Avnet reports record first quarter sales and net income.GREAT NECK, N.Y.--(BUSINESS WIRE)--Oct. 24, 1995--Avnet Inc. (NYSE NYSE See: New York Stock Exchange :AVT AVT avian arginine vasotocin. See vasotocin. ) today reported record sales and net income for its first fiscal 1996 quarter. Sales and net income were up 25% and 54%, respectively, compared with the prior year's first quarter. Net income was $44.5 million, or $1.02 per share, on sales of $1.19 billion. This compares with last year's net income of $28.9 million, or $.69 per share on sales of $953 million. Avent's Chairman and Chief Executive Officer, Leon Leon Medieval kingdom, northwestern Spain. Leon proper included the cities of León, Salamanca, and Zamora—the adjacent areas of Vallodolid and Palencia being disputed with Castile, originally its eastern frontier. Machiz, said that the first quarter results were attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a significant sales and earnings increase over last year's first quarter results at the Company's Electronic Marketing Group. Mr. Machiz also stated that, due to the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of a segment of Brownell Brownell can refer to: People
n. 1. An electrotype. , the remaining members of the Electrical and Industrial Group, Avnet Avnet, Inc. (NYSE: AVT) is a technology B2B distributor headquartered in Phoenix, Arizona. The company states on their website that:
The Electronic Marketing Group's sales, which accounted for 96% of the Company's first quarter consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: sales, were up 35% compared with the prior year period. Group earnings were up 54% compared with last year's first quarter earnings. Excluding Brownell, whose sales were not part of the Electronic Marketing Group last year, the Group's sales were up 30% compared with the prior year period. The Video Communications Group's first quarter sales were 4% of consolidated sales. Group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. declined approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 20% compared with last year's first quarter, due to product transitioning from satellite TV decoders to more profitable DBS (Direct Broadcast Satellite) A one-way TV broadcast service from a communications satellite to a small round or oval dish antenna no larger than 20" in diameter. (direct broadcast satellite) business. Group earnings increased 64% compared with the prior year period. -0-
AVNET, INC.
(MILLIONS EXCEPT PER SHARE DATA)
FIRST QUARTER ENDED
-------------------
SEPT. 29, SEPT. 30,
1995 1994 %CHANGE
--------- --------- -------
(unaudited) (unaudited)
Sales $1,189.1 $953.1 + 25% Income before income taxes 76.7 50.5 + 52% Net income 44.5 28.9 + 54% Earnings per share $1.02 $0.69 + 48%
AVNET, INC.
CONSOLIDATED STATEMENTS OF INCOME
(THOUSANDS EXCEPT PER SHARE DATA)
FIRST QUARTER ENDED
-------------------
SEPT. 29, SEPT. 30,
1995 1994
-------- ---------
(unaudited) (unaudited)
Sales $1,189,102 $953,115
Cost of sales 960,401 767,110
----------- -----------
Gross Profit 228,701 186,005
----------- -----------
Operating expenses:
Selling, shipping, general
and administrative 139,856 124,567
Depreciation and amortization 8,386 6,530
------------ ----------
Operating income 80,459 54,908
Investment and other income, net 871 700
Interest expense (4,602) (5,122)
------------ ----------
Income before income taxes 76,728 50,486
Income taxes 32,184 21,559
------------- ---------
Net income $44,544 $28,927
============= =========
Earnings per share $1.02 $0.69
============= =========
AVNET, INC.
CONSOLIDATED BALANCE SHEETS
(THOUSANDS)
SEPT. 29, JUNE 30,
1995 1995
----------- ----------
(unaudited) (audited)
Assets:
Current assets:
Cash and cash equivalents $58,898 $49,332
Receivables 783,427 713,644
Inventories 827,045 747,477
Other 17,324 13,838
------------ ----------
Total current assets 1,686,694 1,524,291
Property, plant & equipment 147,784 145,611
Goodwill 481,527 419,479
Other assets 36,213 36,214
------------ ----------
Total assets 2,352,218 2,125,595
------------ ----------
Less liabilities:
Current liabilities:
Borrowings due within one year 224 493
Accounts payable 348,065 314,887
Accrued expenses and other 181,848 151,820
------------ ----------
Total current liabilities 530,137 467,200
Long-term debt, less due within one year 437,929 419,016
------------ ----------
Total liabilities 968,066 886,216
------------ ----------
Shareholders' equity $1,384,152 $1,239,379
============ ==========
CONTACT: Avnet Inc., Great Neck Stephanie A. Wagoner, Treasurer TREASURER. An officer entrusted with the treasures or money either of a private individual, a corporation, a company, or a state. 2. It is his duty to use ordinary diligence in the performance of his office, and to account with those whose money he has. Raymond Raymond, town, Canada Raymond, town (1991 pop. 3,130), S Alta., Canada, SE of Lethbridge, in a sugar beet area. Sugar is refined and honey is produced there. A provincial agricultural college is in the town. Sadowski, SR. V.P. & CFO See Chief Financial Officer. 516/466-7000 |
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