Avnet, Inc. Reports Second Quarter Fiscal Year 2014 Results

"Acquisition/ (Divestiture) Sales" as presented in the preceding table includes the effects of the acquisitions and divestitures included below:

Fiscal 2014
MSC Investoren GmbH, in October 2013 in the EM EMEA region
Seamless Technologies, Inc., in July 2013 in the TS Americas region
Nisko Semiconductors Ltd., in July 2013 in the EM EMEA region

Fiscal 2013
RTI Holdings, in April 2013 in the EM Asia Region
Divestiture in March 2013 of a small business in the EM Americas region
TSSLink, Inc., in January 2013 in the TS Americas region
Universal Semiconductor, Inc., in January 2013 in the EM Americas region
Genilogix, in November 2012 in the TS Americas region
Divestiture in December 2012 of a small business in the TS Asia region
Brightstar Partners, Inc., in November 2012 in the TS Americas region
Magirus AG, in October 2012 in the TS EMEA region
Tekdata Interconnections, Limited, in October 2012 in the EM EMEA region
Internix, Inc., in August 2012 in the EM Asia region
C.R.G. Electronics, Ltd., in August 2012 in the EM EMEA region
Pepperweed Consulting, in August 2012 in the TS Americas region

ROWC, ROCE and WC Velocity

The following table presents the calculation for ROWC, ROCE and WC velocity.

           
Q2 FY14 Q2 FY13
Sales $ 7,421,854 $ 6,699,465
Sales, annualized (a) $ 29,687,416 $ 26,797,859
Adjusted operating income (1) $ 263,208 $ 228,489
Adjusted annualized operating income (b) $ 1,052,832 $ 913,956
Adjusted effective tax rate (2) 28.2 % 27.5 %
Adjusted annualized operating income, after tax (c) $ 756,355 $ 662,801
Average monthly working capital
Accounts receivable $ 5,036,079 $ 4,662,211
Inventory $ 2,632,361 $ 2,362,990
Accounts payable $ (3,289,709 ) $ (3,037,915 )
Average working capital (d) $ 4,378,731   $ 3,987,286  
Average monthly total capital (e) $ 5,912,624   $ 5,405,464  
ROWC = (b) / (d) 24.0 % 22.9 %
WC Velocity = (a) / (d) 6.8 6.7
ROCE = (c) / (e) 12.8 % 12.3 %
 

(1) See reconciliation to GAAP amounts in the preceding tables in this Non-GAAP Financial

Information section.

(2) Adjusted effective tax rate for each quarterly period in a fiscal year is based upon the currently

anticipated annual effective tax rate, excluding the tax effect of the items described above in the

reconciliation to GAAP amounts in this Non-GAAP Financial Information Section.

 

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