidly changing, cyclical and competitive markets whereby such inventories may be subject to early technological obsolescence...

  • Page 27
    ... about the future cash Ã-ows and overall performance of its reporting units. Should these assumptions or the structure of the reporting units change in the future based upon market conditions or changes in business strategy, the Company may be required to record additional impairment charges to its...

  • Page 28
    ... of certain material acquisitions on the Ã'nancial results of the Company. Results from Operations The results for 2003 reÃ-ect a relatively stable but continuing weak technology market as the electronic components and computer products industry, and the global economy in general, continue to try...

  • Page 29
    ... EM occurred in the Asia region where EM's 2003 sales were $868 million, up $273 million, or 45.8%, over 2002 EM Asia sales of $595 million. This growth in Asia is indicative of the trend whereby technology manufacturing continues to shift to this region of the world, especially in the electronic...

  • Page 30
    ...discussed above, the decrease in consolidated sales was due primarily to the conÃ-uence of global and domestic economic forces that caused the severe downturn in the technology markets the Company serves. EM sales were most signiÃ'cantly impacted as this group reported sales of $4.84 billion in 2002...

  • Page 31
    ... pre-tax). Severance costs and charges related to the consolidation of selected facilities were taken in response to the current business environment. During the second quarter, management identiÃ'ed a number of facilities in each of the Company's operating segments and its corporate functions...

  • Page 32
    ... facilities, related to each of the Company's three operating groups and its corporate functions in the Americas and EMEA regions. The additional census reductions totaled approximately 175 and resulted primarily from: (1) EM's decision to combine its Cilicon and RF and Microwave sales divisions...

  • Page 33
    ... fourth quarter of 2001, amounting to $170.2 million, related to a number of actions taken to cope with market conditions and to strengthen Avnet's operations. These actions included cost reductions associated with the reorganization of the Company's business, the integration of recent acquisitions...

  • Page 34
    ... margin computer product sales in 2003, as well as the mix of product sales within the operating groups, especially a greater volume of software sales within CM which yield a lower margin (while also bearing a low cost of capital thus making software sales an attractive market to the Company despite...

  • Page 35
    ... a constant exchange rate with that of December 2000 for all foreign functional currency subsidiaries of Avnet would yield total cost reductions of the same ten quarter period of approximately $478.0 million on an annualized basis. Q4 Fiscal 2003 Q2 Fiscal 2001 (Thousands) Selling, general and...

  • Page 36
    ... planning initiatives put in place over the course of the prior year. Avnet's eÃ...ective tax rate on its loss from continuing operations compared to a provision rate of 99.9% in 2001. The high rate in 2001 deductible costs incurred associated with the Kent acquisition as well amortization, which was...

  • Page 37
    ... of June 30, 2001. For the purpose of this process, the reporting unit structure was deÃ'ned as each of the three regional businesses (Americas, EMEA and Asia) within each of the Company's three operating groups. The fair value of each reporting unit was determined by using a combination of present...

  • Page 38
    ... of $9.2 million for acquisitions of operations and investments during 2003, the combined net proceeds of $637.6 million along with $465.3 million of cash generated from new long-term debt Ã'nancing were used to reduce drawings under the accounts receivable securitization program by $200.0 million...

  • Page 39
    ...These Ã'nancing arrangements include public bonds, short-term and long-term bank loans, commercial paper and an accounts receivable securitization program. For a detailed description of the Company's external Ã'nancing arrangements outstanding at June 27, 2003, please refer to Note 7 in the notes to...

  • Page 40
    ... exchange, overdraft and letter of credit needs of its wholly owned subsidiaries in Europe and Asia. Avnet generally guarantees its subsidiaries' debt under these facilities. OÃ...-Balance Sheet Arrangements The Company has a $350 million accounts receivable securitization program (the ""Program...

  • Page 41
    ... or weakness by credit rating agencies and various other economic, market and industry factors. The Company was in compliance with all covenants, including the minimum unsecured credit ratings triggers, for the Program at June 27, 2003. In the case of any default, the Company would either have...

  • Page 42
    ..., as amended, a fair value adjustment of $36.2 million to the Company's long-term debt included in the consolidated balance sheet at June 27, 2003. In connection with the Company's January 2000 acquisition of 84% of the stock of Eurotronics B.V., which went to market as SEI, the Company entered into...

  • Page 43
    ... of less than sixty days. The Company adjusts all foreign denominated balances and any outstanding foreign exchange contracts to fair market value through the consolidated statements of operations. Therefore, the market risk related to foreign exchange contracts is oÃ...set by changes in valuation...

  • Page 44
    ... have evaluated the eÃ...ectiveness of the Company's disclosure controls and procedures (as such term is deÃ'ned in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the ""Exchange Act'')) as of the end of the reporting period covered by this Annual Report on Form 10-K. Based on...

  • Page 45
    ... by Item 11 is incorporated in this Report by reference to the Company's deÃ'nitive proxy statement relating to the Annual Meeting of Stockholders anticipated to be held on November 6, 2003. Item 12. Security Ownership of Certain BeneÃ'cial Owners and Management The information called for by Item 12...

  • Page 46
    ... upcoming 31st Annual JPMorgan Technology & Telecom Conference; and (4) Current Report on Form 8-K bearing cover date of June 9, 2003 in which the Company reported under Item 9 that it had issued a press release announcing its presentation at the upcoming Thomas Weisel Partners Growth Forum 5.0. 35

  • Page 47
    ...indicated on September 15, 2003. Signature Title /s/ ROY VALLEE Roy Vallee ELEANOR BAUM Eleanor Baum Chairman of the Board, Chief Executive OÇcer and Director Director /s/ /s/ J. VERONICA BIGGINS J. Veronica Biggins LAWRENCE W. CLARKSON Lawrence W. Clarkson Director /s/ Director /s/ EHUD...

  • Page 48
    Signature Title /s/ RAYMOND SADOWSKI Raymond Sadowski /s/ JOHN F. COLE John F. Cole Senior Vice President, Chief Financial OÇcer and Assistant Secretary Controller and Principal Accounting OÇcer 37

  • Page 49
    ... respects, the Ã'nancial position of Avnet, Inc. and subsidiaries as of June 27, 2003 and June 28, 2002, and the results of their operations and their cash Ã-ows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion...

  • Page 50
    ... Electronics Corporation, 333-36970 relating to common stock of Avnet issuable upon exercise of options and warrants originally granted by Savoir Technology Group, Inc. and No. 333-86721 relating to common stock of Avnet issuable upon exercise of options and warrants originally granted by Marshall...

  • Page 51
    ... to below are the responsibility of the Company's management. Our responsibility is to express an opinion on these Ã'nancial statements based on our audits. We did not audit the Ã'nancial statements of Kent Electronics Corporation and Subsidiaries, a company acquired during 2001 in a transaction...

  • Page 52
    ... results of operations, cash Ã-ows and changes in stockholders' equity of Kent Electronics Corporation and Subsidiaries for the year ended March 31, 2001, in conformity with accounting principles generally accepted in the United States of America. /s/ Houston, Texas May 8, 2001 GRANT THORNTON LLP...

  • Page 53
    ...LIABILITIES Current liabilities: Borrowings due within one year (Note 7 Accounts payable Accrued expenses and other (Note 8 Total current liabilities Long-term debt, less due within one year (Note 7 Other long-term liabilities (Note 10 Total liabilities Commitments and contingencies (Notes 11...

  • Page 54
    ... amounts) Sales Cost of sales (Note 17 Gross proÃ't Selling, general and administrative expenses (Note 17 Operating income (loss Other income, net Interest expense Debt extinguishment costs (Note 7 Income (loss) from continuing operations before income taxesÏÏ Income tax provision (bene...

  • Page 55
    ... of $1,562 (Note 4 Comprehensive income (Note 4) ÏÏÏÏ Dividends, $0.30 per share Acquisitions of operations Kent's net income for the quarter ended June 30, 2000 (Note 2) ÏÏÏÏ Stock option and incentive programs, including related tax beneÃ'ts of $5,493 Balance, June 29, 2001 Net loss...

  • Page 56
    ... from operating activities Cash Ã-ows from Ã'nancing activities: Sales (reduced drawings) under accounts receivable securitization program (Note 3 Issuance of notes in public oÃ...erings, net of issuance costs (Note 7) ÏÏ Repayment of notes (Note 7 Repayment of commercial paper and bank debt, net...

  • Page 57
    ... policies: Principles of consolidation ÃŒ The accompanying consolidated Ã'nancial statements include the accounts of the Company and all of its subsidiaries. All intercompany accounts and transactions have been eliminated. EÃ...ective June 8, 2001, the Company acquired Kent Electronics Corporation...

  • Page 58
    ...Issues Task Force Issue No. 99-19 (""EITF 99-19''), Reporting Revenue Gross as a Principal versus Net as an Agent,'' and therefore recognizes the sale and cost of sale of the product upon receiving notiÃ'cation from the supplier that the product has shipped. In addition, the Company has more limited...

  • Page 59
    AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ÃŒ Continued arrangements, the Company recognizes the fee associated with serving as an agent in sales with no associated cost of sales. Revenues and anticipated proÃ'ts under long-term contracts are recorded on the percentage ...

  • Page 60
    ...The Company sells electronic components and computer products primarily to original equipment and contract manufacturers, including the military and military contractors, throughout the world. To reduce credit risk, management performs ongoing credit evaluations of its customers' Ã'nancial condition...

  • Page 61
    ... the customer or reseller receiving the rebate. Substantially all of Avnet's rebates are dependent on the resale of the product to Avnet's customers and the rebates are typically not awarded until Avnet completes this sale. Avnet has historically accounted for these rebates as a reduction of cost of...

  • Page 62
    ... Max India Ltd. as well as the remaining interests in various Israeli subsidiaries of Avnet Components Israel Ltd. The Company also completed contingent purchase price payments associated with companies acquired in previous years including Sunrise Technology Ltd. and Avnet Italy. The acquisitions of...

  • Page 63
    ...30, 2001 Sales Income from continuing operations Net income Disposition of discontinued operations: $9,557,204 205,596 205,596 $719,051 25,536 45,952 $10,276,255 231,132 251,548 On October 10, 2000, Kent sold K*TEC Electronics Corporation (""K*TEC''), its contract manufacturing operation, for...

  • Page 64
    ... on sales of receivables and discount on retained interest, net of related servicing revenues, are recorded in interest expense while the other costs associated with the Program are recorded in selling, general and administrative expenses in the accompanying consolidated statements of operations. To...

  • Page 65
    AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ÃŒ Continued 5. Property, plant and equipment, net: Property, plant and equipment are recorded at cost and consist of the following: June 27, June 28, 2003 2002 (Thousands) Land Buildings Machinery, Ã'xtures and equipment ...

  • Page 66
    ... of June 30, 2001. For the purpose of this process, the reporting unit structure was deÃ'ned as each of the three regional businesses (Americas, EMEA and Asia) within each of the Company's three operating groups. The fair value of each reporting unit was determined by using a combination of present...

  • Page 67
    ... Company's annual impairment tests in 2003 and 2002 have yielded no additional impairments to the carrying value of the Company's goodwill. The following table presents the carrying amount of goodwill, by reportable segment, for the periods presented: Electronics Marketing Computer Applied Marketing...

  • Page 68
    ... primarily to support the working capital requirements of foreign operations. The weighted average interest rates on the bank credit facilities at June 27, 2003 and June 28, 2002 were 4.7% and 3.4%, respectively. As of its acquisition of Kent on June 8, 2001, Avnet assumed Kent's 4.5% Convertible...

  • Page 69
    ... S&P or (b) if Avnet terminated its current accounts receivable securitization program (see Note 3) without simultaneously entering into another securitization with similar terms. There were no outstanding balances under the amended bank credit facilities at June 27, 2003. Outstanding balances under...

  • Page 70
    ... 133, as amended. The Company had borrowing capacity of approximately $657,158,000 ($307,158,000 giving eÃ...ect to the subsequent termination of the multi-year facility discussed in Note 19) at June 27, 2003 under its bank Ã'nancing and credit facilities and the asset securitization program (see Note...

  • Page 71
    ... federal statutory tax rate and the eÃ...ective tax rate is as follows: June 27, 2003 Years Ended June 28, June 29, 2002 2001 Federal statutory rate State and local income taxes, net of federal beneÃ't Amortization and disposition of goodwill Non-deductible costs related to the acquisition of Kent...

  • Page 72
    ...a beneÃ't based upon a percentage of current salary, which varies with age, and interest credits. At June 27, 2003, the market value of the pension plan assets was $132,764,000. These assets were comprised of common stocks (56%), corporate debt obligations (25%), U.S. Government securities (14%) and...

  • Page 73
    ... Fair value of plan assets at end of year Information on funded status of plan and the amount recognized: Funded status of the plan Unrecognized net actuarial loss Unamortized prior service credit Accrued pension cost recognized in the consolidated balance sheetsÏÏÏÏ Pre-tax additional...

  • Page 74
    ...-U.S. subsidiaries, which are not material. 11. Long-term leases: The Company leases many of its operating facilities and is also committed under lease agreements for transportation and operating equipment. Rent expense charged to operations during the last three years is as follows: June 27, 2003...

  • Page 75
    ... plans: Stock option plans: The Company has four stock option plans with shares still available for grant: Plan 1995 1996 1997 1999 Minimum exercise price as a percentage of fair Market value at date of grant Plan termination date Shares available for grant at June 27, 2003 85% August...

  • Page 76
    ... plan: In October 1995, the Company implemented the Avnet Employee Stock Purchase Plan (""ESPP''). Under the terms of the ESPP, eligible employees of the Company are oÃ...ered options to purchase shares of Avnet common stock at a price equal to 85% of the fair market value on the Ã'rst or last day...

  • Page 77
    ... will have a material adverse impact on the Company's Ã'nancial condition, liquidity or results of operations. In connection with the Company's January 2000 acquisition of 84% of the stock of Eurotronics B.V., which went to market as SEI, the Company entered into a share purchase agreement with the...

  • Page 78
    ... Marketing (""CM'') and Applied Computing (""AC''). This segment organization was primarily based upon the nature of the products and services oÃ...ered and the customer base served by each of these operating units. EM is engaged in the global marketing, assembly and/or distribution of electronic...

  • Page 79
    ... on middle- to high-end, value-added computer products and services. CM also oÃ...ers a variety of networking solutions to its customer base. AC primarily serves personal computer original equipment manufacturers and system integrators on a worldwide basis by providing computer component technologies...

  • Page 80
    ... expenditures: Electronics Marketing Computer Marketing Applied Computing Corporate Depreciation & amortization expense: Electronics Marketing Computer Marketing Applied Computing Corporate Sales, by geographic area, are as follows: Americas EMEA (Europe, Middle East and Africa Asia/Paci...

  • Page 81
    ... of prior year acquisition integration costs charges discussed more fully below. During the second quarter of 2003, the Company executed certain actions as part of its ongoing cost reduction initiatives and, accordingly, recorded charges totaling $106,765,000 pre-tax, $65,750,000 after tax, or $0.55...

  • Page 82
    ... facilities, related to each of the Company's three operating groups and its corporate functions in the Americas and EMEA regions. The additional census reductions totaled approximately 175 and resulted primarily from: (1) EM's decision to combine its Cilicon and RF and Microwave sales divisions...

  • Page 83
    ...fourth quarter of 2001, amounting to $170,154,000, related to a number of actions taken to cope with market conditions and to strengthen Avnet's operations. These actions included cost reductions associated with the reorganization of the Company's business, the integration of recent acquisitions, as...

  • Page 84
    ... is included in selling, general and administrative expenses), $65.8 million after-tax and $0.55 per share on a diluted basis for the second quarter and year ended June 27, 2003. See Note 17. (b) Includes the impact of debt extinguishment costs associated with the Company's cash tender oÃ...ers and...

  • Page 85
    ... reorganization and integration 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...

  • Page 86
    ...AVNET, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Years Ended June 27, 2003, June 28, 2002 and June 29, 2001 Column A Column B Balance at Beginning of Period Column C Additions Charged to Charged to Costs... 49,783 49,783 (a) Uncollectible accounts written oÃ.... (b) Recovery of amounts ...

  • Page 87
    ... Karcher Electronics systems Plc and E.ON Aktiengesellschaft and Arrow Electronics, Inc., Avnet, Inc. and Cherrybright Limited (incorporated herein by reference to the Company's Current Report on Form 8-K dated September 22, 2000, Exhibit 2).* Amended and Restated Agreement and Plan of Merger dated...

  • Page 88
    ...October 7, 2002). Amended and Restated Employee Stock Purchase Plan (incorporated herein by reference to the Company's Quarterly Report on Form 10-Q dated December 28, 2001). Amendment to Retirement and Separation Agreement dated August 31, 2003 between the Company and John Cole (incorporated herein...

  • Page 89
    ... Credit Agreement in 10HH above (incorporated herein by reference to the Company's Current Report on Form 8-K dated September 15, 2003, Exhibit 10B). Securitization Program i. Receivables Sale Agreement, dated as of June 28, 2001 between Avnet, Inc., as Originator and Avnet Receivables Corporation...

  • Page 90
    ... 6, 2002 among Avnet Receivables Corporation, as Seller, Avnet, Inc., as Servicer, the Companies, as deÃ'ned therein, the Financial Institutions, as deÃ'ned therein, and Bank One, NA (Main OÇce Chicago) as Agent (incorporated herein by reference to the Company's Current Report on Form 8-K dated...

  • Page 91
    ... by Raymond Sadowski, Chief Financial OÇcer, under Section 906 of the Sarbanes-Oxley Act of 2002. * This Exhibit does not include the Exhibits and Schedules thereto as listed in its table of contents. The Company undertakes to furnish any such Exhibits and Schedules to the Securities and Exchange...

  • Page 92
    ... veterans and Vietnam-era veterans. Transfer Agent Wachovia Bank, N.A. Shareholder Services Group 1525 West WT Harris Blvd., 3C3 Charlotte, NC 28288-1153 Toll Free: (800) 829-8432 International: (704) 590-0394 Fax: (704) 590-7618 Auditors KPMG LLP, Phoenix, Arizona Executive Offices Avnet, Inc. 2211...

  • Page 93
    Enabling Success at the Center of Technologyâ„¢