SANTA ANA, Calif., Oct. 27, 2011 /PRNewswire/ -- Ingram Micro Inc.
(NYSE: IM), the world’s largest technology distributor and
supply-chain services provider, today announced financial results
for the third quarter of 2011, which ended on October 1, 2011. Reported results are in
line with the preliminary update provided on October 17, 2011, regarding certain financial
results.
Worldwide sales increased five percent to $8.90 billion from the $8.45 billion reported in the third quarter of
last year. The translation effect of foreign currencies had a
positive impact of approximately four percentage points on the
prior-year comparison.
Net income was $23.3 million, or
$0.15 per diluted share.
Non-GAAP net income was $52.1
million or $0.33 per diluted
share, which excludes charges totaling $28.8
million, or $0.18 per diluted
share, comprised of: a non-cash valuation allowance of $24.8 million recorded against the company’s
deferred tax assets in Brazil,
driven by the continuing losses generated in that business unit;
and, a charge of $4.0 million after
tax related primarily to the termination of the company’s interest
rate swap associated with the repayment of its term loan in
September, which had $225.0 million
in outstanding principal and was replaced by a more flexible
$750 million revolver. In the
third quarter of 2010, net income was $65.0
million, or $0.41 per diluted
share.
“Overall demand in our key customer segment serving the SMB
market remained relatively stable in most parts of the world during
the third quarter,” commented Gregory Spierkel, chief executive
officer. “We experienced healthy revenue growth supported by
our Americas regions hitting multi-year revenue highs for a third
quarter and solid contributions from other major countries such as
China, India, Germany and France. During the quarter, we took
advantage of strong demand for tablet and mobility products, which
helped drive revenues in-line with our expectations. While
this developing product segment is strategically very important,
initial gross margins are lower than company averages, which was a
factor influencing results this quarter.
“In Australia, the market-share recovery following our
enterprise system conversion is progressing slower than expected,”
Spierkel said. “We continue to focus on improving customer
service levels and pursuing marketing and sales activities intended
to win back our valued customers. We are also adjusting our
cost base to the market conditions and lower revenues. Over
in Europe, the macro-economic
environment had an impact on demand in many countries, particularly
in consumer-related segments.”
Spierkel concluded, “We have been proactive in responding to
these challenges as illustrated by our operating expenses hitting a
10-year low as a percentage of revenue for a third quarter, and we
will continue to take active measures to ensure our cost structure
reflects our expectations across our operations.”
Additional Third Quarter Highlights
Further detail can be found in the financial statements and
schedules attached to this news release or at
www.ingrammicro.com.
Regional Sales
- North America sales
increased three percent to $3.77
billion (42 percent of total sales), the highest
third-quarter sales level in more than a decade, compared to
$3.65 billion in the prior-year
quarter.
- Europe, Middle East and Africa (EMEA) sales grew seven percent to
$2.65 billion (30 percent of total
sales), compared with $2.48 billion
in last year’s third quarter. The translation effect of
European currencies had a positive impact of approximately nine
percentage points on year-over-year growth.
- Asia-Pacific sales
increased five percent to $2.06
billion (23 percent of total sales), versus $1.95 billion reported in last year’s third
quarter. The translation effect of regional currencies had a
positive impact of approximately six percentage points on
year-over-year growth. Excluding Australia, the region’s
sales grew at a double-digit pace.
- Latin America sales
increased 13 percent to $420 million
(5 percent of total sales), compared with $372 million reported a year ago. The
translation effect of regional currencies had a positive impact of
approximately three percentage points on year-over-year growth.
Gross Margin
Gross margin was 4.95 percent, a year-over-year decline of 41
basis points primarily due to competitive pricing actions and lower
rebates related to the slower recovery of the company’s Australian
business and weak consumer demand in Europe, as well as strong sales growth in
lower-margin markets and products.
Operating Expenses
Operating expenses totaled $355.3
million or 3.99 percent of sales, compared with $346.6 million or 4.10 percent of sales in last
year’s third quarter. As a percentage of revenue, operating
expenses declined versus last year as the company continued its
focus on prudent cost management.
Operating Income
Worldwide operating income totaled $85.4
million, or 0.96 percent of total sales, compared with
$106.9 million, or 1.26 percent of
total sales, last year.
- North America operating
income was $64.2 million, or 1.70
percent of North America sales,
relatively flat when compared with $63.5
million, or 1.74 percent of sales, in the year-ago quarter.
- EMEA operating income was $16.2
million, or 0.61 percent of EMEA sales, compared with
$18.8 million, or 0.76 percent of
sales, in the prior-year period. The decline is primarily
attributable to softer demand, which led to a more competitive
selling environment, particularly in certain retail markets.
- Asia-Pacific operating
income was $7.8 million, or 0.38
percent of Asia-Pacific sales,
compared with $28.2 million, or 1.44
percent of sales, in the prior-year period. Australia had a
negative impact on operating margins for the region of 92 basis
points for the 2011 third quarter. The year-over-year decline
was also due to a higher proportion of lower-margin markets and
product segments.
- Latin America operating
income was $6.2 million, or 1.48
percent of Latin America sales,
compared with $3.5 million, or 0.95
percent of sales, in the prior-year period. The increase over
the prior year is attributable to continued strong performances in
Mexico and in the company’s
Miami export operations.
Stock-based compensation expense was $9.1 million versus $7.1
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 were $18.3 million, flat with the prior-year quarter.
The current year includes the pre-tax charge of $5.6 million related to the termination of the
interest rate swap associated with the repayment of the company’s
term loan, as described previously. This charge is partially
offset by net foreign currency gains of $1.3
million, which includes gains related to the foreign
currency translation impact on Euro-based inventory purchases in
our pan-European purchasing entity, which designates the United States dollar as its functional
currency. This gain is a function of the timing of currency
fluctuations within the quarter and includes a reversal of
cumulative foreign exchange losses recorded in this entity in the
first half of 2011. The prior year third quarter interest and
other expense included a $4.9 million
net foreign currency loss, largely driven out of the same
pan-European purchasing entity.
The effective tax rate was 65.2 percent, compared with
26.6 percent in the 2010 third quarter. The quarter’s
elevated tax rate primarily reflects a non-cash charge related to a
valuation allowance of $24.8 million
recorded against the company’s deferred tax assets in Brazil. Under United States accounting
rules for income taxes, quarterly effective tax rates may vary
significantly depending on the actual operating results in the
various tax jurisdictions.
Total depreciation and amortization was $14.8 million and capital expenditures
totaled $30.0 million.
Balance Sheet Highlights
- The cash and cash equivalents balance at October 1, 2011 was $1.00
billion, compared with $1.16
billion at year-end 2010.
- Total debt at quarter-end was $439.5
million, or 12 percent of capitalization, down from
$636.4 million or 16 percent of
capitalization at year-end 2010. The decline is due to the
termination of the company’s term loan, which was replaced with a
more flexible $750 million five-year
revolving credit facility in September, on which the company had no
borrowings at October 1, 2011.
- Inventory was $3.10 billion, or
33 days on hand, flat versus last year, and a sequential
improvement by one day from 34 days on hand at the end of the 2011
second quarter, as active marketing programs and a greater mix of
high-velocity products helped drive down stocking levels.
- Working capital days were down one day sequentially to 23 and
up slightly from 22 at year-end 2010.
- During the 2011 third quarter, the company purchased 4.2
million shares of stock for an aggregate of $75.0 million. An additional 4.2 million
shares were purchased for $75.0
million in October. Since the 3-year, $400 million repurchase program was announced on
October 28, 2010, 12.5 million shares
have been purchased to date for an aggregate of $225.9 million.
“We did a good job managing our working capital days during the
quarter, coming in squarely within our targeted range,” said
William Humes, senior executive vice
president and chief financial officer. “Additionally, I am
pleased that we were able to build on our already strong capital
structure and increase our financial flexibility under our new
credit agreement, which enabled us to combine, increase and extend
our credit facilities at attractive interest rates.”
Humes continued, “While I am proud that our continued success in
managing expenses during the quarter resulted in our best third
quarter operating expense ratio in more than a decade, we have
further work to do. We are highly focused on reversing the
gross margin deterioration we experienced this quarter, and we are
implementing a number of initiatives intended to further improve
our cost structure and enhance our gross margin profile.”
Nine-Month Period
For the nine months ended October 1,
2011, worldwide sales were $26.38
billion, an increase of 7 percent over $24.71 billion for last year’s nine-month period.
Sales were $11.04 billion for
North America (a 5 percent
increase versus the prior-year period); $8.17 billion for EMEA (an increase of 9
percent); $5.96 billion for
Asia-Pacific (an increase of 7
percent); and $1.21 billion for
Latin America (a 10 percent
increase).
Worldwide operating income for the first nine months of 2011 was
$282.6 million (1.07 percent of total
sales), compared with $317.2 million
(1.28 percent of total sales) in the same period last year.
Nine-month net income for 2011 was $139.4
million or $0.86 per diluted
share, versus $203.0 million, or
$1.23 per diluted share for the 2010
nine-month period. Nine month non-GAAP net income for 2011
was $168.2 million or $1.04 per diluted share, excluding the same
charges described earlier in this release.
Outlook
“We currently expect global technology demand to remain
relatively stable, with modest seasonal increases in demand across
all geographies,” said Spierkel. “In the fourth quarter, we
believe Ingram Micro will continue to drive sequential growth, but
at a slower rate than we have seen historically due to the current
state of the macro-economic environment in Europe and our recovery efforts in
Australia. Gross margins should
experience a sequential increase in-line with historic seasonality,
as the holidays drive activity in our logistics and consumer
businesses, but they are not expected to reach last year’s levels.
Improving gross margins is a priority for the management
team. We believe this quarter was an outlier and gross
margins will improve measurably as we address the business mix
dynamics and solidify the system rollout initiative. We
expect to exercise continued prudent expense control, and drive
significantly stronger operating margins in the fourth
quarter.”
Spierkel added: “Looking ahead, I see significant upside
as we resolve the ERP-related issues and seize the opportunities
before us. Our core business foundation is solid, and I
believe we are doing a good job of managing the areas that we can
control, as evidenced by the improvements in our cost structure and
growth in important emerging markets and product categories.
We will continue to focus on these efforts going
forward.”
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) 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 earnings; (2) changes in macro-economic 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; (3) we continually
experience intense competition across all markets for our products
and services; (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.
Ingram Micro has instituted in the past and continues to
institute changes to its strategies, operations and processes to
address these risk factors and to mitigate their impact on Ingram
Micro's results of operations and financial condition. However, no
assurances can be given that Ingram Micro will be successful in
these efforts. For a further discussion of significant factors to
consider in connection with forward-looking statements concerning
Ingram Micro, reference is made to Item 1A Risk Factors of Ingram
Micro's Annual Report on Form 10-K for the fiscal year ended
January 1, 2011; other risks or
uncertainties may be detailed from time to time in Ingram Micro's
future SEC filings.
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,
technical and financial support, managed and cloud-based services,
and product aggregation and distribution. The company is the only
global broad-based IT distributor, serving more than 150 countries
on six continents with the world’s most comprehensive portfolio of
IT products and services. 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
|
|
(Amounts in
000s)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
October
1,
|
|
January
1,
|
|
|
2011
|
|
2011
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash
equivalents
|
$ 1,002,290
|
|
$ 1,155,551
|
|
Trade accounts receivable,
net
|
3,735,526
|
|
4,138,629
|
|
Inventory
|
3,101,838
|
|
2,914,525
|
|
Other current
assets
|
318,385
|
|
381,383
|
|
|
|
|
|
|
Total current
assets
|
8,158,039
|
|
8,590,088
|
|
|
|
|
|
|
Property and equipment,
net
|
304,824
|
|
247,395
|
|
Intangible assets,
net
|
76,678
|
|
81,992
|
|
Other assets
|
127,862
|
|
164,557
|
|
|
|
|
|
|
Total assets
|
$ 8,667,403
|
|
$ 9,084,032
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$ 4,459,300
|
|
$ 4,593,694
|
|
Accrued
expenses
|
425,169
|
|
536,218
|
|
Short-term debt and
current maturities of long-term debt
|
122,950
|
|
105,274
|
|
|
|
|
|
|
Total current
liabilities
|
5,007,419
|
|
5,235,186
|
|
|
|
|
|
|
Long-term debt, less
current maturities
|
316,531
|
|
531,127
|
|
Other
liabilities
|
77,557
|
|
76,537
|
|
|
|
|
|
|
Total
liabilities
|
5,401,507
|
|
5,842,850
|
|
|
|
|
|
|
Stockholders'
equity
|
3,265,896
|
|
3,241,182
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$ 8,667,403
|
|
$ 9,084,032
|
|
|
|
|
|
Ingram Micro
Inc.
|
|
Consolidated
Statement of Income
|
|
(Amounts in
000s, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen
Weeks Ended
|
|
|
October 1,
2011
|
|
October 2,
2010
|
|
|
|
|
|
|
Net sales
|
$
8,903,020
|
|
$
8,453,835
|
|
|
|
|
|
|
Cost of sales
|
8,462,300
|
|
8,000,310
|
|
Gross profit
|
440,720
|
|
453,525
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
Selling, general and
administrative
|
354,185
|
|
346,614
|
|
Reorganization
costs
|
1,156
|
|
-
|
|
|
355,341
|
|
346,614
|
|
|
|
|
|
|
Income from
operations
|
85,379
|
|
106,911
|
|
|
|
|
|
|
Interest and other:
|
|
|
|
|
Interest income
|
(1,432)
|
|
(1,334)
|
|
Interest
expense
|
13,048
|
|
11,545
|
|
Net foreign currency
exchange loss (gain)
|
(1,348)
|
|
4,899
|
|
Loss from settlement of
interest rate swap
|
|
|
|
|
and
senior unsecured term loan
|
5,624
|
|
-
|
|
Other
|
2,393
|
|
3,239
|
|
|
18,285
|
|
18,349
|
|
|
|
|
|
|
Income before income
taxes
|
67,094
|
|
88,562
|
|
|
|
|
|
|
Provision for income
taxes
|
43,768
|
|
23,573
|
|
|
|
|
|
|
Net income
|
$
23,326
|
|
$
64,989
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
0.15
|
|
$
0.41
|
|
|
|
|
|
|
Diluted weighted
average
|
|
|
|
|
shares
outstanding
|
156,767
|
|
159,556
|
|
|
|
|
|
Ingram Micro
Inc.
|
|
Consolidated
Statement of Income
|
|
(Amounts in
000s, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine
Weeks Ended
|
|
|
October 1,
2011
|
|
October 2,
2010
|
|
|
|
|
|
|
Net sales
|
$
26,375,757
|
|
$
24,706,117
|
|
|
|
|
|
|
Cost of sales
|
25,021,733
|
|
23,373,677
|
|
Gross profit
|
1,354,024
|
|
1,332,440
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
Selling, general and
administrative
|
1,070,556
|
|
1,015,622
|
|
Reorganization costs
(credits)
|
887
|
|
(358)
|
|
|
1,071,443
|
|
1,015,264
|
|
|
|
|
|
|
Income from
operations
|
282,581
|
|
317,176
|
|
|
|
|
|
|
Interest and other:
|
|
|
|
|
Interest income
|
(4,056)
|
|
(3,447)
|
|
Interest
expense
|
40,561
|
|
25,015
|
|
Net foreign currency
exchange loss (gain)
|
(1,313)
|
|
6,576
|
|
Loss from settlement of
interest rate swap
|
|
|
|
|
and
senior unsecured term loan
|
5,624
|
|
-
|
|
Other
|
9,444
|
|
8,515
|
|
|
50,260
|
|
36,659
|
|
|
|
|
|
|
Income before income
taxes
|
232,321
|
|
280,517
|
|
|
|
|
|
|
Provision for income
taxes
|
92,954
|
|
77,473
|
|
|
|
|
|
|
Net income
|
$
139,367
|
|
$
203,044
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
0.86
|
|
$
1.23
|
|
|
|
|
|
|
Diluted weighted
average
|
|
|
|
|
shares
outstanding
|
161,543
|
|
164,623
|
|
|
|
|
|
Ingram Micro
Inc.
|
|
Supplementary
Information
|
|
Income from
Operations
|
|
(Amounts in
000s)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen
Weeks Ended October 1, 2011
|
|
|
|
|
|
|
Operating
|
|
Operating
|
|
|
|
|
Net
Sales
|
|
Income
|
|
Margin
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$ 3,769,733
|
|
$ 64,247
|
|
1.70%
|
|
EMEA
|
|
|
2,653,054
|
|
16,198
|
|
0.61%
|
|
Asia-Pacific
|
|
|
2,059,944
|
|
7,773
|
|
0.38%
|
|
Latin America
|
|
|
420,289
|
|
6,241
|
|
1.48%
|
|
Stock-based compensation
expense
|
|
|
|
(9,080)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
|
|
$ 8,903,020
|
|
$ 85,379
|
|
0.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen
Weeks Ended October 2, 2010
|
|
|
|
|
|
|
Operating
|
|
Operating
|
|
|
|
|
Net
Sales
|
|
Income
|
|
Margin
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$ 3,648,297
|
|
$ 63,507
|
|
1.74%
|
|
EMEA
|
|
|
2,479,622
|
|
18,831
|
|
0.76%
|
|
Asia-Pacific
|
|
|
1,954,164
|
|
28,180
|
|
1.44%
|
|
Latin America
|
|
|
371,752
|
|
3,542
|
|
0.95%
|
|
Stock-based compensation
expense
|
|
|
|
(7,149)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
|
|
$ 8,453,835
|
|
$ 106,911
|
|
1.26%
|
|
|
|
|
|
|
|
|
|
Ingram Micro
Inc.
|
|
Supplementary
Information
|
|
Income from
Operations
|
|
(Amounts in
000s)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine
Weeks Ended October 1, 2011
|
|
|
|
|
|
|
Operating
|
|
Operating
|
|
|
|
|
Net
Sales
|
|
Income
|
|
Margin
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$ 11,036,595
|
|
$ 190,984
|
|
1.73%
|
|
EMEA
|
|
|
8,169,408
|
|
65,195
|
|
0.80%
|
|
Asia-Pacific
|
|
|
5,955,784
|
|
32,482
|
|
0.55%
|
|
Latin America
|
|
|
1,213,970
|
|
18,988
|
|
1.56%
|
|
Stock-based compensation
expense
|
|
|
|
(25,068)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
|
|
$ 26,375,757
|
|
$ 282,581
|
|
1.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine
Weeks Ended October 2, 2010
|
|
|
|
|
|
|
Operating
|
|
Operating
|
|
|
|
|
Net
Sales
|
|
Income
|
|
Margin
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
$ 10,499,072
|
|
$ 160,131
|
|
1.53%
|
|
EMEA
|
|
|
7,516,537
|
|
75,982
|
|
1.01%
|
|
Asia-Pacific
|
|
|
5,588,704
|
|
84,494
|
|
1.51%
|
|
Latin America
|
|
|
1,101,804
|
|
14,783
|
|
1.34%
|
|
Stock-based compensation
expense
|
|
|
|
(18,214)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
|
|
$ 24,706,117
|
|
$ 317,176
|
|
1.28%
|
|
|
|
|
|
|
|
|
|
Ingram Micro
Inc.
|
|
Supplementary
Information
|
|
Reconciliation of GAAP to
Non-GAAP Financial Measures
|
|
(Amounts in
000s, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen
Weeks Ended October 1, 2011
|
|
|
|
|
|
Loss from
Settlement
|
|
Non-cash
|
|
|
|
|
|
|
|
of Interest
Rate Swap
|
|
Valuation
Allowance
|
|
Non-GAAP
|
|
|
|
As
Reported
|
|
and Senior
Unsecured
|
|
Related to
Brazilian
|
|
Financial
|
|
|
|
Under
GAAP
|
|
Term Loan
(a)
|
|
Deferred Tax
Assets (b)
|
|
Measure
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
$
67,094
|
|
$
5,624
|
|
$
-
|
|
$
72,718
|
|
Provision for (benefit from)
income taxes
|
|
43,768
|
|
1,589
|
|
(24,810)
|
|
20,547
|
|
Net income
|
|
$
23,326
|
|
$
4,035
|
|
$
24,810
|
|
$
52,171
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
(c)
|
|
$
0.15
|
|
$
0.03
|
|
$
0.15
|
|
$
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine
Weeks Ended October 1, 2011
|
|
|
|
|
|
Loss from
Settlement
|
|
Non-cash
|
|
|
|
|
|
|
|
of Interest
Rate Swap
|
|
Valuation
Allowance
|
|
Non-GAAP
|
|
|
|
As
Reported
|
|
and Senior
Unsecured
|
|
Related to
Brazilian
|
|
Financial
|
|
|
|
Under
GAAP
|
|
Term Loan
(a)
|
|
Deferred Tax
Assets (b)
|
|
Measure
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
$
232,321
|
|
$
5,624
|
|
$
-
|
|
$
237,945
|
|
Provision for (benefit from)
income taxes
|
|
92,954
|
|
1,589
|
|
(24,810)
|
|
69,733
|
|
Net income
|
|
$
139,367
|
|
$
4,035
|
|
$
24,810
|
|
$
168,212
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
(c)
|
|
$
0.86
|
|
$
0.03
|
|
$
0.15
|
|
$
1.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflects charge related to the
termination of our interest rate swap associated with the repayment
of our term loan in September 2011.
|
|
|
|
|
(b)
|
Reflects charge related to a
non-cash valuation allowance recorded against our deferred tax
assets in Brazil.
|
|
|
|
|
(c)
|
Per share impact is calculated
by dividing net after-tax amount by the diluted weighted average
shares outstanding of 156,767 and 161,543 for the thirteen and
thirty-nine weeks ended October 1, 2011, respectively.
|
|
|
|
(Logo:
http://photos.prnewswire.com/prnh/20100107/IMLOGO)
SOURCE Ingram Micro Inc.