Avnet 2009 Annual Report Download - page 79

Download and view the complete annual report

Please find page 79 of the 2009 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 113

  • 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
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113

Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
76
(c)
Second quarter results include a gain on sale of assets of $7.5 million pre-
tax, $6.3 million after tax and $0.04 per
share on a diluted basis related to $3.0 million of contingent purchase price proceeds in connection with a prior
sale of a business and $4.5 million gain on sale of a building which was not taxable. Results for the third quarter
include restructuring, integration and other charges of $10.9 million pre-tax, $7.5 million after tax and $0.05 per
share on a diluted basis. Results for the fourth quarter include restructuring, integration and other charges of
$19.1 million pre-
tax, $14.4 million after tax and $0.10 per share on a diluted basis, an indemnification settlement
amounting to $6.0 million pre-tax, $7.7 million after tax and $0.05 per share on a diluted basis paid to a former
executive of an acquired company, environmental costs of $3.0 million pre-tax, $1.8 million after tax and $0.01
per share on a diluted basis associated with long outstanding environmental matters, the gain on sale of the
Company’s investment in Calence LLC in the fourth quarter amounting to $42.4 million pre-tax, $25.9 million
after tax and $0.17 per share on a diluted basis and an income tax net benefit of $13.9 million and $0.09 per share
on a diluted basis from the settlement of a tax audit and adjustment to tax contingencies. The total impact of all
the items discussed above on the twelve months ended June 28, 2008 was $11.0 million pre-tax gain,
$14.7 million after tax gain and $0.09 per share on a diluted basis.