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Table of Contents
AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
See notes to consolidated financial statements.
39
Years Ended
June 29, 2013
June 30, 2012
July 2, 2011
(Thousands, except share amounts)
Sales
$
25,458,924
$
25,707,522
$
26,534,413
Cost of sales
22,479,123
22,656,965
23,426,608
Gross profit
2,979,801
3,050,557
3,107,805
Selling, general and administrative expenses
2,204,319
2,092,807
2,100,650
Restructuring, integration and other charges (Note 17)
149,501
73,585
77,176
Operating income
625,981
884,165
929,979
Other income (expense), net
(74
)
(5,442
)
10,724
Interest expense
(107,653
)
(90,859
)
(92,452
)
Gain on bargain purchase and other (Note 2)
31,011
2,918
22,715
Income before income taxes
549,265
790,782
870,966
Income tax provision (Note 9)
99,192
223,763
201,897
Net income
$
450,073
$
567,019
$
669,069
Net earnings per share (Note 14):
Basic
$
3.26
$
3.85
$
4.39
Diluted
$
3.21
$
3.79
$
4.34
Shares used to compute earnings per share (Note 14):
Basic
137,951
147,278
152,481
Diluted
140,003
149,553
154,337