Avnet reports record quarterly and annual results for fiscal 1995.GREAT NECK, N.Y.--(BUSINESS WIRE)--Aug. 7, 1995--Avnet Inc. (NYSE NYSE See: New York Stock Exchange :AVT AVT avian arginine vasotocin. See vasotocin. ) today reported results today for its fiscal year ended June June: see month. 30, 1995. Sales and net income were up 21% and 37%, respectively, compared with the prior fiscal year's results. Net income from operations was a record $140.3 million, or $3.32 per share, on record sales of $4.30 billion. This compares with last year's net income from operations of $102.1 million, or $2.50 per share (before special after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charges of $16.8 million, or $.41 per share), on sales of $3.55 billion. Earnings per share of $3.32 for fiscal 1995 were reduced by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $.11 due to the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of the company's 6% Convertible Subordinated Debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before . The effect of such convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. was antidilutive antidilutive Of or relating to the conversion of convertible securities into common stock when such conversion would result in an increase in diluted earnings per share or a decrease in diluted loss per share. in the prior fiscal year and accordingly had no impact on earnings per share. For the fourth quarter of fiscal 1995, 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: net income was a record $43.9 million, up 51% from last year's fourth quarter net income of $29.1 million. Earnings per share were $1.03 versus $.71 per share in last year's fourth quarter. Earnings per share of $1.03 for the current year's fourth quarter were reduced by approximately $.04 due to the above mentioned dilutive effect of the company's 6% Convertible Subordinated Debentures. Sales increased 28% to $1.18 billion from sales of $919.2 million in the prior year's quarter. 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, Avnet's chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said that the improved year-to-year results were attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk primarily to record sales and earnings for the Electronic Marketing Group. He noted that this strong uptrend uptrend A series of price increases in a security or in the general market. Some investors believe a security tends to take on a certain inertia; as a result, these investors search for stock in an uptrend, thinking that it will probably continue to move in in sales continues into the present fiscal quarter and the company anticipates record sales and earnings for any first quarter and fiscal year in its history. The Electronic Marketing Group's sales were $3.87 billion, which accounted for 90% of the company's consolidated sales, up 23% from last year's $3.16 billion. This increase was due to strong sales performance at each unit in the Group. Net income for the Group was $130.6 million, up 38% from last year's $94.6 million. The Video Communications Group's sales, which accounted for 6% of consolidated fiscal year sales, were $246.0 million, up 23% from last year's $199.4 million. The Group's net income was $10.1 million, compared to the previous year's earnings of $6.1 million. Sales of 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) TV equipment accounted for the major part of the Group's sales increase. The Electrical and Industrial Group contributed $181.0 million or 4% of consolidated sales in fiscal 1995, slightly lower than the previous year's sales of $186.8 million, primarily 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 its Freeman Freeman can mean:
The complete financial statements, including notes thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. and the management discussion and analysis, will appear in the company's annual report to shareholders. The information contained herein is derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from such statements. -0-
Avnet Inc.
(millions except per share data)
Fiscal Years Ended
June 30, July 1, % Change
1995 1994
Sales $4,300.0 $3,547.7 +21% Income before income taxes 234.4 177.5(B) +37% Net income 140.3 102.1(B) +37% Earnings per share $ 3.32(A) $ 2.50(A)(B) +33%
Fourth Quarters Ended
June 30, July 1, % Change
1995 1994
Sales $1,177.7 $919.2 +28% Income before income taxes 75.3 49.9 +51% Net income 43.9 29.1 +51% Earnings per share $ 1.03(A) $ 0.71(A) +45% (A) Earnings per share for the current year's fourth quarter and year were reduced by approximately $0.04 and $.11, respectively, due to the dilutive effect of the required inclusion as common stock equivalents of the company's 6% Convertible Subordinated Debentures Due April 15, 2012. In the prior year periods the conversion of such debentures was not taken into account due to their antidilutive effect on earnings per share. Without the effect of dilution, earnings per share would have been up 51% and 37% for the fourth quarter and year, respectively.
(B) The prior fiscal year results exclude the pre-tax,
after tax, and earnings per share effects of $22.7 million, $16.8
million and $0.41 per share, respectively, of the company's
restructuring and integration charges, cumulative effect of an
accounting change and the retroactive impact of the change in U.S.
tax rates.
-0-
Avnet Inc.
Group Sales and Net Income
Fiscal Years Ended June 30, 1995 and July 1, 1994
(Millions)
Sales Net Income Margin%
Electronic Marketing
1995 $3,873.0 $130.6 3.4%
1994 $3,161.5 94.6 3.0%
% Change 23% 38%
Video Communications 1995 246.0 10.1 4.1% 1994 199.4 6.1 3.0% % Change 23% 66% Electrical & Industrial 1995 181.0 (0.4) -0.3% 1994 186.8 1.4 0.7% % Change -3% - Consolidated 1995 $4,300.0 $140.3 3.3% 1994 3,547.7 102.1 2.9% % Change 21% 37%
The prior fiscal year results exclude the pre-tax, after-tax and
earnings per share effects of $22.7 million, $16.8 million and $0.41
per share, respectively, of the company's restructuring and
integration charges, cumulative effect of an accounting change and the
retroactive impact of the change in U.S. tax rates.
-0-
Avnet Inc.
Consolidated Statements of Income
(thousands except per share data)
Fiscal Years Ended
June 30, July 1,
1995 1994
Revenues:
Sales $4,300,013 $3,547,743
Investment income and
other, net 5,066 4,786
4,305,079 3,552,529
Cost and expenses:
Cost of sales 3,483,649 2,851,681
Selling, shipping, general
and administrative 526,019 481,448
Depreciation and
amortization 28,862 27,127
Interest 23,175 14,733
4,061,705 3,374,989
Income before income taxes 243,374 177,540(B) Income taxes 103,101 75,434 Net income $140,273 $102,106(B) Earnings per share $ 3.32(A) $ 2.50(A)(B)
(A) Earnings per share for the current year were
reduced by approximately $.11 due to the dilutive effect of the
required inclusion as common stock equivalents of the Company's 6%
Convertible Subordinated Debentures Due April 15, 2012. In the prior
year period the conversion of such debentures was not taken into
account due to their antidilutive effect on earnings per share.
(B) The prior fiscal year results exclude the pre-tax, after tax, and earnings per share effects of $22.7 million, $16.8 million and $0.41 per share, respectively, of the Company's restructuring and integration charges, cumulative effect of an accounting change and the retroactive impact of the change in U.S. tax rates. -0-
Avnet Inc.
Consolidated Balance Sheets
(Thousands)
June 30, July 1,
1995 1994
Assets: Current assets: Cash and cash equivalents $49,332 $53,876 Receivables 713,644 573,569 Inventories 747,477 627,022 Other 13,838 9,614 Total current assets 1,524,291 1,264,081 Property, plant & equipment 145,611 115,146 Intangibles and other assets 455,693 408,460 Total assets 2,125,595 1,787,687 Less liabilities: Current liabilities: Borrowings due within one year 493 47 Accounts payable 314,887 252,915 Accrued expenses and other 151,820 123,135 Total current liabilities 467,200 376,097 Long-term debt, less due within one year 419,016 303,075 Total liabilities 886,216 679,172 Shareholders' equity $1,239,379 $1,108,515 -0- CONTACT: Avnet Avnet, Inc. (NYSE: AVT) is a technology B2B distributor headquartered in Phoenix, Arizona. The company states on their website that:
Joan Joan of Arc, St. (1412–1431) heroically followed call to save France. [Christian Hagiog.: Attwater, 187] See : Patriotism Karpinski, 516/466-7000 |
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