Ingram Micro 2008 Annual Report Download - page 34

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ITEM 6. SELECTED FINANCIAL DATA
SELECTED CONSOLIDATED FINANCIAL DATA
The following table presents our selected consolidated financial data, which includes the results of operations
of our acquisitions that have been consolidated with our results of operations beginning on their acquisition dates.
The information set forth below should be read in conjunction with “Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and the historical consolidated financial statements and
notes thereto, included elsewhere in this Annual Report on Form 10-K.
Our fiscal year is a 52-week or 53-week period ending on the Saturday nearest to December 31. References
below to 2008, 2007, 2006, 2005, and 2004 represent the fiscal years ended January 3, 2009 (53-weeks),
December 29, 2007 (52-weeks), December 30, 2006 (52-weeks), December 31, 2005 (52-weeks) and January 1,
2005 (52-weeks), respectively.
2008 2007 2006 2005 2004
($ in thousands, except per share data)
Selected Operating Information
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . $ 34,362,152 $ 35,047,089 $ 31,357,477 $ 28,808,312 $ 25,462,071
Gross profit(1) . . . . . . . . . . . . . . . . . . . . . 1,940,091 1,909,298 1,685,285 1,574,978 1,402,042
Income (loss) from operations(2) . . . . . . . . (332,169) 446,420 422,444 362,186 283,367
Income (loss) before income taxes(3) . . . . . (382,138) 385,238 367,333 301,937 263,276
Net income (loss)(4). . . . . . . . . . . . . . . . . (394,921) 275,908 265,766 216,906 219,901
Basic earnings per share — net income
(loss). . . . . . . . . . . . . . . . . . . . . . . . . . (2.37) 1.61 1.61 1.35 1.41
Diluted earnings per share — net income
(loss). . . . . . . . . . . . . . . . . . . . . . . . . . (2.37) 1.56 1.56 1.32 1.38
Weighted average common shares
outstanding:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . 166,542,541 171,640,569 165,414,176 160,262,465 155,451,251
Diluted . . . . . . . . . . . . . . . . . . . . . . . . 166,542,541 176,951,694 170,875,794 164,331,166 159,680,040
Selected Balance Sheet Information
Cash and cash equivalents . . . . . . . . . . . . . $ 763,495 $ 579,626 $ 333,339 $ 324,481 $ 398,423
Total assets . . . . . . . . . . . . . . . . . . . . . . . 7,083,473 8,975,001 7,704,307 7,034,990 6,926,737
Total debt(5) . . . . . . . . . . . . . . . . . . . . . . 478,388 523,116 509,507 604,867 514,832
Stockholders’ equity . . . . . . . . . . . . . . . . . 2,655,845 3,426,942 2,920,475 2,438,598 2,240,810
(1) Fiscal 2008 includes a reduction in costs of sales of $8,224 for the release of a portion of the commercial tax
reserve in Brazil. Fiscal 2007 includes a net charge to costs of sales of $30,134 related to a reserve recorded for
certain commercial taxes in Brazil.
(2) Includes: (i) a charge for the impairment of goodwill of $742,653 in 2008; (ii) reorganization costs of $17,029
and $16,276 in 2008 and 2005, respectively; (iii), other major-program costs associated with the reorganization
activities totaling $1,544 and $22,935, charged to selling, general and administrative expenses, or SG&A
expenses, in 2008 and 2005, respectively; (iv) credit adjustments to reorganization costs of $1,091, $1,727 and
$2,816 in 2007, 2006 and 2004, respectively, for previous actions; (v) a charge to SG&A expenses in 2007
related to a reserve of $15,000 for estimated losses associated with the SEC matter regarding certain
transactions with McAfee, Inc. (formerly NAI) from 1998 through 2000; and (vi) a reduction to SG&A
expenses in 2007 related to a gain of $2,859 from the sale of our Asian semiconductor business. Fiscal 2008,
2007 and 2006 also includes $14,845, $37,875 and $28,875, respectively, of stock-based compensation expense
resulting from the 2006 adoption of Statement of Financial Accounting Standards No. 123 (revised
2004) “Share-Based Payment.”
(3) Includes items noted in footnotes (1) and (2) above, as well as a loss of $8,413 on the redemption of senior
subordinated notes in 2005 and a gain on forward currency hedge of $23,120 in 2004 related to our Australian
dollar denominated acquisition of Tech Pacific.
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