SANTA ANA, Calif., April 25, 2013 /PRNewswire/ -- Ingram Micro Inc.
(NYSE: IM), the world's largest wholesale technology distributor
and a global leader in supply-chain and mobile device lifecycle
services, today announced financial results for the first quarter
ended March 30, 2013.
Worldwide sales were $10.26
billion, up 19 percent in U.S. dollars when compared with
$8.64 billion in the first quarter
last year. The translation effect of foreign currencies had a de
minimis influence on worldwide sales, as compared with the prior
year. The company's 2012 fourth quarter acquisitions of
Brightpoint, Inc. and Aptec Holdings Ltd. added $1.1 billion and $75
million, respectively, to 2013 first quarter revenue,
contributing 13 percentage points to the growth.
Worldwide gross profit was $585.3
million (5.70 percent of total sales). This compares with
worldwide gross profit of $467.6
million (5.41 percent of total sales) in the 2012 first
quarter, which benefited by approximately 10 basis points from
favorable pricing on hard disk drives. 2013 first quarter gross
margin benefited by 63 basis points from the addition of
BrightPoint's higher gross margin revenue, driven largely by its
value-added device lifecycle services. This benefit helped offset a
gross margin decline in the company's technology distribution
business related to a greater mix of lower margin products, such as
tablets and other personal devices, and a competitive selling
environment, particularly in Europe and North
America.
GAAP operating income was $90.8
million (0.88 percent of total sales) and was negatively
impacted by lower gross margin in the technology distribution
business and continued investments in key strategic areas across
all regions to further diversify revenues. This compares with 2012
first quarter GAAP operating income of $104.1 million (1.20 percent of total sales),
which benefited by approximately 10 basis points from favorable
pricing on hard disk drives.
Non-GAAP operating income for the 2013 first quarter was
$115.8 million (1.13 percent of total
sales), which excludes $13.2 million
pre-tax, or 13 basis points, in charges associated with
restructuring, integration and transition costs and other expense
reduction programs, and $11.8 million
pre-tax, or 11 basis points, of expense for amortization of
intangible assets. This compares with non-GAAP operating income for
the 2012 first quarter of $110.0
million (1.27 percent of total sales), which excludes
pre-tax costs of $3.1 million, or 4
basis points, associated with restructuring and transition costs,
as well as $2.9 million pre-tax, or 3
basis points, of expense for amortization of intangible assets.
2013 first quarter GAAP net income was $49.8 million, or 32
cents per diluted share. This compares with 2012 first
quarter GAAP net income of $90.0
million, or 58 cents per
diluted share, which benefited by $28.5
million, or 18 cents per
diluted share, from a net discrete tax benefit in the quarter, as
well as from favorable pricing on hard disk drives.
2013 first quarter non-GAAP net income was $63.1 million, or 41
cents per diluted share, which excludes the negative impact
of $8.7 million after-tax charges
associated with restructuring, integration and transition costs and
other expense reduction programs; the negative impact of
$7.7 million after-tax in
amortization expense associated with intangible assets; and also
excludes the positive impact of $3.0
million in gains after-tax due to the foreign-currency
translation effect on Euro-based inventory purchases in the
company's pan-European entity, which designates the United States dollar as its functional
currency.
2013 first quarter GAAP and non-GAAP net income was also
impacted by a higher than anticipated effective tax rate of 34.6
percent for the quarter.
This compares with 2012 first quarter non-GAAP net income of
$68.9 million, or 44 cents per diluted share, which excludes a net
discrete tax benefit of $28.5
million, the negative impact of $2.1
million after-tax charges associated with restructuring and
transition costs, the negative impact of $2.0 million after-tax in amortization expense
associated with intangible assets and also excludes the negative
impact of $3.3 million in losses
after-tax due to the foreign-currency translation effect in the
company's pan-European entity, as discussed above. 2012 first
quarter non-GAAP net income also benefited from favorable pricing
on hard disk drives.
Further detail can be found in the financial statements and
schedules attached to this news release or at
www.ingrammicro.com.
Key 2013 first quarter highlights:
- North America delivered solid
revenue performance with sales growth of 7 percent, driven by
year-over-year growth in all U.S. divisions. Growth in the U.S. was
partially offset by a decline of 2 percent in local currency in the
Canadian business.
- Latin America maintained its
momentum from last year, delivering record first quarter
revenues.
- Asia Pacific sales hit an
all-time first quarter high, led by double-digit growth in
India and Australia.
- Australia reduced its
operating loss by more than $5
million sequentially from the 2012 fourth
quarter.
- Europe's revenue was flat
year-over-year in local currency.
- BrightPoint was accretive to 2013 first quarter non-GAAP
earnings per diluted share by 7
cents, when excluding $3.2
million after-tax in acquisition integration charges and
$5.9 million after-tax of
amortization expense associated with intangible assets. The company
noted that it is now excluding amortization expense associated with
intangible assets from its reported non-GAAP earnings per diluted
share, which increases its expectations for 2013 and 2014 full-year
accretion to non-GAAP earnings from BrightPoint to 34 cents and 51
cents per diluted share, respectively.
- The company's effective tax rate for the first quarter was 34.6
percent. The company continues to expect a full-year
effective tax rate of around 32 percent, however, quarterly
effective tax rates can vary significantly depending on the actual
operating results in the various tax jurisdictions.
- Working capital days were 28, up 3 days from the prior year
first quarter, due in-part to extended payment terms last year
associated with new product launches.
"I am pleased with the progress we are making on driving cost
synergies and business integration in our recent acquisitions,"
said Alain Monie, president and
chief executive officer, Ingram Micro Inc. "More importantly, the
addition of these companies has expanded our capabilities in highly
strategic markets and new geographies and is expected to provide a
strong foundation for future profitable growth. I am also
encouraged by our progress in Australia and our ability to drive solid
overall revenue growth; however, I am not satisfied with our bottom
line results.
"High growth in tablets and other mobile devices continues to
affect gross margins," Monie continued. "However, this high growth
product opportunity also brings the addition of a new set of
vendors and customers to the Ingram Micro ecosystem, which enables
us to tap into the associated supply chain services to large OEMs
and service providers. These services carry better margins
and lower working capital metrics. We recognized this opportunity
early last year, leading us to acquire BrightPoint, our new
mobility business, which has already been nicely accretive to gross
margin and earnings."
Bill Humes, chief operating and
financial officer commented: "In addition to shifting market
dynamics, we also saw increased competitive pricing this quarter
due to the sluggish economic environment in Europe and some competitors trying to regain
lost share in North America.
However, even though we expect some relief in the mid-term, we
recognized many quarters ago that strategically we needed to
develop and grow markets where inherently better margins are
available. As we have updated you over the past year, we have made,
and continue to make, investments in several of these areas, which,
while they impact our near-term expense levels, are consistent with
our strategy to increase the ratio of our higher margin, and better
returns businesses. We are confident they are the right investments
to improve our margin profile and help drive greater profitability
this year."
Outlook
For the 2013 second quarter, the company currently expects a 1 to 4
percent sequential increase in revenue, with consolidated gross
margin flat to slightly up. The company's expectations are
based on operating leverage, stronger contribution from higher
margin areas, growth in emerging markets and continued recovery in
Australia.
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) 503-8169 (toll-free within the
United States and Canada)
or (719) 325-2144 (other countries), passcode "8684873."
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 (888) 203-1112 or (719) 457-0820
outside the United States and
Canada, passcode "8684873."
In addition to GAAP results, Ingram Micro is reporting non-GAAP
adjusted operating income and margin, adjusted net income and
adjusted diluted earnings per share, referred to respectively as
"non-GAAP operating income," "non-GAAP operating margin," "non-GAAP
net income" and "non-GAAP diluted earnings per share."
Reconciliations of GAAP to non-GAAP financial measures for the
first quarters of 2013 and 2012 appear in the financial statements
portion of this release under the heading "Supplementary
Information - Income from Operations - Reconciliation of GAAP to
Non-GAAP Information" and "Supplementary Information -
Reconciliation of GAAP to Non-GAAP Financial Measures."
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 have made and expect
to continue to make investments in new businesses and initiatives,
including acquisitions, which could disrupt our business and have
an adverse effect on our operating results; (2) we are dependent on
a variety of information systems, which, if not properly
functioning, or unavailable, or if we experience system
security breaches, data protection breaches, or other
cyber-attacks, could adversely disrupt our business and harm
our reputation and earnings; (3) 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; (4) we
continually experience intense competition across all markets for
our products and services; (5) we operate a global business that
exposes us to risks associated with conducting business in multiple
jurisdictions; (6) our failure to adequately adapt to IT industry
changes could negatively impact our future operating results; (7)
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; (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 the 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
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. We also face a
variety of risks associated with our recently completed acquisition
of Brightpoint, Inc., Aptec and Promark, including:
management's ability to execute its plans, strategies and
objectives for future operations, including the execution of
integration plans; growth of the mobility industry, the government
contracts business, and in new and untapped markets in geographies
outside the U.S.; and other uncertainties or unknown,
underestimated and/or undisclosed commitments or
liabilities; and our ability to achieve the expected
benefits and manage the costs of the integrations of recent
acquisitions.
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
December 29, 2012; other
risks or uncertainties may be detailed from time to time in Ingram
Micro's future SEC filings.
About Ingram Micro Inc.
Ingram Micro is the world's largest wholesale technology
distributor and a global leader in IT supply-chain, mobile device
lifecycle services and logistics solutions. 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 and mobile
solutions, technical support, financial services and product
aggregation and distribution. The company is the only global
broad-based IT distributor, serving 160 countries on six continents
with the world's most comprehensive portfolio of IT products and
services. Visit www.ingrammicro.com.
© 2013 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)
|
|
|
|
|
|
|
|
|
|
March
30,
|
|
December 29,
|
|
2013
|
|
2012
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and
cash equivalents
|
$
562,630
|
|
$
595,147
|
Trade
accounts receivable, net
|
4,509,372
|
|
5,457,299
|
Inventory
|
3,809,463
|
|
3,591,543
|
Other
current assets
|
488,973
|
|
522,390
|
|
|
|
|
Total
current assets
|
9,370,438
|
|
10,166,379
|
|
|
|
|
Property
and equipment, net
|
477,172
|
|
481,324
|
Goodwill
|
428,401
|
|
428,401
|
Intangible
assets, net
|
359,082
|
|
372,482
|
Other
assets
|
22,266
|
|
31,862
|
|
|
|
|
Total
assets
|
$10,657,359
|
|
$
11,480,448
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
5,119,289
|
|
$
6,065,159
|
Accrued
expenses
|
552,013
|
|
585,404
|
Short-term
debt and current maturities of long-term debt
|
158,640
|
|
111,268
|
|
|
|
|
Total
current liabilities
|
5,829,942
|
|
6,761,831
|
|
|
|
|
Long-term
debt, less current maturities
|
1,043,315
|
|
943,275
|
Other
liabilities
|
134,188
|
|
164,089
|
|
|
|
|
Total
liabilities
|
7,007,445
|
|
7,869,195
|
|
|
|
|
Stockholders' equity
|
3,649,914
|
|
3,611,253
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$10,657,359
|
|
$
11,480,448
|
Ingram
Micro Inc.
|
Consolidated Statement of Income
|
(Amounts in 000s, except per share
data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended
|
|
March
30, 2013
|
|
March
31, 2012
|
|
|
|
|
Net
sales
|
$
10,262,444
|
|
$
8,635,381
|
Cost of
sales
|
9,677,139
|
|
8,167,824
|
Gross
profit
|
585,305
|
|
467,557
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling,
general and administrative
|
474,078
|
|
360,024
|
Amortization of intangible assets
|
11,765
|
|
2,925
|
Reorganization costs
|
8,666
|
|
557
|
|
494,509
|
|
363,506
|
|
|
|
|
Income
from operations
|
90,796
|
|
104,051
|
|
|
|
|
Interest
and other:
|
|
|
|
Interest
income
|
(1,829)
|
|
(3,766)
|
Interest
expense
|
15,638
|
|
11,729
|
Net
foreign currency exchange loss (gain)
|
(1,934)
|
|
5,566
|
Other
|
2,869
|
|
1,932
|
|
14,744
|
|
15,461
|
|
|
|
|
Income
before income taxes
|
76,052
|
|
88,590
|
|
|
|
|
Provision
for (benefit from) income taxes
|
26,293
|
|
(1,383)
|
|
|
|
|
Net
income
|
$
49,759
|
|
$
89,973
|
|
|
|
|
Diluted
earnings per share
|
$
0.32
|
|
$
0.58
|
|
|
|
|
Diluted weighted average shares
outstanding
|
154,557
|
|
154,584
|
Ingram
Micro Inc.
|
Supplementary Information
|
Income
from Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in 000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended March 30, 2013
|
|
|
|
|
GAAP
|
|
Reorganization,
|
|
Amortization of
|
|
Non-GAAP
|
|
|
|
|
Operating
|
|
Integration and
|
|
Intangible
|
|
Operating
|
|
|
Net
Sales
|
|
Income
|
|
Transition Costs
|
|
Assets
|
|
Income
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
$
3,867,819
|
|
$
55,575
|
|
$
2,475
|
|
$
1,785
|
|
$
59,835
|
Europe
|
|
2,668,995
|
|
13,944
|
|
2,592
|
|
498
|
|
17,034
|
Asia-Pacific
|
|
2,194,507
|
|
13,835
|
|
3,295
|
|
212
|
|
17,342
|
Latin
America
|
|
461,958
|
|
5,551
|
|
-
|
|
222
|
|
5,773
|
BrightPoint
|
|
1,069,165
|
|
9,307
|
|
4,882
|
|
9,048
|
|
23,237
|
Stock-based compensation expense
|
|
-
|
|
(7,416)
|
|
-
|
|
-
|
|
(7,416)
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Total
|
|
$10,262,444
|
|
$
90,796
|
|
$
13,244
|
|
$
11,765
|
|
$
115,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended March 30, 2013
|
|
|
|
|
GAAP
|
|
Reorganization,
|
|
Amortization of
|
|
Non-GAAP
|
|
|
|
|
Operating
|
|
Integration and
|
|
Intangible
|
|
Operating
|
|
|
|
|
Margin
|
|
Transition Costs
|
|
Assets
|
|
Margin
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
|
1.44%
|
|
0.06%
|
|
0.05%
|
|
1.55%
|
Europe
|
|
|
|
0.52%
|
|
0.10%
|
|
0.02%
|
|
0.64%
|
Asia-Pacific
|
|
|
|
0.63%
|
|
0.15%
|
|
0.01%
|
|
0.79%
|
Latin
America
|
|
|
|
1.20%
|
|
-
|
|
0.05%
|
|
1.25%
|
BrightPoint
|
|
|
|
0.87%
|
|
0.46%
|
|
0.85%
|
|
2.17%
|
Stock-based compensation expense
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Total
|
|
|
|
0.88%
|
|
0.13%
|
|
0.11%
|
|
1.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended March 31, 2012
|
|
|
|
|
GAAP
|
|
Reorganization
|
|
Amortization of
|
|
Non-GAAP
|
|
|
|
|
Operating
|
|
and
Transition
|
|
Intangible
|
|
Operating
|
|
|
Net
Sales
|
|
Income
|
|
Costs
|
|
Assets
|
|
Margin
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
$
3,606,947
|
|
$
69,649
|
|
$
2,532
|
|
$
1,690
|
|
$
73,871
|
Europe
|
|
2,647,056
|
|
22,000
|
|
-
|
|
550
|
|
22,550
|
Asia-Pacific
|
|
1,949,752
|
|
14,420
|
|
301
|
|
460
|
|
15,181
|
Latin
America
|
|
431,626
|
|
7,428
|
|
224
|
|
225
|
|
7,877
|
Stock-based compensation expense
|
|
-
|
|
(9,446)
|
|
-
|
|
-
|
|
(9,446)
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Total
|
|
$
8,635,381
|
|
$
104,051
|
|
$
3,057
|
|
$
2,925
|
|
$
110,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended March 31, 2012
|
|
|
|
|
GAAP
|
|
Reorganization
|
|
Amortization of
|
|
Non-GAAP
|
|
|
|
|
Operating
|
|
and
Transition
|
|
Intangible
|
|
Operating
|
|
|
|
|
Margin
|
|
Costs
|
|
Assets
|
|
Margin
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
|
1.93%
|
|
0.07%
|
|
0.05%
|
|
2.05%
|
Europe
|
|
|
|
0.83%
|
|
-
|
|
0.02%
|
|
0.85%
|
Asia-Pacific
|
|
|
|
0.74%
|
|
0.02%
|
|
0.02%
|
|
0.78%
|
Latin
America
|
|
|
|
1.72%
|
|
0.05%
|
|
0.05%
|
|
1.82%
|
Stock-based compensation expense
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Total
|
|
|
|
1.20%
|
|
0.04%
|
|
0.03%
|
|
1.27%
|
Ingram
Micro Inc.
|
Supplementary Information
|
Reconciliation of GAAP to Non-GAAP Financial
Measures
|
(Amounts in 000s, except per share
data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended March 30, 2013
|
|
|
|
|
|
|
Reorganization, Transition and Integration Costs
|
|
Amortization of Intangible Assets
|
|
Pan-Europe
Foreign
Exchange
Gain
|
|
Non-GAAP Financial Measure
|
|
|
|
|
As
Reported Under
GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
$
76,052
|
|
$
13,244
|
|
$
11,765
|
|
$
(4,578)
|
|
$
96,483
|
|
|
Provision
for (benefit from) income taxes
|
|
26,293
|
|
4,578
|
|
4,067
|
|
(1,583)
|
|
33,356
|
|
|
Net
income
|
|
$
49,759
|
|
$
8,666
|
|
$
7,698
|
|
$
(2,995)
|
|
$
63,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share (b)
|
|
$
0.32
|
|
$
0.06
|
|
$
0.05
|
|
$
(0.02)
|
|
$
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended March 31, 2012
|
|
|
|
|
Reorganization and
Transition Costs
|
|
Amortization of Intangible Assets
|
|
Pan-Europe Foreign
Exchange Loss
|
|
|
|
Non-GAAP Financial Measure
|
|
|
As
Reported Under
GAAP
|
|
|
|
|
Discrete Tax Items
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
$
88,590
|
|
$
3,057
|
|
$
2,925
|
|
$
4,794
|
|
$
-
|
|
$
99,366
|
Provision
for (benefit from) income taxes
|
|
(1,383)
|
|
936
|
|
895
|
|
1,467
|
|
28,500
|
|
30,416
|
Net
income
|
|
$
89,973
|
|
$
2,121
|
|
$
2,030
|
|
$
3,327
|
|
$
(28,500)
|
|
$
68,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share (b)
|
|
$
0.58
|
|
$
0.01
|
|
$
0.01
|
|
$
0.02
|
|
$
(0.18)
|
|
$
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Reflects a net discrete benefit of approximately $28,500 primarily
related to the write-off of the historical tax basis of the
investment we have maintained in one of our
Latin American subsidiary holding companies, realized during the
period.
|
|
(b) Per
share impact is calculated by dividing net income amount by the
diluted weighted average shares outstanding of 154,557 and 154,584
for the thirteen weeks ended March 30, 2013 and March 31, 2012,
respectively.
|
(Logo: http://photos.prnewswire.com/prnh/20100107/IMLOGO)
SOURCE Ingram Micro Inc.