Avnet 2003 Annual Report Download - page 77
Download and view the complete annual report
Please find page 77 of the 2003 Avnet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.![](/annual_reports_html/Avnet-2003-Annual-Report-3148b3d/bg_77.png)
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì Continued
sites. Based upon the information known to date, the Company believes that it has appropriately reserved for
its share of the costs of the clean-ups and it is not anticipated that any contingent matters will have a material
adverse impact on the Company's Ñnancial 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 sellers that
called for an additional payment of cash or common stock of the Company if the Company's share price does
not reach $45.25 per share by January 2004. This guarantee would result in an additional payment to the
sellers of approximately $76,976,000 based upon the Company's stock price as of June 27, 2003.
14. Earnings (loss) per share:
Basic earnings (loss) per share is computed based on the weighted average number of common shares
outstanding and excludes any potential dilution. Diluted earnings (loss) per share reÖect potential dilution
from the exercise or conversion of securities into common stock.
Years Ended
June 27, June 28, June 29,
2003 2002 2001
(Thousands, except per share data)
Numerator:
Income (loss) from continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏ $(46,116) $ (84,436) $ 97
Income from discontinued operations, net ÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 15,305
Income (loss) before cumulative eÅect of change in
accounting principle ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (46,116) (84,436) 15,402
Cumulative eÅect of change in accounting principle ÏÏÏÏ Ì (580,495) Ì
Net income (loss) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $(46,116) $(664,931) $15,402
Denominator:
Weighted average common shares for basic earnings
(loss) per shareÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 119,456 118,561 117,263
Net eÅect of dilutive stock options and restricted stock
awards ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 1,552
Weighted average common shares for diluted earnings
(loss) per shareÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 119,456 118,561 118,815
Basic earnings (loss) per share:
Income (loss) from continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏ $ (0.39) $ (0.71) $ Ì
Discontinued operations, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 0.13
Cumulative eÅect of change in accounting principle ÏÏÏÏ Ì (4.90) Ì
Net earnings (loss) per basic share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ (0.39) $ (5.61) $ 0.13
Diluted earnings (loss) per share:
Income (loss) from continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏ $ (0.39) $ (0.71) $ Ì
Discontinued operations, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 0.13
Cumulative eÅect of change in accounting principle ÏÏÏÏ Ì (4.90) Ì
Net earnings (loss) per diluted shareÏÏÏÏÏÏÏÏÏÏÏÏÏ $ (0.39) $ (5.61) $ 0.13
66