Avnet 2014 Annual Report Download - page 19

Download and view the complete annual report

Please find page 19 of the 2014 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 131

  • 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
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131

per share on a diluted basis in fiscal 2013, $8.6 million and $0.06 per share on a diluted basis in fiscal 2012, and $32.9 million and $0.21
per share on a diluted basis in fiscal 2011.
Summary of quarterly results (unaudited):
______________________
17
(c)
All fiscal years presented were impacted by other expense or income amounts that impact the comparability between years including a gain
on legal settlement of $22.1 million before tax, $13.5 million after tax and $0.09 per share on a diluted basis in fiscal 2014, a gain on
bargain purchase and other of $31.0 million before and after tax and $0.22 per share on a diluted basis in fiscal 2013, a gain on bargain
purchase and other of $2.9 million before tax, $3.5 million after tax and $0.02 per share on a diluted basis in fiscal 2012, a gain on bargain
purchase and other of $22.7 million before tax, $25.7 million after tax and $0.17 per share on a diluted basis in fiscal 2011, and a gain on
sale of assets of $8.8 million before tax, $5.4 million after tax and $0.03 per share on a diluted basis in fiscal 2010.
(d)
This calculation of working capital is defined as current assets less current liabilities.
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Year(a)
(Millions, except per share amounts)
2014
(b)
Sales
$
6,345.5
$
7,421.9
$
6,683.6
$
7,048.7
$
27,499.7
Gross profit
735.2
848.6
804.9
837.0
3,225.7
Net income
120.6
124.9
113.9
186.3
545.6
Diluted earnings per share
0.86
0.89
0.81
1.33
3.89
2013
(c)
Sales
$
5,870.1
$
6,699.5
$
6,298.7
$
6,590.7
$
25,459.0
Gross profit
684.4
768.5
756.0
770.9
2,979.8
Net income
100.3
137.5
86.2
126.1
450.1
Diluted earnings per share
0.70
0.99
0.62
0.91
3.21
(a)
Quarters may not total to the year due to rounding.
(b) First quarter of fiscal 2014
results were impacted by restructuring, integration and other expenses of $12.1 million before tax, $8.8 million
after tax and $0.06 per share on a diluted basis and a gain on legal settlement of $19.1 million before tax, $11.7 million after tax and $0.08
per share on a diluted basis related to an award payment received. Second quarter results were impacted by restructuring, integration and
other expenses of $28.4 million before tax, $21.7 million after tax and $0.15 per share on a diluted basis and an income tax expense of $8.2
million primarily related to certain items impacting the effective income tax rate. Third quarter results were impacted by restructuring,
integration and other expenses of $26.1million before tax, $19.3 million after tax and $0.14 per share on a diluted basis. Fourth quarter
results were impacted by restructuring, integration and other expenses of $28.0 million before tax, $20.9 million after tax and $0.15 per
share on a diluted basis and an income tax benefit of $58.2 million and $0.41 per share on a diluted basis as a result of the release of
valuation allowances against certain deferred tax assets.
(c) First quarter of fiscal 2013 results were impacted by restructuring, integration and other expenses of $37.4 million before tax,
$27.1 million
after tax and $0.19 per share on a diluted basis, a gain on bargain purchase of $31.3 million before and after tax and $0.22
per share on a
diluted basis related to the acquisition of Internix, Inc., and an income tax benefit of $12.2 million
primarily related to a favorable
settlement of an income tax audit. Second quarter results were impacted by restructuring, integration and other expenses of
$24.9 million
before tax, $19.9 million after tax and $0.14 per share on a diluted basis and an income tax benefit of $17.4 million
related to a favorable
audit settlement of a U.S. income tax audit for an acquired company. Third quarter results were impacted by restructuring, integration and
other expenses of $27.3 million before tax, $25.8 million after tax and $0.18
per share on a diluted basis and an income tax expense of
$13.4 million
primarily related to the increase to a valuation allowance against existing deferred tax assets and increases to tax reserves.
Fourth quarter results were impacted by restructuring, integration and other expenses of $59.8 million before tax, $43.6 million
after tax
and $0.31 per share on a diluted basis and a net tax benefit of $34.2 million
for the release of valuation allowances and the release of
existing reserves due to audit settlement and statute expiration, partially offset by the establishment of tax reserves against deferred tax
assets that were determined to be unrealizable.