$AVT
AVNET INC

2013 Q2 Form 10-Q Financial Statement

#000000885813000008 Filed on April 26, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2013 Q1 2012 Q1
Revenue $6.591B $6.299B $6.281B
YoY Change 4.49% 0.29% -7.2%
Cost Of Revenue $5.820B $5.543B $5.527B
YoY Change 4.89% 0.29% -7.8%
Gross Profit $770.9M $756.0M $753.8M
YoY Change 1.57% 0.29% -2.51%
Gross Profit Margin 11.7% 12.0% 12.0%
Selling, General & Admin $548.3M $561.1M $518.4M
YoY Change 4.42% 8.23% 0.38%
% of Gross Profit 71.12% 74.21% 68.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.50M $46.30M $26.10M
YoY Change 3.28% 77.39% 39.57%
% of Gross Profit 4.09% 6.12% 3.46%
Operating Expenses $548.2M $561.1M $518.4M
YoY Change 4.4% 8.23% 0.38%
Operating Profit $222.7M $167.6M $216.8M
YoY Change -4.79% -22.68% -4.76%
Interest Expense -$28.60M $27.34M $23.56M
YoY Change 23.28% 16.07% -2.85%
% of Operating Profit -12.84% 16.31% 10.87%
Other Income/Expense, Net -$6.700M $4.106M $3.245M
YoY Change 63.41% 26.53% -1001.39%
Pretax Income $127.1M $144.4M $200.9M
YoY Change -31.67% -28.14% -1.02%
Income Tax $1.000M $58.18M $53.36M
% Of Pretax Income 0.79% 40.3% 26.56%
Net Earnings $126.1M $86.20M $147.6M
YoY Change -5.47% -41.6% 4.68%
Net Earnings / Revenue 1.91% 1.37% 2.35%
Basic Earnings Per Share $0.63 $1.02
Diluted Earnings Per Share $0.91 $0.62 $1.00
COMMON SHARES
Basic Shares Outstanding 137.1M shares 137.1M shares 145.1M shares
Diluted Shares Outstanding 139.0M shares 147.2M shares

Balance Sheet

Concept 2013 Q2 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.009B $821.0M $940.0M
YoY Change 0.2% -12.66% 24.17%
Cash & Equivalents $1.009B $820.9M $940.1M
Short-Term Investments
Other Short-Term Assets $214.2M $220.6M $216.1M
YoY Change -14.86% 2.12% -11.81%
Inventory $2.264B $2.285B $2.490B
Prepaid Expenses
Receivables $4.869B $4.778B $4.659B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.357B $8.104B $8.305B
YoY Change 1.24% -2.42% -0.75%
LONG-TERM ASSETS
Property, Plant & Equipment $492.6M $486.3M $458.1M
YoY Change 6.8% 6.15% 24.83%
Goodwill $1.261B $1.254B $1.082B
YoY Change 14.6% 15.9%
Intangibles $172.2M $42.76M
YoY Change
Long-Term Investments
YoY Change
Other Assets $191.7M $367.1M $312.5M
YoY Change -45.48% 17.48% 46.72%
Total Long-Term Assets $2.118B $2.107B $1.852B
YoY Change 10.68% 13.76% 20.59%
TOTAL ASSETS
Total Short-Term Assets $8.357B $8.104B $8.305B
Total Long-Term Assets $2.118B $2.107B $1.852B
Total Assets $10.47B $10.21B $10.16B
YoY Change 3.02% 0.53% 2.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.278B $3.175B $3.237B
YoY Change 1.47% -1.92% -10.32%
Accrued Expenses $705.1M $686.6M $653.8M
YoY Change 1.38% 5.01% -7.53%
Deferred Revenue
YoY Change
Short-Term Debt $838.2M $578.6M $934.5M
YoY Change -3.92% -38.09%
Long-Term Debt Due $838.0M $579.0M $934.0M
YoY Change -3.9% -38.01% 20.21%
Total Short-Term Liabilities $4.821B $4.441B $4.826B
YoY Change 0.47% -7.98% -5.27%
LONG-TERM LIABILITIES
Long-Term Debt $1.207B $1.501B $1.184B
YoY Change -5.11% 26.8% -5.14%
Other Long-Term Liabilities $157.1M $186.2M $96.26M
YoY Change -17.95% 93.39% -19.11%
Total Long-Term Liabilities $1.364B $1.687B $1.280B
YoY Change -6.79% 31.81% -6.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.821B $4.441B $4.826B
Total Long-Term Liabilities $1.364B $1.687B $1.280B
Total Liabilities $6.186B $6.128B $6.106B
YoY Change -1.22% 0.36% -5.5%
SHAREHOLDERS EQUITY
Retained Earnings $2.803B $2.677B $2.487B
YoY Change 10.1% 7.63%
Common Stock $1.458B $1.426B $1.402B
YoY Change 3.67% 1.73%
Preferred Stock
YoY Change
Treasury Stock (at cost) $764.0K $766.0K $698.0K
YoY Change 9.61% 9.74%
Treasury Stock Shares 38.24K shares 38.31K shares 37.88K shares
Shareholders Equity $4.289B $4.084B $4.052B
YoY Change
Total Liabilities & Shareholders Equity $10.47B $10.21B $10.16B
YoY Change 3.02% 0.53% 2.56%

Cashflow Statement

Concept 2013 Q2 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $126.1M $86.20M $147.6M
YoY Change -5.47% -41.6% 4.68%
Depreciation, Depletion And Amortization $31.50M $46.30M $26.10M
YoY Change 3.28% 77.39% 39.57%
Cash From Operating Activities $266.8M $22.00M $23.60M
YoY Change 2.89% -6.78% -129.8%
INVESTING ACTIVITIES
Capital Expenditures -$22.00M -$20.10M -$24.50M
YoY Change -33.93% -17.96% -36.03%
Acquisitions
YoY Change
Other Investing Activities -$15.50M -$72.90M -$121.4M
YoY Change -81.39% -39.95% 139.45%
Cash From Investing Activities -$37.50M -$93.00M -$146.0M
YoY Change -67.81% -36.3% 64.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.90M 88.20M 87.30M
YoY Change -22.67% 1.03% -66.5%
NET CHANGE
Cash From Operating Activities 266.8M 22.00M 23.60M
Cash From Investing Activities -37.50M -93.00M -146.0M
Cash From Financing Activities -39.90M 88.20M 87.30M
Net Change In Cash 189.4M 17.20M -35.10M
YoY Change 107.68% -149.0% -137.95%
FREE CASH FLOW
Cash From Operating Activities $266.8M $22.00M $23.60M
Capital Expenditures -$22.00M -$20.10M -$24.50M
Free Cash Flow $288.8M $42.10M $48.10M
YoY Change -1.3% -12.47% -217.6%

Facts In Submission

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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2277000 shares
CY2013Q1 us-gaap Interest Expense
InterestExpense
27341000 USD
us-gaap Interest Expense
InterestExpense
67621000 USD
us-gaap Interest Expense
InterestExpense
79029000 USD
CY2012Q1 us-gaap Interest Expense
InterestExpense
23556000 USD
us-gaap Interest Paid
InterestPaid
74974000 USD
us-gaap Interest Paid
InterestPaid
82114000 USD
CY2012Q2 us-gaap Inventory Net
InventoryNet
2388642000 USD
CY2013Q1 us-gaap Inventory Net
InventoryNet
2284724000 USD
CY2012Q2 us-gaap Liabilities
Liabilities
6262134000 USD
CY2013Q1 us-gaap Liabilities
Liabilities
6127796000 USD
CY2012Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
10167866000 USD
CY2013Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
10211498000 USD
CY2012Q2 us-gaap Liabilities Current
LiabilitiesCurrent
4798652000 USD
CY2013Q1 us-gaap Liabilities Current
LiabilitiesCurrent
4440590000 USD
CY2013Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1501050000 USD
CY2012Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1271985000 USD
us-gaap Maximum Remaining Maturity Of Foreign Currency Derivatives1
MaximumRemainingMaturityOfForeignCurrencyDerivatives1
P60D
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
334695000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-304210000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
580000 USD
avt Recognized Gain Loss From Other Activities Net Of Tax
RecognizedGainLossFromOtherActivitiesNetOfTax
854000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
229524000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
95388000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
75415000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-324332000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-315575000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
269436000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
429414000 USD
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
147562000 USD
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
86196000 USD
us-gaap Net Income Loss
NetIncomeLoss
323982000 USD
us-gaap Net Income Loss
NetIncomeLoss
433615000 USD
us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
11 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
670727000 USD
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
216774000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
463156000 USD
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
167610000 USD
CY2013Q1 us-gaap Other Assets Current
OtherAssetsCurrent
220628000 USD
CY2012Q2 us-gaap Other Assets Current
OtherAssetsCurrent
251609000 USD
CY2013Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
367129000 USD
CY2012Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
351576000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-110405000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
27255000 USD
CY2012Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
68792000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-213677000 USD
CY2013Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
186156000 USD
CY2012Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
191497000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-47473000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-57800000 USD
CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3245000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6649000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1389000 USD
CY2013Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4106000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
248840000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
207192000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
244062000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
349258000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
4499000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
5555000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
-493000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
-523000 USD
avt Recognized Loss From Other Activities Per Diluted Share
RecognizedLossFromOtherActivitiesPerDilutedShare
0.01
CY2013Q1 avt Business Combination Bargain Purchase And Other Gain Recognized Pre Tax Amount
BusinessCombinationBargainPurchaseAndOtherGainRecognizedPreTaxAmount
0 USD
CY2012Q1 avt Business Combination Bargain Purchase And Other Gain Recognized Pre Tax Amount
BusinessCombinationBargainPurchaseAndOtherGainRecognizedPreTaxAmount
4460000 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
CY2013Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
486314000 USD
CY2012Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
461230000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2676874000 USD
CY2012Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2545858000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
19400136000 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
6298699000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
18868221000 USD
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
6280557000 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
4083702000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
30.15
CY2013Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
38307 shares
CY2012Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
37872 shares
CY2012Q2 us-gaap Treasury Stock Value
TreasuryStockValue
697000 USD
CY2013Q1 us-gaap Treasury Stock Value
TreasuryStockValue
766000 USD
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
139015000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
140316000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
150472000 shares
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
518421000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1567694000 USD
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
561072000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1656052000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
28786000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
35923000 USD
CY2013Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
578554000 USD
CY2012Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
872404000 USD
us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
750000000 USD
us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
224475000 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
CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
3905732000 USD
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147245000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
145126000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
138215000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
137102000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
148195000 shares
avt Business Acquisition Gain On Bargain Purchase Per Share On Diluted Basis
BusinessAcquisitionGainOnBargainPurchasePerShareOnDilutedBasis
0.23
CY2012Q4 avt Business Acquisition Gain On Bargain Purchase Per Share On Diluted Basis
BusinessAcquisitionGainOnBargainPurchasePerShareOnDilutedBasis
0.01
avt Business Acquisition Gain On Bargain Purchase Per Share On Diluted Basis
BusinessAcquisitionGainOnBargainPurchasePerShareOnDilutedBasis
0.03
avt Business Combination Bargain Purchase And Other Gain Recognized Pre Tax Amount
BusinessCombinationBargainPurchaseAndOtherGainRecognizedPreTaxAmount
31350000 USD
avt Business Combination Bargain Purchase And Other Gain Recognized Pre Tax Amount
BusinessCombinationBargainPurchaseAndOtherGainRecognizedPreTaxAmount
3061000 USD
avt Intangible Assets Weighted Average Useful Life
IntangibleAssetsWeightedAverageUsefulLife
P8Y
CY2013Q1 avt Long Term Debt Noncurrent Before Discount On Notes
LongTermDebtNoncurrentBeforeDiscountOnNotes
1503838000 USD
CY2012Q2 avt Long Term Debt Noncurrent Before Discount On Notes
LongTermDebtNoncurrentBeforeDiscountOnNotes
1274456000 USD
CY2013Q1 avt Number Of Restructuring Plans Remaining Fiscal Year2011 And Prior
NumberOfRestructuringPlansRemainingFiscalYear2011AndPrior
4
avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
723841000 USD
avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
552811000 USD
CY2012Q1 avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
235383000 USD
CY2013Q1 avt Operating Income Loss Before Restructuring Charges
OperatingIncomeLossBeforeRestructuringCharges
194951000 USD
avt Proceeds From Repayments Of Bank Debt Net
ProceedsFromRepaymentsOfBankDebtNet
-191252000 USD
avt Proceeds From Repayments Of Bank Debt Net
ProceedsFromRepaymentsOfBankDebtNet
-11527000 USD
avt Recognized Gain Loss From Other Activities Before Tax
RecognizedGainLossFromOtherActivitiesBeforeTax
1399000 USD
CY2012Q1 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
18609000 USD
CY2013Q1 avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
27341000 USD
avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
53114000 USD
avt Restructuring Integration And Other Charges
RestructuringIntegrationAndOtherCharges
89655000 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
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-03-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000008858
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
137051146 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
AVNET INC

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