Avnet 2005 Annual Report Download - page 80

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AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)
$462,000, relate primarily to remaining contractual commitments, the majority of which the Company expects
to utilize in the first half of fiscal 2006.
18. Summary of quarterly results (unaudited):
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
(Millions, except per share amounts)
2005
Sales ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $2,600.0 $2,883.2 $2,758.2 $2,825.4 $11,066.8
Gross profitÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 349.6 373.9 364.6 370.9 1,459.0
Net incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 36.3 43.5 41.1 47.3 168.2
Diluted earnings per share ÏÏÏÏ 0.30 0.36 0.34 0.39 1.39
2004
Sales ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $2,407.7 $2,554.4 $2,639.6 $2,643.0 $10,244.7
Gross profitÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 309.1 329.2 358.6 368.0 1,364.9
Net income (loss) ÏÏÏÏÏÏÏÏÏÏÏ (11.4)(a) 8.9(b) 26.7(c) 48.7 72.9(a)(b)(c)
Diluted earnings (loss) per
share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (0.09)(a) 0.07(b) 0.22(c) 0.40 0.60(a)(b)(c)
(a) Includes the impact of restructuring and other charges recorded in connection with cost cutting initiatives
and the combination of the Computer Marketing (""CM'') and Applied Computing (""AC'') operating
groups into one operating group now called Technology Solutions (""TS''). The charges amounted to
$32.2 million pre-tax (all of which was included as part of operating expenses), $22.2 million after-tax
and $0.18 per share on a diluted basis for the first quarter and fiscal year 2004. See Note 17.
(b) Includes the impact of additional restructuring and other charges recorded in connection with cost cutting
initiatives and the combination of CM and AC. The charges amounted to $23.4 million pre-tax (all of
which was included as part of operating expenses), $16.4 million after-tax and $0.14 per share on a
diluted basis for the second quarter and fiscal year 2004. See Note 17.
(c) Includes the impact of debt extinguishment costs associated with the Company's cash tender offer
completed during the third quarter for $273.4 million of the 7
7
/
8
% Notes due February 15, 2005. These
charges amounted to $16.4 million pre-tax, $14.2 million after-tax and $0.12 per share on a diluted basis
for the third quarter and fiscal year 2004. See Note 7.
72