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Electronics Production | April 28, 2006

Avnet´s revenue up 31.1 % in third quarter

Avnet reported revenues of revenues of $3.61 billion for its third quarter fiscal 2006, which ended April 1, 2006, up 31.1% over third quarter fiscal 2005 revenues of $2.76 billion.
The prior year quarter did not include revenues of Memec Group Holdings, Inc. ('Memec'), which was acquired on July 5, 2005. Revenues were up 9.1% over the prior year third quarter adjusted to include Memec's sales of $556.3 million in the third quarter fiscal 2005. Net income for third quarter fiscal 2006, which includes certain charges that are described below, was $71.2 million, or $0.48 per share on a diluted basis, as compared with net income of $41.1 million, or $0.34 per share on a diluted basis, for third quarter fiscal 2005. Excluding the charges described below, third quarter fiscal 2006 net income and diluted earnings per share were $79.5 million, or $0.54, respectively, up 93.2% and 58.8% as compared with third quarter fiscal 2005.

The results for the third quarter of fiscal 2006 include charges for the following items, the mention of which management believes is useful to investors when comparing operating performance results with previous periods. More details on these charges and the reasons for their inclusion are set forth in the Non-GAAP Financial Information section, which begins on page 4 of this press release.

* Restructuring and other charges, including inventory writedowns for terminated lines (recorded in cost of sales), severance, integration costs and other charges resulting primarily from the Company's acquisition and integration of Memec into Avnet's existing business.

* Restructuring charges, including severance and reserves for non-cancelable lease commitments, and other charges resulting primarily from actions taken following the divestitures of certain end user business lines of Technology Solutions in the Americas, certain other cost-cutting initiatives in the Technology Solutions business in the EMEA region and other items.

* Incremental stock-based compensation expense resulting from the Company's adoption of SFAS 123R and modifications to stock-based compensation plans in fiscal 2006.

* Incremental amortization expense associated with amortizable intangible assets recorded in the third quarter of fiscal 2006 as a result of the Memec acquisition.

* A one-time net gain on the sale of Technology Solutions' single tier businesses in the Americas.

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