$AVT
AVNET INC

2012 Q4 Form 10-Q Financial Statement

#000000885813000004 Filed on January 25, 2013

View on sec.gov

Income Statement

Concept 2012 Q4 2011 Q4
Revenue $6.699B $6.426B
YoY Change 4.26% 3.94%
Cost Of Revenue $5.931B $5.909B
YoY Change 0.36% 8.25%
Gross Profit $768.5M $784.1M
YoY Change -1.99% 8.44%
Gross Profit Margin 11.47% 12.2%
Selling, General & Admin $548.0M $518.7M
YoY Change 5.64% 3.62%
% of Gross Profit 71.31% 66.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.70M $22.30M
YoY Change 33.18% 7.22%
% of Gross Profit 3.86% 2.84%
Operating Expenses $548.0M $518.7M
YoY Change 5.64% 3.6%
Operating Profit $195.6M $230.9M
YoY Change -15.3% 3.82%
Interest Expense $27.80M $22.19M
YoY Change 25.25% -200.88%
% of Operating Profit 14.21% 9.61%
Other Income/Expense, Net $1.060M $742.0K
YoY Change 42.86% -77.52%
Pretax Income $168.9M $208.0M
YoY Change -18.82% 1.58%
Income Tax $31.41M $61.02M
% Of Pretax Income 18.6% 29.33%
Net Earnings $137.5M $139.0M
YoY Change -1.09% 0.58%
Net Earnings / Revenue 2.05% 2.16%
Basic Earnings Per Share $1.01 $1.00
Diluted Earnings Per Share $0.99 $0.90
COMMON SHARES
Basic Shares Outstanding 136.8M shares 147.2M shares
Diluted Shares Outstanding 138.6M shares 149.7M shares

Balance Sheet

Concept 2012 Q4 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $815.0M $622.0M
YoY Change 31.03% -6.04%
Cash & Equivalents $815.3M $968.5M
Short-Term Investments
Other Short-Term Assets $249.2M $217.1M
YoY Change 14.79% -18.99%
Inventory $2.224B $2.514B
Prepaid Expenses
Receivables $5.161B $4.756B
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.450B $8.455B
YoY Change -0.06% 7.83%
LONG-TERM ASSETS
Property, Plant & Equipment $491.9M $440.4M
YoY Change 11.69% 27.3%
Goodwill $1.249B $945.2M
YoY Change 32.13%
Intangibles $19.68M
YoY Change
Long-Term Investments
YoY Change
Other Assets $358.9M $332.0M
YoY Change 8.12% 55.12%
Total Long-Term Assets $2.100B $1.718B
YoY Change 22.25% 17.49%
TOTAL ASSETS
Total Short-Term Assets $8.450B $8.455B
Total Long-Term Assets $2.100B $1.718B
Total Assets $10.55B $10.17B
YoY Change 3.7% 9.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.565B $3.568B
YoY Change -0.07% 3.26%
Accrued Expenses $714.4M $654.6M
YoY Change 9.13% 1.17%
Deferred Revenue
YoY Change
Short-Term Debt $490.3M $800.6M
YoY Change -38.76%
Long-Term Debt Due $490.0M $757.0M
YoY Change -35.27% 52.01%
Total Short-Term Liabilities $4.770B $5.023B
YoY Change -5.04% 9.17%
LONG-TERM LIABILITIES
Long-Term Debt $1.508B $1.185B
YoY Change 27.31% -5.98%
Other Long-Term Liabilities $165.4M $110.1M
YoY Change 50.25% -1.68%
Total Long-Term Liabilities $1.674B $1.295B
YoY Change 29.26% -5.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.770B $5.023B
Total Long-Term Liabilities $1.674B $1.295B
Total Liabilities $6.444B $6.318B
YoY Change 1.99% 5.77%
SHAREHOLDERS EQUITY
Retained Earnings $2.591B $2.362B
YoY Change 9.7%
Common Stock $1.424B $1.399B
YoY Change 1.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $698.0K $696.0K
YoY Change 0.29%
Treasury Stock Shares 37.90K shares 37.84K shares
Shareholders Equity $4.106B $3.855B
YoY Change
Total Liabilities & Shareholders Equity $10.55B $10.17B
YoY Change 3.7% 9.35%

Cashflow Statement

Concept 2012 Q4 2011 Q4
OPERATING ACTIVITIES
Net Income $137.5M $139.0M
YoY Change -1.09% 0.58%
Depreciation, Depletion And Amortization $29.70M $22.30M
YoY Change 33.18% 7.22%
Cash From Operating Activities $326.4M -$204.1M
YoY Change -259.88% 81.79%
INVESTING ACTIVITIES
Capital Expenditures -$30.90M $39.67M
YoY Change -177.9% -224.34%
Acquisitions $103.2M
YoY Change
Other Investing Activities -$84.90M -$102.8M
YoY Change -17.41% -82.1%
Cash From Investing Activities -$115.8M -$142.5M
YoY Change -18.71% -76.51%
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 -437.1M $307.7M
YoY Change -242.06% 17.66%
NET CHANGE
Cash From Operating Activities 326.4M -$204.1M
Cash From Investing Activities -115.8M -$142.5M
Cash From Financing Activities -437.1M $307.7M
Net Change In Cash -226.5M -$38.91M
YoY Change 482.11% -91.49%
FREE CASH FLOW
Cash From Operating Activities $326.4M -$204.1M
Capital Expenditures -$30.90M $39.67M
Free Cash Flow $357.3M -$243.8M
YoY Change -246.55% 203.25%

Facts In Submission

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CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
491936000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-392417000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-222608000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-178309000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
245815000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
407408000 USD
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
137481000 USD
us-gaap Net Income Loss
NetIncomeLoss
286053000 USD
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
147023000 USD
us-gaap Net Income Loss
NetIncomeLoss
237786000 USD
us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
9 business
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.
us-gaap Operating Income Loss
OperatingIncomeLoss
453953000 USD
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
195573000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
295546000 USD
CY2011Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
230889000 USD
CY2012Q4 us-gaap Other Assets Current
OtherAssetsCurrent
249218000 USD
CY2012Q2 us-gaap Other Assets Current
OtherAssetsCurrent
251609000 USD
CY2012Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
358912000 USD
CY2012Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
351576000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-282469000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
137660000 USD
CY2011Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-96211000 USD
CY2012Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
49874000 USD
CY2012Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
191497000 USD
CY2012Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
165442000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-34081000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-30829000 USD
CY2012Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1060000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4634000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2543000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
207192000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
170960000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
107573000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
55298000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
70850000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
349258000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
776000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
3351000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
-509000 USD
CY2012Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2545858000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2590678000 USD
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
6699465000 USD
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
6693573000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
12569522000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
13119579000 USD
CY2012Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
136776000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
149729000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
138772000 shares
CY2012Q4 avt Business Acquisition Gain On Bargain Purchase Per Share On Diluted Basis
BusinessAcquisitionGainOnBargainPurchasePerShareOnDilutedBasis
0.01
CY2012Q3 avt Business Acquisition Gain On Bargain Purchase Per Share On Diluted Basis
BusinessAcquisitionGainOnBargainPurchasePerShareOnDilutedBasis
0.22
avt Business Acquisition Gain On Bargain Purchase Per Share On Diluted Basis
BusinessAcquisitionGainOnBargainPurchasePerShareOnDilutedBasis
0.23
avt Business Combination Bargain Purchase And Other Gain Recognized Pre Tax Amount
BusinessCombinationBargainPurchaseAndOtherGainRecognizedPreTaxAmount
31350000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1094980000 USD
CY2012Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
547984000 USD
CY2011Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
518740000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1049273000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
22395000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
27684000 USD
CY2012Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
490270000 USD
CY2012Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
872404000 USD
us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
750000000 USD
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
6620000 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
199585000 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
4105897000 USD
CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
3905732000 USD
CY2012Q4 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
17366000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
30.15
CY2012Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
37895 shares
CY2012Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
37872 shares
CY2012Q4 us-gaap Treasury Stock Value
TreasuryStockValue
698000 USD
CY2012Q2 us-gaap Treasury Stock Value
TreasuryStockValue
697000 USD
CY2011Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
149666000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152086000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
140967000 shares
CY2012Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
138575000 shares
CY2011Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147188000 shares
CY2011Q4 avt Business Combination Bargain Purchase And Other Gain Recognized Pre Tax Amount
BusinessCombinationBargainPurchaseAndOtherGainRecognizedPreTaxAmount
-1399000 USD
CY2012Q4 avt Business Combination Bargain Purchase And Other Gain Recognized Pre Tax Amount
BusinessCombinationBargainPurchaseAndOtherGainRecognizedPreTaxAmount
59000 USD
avt Business Combination Bargain Purchase And Other Gain Recognized Pre Tax Amount
BusinessCombinationBargainPurchaseAndOtherGainRecognizedPreTaxAmount
-1399000 USD
avt Divestiture Of Business Proceeds Received From Earn Out
DivestitureOfBusinessProceedsReceivedFromEarnOut
3613000 USD
avt Divestiture Of Business Proceeds Received From Earn Out
DivestitureOfBusinessProceedsReceivedFromEarnOut
0 USD
avt Divestiture Of Businesses Earn Out Term
DivestitureOfBusinessesEarnOutTerm
P3Y
avt Intangible Assets Weighted Average Useful Life
IntangibleAssetsWeightedAverageUsefulLife
P8Y
CY2012Q4 avt Long Term Debt Noncurrent Before Discount On Notes
LongTermDebtNoncurrentBeforeDiscountOnNotes
1511136000 USD
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012Q2 avt Long Term Debt Noncurrent Before Discount On Notes
LongTermDebtNoncurrentBeforeDiscountOnNotes
1274456000 USD
CY2012Q4 avt Number Of Restructuring Plans Remaining Fiscal Year2010 And Prior
NumberOfRestructuringPlansRemainingFiscalYear2010AndPrior
4
avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
488458000 USD
avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
357860000 USD
CY2011Q4 avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
265394000 USD
CY2012Q4 avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
220479000 USD
avt Proceeds From Repayments Of Bank Debt Net
ProceedsFromRepaymentsOfBankDebtNet
18034000 USD
avt Proceeds From Repayments Of Bank Debt Net
ProceedsFromRepaymentsOfBankDebtNet
-172481000 USD
avt Recognized Gain Loss From Other Activities Before Tax
RecognizedGainLossFromOtherActivitiesBeforeTax
1399000 USD
avt Recognized Gain Loss From Other Activities Net Of Tax
RecognizedGainLossFromOtherActivitiesNetOfTax
854000 USD
avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
62314000 USD
CY2011Q4 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
34505000 USD
CY2012Q4 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
24906000 USD
avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
34505000 USD
avt Stock Repurchase Program Aggregate Cost Of Shares Repurchased Since Inception
StockRepurchaseProgramAggregateCostOfSharesRepurchasedSinceInception
525525000 USD
avt Stock Repurchase Program Aggregate Number Of Shares Repurchased Since Inception
StockRepurchaseProgramAggregateNumberOfSharesRepurchasedSinceInception
17890000 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-29
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2012-12-29
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000008858
CY2013Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
136985213 shares
dei Entity Registrant Name
EntityRegistrantName
AVNET INC
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

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