$AVT
AVNET INC

2011 Q4 Form 10-Q Financial Statement

#000000885812000004 Filed on January 27, 2012

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q1
Revenue $6.426B $6.768B
YoY Change 3.94% 39.98%
Cost Of Revenue $5.909B $5.994B
YoY Change 8.25% 39.97%
Gross Profit $784.1M $773.2M
YoY Change 8.44% 40.1%
Gross Profit Margin 12.2% 11.43%
Selling, General & Admin $518.7M $516.5M
YoY Change 3.62% 32.57%
% of Gross Profit 66.16% 66.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.30M $18.70M
YoY Change 7.22% 20.65%
% of Gross Profit 2.84% 2.42%
Operating Expenses $518.7M $516.5M
YoY Change 3.6% 32.57%
Operating Profit $230.9M $227.6M
YoY Change 3.82% 40.24%
Interest Expense $22.19M $24.25M
YoY Change -200.88% -258.48%
% of Operating Profit 9.61% 10.65%
Other Income/Expense, Net $742.0K -$360.0K
YoY Change -77.52% -55.0%
Pretax Income $208.0M $203.0M
YoY Change 1.58% 33.81%
Income Tax $61.02M $61.96M
% Of Pretax Income 29.33% 30.52%
Net Earnings $139.0M $141.0M
YoY Change 0.58% 35.71%
Net Earnings / Revenue 2.16% 2.08%
Basic Earnings Per Share $1.00 $0.93
Diluted Earnings Per Share $0.90 $0.91
COMMON SHARES
Basic Shares Outstanding 147.2M shares 152.1M shares
Diluted Shares Outstanding 149.7M shares 154.3M shares

Balance Sheet

Concept 2011 Q4 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $622.0M $757.0M
YoY Change -6.04% -15.42%
Cash & Equivalents $968.5M $756.9M
Short-Term Investments
Other Short-Term Assets $217.1M $245.0M
YoY Change -18.99% 80.15%
Inventory $2.514B $2.550B
Prepaid Expenses
Receivables $4.756B $4.816B
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.455B $8.368B
YoY Change 7.83% 35.67%
LONG-TERM ASSETS
Property, Plant & Equipment $440.4M $367.0M
YoY Change 27.3% 21.52%
Goodwill $945.2M
YoY Change
Intangibles $19.68M
YoY Change
Long-Term Investments
YoY Change
Other Assets $332.0M $213.0M
YoY Change 55.12% -21.69%
Total Long-Term Assets $1.718B $1.536B
YoY Change 17.49% 33.91%
TOTAL ASSETS
Total Short-Term Assets $8.455B $8.368B
Total Long-Term Assets $1.718B $1.536B
Total Assets $10.17B $9.904B
YoY Change 9.35% 35.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.568B $3.610B
YoY Change 3.26% 31.99%
Accrued Expenses $654.6M $707.0M
YoY Change 1.17% 40.56%
Deferred Revenue
YoY Change
Short-Term Debt $800.6M $0.00
YoY Change
Long-Term Debt Due $757.0M $777.0M
YoY Change 52.01% 859.26%
Total Short-Term Liabilities $5.023B $5.094B
YoY Change 9.17% 53.48%
LONG-TERM LIABILITIES
Long-Term Debt $1.185B $1.248B
YoY Change -5.98% 32.91%
Other Long-Term Liabilities $110.1M $119.0M
YoY Change -1.68% 54.55%
Total Long-Term Liabilities $1.295B $1.367B
YoY Change -5.63% 34.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.023B $5.094B
Total Long-Term Liabilities $1.295B $1.367B
Total Liabilities $6.318B $6.461B
YoY Change 5.77% 49.04%
SHAREHOLDERS EQUITY
Retained Earnings $2.362B
YoY Change
Common Stock $1.399B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $696.0K
YoY Change
Treasury Stock Shares 37.84K shares
Shareholders Equity $3.855B $3.442B
YoY Change
Total Liabilities & Shareholders Equity $10.17B $9.904B
YoY Change 9.35% 35.39%

Cashflow Statement

Concept 2011 Q4 2011 Q1
OPERATING ACTIVITIES
Net Income $139.0M $141.0M
YoY Change 0.58% 35.71%
Depreciation, Depletion And Amortization $22.30M $18.70M
YoY Change 7.22% 20.65%
Cash From Operating Activities -$204.1M -$79.20M
YoY Change 81.79% -18.77%
INVESTING ACTIVITIES
Capital Expenditures $39.67M -$38.30M
YoY Change -224.34% 169.72%
Acquisitions $103.2M
YoY Change
Other Investing Activities -$102.8M -$50.70M
YoY Change -82.1% -767.11%
Cash From Investing Activities -$142.5M -$88.90M
YoY Change -76.51% 1267.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $81.92M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $307.7M 260.6M
YoY Change 17.66% 2269.09%
NET CHANGE
Cash From Operating Activities -$204.1M -79.20M
Cash From Investing Activities -$142.5M -88.90M
Cash From Financing Activities $307.7M 260.6M
Net Change In Cash -$38.91M 92.50M
YoY Change -91.49% -199.46%
FREE CASH FLOW
Cash From Operating Activities -$204.1M -$79.20M
Capital Expenditures $39.67M -$38.30M
Free Cash Flow -$243.8M -$40.90M
YoY Change 203.25% -50.9%

Facts In Submission

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us-gaap Objectives For Using Derivative Instruments
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
153952000 shares
CY2011Q4 us-gaap Other Assets Current
OtherAssetsCurrent
217099000 USD
CY2011Q3 us-gaap Other Assets Current
OtherAssetsCurrent
191110000 USD
CY2011Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
331966000 USD
CY2011Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
374117000 USD
CY2011Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
-42099000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
-282469000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
133553000 USD
CY2011Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
-96211000 USD
CY2011Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
98262000 USD
CY2011Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
110114000 USD
CY2011Q4 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
1039000 USD
CY2011Q3 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
1128000 USD
CY2011Q4 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
37425000 USD
CY2011Q3 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
126512000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-31017000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-34081000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4634000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2979000 USD
CY2011Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-360000 USD
CY2011Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
742000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
220951000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
13570000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
450000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
450000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
114000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1727000 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
440445000 USD
CY2011Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
419173000 USD
us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
0 USD
us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
5205000 USD
CY2011Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2293510000 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2361685000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
12949883000 USD
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
6693573000 USD
CY2011Q1 us-gaap Sales Revenue Net
SalesRevenueNet
6767495000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
13119579000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1017096000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1049273000 USD
CY2011Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
518740000 USD
CY2011Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
516480000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
20769000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
22395000 USD
CY2011Q3 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
81951000 USD
CY2011Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
189524000 USD
CY2011Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
800563000 USD
CY2011Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
243079000 USD
us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
500000000 USD
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
8060000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
225937000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
3855082000 USD
CY2011Q3 us-gaap Stockholders Equity
StockholdersEquity
4056070000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
28.01
CY2011Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
37835 shares
CY2011Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
37802 shares
CY2011Q4 us-gaap Treasury Stock Value
TreasuryStockValue
696000 USD
CY2011Q3 us-gaap Treasury Stock Value
TreasuryStockValue
695000 USD
CY2011Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
154259000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152086000 shares
CY2011Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
149666000 shares
CY2011Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147188000 shares
CY2011Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152137000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
149729000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152071000 shares
avt Accounts Receivable Securitization Loan Program Term
AccountsReceivableSecuritizationLoanProgramTerm
P1Y
CY2011Q3 avt Accounts Receivable Securitization Program Borrowings Outstanding
AccountsReceivableSecuritizationProgramBorrowingsOutstanding
160000000 USD
CY2011Q4 avt Accounts Receivable Securitization Program Borrowings Outstanding
AccountsReceivableSecuritizationProgramBorrowingsOutstanding
610000000 USD
CY2011Q1 avt Business Combination Bargain Purchase Gain Recognized Amount And Other
BusinessCombinationBargainPurchaseGainRecognizedAmountAndOther
0 USD
avt Business Combination Bargain Purchase Gain Recognized Amount And Other
BusinessCombinationBargainPurchaseGainRecognizedAmountAndOther
-1399000 USD
avt Business Combination Bargain Purchase Gain Recognized Amount And Other
BusinessCombinationBargainPurchaseGainRecognizedAmountAndOther
29023000 USD
CY2011Q4 avt Business Combination Bargain Purchase Gain Recognized Amount And Other
BusinessCombinationBargainPurchaseGainRecognizedAmountAndOther
-1399000 USD
CY2011Q4 avt Finite Lived Intangible Assets Accumulated Amortization And Foreign Currency Translation
FiniteLivedIntangibleAssetsAccumulatedAmortizationAndForeignCurrencyTranslation
62121000 USD
avt Income Tax Adjustments Related To Write Off Of Deferred Tax Assets Acquisitions Net
IncomeTaxAdjustmentsRelatedToWriteOffOfDeferredTaxAssetsAcquisitionsNet
16900000 USD
avt Line Of Credit Facility Term
LineOfCreditFacilityTerm
P5Y
CY2011Q4 avt Long Term Debt Noncurrent Before Discount On Notes
LongTermDebtNoncurrentBeforeDiscountOnNotes
1187425000 USD
CY2011Q3 avt Long Term Debt Noncurrent Before Discount On Notes
LongTermDebtNoncurrentBeforeDiscountOnNotes
1276512000 USD
CY2011Q4 avt Number Of Restructuring Plans Remaining
NumberOfRestructuringPlansRemaining
4
CY2011Q4 avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
265394000 USD
avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
479243000 USD
avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
488458000 USD
CY2011Q1 avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
256714000 USD
avt Proceeds From Repayments Of Bank Debt Net
ProceedsFromRepaymentsOfBankDebtNet
62520000 USD
avt Proceeds From Repayments Of Bank Debt Net
ProceedsFromRepaymentsOfBankDebtNet
18034000 USD
avt Recognized Loss From Other Activities Before Tax
RecognizedLossFromOtherActivitiesBeforeTax
1400000 USD
avt Recognized Loss From Other Activities Net Of Tax
RecognizedLossFromOtherActivitiesNetOfTax
900000 USD
avt Recognized Loss From Other Activities Per Diluted Share
RecognizedLossFromOtherActivitiesPerDilutedShare
0.01
avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
57179000 USD
CY2011Q1 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
29112000 USD
avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
34505000 USD
CY2011Q4 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
34505000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2011-12-31
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000008858
CY2012Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
148367920 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
AVNET INC
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

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0000008858-12-000004-index-headers.html Edgar Link pending
0000008858-12-000004-index.html Edgar Link pending
0000008858-12-000004.txt Edgar Link pending
0000008858-12-000004-xbrl.zip Edgar Link pending
avt-20111231.xml Edgar Link completed
avt-20111231.xsd Edgar Link pending
avt-20111231_cal.xml Edgar Link unprocessable
avt-20111231_def.xml Edgar Link unprocessable
avt-20111231_lab.xml Edgar Link unprocessable
avt-20111231_pre.xml Edgar Link unprocessable
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