Avnet, Inc. Reports Second Quarter Fiscal Year 2014 Results

Teleconference Webcast and Upcoming Events

Avnet will host a Webcast of its quarterly teleconference today at 2:00 p.m. Eastern Time. The live Webcast event, as well as other financial information including financial statement reconciliations of GAAP and non-GAAP financial measures, will be available through www.ir.avnet.com. Please log onto the site 15 minutes prior to the start of the event to register or download any necessary software. An archive copy of the presentation will also be available after the Webcast.

For a listing of Avnet’s upcoming events and other information, please visit Avnet’s investor relations website at www.ir.avnet.com.

About Avnet

Avnet, Inc. (NYSE: AVT), a Fortune 500 company, is one of the largest distributors of electronic components, computer products and embedded technology serving customers globally. Avnet accelerates its partners' success by connecting the world's leading technology suppliers with a broad base of customers by providing cost-effective, value-added services and solutions. For the fiscal year ended June 29, 2013, Avnet generated sales of $25.5 billion. For more information, visit www.avnet.com. (AVT_IR)

           

AVNET, INC.

FINANCIAL HIGHLIGHTS

(MILLIONS EXCEPT PER SHARE DATA)

(UNAUDITED)

 
Second Quarters Ended       Six Months Ended

December
28, 2013

   

December
29, 2012

     

December
28, 2013

   

December
29, 2012

Sales $ 7,421.9 $ 6,699.5 $ 13,767.3     $ 12,569.5
Income before income taxes 188.6 168.9 360.5 277.8
Net income 124.9 137.5 245.5 237.8
Net income per share:
Basic $ 0.91 $ 1.01 $ 1.78 $ 1.71
Diluted $ 0.89 $ 0.99 $ 1.75 $ 1.69
 
 
           

AVNET, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(THOUSANDS EXCEPT PER SHARE DATA)

(UNAUDITED)

 
Second Quarters Ended       Six Months Ended

December
28, 2013

   

December
29, 2012

     

December
28, 2013

   

December
29, 2012

Sales $ 7,421,854 $ 6,699,465 $ 13,767,329     $ 12,569,522
Cost of sales 6,573,221   5,931,002         12,183,526       11,116,682  
Gross profit 848,633 768,463 1,583,803 1,452,840
Selling, general and administrative expenses 598,619 547,984 1,142,703 1,094,980

Restructuring, integration and other

expenses

28,442   24,906         40,541       62,314  
Operating income 221,572 195,573 400,559 295,546
Other income (expense), net (4,794 ) 1,060 (3,999 ) 2,543
Interest expense (28,226 ) (27,798 ) (55,203 ) (51,688 )

Gain on legal settlement, bargain purchase

and other

  59         19,137       31,350  
Income before income taxes 188,552 168,894 360,494 277,751
Income tax provision 63,688   31,413         115,006       39,965  
Net income $ 124,864   $ 137,481         $ 245,488       $ 237,786  
Net earnings per share:
Basic $ 0.91   $ 1.01         $ 1.78       $ 1.71  
Diluted $ 0.89   $ 0.99         $ 1.75       $ 1.69  
Shares used to compute earnings per share:
Basic 137,702   136,776         137,558       138,772  
Diluted 140,144   138,575         139,934       140,967  
Cash dividends paid per common share $ 0.15   $         $ 0.30       $  
 
 
           

AVNET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(THOUSANDS)

(UNAUDITED)

 

December 28,
2013

June 29,
2013

Assets:
Current assets:
Cash and cash equivalents $ 779,331 $ 1,009,343
Receivables, net 5,708,345 4,868,973
Inventories 2,549,323 2,264,341
Prepaid and other current assets 198,739   214,221
Total current assets 9,235,738 8,356,878
Property, plant and equipment, net 511,759 492,606
Goodwill 1,358,451 1,261,288
Intangible assets, net 209,076 172,212
Other assets 170,274   191,696
Total assets $ 11,485,298   $ 10,474,680
Liabilities and Shareholders' Equity:
Current liabilities:
Short-term borrowings $ 968,757 $ 838,190
Accounts payable 3,704,570 3,278,152
Accrued expenses and other 777,146   705,102
Total current liabilities 5,450,473 4,821,444
Long-term debt 1,227,575 1,206,993
Other long-term liabilities 178,834   157,118
Total liabilities 6,856,882 6,185,555
Shareholders’ equity 4,628,416   4,289,125
Total liabilities and shareholders’ equity $ 11,485,298   $ 10,474,680
 
 
     

AVNET, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(THOUSANDS)

(UNAUDITED)

 
First Halves Ended

December 28,
2013

     

December 29,
2012

Cash flows from operating activities:
Net income $ 245,488 $ 237,786
Non-cash and other reconciling items:
Depreciation 44,731 42,764
Amortization 20,903 15,076
Deferred income taxes 11,925 532
Stock-based compensation 28,940 27,684
Gain on bargain purchase (31,350 )
Other, net 51,616 30,829
Changes in (net of effects from businesses acquired):
Receivables (771,728 ) (399,943 )
Inventories (158,470 ) 246,192
Accounts payable 348,521 250,862
Accrued expenses and other, net 23,875   (13,024 )
Net cash flows (used) provided by operating activities (154,199 ) 407,408  
 
Cash flows from financing activities:
Issuance of notes in public offering, net of issuance cost 349,258

Borrowings (repayments) under accounts receivable securitization program, net

60,000 (366,000 )
Borrowings (repayments) of bank and other debt, net 55,436 (171,834 )
Repurchases of common stock (207,192 )
Dividends paid on common stock (41,263 )
Other, net 4,293   3,351  
Net cash flows provided (used) by financing activities 78,466   (392,417 )
 
Cash flows from investing activities:
Purchases of property, plant and equipment (47,024 ) (55,298 )
Acquisitions of businesses, net of cash acquired (116,882 ) (170,960 )
Cash proceeds from divestitures, net of cash divested 3,613
Other, net 1,800   37  
Net cash flows used for investing activities (162,106 ) (222,608 )
 
Effect of exchange rate changes on cash and cash equivalents 7,827   16,032  
 
Cash and cash equivalents:
— (decrease) increase (230,012 ) (191,585 )
— at beginning of period 1,009,343   1,006,864  
— at end of period $ 779,331   $ 815,279  
 
 
           

AVNET, INC.

SEGMENT INFORMATION

(MILLIONS)

(UNAUDITED)

 
Second Quarters Ended Six Months Ended

December
28, 2013

   

December
29, 2012

December
28, 2013

   

December
29, 2012

Sales:
Electronics Marketing $ 4,154.8 $ 3,673.5 $ 8,092.9 $ 7,326.6
Technology Solutions 3,267.1   3,026.0   5,674.4   5,242.9  
Consolidated $ 7,421.9   $ 6,699.5   $ 13,767.3   $ 12,569.5  
Operating Income:
Electronics Marketing $ 171.7 $ 143.0 $ 347.5 $ 292.1
Technology Solutions 120.2 113.1 182.8 151.8
Corporate (28.7 ) (27.6 ) (67.6 ) (70.9 )
263.2 228.5 462.7 373.0
Restructuring, integration and other

expenses

(28.4 ) (24.9 ) (40.5 ) (62.3 )
Amortization of intangible assets and other (13.2 ) (8.0 ) (21.6 ) (15.1 )
Consolidated Operating Income $ 221.6   $ 195.6   $ 400.6   $ 295.6  



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