Ingram Micro 2013 Annual Report Download - page 40

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Table of Contents
INGRAM MICRO INC.
CONSOLIDATED STATEMENT OF INCOME
(In 000s, except per share data)
Fiscal Year Ended
2013
2012
2011
Net sales $42,553,918
$37,827,299
$ 36,328,701
Cost of sales 40,064,361
35,791,910
34,420,419
Gross profit 2,489,557
2,035,389
1,908,282
Operating expenses:
Selling, general and administrative 1,891,573
1,542,650
1,431,955
Amortization of intangible assets 48,480
20,711
12,550
Reorganization costs 34,629
9,676
5,131
1,974,682
1,573,037
1,449,636
Income from operations 514,875
462,352
458,646
Other expense (income):
Interest income (7,652)
(10,216)
(5,673)
Interest expense 59,165
55,690
52,509
Net foreign currency exchange loss 11,578
10,546
4,789
Loss from settlement of interest rate swap and senior unsecured term loan —
—
5,624
Other 15,685
10,148
13,526
78,776
66,168
70,775
Income before income taxes 436,099
396,184
387,871
Provision for income taxes 125,516
90,275
143,631
Net income $310,583
$305,909
$244,240
Basic earnings per share $2.03
$2.03
$1.57
Diluted earnings per share $1.99
$1.99
$ 1.53
See accompanying notes to these consolidated financial statements.
40