SANTA ANA, Calif., Feb. 10, 2011 /PRNewswire/ -- Ingram Micro Inc.
(NYSE: IM), the world’s largest technology distributor and
supply-chain services provider, today announced financial results
for the 2010 fourth quarter and fiscal year ended January 1, 2011.
Worldwide sales for the fourth quarter were $9.88 billion, an increase of 12 percent compared
with $8.81 billion in the fourth
quarter of the prior year. The translation impact of foreign
currencies was not material to consolidated revenues as general
strengthening of currencies in Asia-Pacific and Latin America were offset by an overall
weakening of European currencies. For the full year, worldwide
sales increased 17 percent to $34.59
billion from $29.52 billion
last year.
Net income grew to $115.0 million
or $0.71 per diluted share, which
included a benefit recorded in cost of sales of $9.1 million or $0.05 per diluted share, related to the release
of a portion of the reserves for commercial taxes on software
imports into Brazil, on which the
statute of limitations for an assessment has expired. This
compares with net income of $107.0
million or $0.64 per diluted
share in the 2009 fourth quarter, which included a net benefit of
$2.1 million or $0.03 per share related to the release of a
portion of commercial tax reserves in Brazil partially offset by costs related to
expense-reduction programs.
For the full year, net income was $318.1
million, or a record $1.94 per
diluted share, which includes a benefit of $0.05 per diluted share related to the partial
release of the Brazilian tax reserve described above. In
2009, net income was $202.1 million,
or $1.22 per diluted share, which
included a net after-tax charge of $19.9
million, or $0.12 per diluted
share, related to expense-reduction program costs and goodwill
impairment charges, described in the full-year detail below,
partially offset by the Brazilian tax reserve noted above.
“We ended the decade and the year in record-breaking fashion,”
said Gregory Spierkel, chief executive officer, Ingram Micro Inc.
“Earnings per share were at historic highs for the full year
and fourth quarter. Net income for the full year also hit a
record. Annual sales growth was the strongest since 1999.
Sales levels for Asia-Pacific and Latin America reached quarterly highs and
sales growth in North America –
for both the fourth quarter and the year – was the strongest in 10
years. While the strong demand for technology products
provided a welcome tailwind, our people and strategic focus deserve
the credit for making this a stellar year. We delivered on
our strategy – with greater growth, profitability and returns – and
we are well positioned for further leadership in 2011. I
thank our teams throughout the world for making this happen.”
Additional Fourth Quarter Highlights
For additional detail regarding the results outlined below,
please refer to the financial statements and schedules attached to
this news release or visit www.ingrammicro.com.
Regional Sales
- North America sales
increased 13 percent to $4.05 billion
(41 percent of total sales), compared with $3.59 billion reported in the year-ago
quarter.
- Europe, Middle East and Africa (EMEA) sales grew 10 percent to
$3.35 billion (34 percent of total
sales), versus $3.05 billion in the
year-ago quarter. The translation of weaker European currencies had
an eight percentage-point negative impact on revenue growth.
- Asia-Pacific sales
increased 15 percent to $1.98 billion
(20 percent of total sales) versus $1.72
billion reported in the year-ago quarter. The translation
impact of stronger local currencies had a five percentage-point
positive effect on revenue growth.
- Latin America sales
increased 11 percent to $496 million
(five percent of total sales), compared with $446 million reported a year ago. The translation
of stronger local currencies had a four percentage-point positive
impact on revenue growth.
Gross Margin
Gross margin for the 2010 fourth quarter was 5.66 percent, a
decrease of three basis points versus the prior-year quarter. The
partial releases of commercial tax reserves in Brazil, described above, had positive
fourth-quarter impacts of nine basis points in 2010 and 11 basis
points in 2009.
Operating Expenses
Total operating expenses were $392.6
million or 3.97 percent of total sales. In the
comparable period last year, total operating expenses were
$354.7 million (4.03 percent of total
sales), which included $7.7 million
(0.09 percent of total sales) in costs associated with the
company’s expense-reduction programs. The year-over-year increase
in expenses is attributable to sales growth in the traditional
distribution business as well as increased volume in the
fee-for-service logistics business, which has a substantially
higher operating expense ratio than the traditional distribution
business. Operating expenses also reflect investments in
system enhancements and growth initiatives.
Operating Income
Worldwide operating income was $167.3
million (1.69 percent of total sales), which included the
benefit from the release of Brazilian commercial tax reserves
described above. In the prior-year quarter, operating income was
$146.5 million (1.66 percent of total
sales), which included the aggregate benefit of $2.1 million (0.02 percent of total sales) from
the release of Brazilian commercial tax reserves, partially offset
by expense-reduction program costs.
- North America operating
income was $70.3 million (1.74
percent of North America sales),
compared with $53.4 million (1.49
percent of North America sales) in
the year-ago quarter, which included $5.7
million (0.16 percent of sales) in expense-reduction program
costs.
- EMEA operating income was $59.7
million (1.78 percent of EMEA sales), compared with
$53.9 million (1.77 percent of EMEA
sales) in the prior-year quarter, which included $1.2 million (0.04 percent of sales) in
expense-reduction program costs.
- Asia-Pacific operating
income was $28.5 million (1.44
percent of Asia-Pacific sales),
compared with $25.7 million (1.49
percent of Asia-Pacific sales) in
the prior-year quarter, which included $0.7
million (0.04 percent of sales) in expense-reduction program
costs.
- Latin America operating
income was $17.6 million (3.54
percent of Latin America sales),
including the benefit of $9.1 million
(1.84 percent of sales) related to the previously described release
of a portion of the Brazilian commercial tax reserve. This compares
to $21.0 million (4.70 percent of
Latin America sales) in the same
period last year, which included a $9.8
million (2.19 percent of sales) Brazilian tax benefit
partially offset by $0.1 million
(0.02 percent of sales) in expense-reduction program costs.
Stock-based compensation expense was $8.8 million versus $7.4
million in the prior-year period. Stock-based
compensation is presented as a separate reconciling amount in the
company's segment reporting in both periods and is not included in
the regional operating results, but is included in the total
worldwide operating results.
Interest and other expenses for the fourth quarter were
$9.7 million versus $5.6 million in the year-ago period. The
increase versus the prior year is attributable to higher interest
expense related to the August offering of $300 million in senior unsecured notes and lower
net cash positions during the quarter as a result of share
repurchases earlier in 2010 and increased working capital required
to support year-over-year sales growth. Foreign exchange losses of
$4.4 million recognized at the end of
the third quarter of 2010 were recovered in the fourth quarter.
The effective tax rate in the 2010 fourth quarter was 27
percent compared with 24 percent in the fourth quarter of 2009,
primarily reflecting a change in mix of profits among different tax
jurisdictions. The effective tax rate in both periods was favorably
impacted by approximately two percentage points from the release of
reserves for commercial taxes on software imports into Brazil, for which no income tax was
applied.
Total depreciation and amortization was $13.9 million.
Capital expenditures were $30.9
million.
Balance Sheet Highlights
- The cash and cash equivalents balance at fiscal year-end was
$1.16 billion versus $911 million at year-end 2009. The increase in
cash reflects the proceeds from the $300
million of public debt secured in August, offset partially
by funds used for share repurchases earlier in 2010 and investment
in working capital as discussed above.
- Total debt increased to $636
million from the $379 million
at year-end 2009, primarily due to the public notes mentioned
above. Debt-to-capitalization was 16 percent at 2010 year
end.
- Inventory was $2.9 billion or 29
days on hand, compared with $2.5
billion or 27 days on hand at the end of 2009.
- Working capital days were 22, at the low end of the company’s
normal range of 22 to 26 days, compared with 21 at year-end
2009.
“We ended the year with good momentum across a number of
fronts,” said William Humes, senior
executive vice president and chief financial officer. “Growth
and profitability are solid, and I’m pleased with the sequential
improvements in inventory and working capital days. This
helped us drive return on invested capital (ROIC) to above the
weighted average cost of capital for the sixth consecutive quarter.
While shares were not repurchased during the fourth quarter,
we will continue to keep that option open while making strategic
investments to solidify Ingram Micro’s leadership position and
marketplace advantage.”
Additional Fiscal Year Results
Of the worldwide sales of $34.59
billion for the 12-month period, regional sales were
$14.55 billion in North America (an 18 percent increase versus
2009); $10.87 billion in EMEA (an
increase of 15 percent); $7.57
billion in Asia-Pacific (an
increase of 21 percent); and $1.60
billion in Latin America
(an increase of nine percent).
Worldwide operating income for the full year was $484.4 million (1.40 percent of total sales),
which includes a benefit of $9.1
million (0.03 percent of sales) related to the partial
release of the Brazilian tax reserve. Last year, operating income
was $295.9 million (1.00 percent of
total sales), which included a net charge of $30.4 million (0.10 percent of sales) comprised
of: a benefit of $9.8 million (0.03
percent of sales) related to the partial release of the Brazilian
tax reserve, which was more than offset by expense-reduction
program costs of $37.6 million (0.13
percent of sales) and a goodwill impairment charge totaling
$2.5 million (0.01 percent of
sales).
Outlook
“For the first quarter,” said Spierkel, “we expect sales to
follow a historical seasonal pattern, with a normal sequential
decline and modest year-over-year growth. Gross margins are also
expected to decline sequentially due to seasonality and competitive
dynamics in certain markets. While we will continue to tightly
manage expenses, they may fluctuate as we make strategic
investments, increasing at approximately half the rate of sales for
the full year.”
Spierkel continued: “As we look forward to the remainder
of 2011, we have a clear strategic path that calls for operational
excellence in our traditional distribution business, greater
strength in our higher-margin specialty areas, and development of
innovative technologies and opportunities that will drive long-term
success. We are committed to keeping a healthy spread between
ROIC and weighted average cost of capital, which we believe is a
key to improving shareholder return. I’m proud of our
progress and am excited about the opportunities ahead of us.”
Conference Call and Webcast
Additional information about Ingram Micro's financial results
will be presented in a conference call with presentation slides
today at 5 p.m. ET. To listen to the
conference call webcast and view the accompanying presentation
slides, visit the company’s website at www.ingrammicro.com
(Investor Relations section). The conference call is also
accessible by telephone at (888) 455-0750 (toll-free within
the United States and Canada) or (210) 839-8501 (other countries),
passcode “Ingram Micro.”
The replay of the conference call with presentation slides will
be available for one week at www.ingrammicro.com (Investor
Relations section) or by calling (800) 678-3180 or (402) 220-3063
outside the United States and
Canada.
Cautionary Statement for the Purpose of the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of
1995
The matters in this press release that are forward-looking
statements are based on current management expectations. Certain
risks may cause such expectations to not be achieved and, in turn,
may have a material adverse effect on Ingram Micro's business,
financial condition and results of operations. Ingram Micro
disclaims any duty to update any forward-looking statements.
Important risk factors that could cause actual results to differ
materially from those discussed in the forward-looking statements
include, without limitation: (1) changes in macroeconomic
conditions may negatively impact a number of risk factors which
individually or in the aggregate, could adversely affect our
results of operations, financial condition and cash flows;(2) we
continually experience intense competition across all markets for
our products and services; (3) we are dependent on a variety of
information systems, which, if not properly functioning, or
unavailable, could adversely disrupt our business and harm our
reputation and net sales; (4) we operate a global business that
exposes us to risks associated with conducting business in multiple
jurisdictions; (5) our failure to adequately adapt to IT industry
changes could negatively impact our future operating results; (6)
terminations of a supply or services agreement or a significant
change in supplier terms or conditions of sale could negatively
affect our operating margins, revenue or the level of capital
required to fund our operations; (7) we have made and expect to
continue to make investments in new business strategies and
initiatives, including acquisitions, which could disrupt our
business and have an adverse effect on our operating results; (8)
substantial defaults by our customers or the loss of significant
customers could have a negative impact on our business, results of
operations, financial condition or liquidity; (9) changes in, or
interpretations of, tax rules and regulations, changes in mix of
our business amongst different tax jurisdictions, and deterioration
of the performance of our business may adversely affect our
effective income tax rates or operating margins and we may be
required to pay additional taxes and/or tax assessments, as well as
record valuation allowances relating to our deferred tax assets;
(10) changes in our credit rating or other market factors such as
adverse capital and credit market conditions or reductions in cash
flow from operations, may affect our ability to meet liquidity
needs, reduce access to capital, and/or increase our costs of
borrowing; (11) failure to retain and recruit key personnel would
harm our ability to meet key objectives; (12) we cannot predict
with certainty what loss we might incur as a result of litigation
matters and contingencies that we may be involved with from time to
time; (13) we may incur material litigation, regulatory or
operational costs or expenses, and may be frustrated in our
marketing efforts, as a result of new environmental regulations or
private intellectual property enforcement disputes; (14) we face a
variety of risks in our reliance on third-party service companies,
including shipping companies for the delivery of our products and
outsourcing arrangements; (15) changes in accounting rules could
adversely affect our future operating results; and (16) our
quarterly results have fluctuated significantly.
About Ingram Micro Inc.
As a vital link in the technology value chain, Ingram Micro
creates sales and profitability opportunities for vendors and
resellers through unique marketing programs, outsourced logistics
services, technical support, financial services, and product
aggregation and distribution. The company serves more than 150
countries and is the only global broad-based IT distributor with
operations in Asia. Visit
www.ingrammicro.com.
© 2011 Ingram Micro Inc. All rights reserved. Ingram Micro
and the registered Ingram Micro logo are trademarks used under
license by Ingram Micro Inc.
Ingram Micro
Inc.
|
|
Consolidated
Balance Sheet
|
|
(Dollars in
000s)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
January
1,
|
January
2,
|
|
|
2011
|
2010
|
|
|
|
|
|
ASSETS
|
|
|
|
Current assets:
|
|
|
|
Cash
|
$ 1,155,551
|
$
910,936
|
|
Trade accounts receivable,
net
|
4,138,629
|
3,943,243
|
|
Inventory
|
2,914,525
|
2,499,895
|
|
Other current
assets
|
381,383
|
392,831
|
|
|
|
|
|
Total current
assets
|
8,590,088
|
7,746,905
|
|
|
|
|
|
Property and equipment,
net
|
247,395
|
221,710
|
|
Intangible assets,
net
|
81,992
|
92,054
|
|
Other assets
|
164,557
|
118,681
|
|
|
|
|
|
Total assets
|
$ 9,084,032
|
$ 8,179,350
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$ 4,593,694
|
$ 4,296,224
|
|
Accrued
expenses
|
536,218
|
423,365
|
|
Short-term debt and
current maturities of long-term debt
|
105,274
|
77,071
|
|
|
|
|
|
Total current
liabilities
|
5,235,186
|
4,796,660
|
|
|
|
|
|
Long-term debt, less
current maturities
|
531,127
|
302,424
|
|
Other
liabilities
|
76,537
|
68,453
|
|
|
|
|
|
Total
liabilities
|
5,842,850
|
5,167,537
|
|
|
|
|
|
Stockholders'
equity
|
3,241,182
|
3,011,813
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$ 9,084,032
|
$ 8,179,350
|
|
|
|
|
Ingram Micro
Inc.
|
|
|
Consolidated
Statement of Income
|
|
|
(Dollars in
000s, except per share data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen
|
|
Thirteen
|
|
|
|
Weeks
Ended
|
|
Weeks
Ended
|
|
|
|
January 1,
2011
|
|
January 2,
2010
|
|
|
|
|
|
|
|
|
Net sales
|
$
9,882,867
|
|
$
8,807,190
|
|
|
|
|
|
|
|
|
Cost of sales
|
9,323,016
|
(a)
|
8,306,000
|
(a)
|
|
Gross profit
|
559,851
|
|
501,190
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Selling, general and
administrative
|
391,099
|
|
347,711
|
|
|
Reorganization
costs
|
1,495
|
|
6,959
|
|
|
|
392,594
|
|
354,670
|
(a)
|
|
|
|
|
|
|
|
Income from
operations
|
167,257
|
|
146,520
|
|
|
|
|
|
|
|
|
Interest and other
|
9,713
|
|
5,553
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
157,544
|
|
140,967
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
42,528
|
|
33,944
|
|
|
|
|
|
|
|
|
Net income
|
$
115,016
|
|
$
107,023
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
0.71
|
|
$
0.64
|
|
|
|
|
|
|
|
|
Diluted weighted
average
|
|
|
|
|
|
shares
outstanding
|
161,560,166
|
|
167,759,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See related footnotes
on the succeeding schedule of supplementary information for the
thirteen weeks
|
|
ended January 1, 2011 and
January 2, 2010.
|
|
|
|
|
|
|
Ingram Micro
Inc.
|
|
|
Consolidated
Statement of Income
|
|
|
(Dollars in
000s, except per share data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-two
|
|
Fifty-two
|
|
|
|
Weeks
Ended
|
|
Weeks
Ended
|
|
|
|
January 1,
2011
|
|
January 2,
2010
|
|
|
|
|
|
|
|
|
Net sales
|
$
34,588,984
|
|
$
29,515,446
|
|
|
|
|
|
|
|
|
Cost of sales
|
32,696,693
|
(a)
|
27,845,237
|
(a)
|
|
Gross profit
|
1,892,291
|
|
1,670,209
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
Selling, general and
administrative
|
1,406,721
|
|
1,337,696
|
|
|
Impairment of
goodwill
|
-
|
|
2,490
|
|
|
Reorganization
costs
|
1,137
|
|
34,083
|
|
|
|
1,407,858
|
|
1,374,269
|
(a)
|
|
|
|
|
|
|
|
Income from
operations
|
484,433
|
|
295,940
|
|
|
|
|
|
|
|
|
Interest and other
|
46,372
|
|
26,692
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
438,061
|
|
269,248
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
120,001
|
|
67,110
|
|
|
|
|
|
|
|
|
Net income
|
$
318,060
|
|
$
202,138
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
1.94
|
|
$
1.22
|
|
|
|
|
|
|
|
|
Diluted weighted
average
|
|
|
|
|
|
shares
outstanding
|
163,860,634
|
|
165,565,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See related footnotes
on the succeeding schedule of supplementary information for the
fifty-two weeks
|
|
ended January 1, 2011 and
January 2, 2010.
|
|
|
|
|
|
|
Ingram Micro
Inc.
|
|
Supplementary
Information
|
|
Income from
Operations
|
|
(Dollars in
000s)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen
Weeks Ended January 1, 2011 (a)
|
|
|
|
|
Operating
|
|
Operating
|
|
|
Net
Sales
|
|
Income
|
|
Margin
|
|
|
|
|
|
|
|
|
North America
|
$ 4,050,031
|
|
$ 70,327
|
|
1.74%
|
|
EMEA
|
3,354,700
|
|
59,699
|
|
1.78%
|
|
Asia-Pacific
|
1,981,699
|
|
28,509
|
|
1.44%
|
|
Latin America
|
496,437
|
|
17,570
|
|
3.54%
|
|
Stock-based compensation
expense
|
-
|
|
(8,848)
|
|
-
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
$ 9,882,867
|
|
$ 167,257
|
|
1.69%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen
Weeks Ended January 2, 2010 (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
Operating
|
|
|
Net
Sales
|
|
Income
|
|
Margin
|
|
|
|
|
|
|
|
|
North America
|
$ 3,590,683
|
|
$ 53,367
|
|
1.49%
|
|
EMEA
|
3,051,295
|
|
53,940
|
|
1.77%
|
|
Asia-Pacific
|
1,719,378
|
|
25,690
|
|
1.49%
|
|
Latin America
|
445,834
|
|
20,965
|
|
4.70%
|
|
Stock-based compensation
expense
|
-
|
|
(7,442)
|
|
-
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
$ 8,807,190
|
|
$ 146,520
|
|
1.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The thirteen weeks
ended January 1, 2011 includes a benefit of $9,112 (0.09% of
consolidated net sales and 1.84% of
|
|
Latin America net sales)
recorded in cost of sales related to the release of a portion of
the reserve for Brazilian
|
|
commercial taxes for which the
statute of limitations has expired.
|
|
|
|
(b) The thirteen weeks
ended January 2, 2010 includes: net charges of $7,660 (0.09% of
consolidated net sales) to
|
|
operating expenses comprised of
$5,676 in North America (0.16% of North America net sales), $1,236
in EMEA
|
|
(0.04% of EMEA net sales), $651
in Asia-Pacific (0.04% of Asia-Pacific net sales), and $97 in Latin
America
|
|
(0.02% of Latin America net
sales), primarily for reorganization costs ($6,959) associated with
headcount reductions
|
|
and facility exit costs, and
charges to selling, general and administrative, or SG&A,
expenses ($701) primarily for
|
|
retention and accelerated
depreciation of fixed assets associated with the exit of
facilities; and a benefit of $9,758
|
|
(0.11% of consolidated net sales
and 2.19% of Latin America net sales) recorded in cost of sales
related to the release
|
|
of a portion of the reserve for
Brazilian commercial taxes for which the statute of limitations has
expired.
|
|
|
|
|
|
|
|
Ingram Micro
Inc.
|
|
Supplementary
Information
|
|
Income from
Operations
|
|
(Dollars in
000s)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-two
Weeks Ended January 1, 2011 (a)
|
|
|
|
|
Operating
|
|
Operating
|
|
|
Net
Sales
|
|
Income
|
|
Margin
|
|
|
|
|
|
|
|
|
North America
|
$ 14,549,103
|
|
$ 230,458
|
|
1.58%
|
|
EMEA
|
10,871,237
|
|
135,681
|
|
1.25%
|
|
Asia-Pacific
|
7,570,403
|
|
113,003
|
|
1.49%
|
|
Latin America
|
1,598,241
|
|
32,353
|
|
2.02%
|
|
Stock-based compensation
expense
|
-
|
|
(27,062)
|
|
-
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
$ 34,588,984
|
|
$ 484,433
|
|
1.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-two
Weeks Ended January 2, 2010 (b)
|
|
|
|
|
Operating
|
|
Operating
|
|
|
Net
Sales
|
|
Income
|
|
Margin
|
|
|
|
|
|
|
|
|
North America
|
$ 12,326,555
|
|
$ 105,679
|
|
0.86%
|
|
EMEA
|
9,483,328
|
|
92,856
|
|
0.98%
|
|
Asia-Pacific
|
6,243,455
|
|
83,704
|
|
1.34%
|
|
Latin America
|
1,462,108
|
|
35,928
|
|
2.46%
|
|
Stock-based compensation
expense
|
-
|
|
(22,227)
|
|
-
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
$ 29,515,446
|
|
$ 295,940
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The fifty-two weeks
ended January 1, 2011 includes a benefit of $9,112 (0.03% of
consolidated net sales and 0.57% of
|
|
Latin America net sales)
recorded in cost of sales related to the release of a portion of
the reserve for Brazilian
|
|
commercial taxes for which the
statute of limitations has expired.
|
|
|
|
(b) The fifty-two weeks
ended January 2, 2010 includes: net charges of $37,636 (0.13% of
consolidated net sales) to
|
|
operating expenses comprised of
$24,267 in North America (0.20% of North America net sales), $9,462
in EMEA
|
|
(0.10% of EMEA net sales),
$3,574 in Asia-Pacific (0.06% of Asia-Pacific net sales), and $333
in Latin America
|
|
(0.02% of Latin America net
sales), primarily for reorganization costs ($34,083) associated
with headcount reductions
|
|
and facility exit costs, and
charges to SG&A expenses ($3,553) primarily for consulting,
retention and accelerated
|
|
depreciation of fixed assets
associated with the exit of facilities; a benefit of $9,758 (0.03%
of consolidated net sales
|
|
and 0.67% of Latin America net
sales) recorded in cost of sales related to the release of a
portion of the reserve for
|
|
Brazilian commercial taxes for
which the statute of limitations has expired; and an impairment of
goodwill of $2,490
|
|
(0.01% of consolidated net sales
and 0.04% of Asia-Pacific net sales) related to the acquisitions of
VAD and Vantex.
|
|
|
|
|
|
|
|
(Logo:
http://photos.prnewswire.com/prnh/20100107/IMLOGO)
SOURCE Ingram Micro Inc.