Ingram Micro 1999 Annual Report Download - page 33

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3311
Ingram Micro
Annual Report
CONSOLIDATED STATEMENT OF INCOME
(Dollars in 000s, except per share data)
Fiscal Year
1999 1998 1997
Net sales $28,068,642 $22,034,038 $16,581,539
Cost of sales 26,732,479 20,642,870 15,495,850
Gross profit 1,336,163 1,391,168 1,085,689
Expenses:
Selling, general and administrative 1,115,854 904,563 709,110
Reorganization costs 20,305 – –
1,136,159 904,563 709,110
Income from operations 200,004 486,605 376,579
Other (income) expense:
Interest income (4,338) (5,652) (3,924)
Interest expense 101,691 72,181 37,940
Gain on sale of available-for-sale securities (201,318) — —
Net foreign currency exchange loss 2,583 6,247 2,430
Other 10,893 6,969 13,644
(90,489) 79,745 50,090
Income before income taxes, minority
interest and extraordinary item 290,493 406,860 326,489
Provision for income taxes 110,852 161,685 131,463
Income before minority interest
and extraordinary item 179,641 245,175 195,026
Minority interest — — 1,386
Income before extraordinary item 179,641 245,175 193,640
Extraordinary gain on repurchase of debentures,
net of $2,405 in income taxes 3,778 — —
Net income $183,419 $245,175 $193,640
Basic earnings per share:
Income before extraordinary item $1.25 $1.76 $1.43
Extraordinary gain on repurchase of debentures .03 — —
Net income $1.28 $1.76 $1.43
Diluted earnings per share:
Income before extraordinary item $1.21 $1.64 $1.32
Extraordinary gain on repurchase of debentures .03 — —
Net income $1.24 $1.64 $1.32
See accompanying notes to these consolidated financial statements.