Wednesday October 27, 10:35 am Eastern Time
Avnet Q1 share rises
First Call/Thomson Financial Q1 estimate was $0.75.
PHOENIX, Oct 27 (Reuters) -
AVNET, INC.
CONSOLIDATED STATEMENTS OF INCOME
(THOUSANDS EXCEPT PER SHARE DATA)
FIRST QUARTERS ENDED
OCT 1, 1999 OCT 2, 1998
Sales $1,654,323 $1,581,603
Cost of sales 1,423,520 1,349,693
Gross profit 230,803 231,910
Operating expenses 182,360 190,784
Operating income 48,443 41,126
Other income, net 813 693
Interest expense (9,866) (13,148)
Income before income taxes 39,390 28,671
Income taxes 17,244 13,013
Net Income 22,146 15,658
Earnings per share:
Basic 0.63 0.43
Diluted 0.63 0.42
Shares used to compute earnings
per share:
Basic 35,200 36,428
Diluted 35,405 36,956
EXCLUDING SPECIAL ITEMS
Sales $ 1,654.3 $ 1,581.6
Income before income taxes 45.5 55.2
Net income 26.1 31.4
Earnings per share:
Basic 0.74 0.86
Diluted 0.74 0.85
NOTE: Fiscal 2000 first quarter results include the impact
of incremental special charges associated with the
reorganization of the company's Electronics Marketing European
operation amounting to $6.1 million pre-tax, $4.0 million
after-tax and $0.11 per share on a diluted basis.
Fiscal 1999 first quarter results include the impact of
incremental special charges associated with the reorganization
of the company's Electronic Marketing Group amounting to $26.5
million pre-tax, $15.7 million after-tax and $0.43 per share on
a diluted basis.
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