Avnet reports increased revenue

Net income for second quarter fiscal 2005 was $43.5 million, as compared with net income of $8.9 million in the same quarter in fiscal 2004. Excluding certain charges in the prior year second quarter, net income was $25.3 million, representing an increase of $18.2 million, or 72%, year over year. Roy Vallee, Chairman and Chief Executive Officer commented, "In the second quarter of fiscal 2005, Avnet continued its trend of improving performance with the fourth straight quarter of year over year double digit operating income growth. Leading the growth in the current quarter was the Technology Solutions group where strong year over year and sequential growth resulted in record sales of $1.40 billion and record operating income of $51.2 million." Looking forward to Avnet's third quarter fiscal 2005, Mr. Vallee stated, "We expect revenues for Electronics Marketing to be up 8% to 12% sequentially and we anticipate sales for Technology Solutions to decline 20% to 24% sequentially. Therefore, Avnet's consolidated sales should be in the range of $2.67 billion to $2.77 billion in the third quarter fiscal 2005."