$AVT
AVNET INC

2012 Q3 Form 10-Q Financial Statement

#000000885812000014 Filed on October 26, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q4
Revenue $5.870B $6.426B
YoY Change -15.08% 3.94%
Cost Of Revenue $5.186B $5.909B
YoY Change -14.81% 8.25%
Gross Profit $684.4M $784.1M
YoY Change -17.04% 8.44%
Gross Profit Margin 11.66% 12.2%
Selling, General & Admin $547.0M $518.7M
YoY Change -1.25% 3.62%
% of Gross Profit 79.93% 66.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.21M $22.30M
YoY Change 26.49% 7.22%
% of Gross Profit 4.12% 2.84%
Operating Expenses $547.0M $518.7M
YoY Change -1.25% 3.6%
Operating Profit $99.97M $230.9M
YoY Change -63.11% 3.82%
Interest Expense $23.89M $22.19M
YoY Change -205.71% -200.88%
% of Operating Profit 23.9% 9.61%
Other Income/Expense, Net $1.483M $742.0K
YoY Change -73.04% -77.52%
Pretax Income $108.9M $208.0M
YoY Change -56.46% 1.58%
Income Tax $8.552M $61.02M
% Of Pretax Income 7.86% 29.33%
Net Earnings $100.3M $139.0M
YoY Change -58.0% 0.58%
Net Earnings / Revenue 1.71% 2.16%
Basic Earnings Per Share $0.71 $1.00
Diluted Earnings Per Share $0.70 $0.90
COMMON SHARES
Basic Shares Outstanding 140.8M shares 147.2M shares
Diluted Shares Outstanding 143.4M shares 149.7M shares

Balance Sheet

Concept 2012 Q3 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.043B $622.0M
YoY Change 54.52% -6.04%
Cash & Equivalents $1.043B $968.5M
Short-Term Investments
Other Short-Term Assets $237.3M $217.1M
YoY Change 24.19% -18.99%
Inventory $2.361B $2.514B
Prepaid Expenses
Receivables $4.478B $4.756B
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.119B $8.455B
YoY Change -1.32% 7.83%
LONG-TERM ASSETS
Property, Plant & Equipment $480.9M $440.4M
YoY Change 14.72% 27.3%
Goodwill $1.155B $945.2M
YoY Change 30.51%
Intangibles $19.68M
YoY Change
Long-Term Investments
YoY Change
Other Assets $348.3M $332.0M
YoY Change -6.89% 55.12%
Total Long-Term Assets $1.984B $1.718B
YoY Change 18.23% 17.49%
TOTAL ASSETS
Total Short-Term Assets $8.119B $8.455B
Total Long-Term Assets $1.984B $1.718B
Total Assets $10.10B $10.17B
YoY Change 1.99% 9.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.921B $3.568B
YoY Change -18.0% 3.26%
Accrued Expenses $676.2M $654.6M
YoY Change 0.48% 1.17%
Deferred Revenue
YoY Change
Short-Term Debt $948.6M $800.6M
YoY Change 290.24%
Long-Term Debt Due $949.0M $757.0M
YoY Change 290.53% 52.01%
Total Short-Term Liabilities $4.545B $5.023B
YoY Change 1.51% 9.17%
LONG-TERM LIABILITIES
Long-Term Debt $1.400B $1.185B
YoY Change 9.92% -5.98%
Other Long-Term Liabilities $178.1M $110.1M
YoY Change 81.26% -1.68%
Total Long-Term Liabilities $1.578B $1.295B
YoY Change 15.03% -5.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.545B $5.023B
Total Long-Term Liabilities $1.578B $1.295B
Total Liabilities $6.123B $6.318B
YoY Change 4.68% 5.77%
SHAREHOLDERS EQUITY
Retained Earnings $2.520B $2.362B
YoY Change 9.86%
Common Stock $1.419B $1.399B
YoY Change 2.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $698.0K $696.0K
YoY Change 0.43%
Treasury Stock Shares 37.90K shares 37.84K shares
Shareholders Equity $3.980B $3.855B
YoY Change
Total Liabilities & Shareholders Equity $10.10B $10.17B
YoY Change 1.99% 9.35%

Cashflow Statement

Concept 2012 Q3 2011 Q4
OPERATING ACTIVITIES
Net Income $100.3M $139.0M
YoY Change -58.0% 0.58%
Depreciation, Depletion And Amortization $28.21M $22.30M
YoY Change 26.49% 7.22%
Cash From Operating Activities $80.98M -$204.1M
YoY Change -71.23% 81.79%
INVESTING ACTIVITIES
Capital Expenditures $24.39M $39.67M
YoY Change -156.06% -224.34%
Acquisitions $87.18M $103.2M
YoY Change
Other Investing Activities -$82.40M -$102.8M
YoY Change -587.57% -82.1%
Cash From Investing Activities -$106.8M -$142.5M
YoY Change 301.34% -76.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $128.7M $81.92M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $44.71M $307.7M
YoY Change -112.05% 17.66%
NET CHANGE
Cash From Operating Activities $80.98M -$204.1M
Cash From Investing Activities -$106.8M -$142.5M
Cash From Financing Activities $44.71M $307.7M
Net Change In Cash $18.93M -$38.91M
YoY Change -116.28% -91.49%
FREE CASH FLOW
Cash From Operating Activities $80.98M -$204.1M
Capital Expenditures $24.39M $39.67M
Free Cash Flow $56.59M -$243.8M
YoY Change -82.59% 203.25%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2012Q3 us-gaap Defined Benefit Plan Estimated Future Employer Contributions In Current Fiscal Year Description
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CY2012Q3 us-gaap Objectives For Using Derivative Instruments
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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.
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PropertyPlantAndEquipmentNet
480858000 USD
CY2012Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
461230000 USD
CY2012Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2545858000 USD
CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2519647000 USD
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
5870057000 USD
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
6426006000 USD
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
546996000 USD
CY2011Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
530533000 USD
CY2011Q4 us-gaap Share Based Compensation
ShareBasedCompensation
14252000 USD
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
18905000 USD
CY2012Q2 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
201390000 USD
CY2012Q3 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
236271000 USD
CY2012Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
948596000 USD
CY2012Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
872404000 USD
CY2012Q3 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
750000000 USD
CY2011Q3 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
500000000 USD
CY2012Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
4170000 shares
CY2012Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
130685000 USD
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
3979783000 USD
CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
3905732000 USD
CY2012Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
31.34
CY2012Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
37896 shares
CY2012Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
37872 shares
CY2012Q3 us-gaap Treasury Stock Value
TreasuryStockValue
698000 USD
CY2012Q2 us-gaap Treasury Stock Value
TreasuryStockValue
697000 USD
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
143359000 shares
CY2011Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
154506000 shares
CY2011Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152270000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
140767000 shares
CY2012Q2 avt Accounts Receivable Securitization Program Borrowings Outstanding
AccountsReceivableSecuritizationProgramBorrowingsOutstanding
670000000 USD
CY2012Q3 avt Accounts Receivable Securitization Program Borrowings Outstanding
AccountsReceivableSecuritizationProgramBorrowingsOutstanding
711000000 USD
CY2012Q3 avt Business Acquisition Gain On Bargain Purchase Per Share On Diluted Basis
BusinessAcquisitionGainOnBargainPurchasePerShareOnDilutedBasis
0.22
CY2011Q4 avt Divestiture Of Business Proceeds Received From Earn Out
DivestitureOfBusinessProceedsReceivedFromEarnOut
0 USD
CY2012Q3 avt Divestiture Of Business Proceeds Received From Earn Out
DivestitureOfBusinessProceedsReceivedFromEarnOut
4500000 USD
CY2012Q3 avt Divestiture Of Businesses Earn Out Term
DivestitureOfBusinessesEarnOutTerm
P3Y
CY2012Q3 dei Document Type
DocumentType
10-Q
CY2012Q2 avt Long Term Debt Noncurrent Before Discount On Notes
LongTermDebtNoncurrentBeforeDiscountOnNotes
1274456000 USD
CY2012Q3 avt Long Term Debt Noncurrent Before Discount On Notes
LongTermDebtNoncurrentBeforeDiscountOnNotes
1402170000 USD
CY2012Q3 avt Number Of Restructuring Plans Remaining
NumberOfRestructuringPlansRemaining
4
CY2012Q3 avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
137381000 USD
CY2011Q4 avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
223064000 USD
CY2012Q3 avt Proceeds From Repayments Of Bank Debt Net
ProceedsFromRepaymentsOfBankDebtNet
131141000 USD
CY2011Q4 avt Proceeds From Repayments Of Bank Debt Net
ProceedsFromRepaymentsOfBankDebtNet
64281000 USD
CY2012Q3 avt Reasonably Possible Range Of Tax Benefit Expected To Favorably Impact Rate
ReasonablyPossibleRangeOfTaxBenefitExpectedToFavorablyImpactRate
$15,000,000 to $17,000,000
CY2011Q4 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
0 USD
CY2012Q3 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
37408000 USD
CY2012Q3 avt Stock Repurchase Program Aggregate Cost Of Shares Repurchased Since Inception
StockRepurchaseProgramAggregateCostOfSharesRepurchasedSinceInception
456625000 USD
CY2012Q3 avt Stock Repurchase Program Aggregate Number Of Shares Repurchased Since Inception
StockRepurchaseProgramAggregateNumberOfSharesRepurchasedSinceInception
15440000 shares
CY2012Q3 avt Stock Repurchase Program Authorized Additional Amount
StockRepurchaseProgramAuthorizedAdditionalAmount
250000000 USD
CY2012Q3 dei Amendment Flag
AmendmentFlag
false
CY2012Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-29
CY2012Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2012Q3 dei Document Period End Date
DocumentPeriodEndDate
2012-09-29
CY2012Q3 dei Entity Central Index Key
EntityCentralIndexKey
0000008858
CY2012Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
137233439 shares
CY2012Q3 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012Q3 dei Entity Registrant Name
EntityRegistrantName
AVNET INC
CY2012Q3 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012Q3 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

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0000008858-12-000014-index-headers.html Edgar Link pending
0000008858-12-000014-index.html Edgar Link pending
0000008858-12-000014.txt Edgar Link pending
0000008858-12-000014-xbrl.zip Edgar Link pending
avt-20120929.xml Edgar Link completed
avt-20120929.xsd Edgar Link pending
avt-20120929_cal.xml Edgar Link unprocessable
avt-20120929_def.xml Edgar Link unprocessable
avt-20120929_lab.xml Edgar Link unprocessable
avt-20120929_pre.xml Edgar Link unprocessable
avt-q1x2013.htm Edgar Link pending
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