$AVT
AVNET INC

2012 Q2 Form 10-Q Financial Statement

#000000885812000008 Filed on April 27, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2012 Q1 2011 Q2
Revenue $6.307B $6.281B $6.672B
YoY Change -5.47% -7.2% 40.27%
Cost Of Revenue $5.548B $5.527B $5.886B
YoY Change -5.73% -7.8% 41.01%
Gross Profit $759.0M $753.8M $786.6M
YoY Change -3.51% -2.51% 34.97%
Gross Profit Margin 12.03% 12.0% 11.79%
Selling, General & Admin $525.1M $518.4M $529.6M
YoY Change -0.85% 0.38% 29.74%
% of Gross Profit 69.18% 68.77% 67.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.50M $26.10M $19.60M
YoY Change 55.61% 39.57% 30.67%
% of Gross Profit 4.02% 3.46% 2.49%
Operating Expenses $525.1M $518.4M $529.6M
YoY Change -0.85% 0.38% 29.71%
Operating Profit $233.9M $216.8M $240.7M
YoY Change -2.84% -4.76% 37.96%
Interest Expense -$23.20M $23.56M $23.56M
YoY Change -198.48% -2.85% -253.97%
% of Operating Profit -9.92% 10.87% 9.79%
Other Income/Expense, Net -$4.100M $3.245M $2.289M
YoY Change -279.12% -1001.39% 52.6%
Pretax Income $186.0M $200.9M $213.2M
YoY Change -12.74% -1.02% 36.12%
Income Tax $52.60M $53.36M $62.13M
% Of Pretax Income 28.28% 26.56% 29.15%
Net Earnings $133.4M $147.6M $151.0M
YoY Change -11.66% 4.68% 31.88%
Net Earnings / Revenue 2.11% 2.35% 2.26%
Basic Earnings Per Share $1.02 $0.99
Diluted Earnings Per Share $0.91 $1.00 $0.98
COMMON SHARES
Basic Shares Outstanding 145.1M shares 145.1M shares 152.9M shares
Diluted Shares Outstanding 147.2M shares 154.6M shares

Balance Sheet

Concept 2012 Q2 2012 Q1 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.007B $940.0M $782.0M
YoY Change 28.77% 24.17% 3.58%
Cash & Equivalents $1.007B $940.1M $781.7M
Short-Term Investments
Other Short-Term Assets $251.6M $216.1M $213.0M
YoY Change 18.13% -11.81% 26.79%
Inventory $2.389B $2.490B $2.514B
Prepaid Expenses
Receivables $4.607B $4.659B $4.707B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.254B $8.305B $8.216B
YoY Change 0.47% -0.75% 37.05%
LONG-TERM ASSETS
Property, Plant & Equipment $461.2M $458.1M $396.0M
YoY Change 16.47% 24.83% 30.69%
Goodwill $1.101B $1.082B
YoY Change
Intangibles $42.76M
YoY Change
Long-Term Investments
YoY Change
Other Assets $351.6M $312.5M $216.0M
YoY Change 62.77% 46.72% -11.84%
Total Long-Term Assets $1.913B $1.852B $1.624B
YoY Change 17.82% 20.59% 39.64%
TOTAL ASSETS
Total Short-Term Assets $8.254B $8.305B $8.216B
Total Long-Term Assets $1.913B $1.852B $1.624B
Total Assets $10.17B $10.16B $9.840B
YoY Change 3.33% 2.56% 37.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.231B $3.237B $3.413B
YoY Change -5.34% -10.32% 34.64%
Accrued Expenses $695.5M $653.8M $680.0M
YoY Change 2.28% -7.53% 30.52%
Deferred Revenue
YoY Change
Short-Term Debt $872.4M $934.5M $0.00
YoY Change
Long-Term Debt Due $872.0M $934.0M $632.0M
YoY Change 37.97% 20.21% 1049.09%
Total Short-Term Liabilities $4.799B $4.826B $4.725B
YoY Change 1.56% -5.27% 51.93%
LONG-TERM LIABILITIES
Long-Term Debt $1.272B $1.184B $1.251B
YoY Change 1.68% -5.14% 33.37%
Other Long-Term Liabilities $191.5M $96.26M $130.0M
YoY Change 47.31% -19.11% 46.07%
Total Long-Term Liabilities $1.463B $1.280B $1.381B
YoY Change 5.97% -6.36% 34.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.799B $4.826B $4.725B
Total Long-Term Liabilities $1.463B $1.280B $1.381B
Total Liabilities $6.262B $6.106B $6.106B
YoY Change 2.56% -5.5% 47.59%
SHAREHOLDERS EQUITY
Retained Earnings $2.546B $2.487B
YoY Change
Common Stock $1.406B $1.402B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $697.0K $698.0K
YoY Change
Treasury Stock Shares 37.87K shares 37.88K shares
Shareholders Equity $3.906B $4.052B $3.734B
YoY Change
Total Liabilities & Shareholders Equity $10.17B $10.16B $9.840B
YoY Change 3.33% 2.56% 37.47%

Cashflow Statement

Concept 2012 Q2 2012 Q1 2011 Q2
OPERATING ACTIVITIES
Net Income $133.4M $147.6M $151.0M
YoY Change -11.66% 4.68% 31.88%
Depreciation, Depletion And Amortization $30.50M $26.10M $19.60M
YoY Change 55.61% 39.57% 30.67%
Cash From Operating Activities $259.3M $23.60M $188.1M
YoY Change 37.85% -129.8% -396.69%
INVESTING ACTIVITIES
Capital Expenditures -$33.30M -$24.50M -$35.00M
YoY Change -4.86% -36.03% 90.22%
Acquisitions
YoY Change
Other Investing Activities -$83.30M -$121.4M -$53.10M
YoY Change 56.87% 139.45% 99.62%
Cash From Investing Activities -$116.5M -$146.0M -$88.10M
YoY Change 32.24% 64.23% 95.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -51.60M 87.30M -87.70M
YoY Change -41.16% -66.5% 252.21%
NET CHANGE
Cash From Operating Activities 259.3M 23.60M 188.1M
Cash From Investing Activities -116.5M -146.0M -88.10M
Cash From Financing Activities -51.60M 87.30M -87.70M
Net Change In Cash 91.20M -35.10M 12.30M
YoY Change 641.46% -137.95% -109.22%
FREE CASH FLOW
Cash From Operating Activities $259.3M $23.60M $188.1M
Capital Expenditures -$33.30M -$24.50M -$35.00M
Free Cash Flow $292.6M $48.10M $223.1M
YoY Change 31.15% -217.6% -595.78%

Facts In Submission

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-3370000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
269436000 USD
us-gaap Net Income Loss
NetIncomeLoss
430239000 USD
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
147562000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
662801000 USD
us-gaap Net Income Loss
NetIncomeLoss
433615000 USD
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
151031000 USD
us-gaap Objectives For Using Derivative Instruments
ObjectivesForUsingDerivativeInstruments
This subjects the Company to the risks associated with fluctuations in foreign currency exchange rates. The Company reduces this risk by utilizing natural hedging (i.e. offsetting receivables and payables) as well as by creating offsetting positions through the use of derivative financial instruments, primarily forward foreign exchange contracts with maturities of less than sixty days. The Company continues to have exposure to foreign currency risks to the extent they are not hedged.
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
216774000 USD
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
240737000 USD
CY2012Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
312504000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
670727000 USD
CY2012Q1 us-gaap Other Assets Current
OtherAssetsCurrent
216058000 USD
CY2011Q3 us-gaap Other Assets Current
OtherAssetsCurrent
191110000 USD
CY2011Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
374117000 USD
CY2011Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
138124000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
-213677000 USD
CY2012Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
68792000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
271677000 USD
CY2011Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
98262000 USD
CY2012Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
96260000 USD
CY2012Q1 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
1340000 USD
CY2011Q3 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
1128000 USD
CY2012Q1 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
36397000 USD
CY2011Q3 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
126512000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-47473000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-45348000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1389000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5268000 USD
CY2011Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2289000 USD
CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3245000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
248840000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
229524000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
690997000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
95388000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
105221000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
10458000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
3231000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
5555000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
13572000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
-493000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
590000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
485000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2356000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
580000 USD
CY2012Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
458118000 USD
CY2011Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
419173000 USD
us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
109600000 USD
us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
0 USD
CY2011Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2293510000 USD
CY2012Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2487053000 USD
CY2011Q2 us-gaap Sales Revenue Net
SalesRevenueNet
6672404000 USD
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
6280557000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
19622287000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
19400136000 USD
CY2011Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
529605000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1567694000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1546701000 USD
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
518421000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
28786000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
25015000 USD
CY2011Q3 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
81951000 USD
CY2012Q1 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
183110000 USD
CY2012Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
934450000 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
8770000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
248840000 USD
CY2012Q1 us-gaap Stockholders Equity
StockholdersEquity
4051779000 USD
CY2011Q3 us-gaap Stockholders Equity
StockholdersEquity
4056070000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
28.35
CY2012Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
37878 shares
CY2011Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
37802 shares
CY2012Q1 us-gaap Treasury Stock Value
TreasuryStockValue
698000 USD
CY2011Q3 us-gaap Treasury Stock Value
TreasuryStockValue
695000 USD
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147245000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
154172000 shares
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
154611000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
150472000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152333000 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000008858
CY2012Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
145052735 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
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
148195000 shares
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152859000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
145126000 shares
avt Accounts Receivable Securitization Loan Program Term
AccountsReceivableSecuritizationLoanProgramTerm
P1Y
CY2011Q3 avt Accounts Receivable Securitization Program Borrowings Outstanding
AccountsReceivableSecuritizationProgramBorrowingsOutstanding
160000000 USD
CY2012Q1 avt Accounts Receivable Securitization Program Borrowings Outstanding
AccountsReceivableSecuritizationProgramBorrowingsOutstanding
750000000 USD
avt Business Acquisition Gain On Bargain Purchase Per Share On Diluted Basis
BusinessAcquisitionGainOnBargainPurchasePerShareOnDilutedBasis
0.20
avt Business Acquisition Gain On Bargain Purchase Per Share On Diluted Basis
BusinessAcquisitionGainOnBargainPurchasePerShareOnDilutedBasis
0.03
avt Business Combination Bargain Purchase Gain Recognized Amount And Other
BusinessCombinationBargainPurchaseGainRecognizedAmountAndOther
22715000 USD
CY2011Q2 avt Business Combination Bargain Purchase Gain Recognized Amount And Other
BusinessCombinationBargainPurchaseGainRecognizedAmountAndOther
-6308000 USD
avt Business Combination Bargain Purchase Gain Recognized Amount And Other
BusinessCombinationBargainPurchaseGainRecognizedAmountAndOther
3061000 USD
CY2012Q1 avt Business Combination Bargain Purchase Gain Recognized Amount And Other
BusinessCombinationBargainPurchaseGainRecognizedAmountAndOther
4460000 USD
CY2012Q1 avt Finite Lived Intangible Assets Accumulated Amortization And Foreign Currency Translation
FiniteLivedIntangibleAssetsAccumulatedAmortizationAndForeignCurrencyTranslation
71969000 USD
avt Income Tax Adjusstment Related To Write Off Of Deferred Tax Asset Acquisitions Per Diluted Share
IncomeTaxAdjusstmentRelatedToWriteOffOfDeferredTaxAssetAcquisitionsPerDilutedShare
0.13
avt Income Tax Adjustments Related To Write Off Of Deferred Tax Assets Acquisitions Net
IncomeTaxAdjustmentsRelatedToWriteOffOfDeferredTaxAssetsAcquisitionsNet
19800000 USD
avt Line Of Credit Facility Term
LineOfCreditFacilityTerm
P5Y
CY2012Q1 avt Long Term Debt Noncurrent Before Discount On Notes
LongTermDebtNoncurrentBeforeDiscountOnNotes
1186397000 USD
CY2011Q3 avt Long Term Debt Noncurrent Before Discount On Notes
LongTermDebtNoncurrentBeforeDiscountOnNotes
1276512000 USD
CY2012Q1 avt Number Of Restructuring Plans Remaining
NumberOfRestructuringPlansRemaining
4
avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
736253000 USD
avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
723841000 USD
CY2011Q2 avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
257010000 USD
CY2012Q1 avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
235383000 USD
avt Proceeds From Repayments Of Bank Debt Net
ProceedsFromRepaymentsOfBankDebtNet
42238000 USD
avt Proceeds From Repayments Of Bank Debt Net
ProceedsFromRepaymentsOfBankDebtNet
-11527000 USD
CY2012Q1 avt Reasonably Possible Range Of Tax Benefit Expected To Favorably Impact Rate
ReasonablyPossibleRangeOfTaxBenefitExpectedToFavorablyImpactRate
$15,000,000 to $17,000,000
avt Recognized Loss From Other Activities Before Tax
RecognizedLossFromOtherActivitiesBeforeTax
1399000 USD
avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
73452000 USD
CY2012Q1 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
18609000 USD
CY2011Q2 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
16273000 USD
avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
53114000 USD

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avt-20120331_def.xml Edgar Link unprocessable
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