Ingram Micro 2011 Annual Report Download - page 55

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INGRAM MICRO INC.
CONSOLIDATED STATEMENT OF INCOME
(In 000s, except per share data)
Fiscal Year Ended
2011 2010 2009
Net sales ............................................... $36,328,701 $34,588,984 $29,515,446
Cost of sales ............................................ 34,420,419 32,696,693 27,845,237
Gross profit ............................................. 1,908,282 1,892,291 1,670,209
Operating expenses:
Selling, general and administrative ......................... 1,444,505 1,406,721 1,337,696
Impairment of goodwill .................................. — — 2,490
Reorganization costs .................................... 5,131 1,137 34,083
1,449,636 1,407,858 1,374,269
Income from operations ................................... 458,646 484,433 295,940
Other expense (income):
Interest income ........................................ (5,673) (4,858) (9,088)
Interest expense ........................................ 52,509 39,259 28,177
Net foreign currency exchange loss (gain) ................... 4,789 (424) 3,886
Loss from settlement of interest rate swap and senior unsecured
term loan ........................................... 5,624 — —
Other ................................................ 13,526 12,395 3,717
70,775 46,372 26,692
Income before income taxes ................................ 387,871 438,061 269,248
Provision for income taxes ................................. 143,631 120,001 67,110
Net income ............................................. $ 244,240 $ 318,060 $ 202,138
Basic earnings per share ................................... $ 1.57 $ 1.98 $ 1.24
Diluted earnings per share .................................. $ 1.53 $ 1.94 $ 1.22
See accompanying notes to these consolidated financial statements.
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