AVT FY 2008 Earnings Report — Avnet, Inc. Revenue & Financial Results | Market Cap Arena

FY 2008 Earnings

Reported August 27, 2008

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$18.0B	—	$15.7B	—	14.5%
Op. Income	$710M	—	$678M	—	4.7%
Gross Margin	12.9%	—	13.1%	—	-0.2pp
Net Margin	2.8%	—	2.5%	—	0.3pp
EPS (Diluted)	$3.27	—	$2.63	—	24.3%
Free Cash Flow	$364M	—	$666M	—	-45.3%

Revenue Flow

Item	Amount
REVENUE	$18.0B
Cost of Revenue	$15.6B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.6B
Other Expenses	$39M
Operating Expenses	$1.6B
Cost & Expenses	$17.2B
OPERATING INCOME	$710M
Interest Income	$0
Interest Expense	$72M
Other Income/Expenses	-$1M
INCOME BEFORE TAX	$709M
Income Tax Expense	$210M
Net Income from Continuing Ops	$499M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$499M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$499M
D&A	$59M
EBIT	$781M
EBITDA	$840M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$18.0B
Cost of Revenue	$15.6B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.6B
Other Expenses	$39M
Operating Expenses	$1.6B
Cost & Expenses	$17.2B
OPERATING INCOME	$710M
Interest Income	$0
Interest Expense	$72M
Other Income/Expenses	-$1M
INCOME BEFORE TAX	$709M
Income Tax Expense	$210M
Net Income from Continuing Ops	$499M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$499M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$499M
D&A	$59M
EBIT	$781M
EBITDA	$840M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$499M
Depreciation & Amortization	$59M
Stock-Based Compensation	$25M
Deferred Income Tax	$107M
Other Non-Cash Items	-$26M
Change in Working Capital	-$212M
OPERATING CASH FLOW	$454M
Capital Expenditure	-$90M
Acquisitions (Net)	-$301M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$12M
NET CASH FROM INVESTING	-$378M
Net Debt Issuance	-$42M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$9M
NET CASH FROM FINANCING	-$33M
FREE CASH FLOW	$364M
Net Change in Cash	$83M

Balance Sheet

Item	Amount
Cash & Equivalents	$640M
Short-Term Investments	$0
Net Receivables	$3.4B
Inventory	$1.9B
Other Current Assets	$0
TOTAL CURRENT ASSETS	$6.0B
PP&E (Net)	$227M
Goodwill	$1.7B
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$273M
TOTAL NON-CURRENT ASSETS	$2.2B
TOTAL ASSETS	$8.2B
Account Payables	$2.3B
Short-Term Debt	$44M
Deferred Revenue	$0
Other Current Liabilities	$254M
TOTAL CURRENT LIABILITIES	$2.8B
Long-Term Debt	$1.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$104M
TOTAL NON-CURRENT LIABILITIES	$1.3B
TOTAL LIABILITIES	$4.1B
Common Stock	$150M
Additional Paid-In Capital	$1.1B
Retained Earnings	$2.4B
Treasury Stock	-$479.0K
Accum. Other Comp. Income	$482M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.1B
Minority Interest	$0
TOTAL EQUITY	$4.1B
TOTAL LIABILITIES & EQUITY	$8.2B
Total Debt	$1.2B
Net Debt	$585M