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Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
As of June 27, 2009, the remaining FY 2007 reserves related to severance which management expects to utilize
by the end of 2010. The remaining Memec FY 2006 reserves related to facility exit costs, which management expects
to utilize by fiscal 2010. The Other FY 2006 remaining reserves related to facility exit costs, which management
expects to utilize by fiscal 2013. The remaining reserves for FY 2004 and 2003 restructuring activities related to
contractual lease commitments, substantially all of which the Company expects to utilize by the end of fiscal 2010,
although a small portion of the remaining reserves relate to lease payouts that extend to fiscal 2012.
75
18.
Summary of quarterly results (unaudited):
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Year(a)
(Millions, except per share amounts)
2009(b)
Sales
$
4,494.5
$
4,269.2
$
3,700.8
$
3,765.4
$
16,229.9
Gross profit
584.2
533.5
462.5
442.8
2,023.0
Net income (loss)
92.8
(1,202.4
)
18.0
(30.9
)
(1,122.5
)
Diluted earnings (loss) per share
0.61
(7.98
)
0.12
(0.20
)
(7.44
)
2008(c)
Sales
$
4,098.7
$
4,753.1
$
4,421.6
$
4,679.2
$
17,952.7
Gross profit
526.5
596.7
578.7
611.8
2,313.7
Net income
105.5
142.2
107.2
144.1
499.1
Diluted earnings per share
0.69
0.93
0.71
0.95
3.27
(a)
Quarters may not add to the year due to rounding.
(b)
First quarter results were impacted by restructuring integration and other charges which totaled $10.0 million pre-
tax, $8.9 million after tax and $0.06 per share on a diluted basis and consisted of restructuring, integration
charges of $5.1 million, incremental amortization expense of $3.8 million and other charges of $1.1 million.
Items impacting second quarter fiscal 2009 results included goodwill and intangible asset impairment charges of
$1.35 billion pre-tax, $1.31 billion after tax and $8.72 per share, restructuring and integration charges of
$11.1 million pre-tax, $8.0 million after tax and $0.05 per share, and other charges of $2.0 million pre- and after
tax and $0.01 per share. The Company also recognized a net tax benefit of $27.3 million, or $0.18 per share on a
diluted basis. Items impacting third quarter included restructuring and integration charges of $30.7 million pre-
tax, $20.8 million after tax and $0.14 per share on a diluted basis, and acquisition adjustments outside of the
allocation period of $2.0 million pre-tax, $1.5 million after tax and $0.01 per share on a diluted basis. The
Company also recognized additional tax reserves of $4.5 million and $0.03 per share on a diluted basis for
contingencies related to a prior acquisition partially offset by a tax benefit for interest on a tax settlement. Items
impacting the fourth quarter fiscal 2009 totaled $105.8 million pre-tax, $78.9 after tax and $0.52 per share and
consisted of goodwill impairment charges of $62.3 million, restructuring and integration charges of $46.7 million
pre-tax, income of $3.2 million pre-tax related to acquisition adjustments recognized after the end of the
allocation period and a gain of $14.3 million pre-tax associated with the prior sale of its equity investment in
Calence LLC.