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Table of Contents
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
See notes to consolidated financial statements
40
Years Ended
July 2,
July 3,
June 27,
2011
2010
2009
(Thousands, except share amounts)
Sales
$
26,534,413
$
19,160,172
$
16,229,896
Cost of sales
23,426,608
16,879,955
14,206,903
Gross profit
3,107,805
2,280,217
2,022,993
Selling, general and administrative expenses
2,100,650
1,619,198
1,531,522
Impairment charges (Note 6)
—
—
1,411,127
Restructuring, integration and other charges (Note 17)
77,176
25,419
99,342
Operating income (loss)
929,979
635,600
(1,018,998
)
Other income (expense), net
10,724
2,480
(11,622
)
Interest expense
(92,452
)
(61,748
)
(78,666
)
Gain on bargain purchase and other (Note 2)
22,715
—
—
Gain on sale of assets (Note 2)
—
8,751
14,318
Income (loss) before income taxes
870,966
585,083
(1,094,968
)
Income tax provision (Note 9)
201,897
174,713
34,744
Net income (loss)
$
669,069
$
410,370
$
(1,129,712
)
Net earnings (loss) per share (Note 14):
Basic
$
4.39
$
2.71
$
(7.49
)
(1)
Diluted
$
4.34
$
2.68
$
(7.49
)
(1)
Shares used to compute earnings (loss) per share (Note 14):
Basic
152,481
151,629
150,898
Diluted
154,337
153,093
150,898
(1)
As adjusted for the retrospective application of an accounting standard. See Note 1 to the consolidated financial statements.