SANTA ANA, Calif., July 24, 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 second quarter
ended June 29, 2013.
|
Second Quarter
Ended
|
|
|
|
June 29,
2013
|
|
June 30,
2012
|
|
Change
|
|
|
|
|
|
|
Net sales
($B)
|
$10.3
|
|
$8.8
|
|
17%
|
|
|
|
|
|
|
Operating
margin
|
1.10%
|
|
1.11%
|
|
(1bp)
|
Adjusted operating
margin
|
1.32%
|
|
1.22%
|
|
10bp
|
|
|
|
|
|
|
Earnings per diluted
share*
|
$0.45
|
|
$0.40
|
|
13%
|
Adjusted earnings per
diluted share*
|
$0.55
|
|
$0.43
|
|
28%
|
|
|
|
|
|
|
*Earnings per
diluted share and adjusted earnings per diluted share for the 2013
and 2012 quarter each benefited by $0.03 related to net discrete tax
benefits.
|
A reconciliation
of non-GAAP adjusted financial measures to GAAP financial measures
is presented in the Supplementary Information section in this press
release.
|
"I am pleased with our performance in the second quarter, as we
executed well against our key objectives for the year, resulting in
significant improvements across several important financial
metrics," said Alain Monie, Ingram
Micro president and CEO. "We continued to improve in Australia, benefited from accretion to
adjusted earnings per diluted share of 10
cents from our new mobility business and saw gross margins
expand, due in part to the investments we have made in areas such
as advanced solutions, mobility, logistics services and cloud. We
also strengthened our balance sheet as we drove strong cash flow
from operations. We are managing our growth well and we believe
continued execution on our strategic initiatives to increase the
ratio of our higher-margin, and better-returns businesses will
result in above market growth rates, while also improving
profitability and generating better shareholder returns."
Worldwide sales were $10.3
billion, up 17 percent in U.S. dollars, when compared with
$8.8 billion in the second 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. (also referred to as the mobility business) and
Aptec Holdings Ltd. added $1.2
billion and $90 million,
respectively, to 2013 second quarter revenue, contributing 15
percentage points to the growth.
Worldwide gross profit was $596
million (5.78 percent of total sales), compared with
$453 million (5.16 percent of total
sales) in the 2012 second quarter. 2013 second quarter gross margin
benefited by 58 basis points from the addition of higher gross
margin revenue from the company's mobility business, driven largely
by its services business.
Operating income was $114 million
(1.10 percent of total sales), compared with 2012 second quarter
operating income of $98 million (1.11
percent of total sales). 2013 second quarter net income was
$70 million, or 45 cents per diluted share. This compares with
2012 second quarter net income of $61
million, or 40 cents per
diluted share.
Adjusted operating income for the 2013 second quarter was
$136 million (1.32 percent of total
sales). This compares with adjusted operating income for the 2012
second quarter of $107 million (1.22
percent of total sales). 2013 second quarter adjusted net income
was $86 million, or 55 cents per diluted share, compared with
adjusted net income of $67 million,
or 43 cents per diluted share, in the
2012 second quarter, which included a discrete tax benefit of
$4.4 million, or approximately
3 cents per diluted share.
2013 second quarter net income and adjusted net income benefited
from $5.8 million of discrete tax
benefits, which resulted in an effective tax rate of 25.6 percent,
primarily related to a change in estimate of the amount of mobility
business acquisition costs deductible for tax purposes. The
discrete tax benefits in the quarter benefited earnings per diluted
share and adjusted earnings per diluted share by 3 cents.
Adjusted operating income, adjusted operating margin, adjusted
net income and adjusted earnings per diluted share are non-GAAP
financial measures that are defined in the footnotes to this
release and are reconciled to their most directly comparable GAAP
measures in the Supplementary Information section of this release.
Further detail can be found in the financial statements and
schedules attached to this news release or at
www.ingrammicro.com.
Key 2013 second quarter highlights:
- Australia's revenue grew for
the second quarter in a row and the country reduced its operating
loss to less than $3 million, a
significant improvement from the operating loss of $9 million in last year's second quarter and the
operating loss of more than $5
million in the 2013 first quarter.
- The company's mobility business was accretive to 2013 second
quarter adjusted earnings per diluted share by 10 cents.
- Second quarter cash flow from operations was $510 million, driven by improved profitability
and a 4 day sequential improvement in working capital. This
resulted in cash flow from operations of $328 million for the six months ended
June 29, 2013.
- Working capital days of 24 were within the company's targeted
range of 22 to 26 days. Working capital days improved by 1 day when
compared to the 2012 second quarter and improved sequentially by 4
days when compared to the 2013 first quarter.
Outlook
For the 2013 third quarter, the company currently expects to
maintain its consolidated gross margin rate, with worldwide revenue
expected to be flat to slightly up sequentially, in line with
historic seasonality. In addition, 2013 third quarter net income
and adjusted net income are expected to benefit from income of
approximately $18 million after-tax,
or 11 cents per diluted share,
related to a settlement from a class action proceeding seeking
damages from certain manufacturers of LCD flat panel
displays.
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) 437-9445 (toll-free
within the United States and
Canada) or (719) 325-2469 (other
countries), passcode "5113706."
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 "5113706."
Footnotes to Press Release
This press release includes financial results prepared in
accordance with generally accepted accounting principles
("GAAP"). In addition to GAAP results, Ingram Micro is
reporting non-GAAP adjusted operating income, adjusted operating
margin, adjusted net income and adjusted earnings per diluted
share. These non-GAAP measures exclude the amortization of
intangible assets and items not expected to recur, including
charges associated with restructuring, integration and transition
costs and other expense reduction programs. Adjusted net
income and adjusted earnings per diluted share also exclude the
benefit or impact of foreign exchange gains or losses related to
the translation effect on Euro-based inventory purchases in Ingram
Micro's pan-European entity and a discrete tax benefit recognized
in the first quarter of 2012 associated with the write-off of the
historical tax basis of the investment we had maintained in one of
our Latin American subsidiary holding companies.
Adjusted operating income, adjusted operating margin, adjusted
net income and adjusted earnings per diluted share are primary
indicators that Ingram Micro's management uses internally to
conduct and measure its business and evaluate the performance of
its consolidated operations and operating segments. Ingram
Micro's management believes these non-GAAP financial measures are
useful because they provide meaningful comparisons to prior periods
and an alternate view of the impact of acquired businesses.
These non-GAAP financial measures are used in addition to and in
conjunction with results presented in accordance with GAAP.
These non-GAAP financial measures reflect an additional way of
viewing aspects of our operations that, when viewed with our GAAP
results and the accompanying reconciliations to corresponding GAAP
financial measures, provide a more complete understanding of
factors and trends affecting Ingram Micro's business. A
material limitation associated with the use of these non-GAAP
measures as compared to the GAAP measures is that they may not be
comparable to other companies with similar items that present
related charges differently. In this regard, the non-GAAP measures
should be considered as a supplement to, and not as a substitute
for or superior to, the corresponding measures calculated in
accordance with GAAP and may not be comparable to similarly titled
measures used by other companies.
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 losses we
may 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 acquisitions of Brightpoint,
Inc., Aptec and Promark, and any other acquisitions we may make,
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 our
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 seek 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 approximately 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)
|
|
|
|
|
|
|
|
|
|
June
29,
|
|
December
29,
|
|
2013
|
|
2012
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
726,892
|
|
$
595,147
|
Trade accounts
receivable, net
|
4,388,926
|
|
5,457,299
|
Inventory
|
3,698,659
|
|
3,591,543
|
Other current
assets
|
506,448
|
|
522,390
|
|
|
|
|
Total current
assets
|
9,320,925
|
|
10,166,379
|
|
|
|
|
Property and
equipment, net
|
474,452
|
|
481,324
|
Goodwill
|
428,401
|
|
428,401
|
Intangible assets,
net
|
344,940
|
|
372,482
|
Other
assets
|
25,114
|
|
31,862
|
|
|
|
|
Total
assets
|
$
10,593,832
|
|
$
11,480,448
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
5,315,754
|
|
$
6,065,159
|
Accrued
expenses
|
580,772
|
|
585,404
|
Short-term debt and
current maturities of long-term debt
|
84,222
|
|
111,268
|
|
|
|
|
Total current
liabilities
|
5,980,748
|
|
6,761,831
|
|
|
|
|
Long-term debt, less
current maturities
|
800,362
|
|
943,275
|
Other
liabilities
|
130,839
|
|
164,089
|
|
|
|
|
Total
liabilities
|
6,911,949
|
|
7,869,195
|
|
|
|
|
Stockholders'
equity
|
3,681,883
|
|
3,611,253
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
10,593,832
|
|
$
11,480,448
|
Ingram Micro
Inc.
|
Consolidated
Statement of Income
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
June 29,
2013
|
|
June 30,
2012
|
|
|
|
|
Net sales
|
$
10,308,015
|
|
$
8,777,895
|
Cost of
sales
|
9,712,261
|
|
8,325,165
|
Gross
profit
|
595,754
|
|
452,730
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling, general and administrative
|
465,325
|
|
351,400
|
Amortization of intangible assets
|
11,997
|
|
2,706
|
Reorganization costs
|
4,636
|
|
839
|
|
481,958
|
|
354,945
|
|
|
|
|
Income from
operations
|
113,796
|
|
97,785
|
|
|
|
|
Interest and
other:
|
|
|
|
Interest income
|
(2,026)
|
|
(2,200)
|
Interest expense
|
14,303
|
|
11,577
|
Net foreign currency exchange loss
|
3,682
|
|
1,794
|
Other
|
4,211
|
|
3,156
|
|
20,170
|
|
14,327
|
|
|
|
|
Income before income
taxes
|
93,626
|
|
83,458
|
|
|
|
|
Provision for income
taxes
|
23,940
|
|
22,184
|
|
|
|
|
Net income
|
$
69,686
|
|
$
61,274
|
|
|
|
|
Diluted earnings per
share
|
$
0.45
|
|
$
0.40
|
|
|
|
|
Diluted weighted
average
|
|
|
|
shares outstanding
|
154,864
|
|
154,020
|
Ingram Micro
Inc.
|
Consolidated
Statement of Income
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Twenty-six Weeks
Ended
|
|
June 29,
2013
|
|
June 30,
2012
|
|
|
|
|
Net sales
|
$
20,570,459
|
|
$
17,413,276
|
Cost of
sales
|
19,389,400
|
|
16,492,989
|
Gross
profit
|
1,181,059
|
|
920,287
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling, general and administrative
|
939,403
|
|
711,424
|
Amortization of intangible assets
|
23,762
|
|
5,631
|
Reorganization costs
|
13,302
|
|
1,396
|
|
976,467
|
|
718,451
|
|
|
|
|
Income from
operations
|
204,592
|
|
201,836
|
|
|
|
|
Interest and
other:
|
|
|
|
Interest income
|
(3,855)
|
|
(5,966)
|
Interest expense
|
29,941
|
|
23,306
|
Net foreign currency exchange loss
|
1,748
|
|
7,360
|
Other
|
7,080
|
|
5,088
|
|
34,914
|
|
29,788
|
|
|
|
|
Income before income
taxes
|
169,678
|
|
172,048
|
|
|
|
|
Provision for income
taxes
|
50,233
|
|
20,801
|
|
|
|
|
Net income
|
$
119,445
|
|
$
151,247
|
|
|
|
|
Diluted earnings per
share
|
$
0.77
|
|
$
0.98
|
|
|
|
|
Diluted weighted
average
|
|
|
|
shares outstanding
|
154,739
|
|
154,435
|
Ingram Micro
Inc.
|
Consolidated
Statement of Cash Flows
|
(Amounts in
000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twenty-six Weeks
Ended
|
|
|
|
|
|
June 29,
2013
|
|
June 30,
2012
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
$
119,445
|
|
$
151,247
|
|
Adjustments to
reconcile net income to cash
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
62,558
|
|
28,232
|
|
|
Impairment of
goodwill
|
-
|
|
-
|
|
|
Stock-based
compensation expense
|
13,957
|
|
14,575
|
|
|
Excess tax benefit
from stock-based compensation
|
(1,135)
|
|
(5,241)
|
|
|
Loss on write-off of
property and equipment
|
2,277
|
|
-
|
|
|
Gain on sale of land
and building
|
(1,045)
|
|
-
|
|
|
Noncash charges for
interest and bond discount amortization
|
1,131
|
|
922
|
|
|
Deferred income
taxes
|
2,429
|
|
19,481
|
|
Changes in operating assets
and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
980,723
|
|
750,408
|
|
|
Inventory
|
(161,272)
|
|
(278,742)
|
|
|
Other current
assets
|
(20,321)
|
|
(29,241)
|
|
|
Accounts
payable
|
(650,770)
|
|
(427,441)
|
|
|
Changes in book
overdrafts
|
(15,552)
|
|
(32,067)
|
|
|
Accrued
expenses
|
(4,410)
|
|
(107,830)
|
|
|
|
|
Cash provided by
operating activities
|
328,015
|
|
84,303
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(39,457)
|
|
(45,505)
|
|
Sales of marketable
trading securities, net
|
1,042
|
|
1,125
|
|
Proceeds from sale
of land and building
|
1,169
|
|
-
|
|
Acquisition earnout payments
|
(325)
|
|
(338)
|
|
|
|
|
Cash used by
investing activities
|
(37,571)
|
|
(44,718)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
exercise of stock options
|
15,693
|
|
28,632
|
|
Repurchase of Class A
Common Stock
|
-
|
|
(50,000)
|
|
Excess tax benefit
from stock-based compensation
|
1,135
|
|
5,241
|
|
Net proceeds from
(repayments of) revolving credit facilities
|
(165,263)
|
|
74,193
|
|
|
|
|
Cash provided (used)
by financing activities
|
(148,435)
|
|
58,066
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(10,264)
|
|
(7,810)
|
|
|
|
|
|
|
|
|
Increase in cash and
cash equivalents
|
131,745
|
|
89,841
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
595,147
|
|
891,403
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
726,892
|
|
$
981,244
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Income from
Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in
000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended June 29, 2013
|
|
|
|
|
|
|
|
GAAP
|
|
Reorganization,
|
|
Amortization
of
|
|
Adjusted
|
|
|
|
|
|
Operating
|
|
Integration
and
|
|
Intangible
|
|
Operating
|
|
|
|
Net
Sales
|
|
Income
|
|
Transition
Costs
|
|
Assets
|
|
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
$
4,039,064
|
|
$
65,885
|
|
$
1,362
|
|
$
1,786
|
|
$
69,033
|
Europe
|
|
|
2,430,372
|
|
12,713
|
|
362
|
|
493
|
|
13,568
|
Asia-Pacific
|
|
|
2,130,658
|
|
19,061
|
|
348
|
|
209
|
|
19,618
|
Latin
America
|
|
|
459,828
|
|
9,527
|
|
-
|
|
220
|
|
9,747
|
BrightPoint
|
|
|
1,248,093
|
|
13,151
|
|
8,494
|
|
9,289
|
|
30,934
|
Stock-based
compensation expense
|
|
-
|
|
(6,541)
|
|
-
|
|
-
|
|
(6,541)
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
|
|
$
10,308,015
|
|
$
113,796
|
|
$
10,566
|
|
$
11,997
|
|
$
136,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended June 29, 2013
|
|
|
|
|
|
|
|
GAAP
|
|
Reorganization,
|
|
Amortization
of
|
|
Adjusted
|
|
|
|
|
|
Operating
|
|
Integration
and
|
|
Intangible
|
|
Operating
|
|
|
|
|
|
Margin
|
|
Transition
Costs
|
|
Assets
|
|
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
|
|
1.63%
|
|
0.03%
|
|
0.04%
|
|
1.71%
|
Europe
|
|
|
|
|
0.52%
|
|
0.01%
|
|
0.02%
|
|
0.56%
|
Asia-Pacific
|
|
|
|
|
0.89%
|
|
0.02%
|
|
0.01%
|
|
0.92%
|
Latin
America
|
|
|
|
|
2.07%
|
|
-
|
|
0.05%
|
|
2.12%
|
BrightPoint
|
|
|
|
|
1.05%
|
|
0.68%
|
|
0.74%
|
|
2.48%
|
Stock-based
compensation expense
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
|
|
|
|
1.10%
|
|
0.10%
|
|
0.12%
|
|
1.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended June 30, 2012
|
|
|
|
|
|
|
|
GAAP
|
|
Reorganization,
|
|
Amortization
of
|
|
Adjusted
|
|
|
|
|
|
Operating
|
|
Transition
and
|
|
Intangible
|
|
Operating
|
|
|
|
Net
Sales
|
|
Income
|
|
Other
Costs
|
|
Assets
|
|
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
$
3,837,244
|
|
$
68,729
|
|
$
3,892
|
|
$
1,667
|
|
$
74,288
|
Europe
|
|
|
2,460,141
|
|
14,913
|
|
663
|
|
544
|
|
16,120
|
Asia-Pacific
|
|
|
2,038,112
|
|
14,835
|
|
165
|
|
268
|
|
15,268
|
Latin
America
|
|
|
442,398
|
|
4,437
|
|
2,130
|
|
227
|
|
6,794
|
Stock-based
compensation expense
|
|
-
|
|
(5,129)
|
|
-
|
|
-
|
|
(5,129)
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
|
|
$
8,777,895
|
|
$
97,785
|
|
$
6,850
|
|
$
2,706
|
|
$
107,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended June 30, 2012
|
|
|
|
|
|
|
|
GAAP
|
|
Reorganization,
|
|
Amortization
of
|
|
Adjusted
|
|
|
|
|
|
Operating
|
|
Transition
and
|
|
Intangible
|
|
Operating
|
|
|
|
|
|
Margin
|
|
Other
Costs
|
|
Assets
|
|
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
|
|
1.79%
|
|
0.10%
|
|
0.04%
|
|
1.94%
|
Europe
|
|
|
|
|
0.61%
|
|
0.03%
|
|
0.02%
|
|
0.66%
|
Asia-Pacific
|
|
|
|
|
0.73%
|
|
0.01%
|
|
0.01%
|
|
0.75%
|
Latin
America
|
|
|
|
|
1.00%
|
|
0.48%
|
|
0.05%
|
|
1.54%
|
Stock-based
compensation expense
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
|
|
|
|
1.11%
|
|
0.08%
|
|
0.03%
|
|
1.22%
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Income from
Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in
000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twenty-six Weeks
Ended June 29, 2013
|
|
|
|
|
|
|
|
GAAP
|
|
Reorganization,
|
|
Amortization
of
|
|
Adjusted
|
|
|
|
|
|
Operating
|
|
Integration
and
|
|
Intangible
|
|
Operating
|
|
|
|
Net
Sales
|
|
Income
|
|
Transition
Costs
|
|
Assets
|
|
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
$
7,906,883
|
|
$
121,460
|
|
$
3,836
|
|
$
3,571
|
|
$
128,867
|
Europe
|
|
|
5,099,366
|
|
26,657
|
|
2,954
|
|
991
|
|
30,602
|
Asia-Pacific
|
|
|
4,325,166
|
|
32,896
|
|
3,643
|
|
421
|
|
36,960
|
Latin
America
|
|
|
921,786
|
|
15,078
|
|
-
|
|
442
|
|
15,520
|
BrightPoint
|
|
|
2,317,258
|
|
22,458
|
|
13,377
|
|
18,337
|
|
54,172
|
Stock-based
compensation expense
|
|
-
|
|
(13,957)
|
|
-
|
|
-
|
|
(13,957)
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
|
|
$
20,570,459
|
|
$
204,592
|
|
$
23,810
|
|
$
23,762
|
|
$
252,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twenty-six Weeks
Ended June 29, 2013
|
|
|
|
|
|
|
|
GAAP
|
|
Reorganization,
|
|
Amortization
of
|
|
Adjusted
|
|
|
|
|
|
Operating
|
|
Integration
and
|
|
Intangible
|
|
Operating
|
|
|
|
|
|
Margin
|
|
Transition
Costs
|
|
Assets
|
|
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
|
|
1.54%
|
|
0.05%
|
|
0.05%
|
|
1.63%
|
Europe
|
|
|
|
|
0.52%
|
|
0.06%
|
|
0.02%
|
|
0.60%
|
Asia-Pacific
|
|
|
|
|
0.76%
|
|
0.08%
|
|
0.01%
|
|
0.85%
|
Latin
America
|
|
|
|
|
1.64%
|
|
-
|
|
0.05%
|
|
1.68%
|
BrightPoint
|
|
|
|
|
0.97%
|
|
0.58%
|
|
0.79%
|
|
2.34%
|
Stock-based
compensation expense
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
|
|
|
|
0.99%
|
|
0.12%
|
|
0.12%
|
|
1.23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twenty-six Weeks
Ended June 30, 2012
|
|
|
|
|
|
|
|
GAAP
|
|
Reorganization,
|
|
Amortization
of
|
|
Adjusted
|
|
|
|
|
|
Operating
|
|
Transition
and
|
|
Intangible
|
|
Operating
|
|
|
|
Net
Sales
|
|
Income
|
|
Other
Costs
|
|
Assets
|
|
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
$
7,444,191
|
|
$
138,377
|
|
$
6,424
|
|
$
3,357
|
|
$
148,158
|
Europe
|
|
|
5,107,197
|
|
36,914
|
|
663
|
|
1,094
|
|
38,671
|
Asia-Pacific
|
|
|
3,987,864
|
|
29,255
|
|
466
|
|
728
|
|
30,449
|
Latin
America
|
|
|
874,024
|
|
11,865
|
|
2,354
|
|
452
|
|
14,671
|
Stock-based
compensation expense
|
|
-
|
|
(14,575)
|
|
-
|
|
-
|
|
(14,575)
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
|
|
$
17,413,276
|
|
$
201,836
|
|
$
9,907
|
|
$
5,631
|
|
$
217,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twenty-six Weeks
Ended June 30, 2012
|
|
|
|
|
|
|
|
GAAP
|
|
Reorganization,
|
|
Amortization
of
|
|
Adjusted
|
|
|
|
|
|
Operating
|
|
Transition
and
|
|
Intangible
|
|
Operating
|
|
|
|
|
|
Margin
|
|
Other
Costs
|
|
Assets
|
|
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
|
|
1.86%
|
|
0.09%
|
|
0.05%
|
|
1.99%
|
Europe
|
|
|
|
|
0.72%
|
|
0.01%
|
|
0.02%
|
|
0.76%
|
Asia-Pacific
|
|
|
|
|
0.73%
|
|
0.01%
|
|
0.02%
|
|
0.76%
|
Latin
America
|
|
|
|
|
1.36%
|
|
0.27%
|
|
0.05%
|
|
1.68%
|
Stock-based
compensation expense
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Total
|
|
|
|
|
1.16%
|
|
0.06%
|
|
0.03%
|
|
1.25%
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended June 29, 2013
|
|
|
|
|
Reorganization,
|
|
Amortization
of
|
|
Pan-Europe
|
|
Adjusted
|
|
|
As
Reported
|
|
Transition
and
|
|
Intangible
|
|
Foreign
Exchange
|
|
Financial
|
|
|
Under
GAAP
|
|
Integration
Costs
|
|
Assets
|
|
Loss
|
|
Measure
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
$
93,626
|
|
$
10,566
|
|
$
11,997
|
|
$
960
|
|
$
117,149
|
Provision for income
taxes
|
|
23,940
|
|
3,353
|
|
3,807
|
|
305
|
|
31,404
|
Net
income
|
|
$
69,686
|
|
$
7,213
|
|
$
8,190
|
|
$
655
|
|
$
85,745
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share (a)
|
|
$
0.45
|
|
$
0.05
|
|
$
0.05
|
|
$
0.00
|
|
$
0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended June 30, 2012
|
|
|
|
|
Reorganization,
|
|
Amortization
of
|
|
Pan-Europe
|
|
Adjusted
|
|
|
As
Reported
|
|
Transition
and
|
|
Intangible
|
|
Foreign
Exchange
|
|
Financial
|
|
|
Under
GAAP
|
|
Other
Costs
|
|
Assets
|
|
Gain
|
|
Measure
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
$
83,458
|
|
$
6,850
|
|
$
2,706
|
|
$
(1,580)
|
|
$
91,434
|
Provision for
(benefit from) income taxes
|
|
22,184
|
|
2,180
|
|
861
|
|
(503)
|
|
24,723
|
Net
income
|
|
$
61,274
|
|
$
4,670
|
|
$
1,845
|
|
$
(1,077)
|
|
$
66,711
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share (a)
|
|
$
0.40
|
|
$
0.03
|
|
$
0.01
|
|
$
(0.01)
|
|
$
0.43
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Per share
impact is calculated by dividing net income amount by the diluted
weighted average shares outstanding of 154,864 and 154,020 for the
thirteen weeks ended June 29, 2013 and
June 30, 2012, respectively.
|
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twenty-six Weeks
Ended June 29, 2013
|
|
|
|
|
|
|
Reorganization,
|
|
Amortization
of
|
|
Pan-Europe
|
|
Adjusted
|
|
|
|
|
As
Reported
|
|
Transition
and
|
|
Intangible
|
|
Foreign
Exchange
|
|
Financial
|
|
|
|
|
Under
GAAP
|
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Integration
Costs
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Assets
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Gain
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Measure
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Income before income
taxes
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$
169,678
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$
23,810
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$
23,762
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$
(3,618)
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$
213,632
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Provision for
(benefit from) income taxes
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50,233
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7,857
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7,841
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(1,194)
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64,738
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Net
income
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$
119,445
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$
15,953
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$
15,921
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$
(2,424)
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$
148,894
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Diluted earnings per
share (a)
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$
0.77
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$
0.10
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$
0.10
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$
(0.01)
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$
0.96
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Twenty-six Weeks
Ended June 30, 2012
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Reorganization,
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Amortization
of
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Pan-Europe
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Adjusted
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As
Reported
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Transition
and
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Intangible
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Foreign
Exchange
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Discrete
Tax
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Financial
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Under
GAAP
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Other
Costs
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Assets
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Loss
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Items
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Measure
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Income before income
taxes
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$
172,048
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$
9,907
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$
5,631
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$
3,214
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$
-
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$190,800
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Provision for
(benefit from) income taxes (b)
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20,801
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3,093
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1,758
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1,003
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28,532
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55,187
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Net
income
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$
151,247
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$
6,814
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$
3,873
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$
2,211
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$
(28,532)
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$135,613
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Diluted earnings per
share (a)
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$
0.98
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$
0.04
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$
0.03
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$
0.01
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$
(0.18)
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$
0.88
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(a)
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Per share
impact is calculated by dividing net income amount by the diluted
weighted average shares outstanding of 154,739 and 154,435 for the
twenty-six weeks ended June 29, 2013 and
June 30, 2012, respectively.
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(b)
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Reflects a net
discrete benefit of approximately $28,532 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.
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(Logo: http://photos.prnewswire.com/prnh/20100107/IMLOGO)
SOURCE Ingram Micro Inc.