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Table of Contents
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
See notes to consolidated financial statements
42
Years Ended
June 27,
June 28,
June 30,
2009
2008
2007
(Thousands, except per share amounts)
Sales
$
16,229,896
$
17,952,707
$
15,681,087
Cost of sales
14,206,903
15,638,991
13,632,468
Gross profit
2,022,993
2,313,716
2,048,619
Selling, general and administrative expenses
1,531,813
1,564,391
1,362,993
Impairment charges (Note 6)
1,411,127
—
—
Restructuring, integration and other charges (Note 17)
99,342
38,942
7,353
Operating income (loss)
(1,019,289
)
710,383
678,273
Other income (expense), net
(11,622
)
20,954
9,876
Interest expense
(66,481
)
(72,285
)
(77,172
Gain on sale of assets (Note 2 and 5)
14,318
49,903
3,000
Debt extinguishment costs (Note 7)
—
—
(
27,358
Income (loss) before income taxes
(1,083,074
)
708,955
586,619
Income tax provision (Note 9)
39,388
209,874
193,552
Net income (loss)
$
(1,122,462
)
$
499,081
$
393,067
Net earnings (loss) per share (Note 14):
Basic
$
(7.44
)
$
3.32
$
2.65
Diluted
$
(7.44
)
$
3.27
$
2.63
Shares used to compute earnings (loss) per share (Note 14):
Basic
150,898
150,250
148,032
Diluted
150,898
152,420
149,613