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Electronics Production | October 27, 2006

Avnet more than doubles net income

Avnet has reported revenue of $3.65 billion for first quarter fiscal 2007 ended September 30, 2006, representing an increase of 11.6% over first quarter fiscal 2006.

Excluding the impact of divestitures during fiscal year 2006, first quarter pro forma revenue grew 14.2% over the year-ago quarter. GAAP net income for first quarter fiscal 2007 was $64.1 million, as compared with net income of $24.9 million, for the first quarter last year. The current year first quarter results include a debt extinguishment charge of $27.4 million and an income tax audit provision of $3.4 million partially offset by the recovery of a previously reserved non-trade receivable of $2.8 million (included in other income in the statement of operations). The prior year first quarter results include a debt extinguishment charge of $11.7 million and restructuring and integration charges of $13.8 million. The impact of these items decreased pre-tax income, net income and diluted earnings per share by $25.5 million, $17.1 million. Operating income for first quarter fiscal 2007 was $145.0 million, up 105.1% as compared with operating income of $70.7 million in the year ago quarter and was up 71.6% excluding restructuring and integration charges amounting to $13.8 million recorded in last year's first quarter. Operating income as a percent of sales was 3.97%, up 139 basis points from last year's first quarter, excluding the restructuring and integration charges recorded in last year's first quarter, with both operating groups contributing to the improvement. Electronics Marketing (EM) sales of $2.44 billion in the first quarter fiscal 2007 were up 15.4% on a year over year basis and 17.1% when adjusted for divestitures. EM sales in the Americas, EMEA and Asia increased 8.0%, 15.8% and 27.0%, respectively, year over year. EM operating income of $125.6 million for first quarter fiscal 2007 was up 79.7% over the prior year first quarter operating income of $69.9 million and operating income margin for the current year first quarter was 5.2%, up 185 basis points over the prior year quarter.
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