Ingram Micro 2008 Annual Report Download - page 55

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INGRAM MICRO INC.
CONSOLIDATED STATEMENT OF INCOME
(Dollars in 000s, except per share data)
2008 2007 2006
Fiscal Year Ended
Net sales.......................................... $34,362,152 $35,047,089 $31,357,477
Cost of sales ....................................... 32,422,061 33,137,791 29,672,192
Gross profit ....................................... 1,940,091 1,909,298 1,685,285
Operating expenses:
Selling, general and administrative ..................... 1,512,578 1,463,969 1,264,568
Impairment of goodwill ............................. 742,653 — —
Reorganization costs (credits) ........................ 17,029 (1,091) (1,727)
2,272,260 1,462,878 1,262,841
Income (loss) from operations . . ........................ (332,169) 446,420 422,444
Other expense (income):
Interest income ................................... (18,337) (20,106) (8,974)
Interest expense................................... 64,548 75,495 54,599
Losses on sale of receivables . ........................ — — 1,503
Net foreign exchange loss (gain) ...................... 1,105 (135) (198)
Other .......................................... 2,653 5,928 8,181
49,969 61,182 55,111
Income (loss) before income taxes ....................... (382,138) 385,238 367,333
Provision for income taxes ............................ 12,783 109,330 101,567
Net income (loss) ................................... $ (394,921) $ 275,908 $ 265,766
Basic earnings (loss) per share. . ........................ $ (2.37) $ 1.61 $ 1.61
Diluted earnings (loss) per share ........................ $ (2.37) $ 1.56 $ 1.56
See accompanying notes to these consolidated financial statements.
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