Avnet 2004 Annual Report Download - page 11

Download and view the complete annual report

Please find page 11 of the 2004 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.

Page out of 81

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81

FORWARD-LOOKING STATEMENTS
This Report contains forward-looking statements with respect to the Ñnancial condition, results of
operations and business of Avnet, Inc. and subsidiaries (""Avnet'' or the ""Company''). You can Ñnd many of
these statements by looking for words like ""believes,'' ""expects,'' ""anticipates,'' ""estimates'' or similar
expressions in this Report or in documents incorporated by reference in this Report.
These forward-looking statements are subject to numerous assumptions, risks and uncertainties. Factors
that may cause actual results to diÅer materially from those contemplated by the forward-looking statements
include the following:
‚ A technology industry down-cycle, particularly in the semiconductor sector, would adversely aÅect
Avnet's expected operating results.
‚ Competitive pressures among distributors of electronic components and computer products may
increase signiÑcantly through entry of new competitors or otherwise.
‚ General economic or business conditions, domestic and foreign, may be less favorable than manage-
ment expected, resulting in lower sales and declining proÑtability which can, in turn, impact the
Company's credit ratings, debt covenant compliance and liquidity, as well as the Company's ability to
maintain existing unsecured Ñnancing or to obtain new Ñnancing.
‚ Legislative or regulatory changes may adversely aÅect the businesses in which Avnet is engaged.
‚ Adverse changes may occur in the securities markets.
‚ Changes in interest rates and currency Öuctuations may reduce Avnet's proÑt margins.
‚ Avnet may be adversely aÅected by the allocation of products by suppliers.
Because forward-looking statements are subject to risks and uncertainties, actual results may diÅer
materially from those expressed or implied by them. Management cautions you not to place undue reliance on
these statements, which speak only as of the date of this Report.
Avnet does not undertake any obligation to update publicly or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
2