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AVNET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
See notes to consolidated financial statements.
41
Years Ended
June 28,
2014
June 29,
2013
June 30,
2012
(Thousands, except share amounts)
Sales
$
27,499,654
$
25,458,924
$
25,707,522
Cost of sales
24,273,923
22,479,123
22,656,965
Gross profit
3,225,731
2,979,801
3,050,557
Selling, general and administrative expenses
2,341,168
2,204,319
2,092,807
Restructuring, integration and other expenses
94,623
149,501
73,585
Operating income
789,940
625,981
884,165
Other (expense) income, net
(6,092
)
(74
)
(5,442
)
Interest expense
(104,823
)
(107,653
)
(90,859
)
Gain on legal settlement, bargain purchase and other (Notes 2 and 13)
22,102
31,011
2,918
Income before income taxes
701,127
549,265
790,782
Income tax expense
155,523
99,192
223,763
Net income
$
545,604
$
450,073
$
567,019
Earnings per share:
Basic
$
3.95
$
3.26
$
3.85
Diluted
$
3.89
$
3.21
$
3.79
Shares used to compute earnings per share:
Basic
137,991
137,951
147,278
Diluted
140,119
140,003
149,553
Cash dividends paid per common share
$
0.60
$
—
$
—