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Electronics Production | August 11, 2006

Avnet increase revenue

Avnet, Inc. has reported revenue of $3.61 billion for fourth quarter fiscal 2006, ended July 1, 2006, representing an increase of 27.8% over fourth quarter fiscal 2005.
The prior year quarter did not include revenue of Memec Group Holdings, Inc., which was acquired on July 5, 2005. Revenue was up 5.6% over the prior year quarter adjusted to include Memec's sales of $596.1 million in the same period. Excluding the impact of recent divestitures, fourth quarter pro forma revenue grew 8.2% over the year-ago quarter. GAAP net income for fourth quarter fiscal 2006 was $58.8 million, or $0.40 per share on a diluted basis, as compared with net income of $47.3 million, or $0.39 per share on a diluted basis, for the fourth quarter last year. Excluding certain charges noted below, net income was $91.0 million, or $0.62 per share on a diluted basis, representing a 93% and 59% increase, respectively, over the year-ago period.

Operating income for fourth quarter fiscal 2006 was $131.5 million, up 53% as compared with operating income of $85.7 million in the year ago quarter. Excluding certain charges in fourth quarter fiscal 2006, operating income increased 85% over the prior-year quarter to $158.3 million. Operating income as a percent of sales, excluding certain charges, was 4.4%, up 135 basis points from last year's fourth quarter with both operating groups contributing to the improvement.

Roy Vallee, Chairman and Chief Executive Officer, commented, 'We are very pleased with our performance in the fourth quarter. These results represent new post-bubble highs for operating income, operating income margin, earnings per share, return on working capital, and return on capital employed excluding certain items. We are consistently improving returns on capital and are committed to growing shareholder value as we drive to become the premier technology distributor in the world.'

Click here to read the full report (www.avnet.com).

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