Avnet 2013 Annual Report Download - page 17

Table of Contents
part of a publicly announced plan, and purchases made on the open market to obtain shares for the Company's Employee Stock Purchase Plan
(“ESPP”), which is not part of a publicly announced plan:
______________________
Item 6. Selected Financial Data
______________________
15
Period
Total Number
of Shares
Purchased
(1)
Average Price
Paid per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
Approximate Dollar
Value of Shares That
May Yet Be Purchased
Under the Plans
or Programs
April
5,600
$33.86
—
$224,475,000
May
5,500
$32.82
—
$224,475,000
June
4,400
$33.05
—
$224,475,000
(1) Consists entirely of purchases of Avnet’s common stock associated with the Company’
s ESPP.
Years Ended
June 29, 2013
June 30, 2012 July 2, 2011 July 3, 2010 June 27,
2009
(a)
(Millions, except for per share and ratio data)
Income:
Sales
$
25,458.9
$
25,707.5
$
26,534.4
$
19,160.2
$
16,229.9
Gross profit
2,979.8
3,050.6
3,107.8
2,280.2
2,023.0
Operating income (loss)
626.0
(b)
884.2
(c)
930.0
(d)
635.6
(e)
(1,019.0
) (f)
Income tax provision
99.2
(b)
223.8
(c)
201.9
(d)
174.7
(e)
34.7
(f)
Net income (loss)
450.1
(b)
567.0
(c)
669.1
(d)
410.4
(e)
(1,129.7
) (f)
Financial Position:
Working capital
(g)
3,535.4
3,455.7
3,749.5
3,190.6
2,688.4
Total assets
10,474.7
10,167.9
9,905.6
7,782.4
6,273.5
Long-term debt
1,207.0
1,272.0
1,273.5
1,243.7
946.6
Shareholders’ equity
4,289.1
3,905.7
4,056.1
3,009.1
2,760.9
Per Share:
Basic earnings (loss)
3.26
(b)
3.85
(c)
4.39
(d)
2.71
(e)
(7.49
) (f)
Diluted earnings (loss)
3.21
(b)
3.79
(c)
4.34
(d)
2.68
(e)
(7.49
) (f)
Book value per diluted share
30.64
26.12
26.28
19.66
18.30
Ratios:
Operating income (loss) margin
on sales
2.5
%
(b)
3.4
%
(c)
3.5
%
(d)
3.3
%
(e)
(6.3
)%
(f)
Net income (loss) margin on
sales
1.8
%
(b)
2.2
%
(c)
2.5
%
(d)
2.1
%
(e)
(7.0
)%
(f)
Return on capital
10.6
%
(b)
12.9
%
(c)
15.2
%
(d)
14.0
%
(e)
(26.6
)%
(f)
Quick
1.2:1
1.2:1
1.2:1
1.4:1
1.5:1
Working capital
1.7:1
1.7:1
1.8:1
1.9:1
2.1:1
Total debt to capital
32.3
%
35.4
%
27.2
%
29.8
%
26.0
%
(a)
As adjusted for the retrospective application of an accounting standard. The Financial Accounting Standards Board issued authoritative
guidance that requires the issuer of certain convertible debt instruments that may be settled in cash (or other assets) on conversion to
separately account for the debt and equity (conversion option) components of the instrument. The standard requires the convertible debt to
be recognized at the present value of its cash flows discounted using the non-
convertible debt borrowing rate at the date of issuance. The
resulting debt discount from this present value calculation is to be recognized as the value of the equity component and recorded to
additional paid in capital. The discounted convertible debt is then required to be accreted up to its face value and recorded as non-
cash
interest expense over the expected life of the convertible debt. In addition, deferred financing costs associated with the convertible debt are
required to be allocated between the debt and equity components based upon relative values. During the first quarter of fiscal 2010, the
Company