Avnet, Inc. Reports Fourth Quarter Fiscal Year 2013 Results

* See Notes to Consolidated Statements of Operations.

 
 
AVNET, INC.
CONSOLIDATED BALANCE SHEETS
(THOUSANDS)
               
JUNE 29, JUNE 30,
2013 2012
Assets:
Current assets:
Cash and cash equivalents $ 1,009,343 $ 1,006,864
Receivables, net 4,868,973 4,607,324
Inventories 2,264,341 2,388,642
Prepaid and other current assets   214,221   251,609
Total current assets 8,356,878 8,254,439
Property, plant and equipment, net 492,606 461,230
Goodwill 1,261,288 1,100,621
Other assets   363,908   351,576
 
Total assets $ 10,474,680 $ 10,167,866
 
Liabilities and Shareholders' Equity:
Current liabilities:
Borrowings due within one year $ 838,190 $ 872,404
Accounts payable 3,278,152 3,230,765
Accrued expenses and other   705,102   695,483

Total current liabilities

4,821,444 4,798,652
Long-term debt 1,206,993 1,271,985
Other long-term liabilities   157,118   191,497
 
Total liabilities 6,185,555 6,262,134
 
Shareholders' equity   4,289,125   3,905,732
 
Total liabilities and shareholders' equity $ 10,474,680 $ 10,167,866
 
 
AVNET, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(THOUSANDS)
 
        FISCAL YEARS ENDED
JUNE 29,         JUNE 30,
2013 2012
Cash flows from operating activities:
 
Net income $ 450,073 $ 567,019
 
Non-cash and other reconciling items:
Depreciation and amortization 120,676 101,336
Deferred income taxes (10,019 ) 11,782
Stock-based compensation 43,677 35,737
Gain on bargain purchase and other (31,011 ) (2,918 )
Other, net 75,327 66,263
 
Changes in (net of effects from businesses acquired):
Receivables (94,203 ) 72,267
Inventories 225,667 133,178
Accounts payable (78,834 ) (319,094 )
Accrued expenses and other, net   (5,156 )   (136,852 )
 
Net cash flows provided by operating activities   696,197     528,718  
 
Cash flows from financing activities:
Issuance of notes in public offering, net of issuance cost 349,258 -
(Repayment of) borrowings under accounts receivable securitization program (310,000 ) 510,000
(Repayment of) Proceeds from bank debt, net (179,861 ) 86,823
Repayment of other debt, net (1,080 ) (1,007 )
Repurchases of common stock (207,192 ) (318,333 )
Other, net   4,792     5,590  
 
Net cash flows (used in) provided by financing activities   (344,083 )   283,073  
 
Cash flows from investing activities:

Purchases of property, plant and equipment

(97,379 ) (128,652 )
Cash proceeds from sales of property, plant and equipment 3,018 1,046
Acquisitions of operations, net of cash acquired (262,306 ) (313,218 )
Cash proceeds from divestitures   3,613     -  
 
Net cash flows used for investing activities   (353,054 )   (440,824 )
 
Effect of exchange rates on cash and cash equivalents   3,419     (39,437 )
 
Cash and cash equivalents:
- increase 2,479 331,530
- at beginning of period   1,006,864     675,334  
 
- at end of period $ 1,009,343   $ 1,006,864  
 
 
AVNET, INC.
SEGMENT INFORMATION
(MILLIONS)
 
    FOURTH QUARTERS ENDED     FISCAL YEARS ENDED

JUNE 29,

    JUNE 30, JUNE 29,     JUNE 30,
SALES: 2013 2012 2013 2012
 
Electronics Marketing $ 3,970.6 $ 3,764.4 $ 15,094.4 $ 14,933.1
 
Technology Solutions 2,620.1 2,543.0 10,364.5 10,774.4
       
Consolidated $ 6,590.7   $ 6,307.4   $ 25,458.9   $ 25,707.5  
 
OPERATING INCOME:
 
Electronics Marketing $ 175.4 $ 191.1 $ 624.0 $ 751.4
 
Technology Solutions 73.3 67.4 278.4 319.3
 
Corporate   (26.0 )   (24.6 )   (126.9 )   (112.9 )
 
222.7 233.9 775.5 957.8
 

Restructuring, integration and other charges

  (59.8 )   (20.5 )   (149.5 )   (73.6 )
 

Consolidated*

$ 162.8   $ 213.4   $ 626.0   $ 884.2  

*

 

Certain amounts may not total due to rounding

 
 

AVNET, INC.

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