Ingram Micro 1999 Annual Report Download - page 27

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Consolidated Quarterly Information
Diluted Diluted
Income Income Earnings Per Earnings
Income Before Before Share Before Per Share
Net Gross From Income Extraordinary Net Extraordinary On Net
Sales Profit Operations Taxes Item Income Item Income
(In millions, except per share data)
Fiscal Year Ended January 2, 1999
Thirteen Weeks Ended:
April 4, 1998 $5,150.1 $329.9 $116.2 $94.0 $56.5 $56.5 $0.38 $0.38
July 4, 1998 4,956.1 315.5 110.8 92.8 55.6 55.6 0.37 0.37
October 3, 1998 5,708.0 357.8 118.4 99.3 59.8 59.8 0.40 0.40
January 2, 1999 6,219.8 388.0 141.2 120.8 73.3 73.3 0.49 0.49
Fiscal Year Ended January 1, 2000
Thirteen Weeks Ended: (1) (2)
April 3, 1999 $6,725.3 $359.3 $85.5 $61.1 $38.5 $42.3 $0.26 $0.29
July 3, 1999 6,804.8 367.8 107.6 79.6 50.3 50.3 0.34 0.34
October 2, 1999 6,710.1 321.9 52.8 24.8 15.8 15.8 0.11 0.11
January 1, 2000 7,828.5 287.2 (45.9) 125.0 75.0 75.0 0.51 0.51
(1) Reflects charges related to a reorganization plan initiated to streamline operations and reorganize resources. Quarterly charges were recorded as follows: first quarter, $6.2 million; second
quarter, $2.1 million; third quarter, $2.7 million; fourth quarter, $9.3 million.
(2) For the fourth quarter of the year ended January 1, 2000, the Company recorded larger-than-historical provisions for excess and obsolete inventory, losses on vendor-sponsored programs and
doubtful accounts, primarily resulting from rapid industry changes and changes in vendor terms and conditions (See “1999 Compared to 1998”). In addition, income before income taxes includes
a pre-tax gain of approximately $201.3 million, net of related costs, realized from the sale of Softbank common stock.
As indicated in the table above, the Company’s net sales in the fourth quarter of each fiscal year have generally been higher
than those in the other three quarters in the same fiscal year.The trend of higher fourth quarter net sales is attributable to calendar
year-end business purchases and holiday period purchases made by customers.
Liquidity and Capital Resources
Cash Flows
The Company has financed its growth and cash needs largely through income from operations and borrowings, trade and sup-
plier credit, its initial public stock offering in November 1996, the sale of Zero Coupon Convertible Senior Debentures in June
1998, and the sale of Softbank common stock in December 1999 and January 2000.
Cash provided by operating activities was $573.0 million in 1999 as compared to cash used of $278.5 million in 1998 and
$647.7 million in 1997.The significant increase in cash provided by operating activities in 1999 compared to cash used in 1998 was
primarily attributable to the increase in trade creditor financing of product inventory through the increase in accounts payable and
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Ingram Micro
Annual Report