SANTA ANA, Calif., April 23, 2014 /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 29, 2014.
|
First Quarter
Ended
|
|
March 29,
2014
|
|
March 30,
2013
|
|
|
|
|
Net sales
($B)
|
$10.38
|
|
$10.26
|
|
|
|
|
Gross
Margin
|
5.88%
|
|
5.70%
|
|
|
|
|
Operating
margin
|
0.66%
|
|
0.88%
|
Non-GAAP operating
margin
|
1.18%
|
|
1.13%
|
|
|
|
|
Earnings per diluted
share
|
$0.16
|
|
$0.32
|
Non-GAAP earnings per
diluted share
|
$0.43
|
|
$0.41
|
|
|
|
|
A reconciliation
of GAAP financial measures to non-GAAP financial measures is
presented in the Supplementary Information section in this press
release.
|
Alain Monie, Ingram Micro
president and CEO, commented, "We had a good start to 2014, as we
continued our trajectory of strong year-over-year gross margin
expansion, while delivering top line growth consistent with
sequential historical seasonality and in-line with our
expectations. We remain confident in our expectations for full year
2014 worldwide revenue growth in the low- to mid- single-digits,
in-line with overall global IT spending, and continued improvement
in operating profitability."
2014 First Quarter Business Drivers:
- Strong growth in Europe and
Latin America was partially offset
by lower handset sales in the company's new mobility business in
Indonesia, as previously
indicated.
- Gross margin continued to benefit from a stronger mix of
advanced solution sales and mobility life cycle services, as well
as the addition of recently acquired businesses, SoftCom, CloudBlue
and Shipwire.
- The company maintained pricing discipline, particularly in
North America where the sales
environment continues to be highly competitive.
- GAAP operating margins were down due to significant
restructuring expense related to the company's organizational
effectiveness programs announced on February
14, 2014; however, on a non-GAAP basis operating margin was
up year-over-year in North
America, Europe,
Latin America and in the new
mobility business, due to increasing contribution from higher
margin businesses.
- During the quarter the company accelerated its strategic
investments and ramped up spending on key growth initiatives across
the globe in advanced solutions, supply chain services, Cloud and
mobility.
- First quarter earnings per share growth was impacted by the
combination of these investments and higher interest and other
expenses.
Worldwide sales increased by $120
million to a first quarter record of $10.4 billion, up 1 percent in U.S. dollars, when
compared with $10.3 billion in the
first quarter last year.
Worldwide gross profit was $611
million (5.88 percent of total sales), compared with
$585 million (5.70 percent of total
sales) in the 2013 first quarter.
On a GAAP basis, operating income was $68.4 million (0.66 percent of total sales),
compared with 2013 first quarter operating income of $90.8 million (0.88 percent of total sales). 2014
first quarter net income was $24.8
million, or 16 cents per
diluted share. This compares with 2013 first quarter net income of
$49.8 million, or 32 cents per diluted share. 2014 first quarter
operating income was impacted by $47.0
million pre-tax in reorganization, integration and
transition costs primarily related to the company's organizational
effectiveness programs and continued BrightPoint integration, which
reduced earnings per diluted share by 24
cents. This compares to 2013 first quarter reorganization,
integration and transition costs primarily related to BrightPoint
integration of $13.2 million pre-tax,
which reduced earnings per diluted share by 6 cents.
Non-GAAP operating income for the 2014 first quarter was
$123 million (1.18 percent of total
sales). This compares with non-GAAP operating income for the 2013
first quarter of $116 million (1.13
percent of total sales).
2014 first quarter non-GAAP net income was $67.9 million, or 43
cents per diluted share, compared with non-GAAP net income
of $63.1 million, or 41 cents per diluted share, in the 2013 first
quarter.
Interest and other expenses for the 2014 first quarter was
$24.5 million, including the impact
of a one-time charge of $2.0 million,
compared to interest and other expenses of $14.7 million in the year-earlier period.
The effective tax rate for the 2014 first quarter was 43.4
percent. The 2014 first quarter effective tax rate was negatively
impacted by approximately 13 percentage points related to
$18 million of restructuring charges
recorded in jurisdictions where there was no tax benefit
realized.
Key 2014 first quarter business highlights:
- Ingram Micro entered the execution phase of its organizational
effectiveness programs, which are designed to further enhance the
company's ability to innovate and respond to market needs with
greater speed and efficiency. The programs involve three critical
aspects:
- Aligning and leveraging the company's infrastructure globally
with its evolving businesses, opportunities and resources;
- De-layering and simplifying the organization to enable the
company to be more nimble, responsive and collaborative; and
- Maintaining investments in expertise and capabilities to
continue to transform the company's business mix in faster growing,
higher margin businesses.
As a result of the alignment and de-layering programs, the
company expects annual savings between $80
and $100 million, and a similar level of one-time
restructuring, integration and reorganization costs. In addition to
headcount reductions in all regions, initial actions under the
programs include consolidating warehouse facilities and other
operations in Europe.
- The company started leveraging its global presence for its
recently acquired CloudBlue IT asset disposal services business
with the opening of new facilities in Canada and the U.K. Ingram Micro plans to
expand CloudBlue's business to multiple additional countries
throughout 2014.
- Ingram Micro's recently acquired Shipwire ecommerce fulfillment
business is benefiting from the company's worldwide infrastructure
to broaden its global reach and has begun to integrate with Ingram
Micro's logistics facilities starting in the U.K.
- Ingram Micro will capitalize on its success in North America to expand Ingram Micro Cloud
into a worldwide services organization that will specialize locally
and scale globally to accelerate the adoption of cloud
services.
- The company expanded its strategic alliance with Parallels, a
leading hosting and cloud services enablement provider, and will
adopt and deploy Parallels Automation as the core service delivery
platform for its new global Cloud Marketplace.
- Ingram Micro partnered with VMware to expand its business reach
and advanced solutions portfolio and now can market, sell and
support the entire VMware portfolio to channel partners working
within the U.S. federal government market.
- Ingram Micro secured authorizations from NetApp, Inc. to sell
high-value storage and data management solutions in multiple
countries in Europe and
Asia Pacific.
- Ingram Micro broadened its industry-leading solutions portfolio
with the addition of market-leading 3D printing vendors MakerBot
and 3D Systems to its document imaging line card.
- The Company expanded its data capture point of sale portfolio
with the addition of solutions from Honeywell in Australia, New
Zealand, Malaysia and
Thailand.
- Ingram Micro was recognized for its leadership in the channel,
winning significant industry awards including: three "Distributor
of the Year" awards from Cisco: U.S. Cloud Distributor of the Year,
U.S. Security Distributor of the Year and Canada Collaboration
Distributor of the Year; VMware's Americas Region VMware Partner
Network Award in the "Distributor of the Year" category; and "U.S.
Distributor of the Year" from Fortinet.
- Ingram Micro Mobility announced that it was named the preferred
handset distributor and services provider for the 360 Group, a
consortium of four of Verizon Wireless' largest national dealers
including A Wireless, Diamond Wireless, Go Wireless and Moorehead
Communications (dba as TCC). As part of the agreement, Ingram Micro
Mobility will integrate directly into more than 1,750 points of
sale and will provide the 360 Group with a suite of
industry-leading supply chain services, including forward and
reverse logistics services. Sales and services under the agreement
are expected to begin in the second quarter of 2014.
Outlook
For the 2014 second quarter, the company currently expects
worldwide revenue to increase year-over-year in the low- to
mid-single digits, with gross margin improving over the second
quarter of 2013 by mid- single-digit basis points.
In addition to GAAP results, Ingram Micro is reporting non-GAAP
operating income, non-GAAP operating margin, non-GAAP net income
and non-GAAP earnings per diluted share. These non-GAAP measures
exclude the amortization of intangible assets, as well as charges
associated with reorganization, integration and transition costs
and other expense reduction programs, including those associated
with the company's organizational effectiveness programs announced
on February 14, 2014. For the 2014
year, these non-GAAP financial measures also exclude a benefit
related to the receipt of $6.6
million from a LCD flat panel class action settlement.
Non-GAAP net income and non-GAAP 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.
Non-GAAP operating income, non-GAAP operating margin, non-GAAP
net income and non-GAAP 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.
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) 430-8691 (toll-free within the
United States and Canada)
or (719) 457-1512 (other countries), passcode "8670158."
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 "8670158."
About Ingram Micro Inc.
Ingram Micro is
the world's largest wholesale technology distributor and a global
leader in supply-chain and mobile device lifecycle services. 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.
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, including statements relating to the expected benefits
of acquisitions and the financial performance of the combined
company, 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 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 and our organizational
effectiveness programs, and to realize the expected benefits of our
acquisitions or our organizational effectiveness programs; 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 Dec. 28,
2013; other risks or uncertainties may be detailed
from time to time in Ingram Micro's future SEC filings.
© 2014 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
29,
|
|
December
28,
|
|
2014
|
|
2013
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
424,511
|
|
$
674,390
|
Trade accounts
receivable, net
|
4,550,176
|
|
5,454,832
|
Inventory
|
3,896,389
|
|
3,724,447
|
Other current
assets
|
600,165
|
|
521,902
|
|
|
|
|
Total current
assets
|
9,471,241
|
|
10,375,571
|
|
|
|
|
Property and
equipment, net
|
490,288
|
|
488,699
|
Goodwill
|
527,526
|
|
527,526
|
Intangible assets,
net
|
365,351
|
|
375,423
|
Other
assets
|
39,961
|
|
23,976
|
|
|
|
|
Total
assets
|
$10,894,367
|
|
$
11,791,195
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
5,217,255
|
|
$
6,175,604
|
Accrued
expenses
|
571,752
|
|
710,040
|
Short-term debt and
current maturities of long-term debt
|
167,289
|
|
48,772
|
|
|
|
|
Total current
liabilities
|
5,956,296
|
|
6,934,416
|
|
|
|
|
Long-term debt, less
current maturities
|
848,499
|
|
797,454
|
Other
liabilities
|
104,759
|
|
109,700
|
|
|
|
|
Total
liabilities
|
6,909,554
|
|
7,841,570
|
|
|
|
|
Stockholders'
equity
|
3,984,813
|
|
3,949,625
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$10,894,367
|
|
$
11,791,195
|
Ingram Micro
Inc.
|
Consolidated
Statement of Income
|
(Amounts in 000s,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
March 29,
2014
|
|
March 30,
2013
|
|
|
|
|
Net sales
|
$
10,383,989
|
|
$
10,262,444
|
Cost of
sales
|
9,773,409
|
|
9,677,139
|
Gross
profit
|
610,580
|
|
585,305
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling, general and
administrative
|
489,644
|
|
474,078
|
Amortization of
intangible assets
|
14,152
|
|
11,765
|
Reorganization
costs
|
38,424
|
|
8,666
|
|
542,220
|
|
494,509
|
|
|
|
|
Income from
operations
|
68,360
|
|
90,796
|
|
|
|
|
Interest and
other:
|
|
|
|
Interest
income
|
(1,425)
|
|
(1,829)
|
Interest
expense
|
19,322
|
|
15,638
|
Net foreign currency
exchange loss (gain)
|
1,588
|
|
(1,934)
|
Other
|
4,983
|
|
2,869
|
|
24,468
|
|
14,744
|
|
|
|
|
Income before income
taxes
|
43,892
|
|
76,052
|
|
|
|
|
Provision for income
taxes
|
19,059
|
|
26,293
|
|
|
|
|
Net income
|
$
24,833
|
|
$
49,759
|
|
|
|
|
Diluted earnings per
share
|
$
0.16
|
|
$
0.32
|
|
|
|
|
Diluted weighted
average
|
|
|
|
shares
outstanding
|
159,000
|
|
154,557
|
Ingram Micro
Inc.
|
Consolidated
Statement of Cash Flows
|
(Amounts in
000s)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
|
|
|
|
March 29,
2014
|
|
March 30,
2013
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
$
24,833
|
|
$
49,759
|
|
Adjustments to
reconcile net income to cash
|
|
|
|
|
used by
operating activities:
|
|
|
|
|
|
Depreciation and
amortization
|
34,219
|
|
29,992
|
|
|
Stock-based
compensation
|
7,886
|
|
7,416
|
|
|
Excess tax benefit
from stock-based compensation
|
(2,210)
|
|
(748)
|
|
|
Noncash charges for
interest and bond discount amortization
|
587
|
|
608
|
|
|
Deferred income
taxes
|
4,526
|
|
19,586
|
|
Changes in operating assets
and liabilities:
|
|
|
|
|
|
Trade accounts
receivable
|
896,266
|
|
926,539
|
|
|
Inventory
|
(184,173)
|
|
(232,082)
|
|
|
Other current
assets
|
(107,723)
|
|
(9,365)
|
|
|
Accounts
payable
|
(985,564)
|
|
(867,171)
|
|
|
Change in book
overdrafts
|
32,255
|
|
(65,713)
|
|
|
Accrued
expenses
|
(147,332)
|
|
(40,622)
|
|
|
|
|
Cash used by
operating activities
|
(426,430)
|
|
(181,801)
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(22,320)
|
|
(15,431)
|
|
Investment in (sale of) marketable trading
securities, net
|
(50)
|
|
650
|
|
Cost-based
investment
|
(10,000)
|
|
-
|
|
|
|
|
Cash used by
investing activities
|
(32,370)
|
|
(14,781)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
exercise of stock options
|
23,014
|
|
11,718
|
|
Excess tax benefit
from stock-based compensation
|
2,210
|
|
748
|
|
Net proceeds from
revolving credit facilities
|
173,075
|
|
147,795
|
|
|
|
|
Cash provided by
financing activities
|
198,299
|
|
160,261
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
10,622
|
|
3,804
|
|
|
|
|
|
|
|
|
Decrease in cash and
cash equivalents
|
(249,879)
|
|
(32,517)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
674,390
|
|
595,147
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
424,511
|
|
$
562,630
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Income from
Operations - Reconciliation of GAAP to Non-GAAP
Information
|
(Amounts in
Millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended March 29, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Brightpoint
|
|
Stock-based
compensation
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
3,924.8
|
|
$2,994.4
|
|
$
2,141.2
|
|
$
493.5
|
|
$
830.1
|
|
$
-
|
|
$
10,384.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
52.8
|
|
$
(7.2)
|
|
$
12.7
|
|
$
9.0
|
|
$
8.9
|
|
$
(7.9)
|
|
68.4
|
Reorganization,
integration and transition costs
|
|
12.8
|
|
29.2
|
|
2.6
|
|
0.5
|
|
2.0
|
|
-
|
|
47.0
|
Amortization of
intangible assets
|
|
4.3
|
|
0.6
|
|
0.4
|
|
0.2
|
|
8.6
|
|
-
|
|
14.1
|
LCD class action
settlement
|
|
(6.6)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(6.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
|
$
63.3
|
|
$
22.6
|
|
$
15.7
|
|
$
9.7
|
|
$
19.5
|
|
$
(7.9)
|
|
$
122.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.35%
|
|
(0.24%)
|
|
0.60%
|
|
1.82%
|
|
1.07%
|
|
|
|
0.66%
|
Non-GAAP Operating
Margin
|
|
1.61%
|
|
0.75%
|
|
0.74%
|
|
1.96%
|
|
2.35%
|
|
|
|
1.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended March 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
Europe
|
|
Asia-Pacific
|
|
Latin
America
|
|
Brightpoint
|
|
Stock-based
compensation
|
|
Consolidated
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
3,867.8
|
|
$2,669.0
|
|
$
2,194.5
|
|
$
462.0
|
|
$
1,069.2
|
|
$
-
|
|
$
10,262.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
|
$
55.6
|
|
$
13.9
|
|
$
13.8
|
|
$
5.6
|
|
$
9.3
|
|
$
(7.4)
|
|
$
90.8
|
Reorganization,
integration and transition costs
|
|
2.5
|
|
2.6
|
|
3.3
|
|
0.0
|
|
4.9
|
|
-
|
|
13.2
|
Amortization of
intangible assets
|
|
1.8
|
|
0.5
|
|
0.2
|
|
0.2
|
|
9.1
|
|
-
|
|
11.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
|
$
59.8
|
|
$
17.0
|
|
$
17.3
|
|
$
5.8
|
|
$
23.2
|
|
$
(7.4)
|
|
$
115.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
1.44%
|
|
0.52%
|
|
0.63%
|
|
1.20%
|
|
0.87%
|
|
|
|
0.88%
|
Non-GAAP Operating
Margin
|
|
1.55%
|
|
0.64%
|
|
0.79%
|
|
1.25%
|
|
2.17%
|
|
|
|
1.13%
|
Ingram Micro
Inc.
|
Supplementary
Information
|
Reconciliation of
GAAP to Non-GAAP Financial Measures
|
(Amounts in
Millions, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended March 29, 2014
|
|
|
|
|
|
Diluted
|
|
|
|
Net
Income
|
|
Earnings per Share
(a)
|
|
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
24.8
|
|
$
0.16
|
|
Reorganization,
integration and transition costs
|
|
38.9
|
|
0.24
|
|
Amortization of
intangible assets
|
|
10.1
|
|
0.06
|
|
LCD class action
settlement
|
|
(4.7)
|
|
(0.03)
|
|
Pan-Europe foreign
exchange gain
|
|
(1.2)
|
|
(0.01)
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measure
|
|
$
67.9
|
|
$
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended March 30, 2013
|
|
|
|
|
|
Diluted
|
|
|
|
Net
Income
|
|
Earnings per Share
(a)
|
|
|
|
|
|
|
|
As Reported Under
GAAP
|
|
$
49.8
|
|
$
0.32
|
|
Reorganization,
integration and transition costs
|
|
8.7
|
|
0.06
|
|
Amortization of
intangible assets
|
|
7.7
|
|
0.05
|
|
Pan-Europe foreign
exchange gain
|
|
(3.0)
|
|
(0.02)
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measure
|
|
$
63.1
|
|
$
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Per share impact is
calculated by dividing net income amount by the diluted weighted
average shares outstanding of
159,000 and 154,557 for the thirteen weeks ended March 29, 2014 and
March 30, 2013, respectively.
|
|
|
Logo - http://photos.prnewswire.com/prnh/20100107/IMLOGO
SOURCE Ingram Micro Inc.