(US$ in millions, except EPS) |
Second Quarter Ended |
||
June 28, 2014 |
June 29, 2013 |
||
Net sales |
$10,909 |
$10,308 |
|
Non-GAAP operating income |
$146 |
$136 |
|
Non-GAAP operating margin |
1.34% |
1.32% |
|
Operating income |
$98 |
$114 |
|
Operating margin |
0.90% |
1.10% |
|
Non-GAAP earnings per diluted share |
$0.54 |
$0.55* |
|
Earnings per diluted share |
$0.32 |
$0.45* |
|
Diluted shares outstanding (millions) |
159.2 |
154.9 |
|
*2013 second quarter earnings per diluted share included discrete tax beneifts of approximately 3 cents per diluted share. |
|||
A reconciliation of GAAP financial measures to non-GAAP financial measures is presented in the Supplementary Information section in this press release. |
|||
"The global demand environment continued to improve and we remained disciplined in our approach to sales, while selectively making share gains," Monie said. "We are executing well across each of our business lines and I am pleased with our second quarter results, which not only continue to show growth and increased profitability, but are also well aligned with the longer-term goals we set forth at our investor day on
Beginning in the second quarter of 2014, the company is reporting four segments –
2014 Second Quarter Business Drivers:
North America andEurope revenues benefited from robust mobility distribution sales, strong sales of networking products and an uptick in demand for systems products, including PCs.Latin America revenue growth was driven by strong sales of advanced solutions inBrazil and strength in tablets inMexico .- Strong revenue growth in
North America ,Europe andLatin America was partially offset by declines inAsia Pacific driven primarily by lower handset sales inIndonesia and continued sales weakness inChina related to lower sales of tablets and softer demand for some of the products and vendors the company carries. - Gross margin and non-GAAP operating margin grew respectively by 3 and 2 basis points year-over-year, benefiting from a better overall mix of higher value business, which more than offset lower margin volume growth in consumer and retail markets in
Europe and new mobility distribution wins inNorth America .
Worldwide sales increased by
Worldwide gross profit was
Non-GAAP operating income for the 2014 second quarter was
2014 second quarter non-GAAP net income was
On a GAAP basis, operating income was
Interest and other expenses for the 2014 second quarter was
The effective tax rate for the 2014 second quarter was 34.2 percent. The 2014 second quarter effective tax rate was negatively affected by approximately 4 percentage points related to a portion of restructuring charges recorded in jurisdictions where there was no tax benefit realized.
Key 2014 second quarter business highlights:
- As part of its strategic initiatives to build out faster growing, higher margin service-focused businesses,
Ingram Micro launched a new company brand identity, signaling the company's leadership in technology, supply chain, Cloud and mobility. With recent investments in growth, this new brand reflects the company's creation of a platform of new capabilities and services whereby Ingram Micro helps businesses fully realize the promise of technology. Ingram Micro was selected as the partner of choice for three ofVerizon Wireless' largest retailer partners, further cementing the company's role as the go-to provider of global mobility services and solutions. The company grew second quarter mobility revenue in the low double-digits year-over-year aided by these wins, as well as its win inApril 2014 to serve as the preferredVerizon Wireless handset distributor and services provider for the 360 Group.Ingram Micro expanded its mobility services offerings acquiring Global Mobility Products, Inc. (GMP), a Canadian-based leading provider of mobile reverse logistics, repair and asset recovery services. GMP is expected to provide the business with a superior, end-to-end forward and reverse logistics value proposition, enhancing the company's ability to provide a full suite of wireless device lifecycle services in Canada.- While launching a new Cloud Marketplace, the company also announced the general availability of three new, Ingram Micro-branded and Ingram Micro-hosted cloud solutions: Ingram Micro Hosted Exchange, Ingram Micro Virtual Private Servers (VPS) and Ingram Micro Web Hosting. The company currently offers more than 200 cloud-based solutions from over 70 vendor partners.
- Building on its worldwide technical services and training expertise, Ingram Micro announced it was selected as an authorized IBM Global Training Provider, one of five companies authorized to provide the complete portfolio of software and systems courses from IBM Training. In addition,
Ingram Micro was named a Premier VMware Authorized Training Center ("VATC"). The win differentiates Ingram Micro as one of four Premier VATCs within North America and the only provider offering "After Dark" VMware technical training courses and the Public Sector Smart Enablement Program. - The company's CloudBlue IT asset disposal operation was awarded additional product categories from a major e-tailer, which has the potential to significantly increase CloudBlue's
North America volume. CloudBlue is also opening a new state-of-the-art repair facility inIndianapolis that will produce certified pre-owned retail-ready electronics for sale via ecommerce and theIngram Micro channel. - Since
Ingram Micro acquired Shipwire in December of last year, the business has continued to grow in all regions where it offers services and is rapidly expanding its capabilities internationally. The company is currently integrating Shipwire capabilities into its Australian and Canadian facilities to better enable emerging companies to easily leverage global, world class logistics. Ingram Micro was named OEM Distributor of the Year forNorth America byMicrosoft Corp. , North American Distributor of the Year byEMC Corporation , 2013 U.S. Distributor of the Year byEmerson Network Power , a business of Emerson, and 2013 Distributor of the Year by security vendor Trend Micro. The company was also named "Best Microsoft Distributor" for the "Highest Distribution Revenue Growth" for itsMiddle East andAfrica business.Ingram Micro was ranked 69th in the 2014 Fortune 100 list of largest U.S. companies.
Outlook
The company currently expects 2014 third quarter worldwide revenue to increase year-over-year in the high single digits. Gross margin is expected to improve solidly over the 2014 second quarter, and be relatively flat with the prior year third quarter. 2014 third quarter non-GAAP operating expense as a percentage of revenue is expected to continue to benefit sequentially over the 2014 second quarter from incremental cost savings related to implementation of the company's global organizational effectiveness program, and year-over-year from revenue leverage.
Non-GAAP Disclosures
In addition to GAAP results,
The non-GAAP measures noted above are primary indicators that
Reconciliation of GAAP to non-GAAP financial measures for the periods presented are attached to the press release.
Conference Call and Webcast
Additional information about
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
About
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
© 2014
Ingram Micro Inc. |
|||
Consolidated Balance Sheet |
|||
(Amounts in 000s) |
|||
(Unaudited) |
|||
June 28, |
December 28, |
||
2014 |
2013 |
||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 470,691 |
$ 674,390 |
|
Trade accounts receivable, net |
4,881,336 |
5,454,832 |
|
Inventory |
4,205,002 |
3,724,447 |
|
Other current assets |
572,905 |
521,902 |
|
Total current assets |
10,129,934 |
10,375,571 |
|
Property and equipment, net |
488,012 |
488,699 |
|
Goodwill |
532,037 |
527,526 |
|
Intangible assets, net |
354,567 |
375,423 |
|
Other assets |
46,157 |
23,976 |
|
Total assets |
$11,550,707 |
$ 11,791,195 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Accounts payable |
$ 5,704,082 |
$ 6,175,604 |
|
Accrued expenses |
530,818 |
710,040 |
|
Short-term debt and current maturities of long-term debt |
106,622 |
48,772 |
|
Total current liabilities |
6,341,522 |
6,934,416 |
|
Long-term debt, less current maturities |
1,053,602 |
797,454 |
|
Other liabilities |
106,153 |
109,700 |
|
Total liabilities |
7,501,277 |
7,841,570 |
|
Stockholders' equity |
4,049,430 |
3,949,625 |
|
Total liabilities and stockholders' equity |
$11,550,707 |
$ 11,791,195 |
Ingram Micro Inc. |
|||
Consolidated Statement of Income |
|||
(Amounts in 000s, except per share data) |
|||
(Unaudited) |
|||
Thirteen Weeks Ended |
|||
June 28, 2014 |
June 29, 2013 |
||
Net sales |
$ 10,909,379 |
$ 10,308,015 |
|
Cost of sales |
10,275,634 |
9,712,261 |
|
Gross profit |
633,745 |
595,754 |
|
Operating expenses: |
|||
Selling, general and administrative |
497,592 |
465,325 |
|
Amortization of intangible assets |
14,421 |
11,997 |
|
Reorganization costs |
23,513 |
4,636 |
|
535,526 |
481,958 |
||
Income from operations |
98,219 |
113,796 |
|
Other expense (income): |
|||
Interest income |
(1,312) |
(2,026) |
|
Interest expense |
18,425 |
14,303 |
|
Net foreign currency exchange loss |
582 |
3,682 |
|
Other |
3,561 |
4,211 |
|
21,256 |
20,170 |
||
Income before income taxes |
76,963 |
93,626 |
|
Provision for income taxes |
26,350 |
23,940 |
|
Net income |
$ 50,613 |
$ 69,686 |
|
Diluted earnings per share |
$ 0.32 |
$ 0.45 |
|
Diluted weighted average shares outstanding |
159,186 |
154,864 |
Ingram Micro Inc. |
|||
Consolidated Statement of Income |
|||
(Amounts in 000s, except per share data) |
|||
(Unaudited) |
|||
Twenty-six Weeks Ended |
|||
June 28, 2014 |
June 29, 2013 |
||
Net sales |
$ 21,293,368 |
$ 20,570,459 |
|
Cost of sales |
20,049,043 |
19,389,400 |
|
Gross profit |
1,244,325 |
1,181,059 |
|
Operating expenses: |
|||
Selling, general and administrative |
987,236 |
939,403 |
|
Amortization of intangible assets |
28,573 |
23,762 |
|
Reorganization costs |
61,937 |
13,302 |
|
1,077,746 |
976,467 |
||
Income from operations |
166,579 |
204,592 |
|
Other expense (income): |
|||
Interest income |
(2,737) |
(3,855) |
|
Interest expense |
37,747 |
29,941 |
|
Net foreign currency exchange loss |
2,170 |
1,748 |
|
Other |
8,544 |
7,080 |
|
45,724 |
34,914 |
||
Income before income taxes |
120,855 |
169,678 |
|
Provision for income taxes |
45,409 |
50,233 |
|
Net income |
$ 75,446 |
$ 119,445 |
|
Diluted earnings per share |
$ 0.47 |
$ 0.77 |
|
Diluted weighted average shares outstanding |
158,962 |
154,739 |
Ingram Micro Inc. |
|||||||
Consolidated Statement of Cash Flows |
|||||||
(Amounts in 000s) |
|||||||
(Unaudited) |
|||||||
Twenty-six Weeks Ended |
|||||||
June 28, 2014 |
June 29, 2013 |
||||||
Cash flows from operating activities: |
|||||||
Net income |
$ 75,446 |
$ 119,445 |
|||||
Adjustments to reconcile net income to cash provided (used) by operating activities: |
|||||||
Depreciation and amortization |
71,089 |
62,558 |
|||||
Stock-based compensation |
16,460 |
13,957 |
|||||
Excess tax benefit from stock-based compensation |
(3,703) |
(1,135) |
|||||
Write-off of assets |
8,302 |
2,277 |
|||||
Gain on sale of land and building |
- |
(1,045) |
|||||
Noncash charges for interest and bond discount amortization |
1,181 |
1,131 |
|||||
Deferred income taxes |
(5,767) |
2,429 |
|||||
Changes in operating assets and liabilities, net of effects of acquisitions: |
|||||||
Trade accounts receivable |
593,179 |
980,723 |
|||||
Inventory |
(466,876) |
(161,272) |
|||||
Other current assets |
(49,659) |
(20,321) |
|||||
Accounts payable |
(568,496) |
(650,770) |
|||||
Change in book overdrafts |
78,263 |
(15,552) |
|||||
Accrued expenses |
(201,703) |
(4,410) |
|||||
Cash provided (used) by operating activities |
(452,284) |
328,015 |
|||||
Cash flows from investing activities: |
|||||||
Capital expenditures |
(40,897) |
(39,457) |
|||||
Sales of marketable securities, net |
1,100 |
1,042 |
|||||
Proceeds from sale of land and building |
- |
1,169 |
|||||
Cost-based investment |
(10,000) |
- |
|||||
Acquisitions and earn-out payment, net of cash acquired |
(17,367) |
(325) |
|||||
Cash used by investing activities |
(67,164) |
(37,571) |
|||||
Cash flows from financing activities: |
|||||||
Proceeds from exercise of stock options |
11,511 |
15,693 |
|||||
Excess tax benefit from stock-based compensation |
3,703 |
1,135 |
|||||
Net proceeds from (repayments of) revolving credit facilities |
311,187 |
(165,263) |
|||||
Cash provided (used) by financing activities |
326,401 |
(148,435) |
|||||
Effect of exchange rate changes on cash and cash equivalents |
(10,652) |
(10,264) |
|||||
Increase (decrease) in cash and cash equivalents |
(203,699) |
131,745 |
|||||
Cash and cash equivalents, beginning of period |
674,390 |
595,147 |
|||||
Cash and cash equivalents, end of period |
$ 470,691 |
$ 726,892 |
Ingram Micro Inc. |
||||||||||||
Supplementary Information |
||||||||||||
Income from Operations - Reconciliation of GAAP to Non-GAAP Information |
||||||||||||
(Amounts in Millions) |
||||||||||||
(Unaudited) |
||||||||||||
Thirteen Weeks Ended June 28, 2014 |
||||||||||||
North America |
Europe |
Asia-Pacific |
Latin America |
Stock-based |
Consolidated |
|||||||
Net Sales |
$ 4,611.0 |
$3,417.7 |
$ 2,359.1 |
$ 521.6 |
$ - |
$ 10,909.4 |
||||||
GAAP Operating Income |
$ 72.1 |
$ 3.1 |
$ 23.7 |
$ 8.0 |
$ (8.6) |
$ 98.2 |
||||||
Reorganization, integration and transition costs |
16.8 |
15.4 |
1.2 |
0.1 |
- |
33.5 |
||||||
Amortization of intangible assets |
9.9 |
2.9 |
1.4 |
0.2 |
- |
14.4 |
||||||
Non-GAAP Operating Income |
$ 98.7 |
$ 21.4 |
$ 26.3 |
$ 8.3 |
$ (8.6) |
$ 146.2 |
||||||
GAAP Operating Margin |
1.56% |
0.09% |
1.00% |
1.53% |
0.90% |
|||||||
Non-GAAP Operating Margin |
2.14% |
0.63% |
1.12% |
1.59% |
1.34% |
|||||||
Thirteen Weeks Ended June 29, 2013 |
||||||||||||
North America |
Europe |
Asia-Pacific |
Latin America |
Stock-based |
Consolidated |
|||||||
Net Sales |
$ 4,267.9 |
$3,030.5 |
$ 2,549.8 |
$ 459.8 |
$ - |
$ 10,308.0 |
||||||
GAAP Operating Income |
$ 70.0 |
$ 14.8 |
$ 26.0 |
$ 9.5 |
$ (6.5) |
$ 113.8 |
||||||
Reorganization, integration and transition costs |
7.1 |
1.7 |
1.7 |
0.0 |
- |
10.6 |
||||||
Amortization of intangible assets |
7.3 |
3.0 |
1.5 |
0.2 |
- |
12.0 |
||||||
Non-GAAP Operating Income |
$ 84.4 |
$ 19.5 |
$ 29.2 |
$ 9.7 |
$ (6.5) |
$ 136.4 |
||||||
GAAP Operating Margin |
1.64% |
0.49% |
1.02% |
2.07% |
1.10% |
|||||||
Non-GAAP Operating Margin |
1.98% |
0.64% |
1.15% |
2.12% |
1.32% |
Ingram Micro Inc. |
||||||||||||
Supplementary Information |
||||||||||||
Income from Operations - Reconciliation of GAAP to Non-GAAP Information |
||||||||||||
(Amounts in Millions) |
||||||||||||
(Unaudited) |
||||||||||||
Twenty-six Weeks Ended June 28, 2014 |
||||||||||||
North America |
Europe |
Asia-Pacific |
Latin America |
Stock-based compensation |
Consolidated Total |
|||||||
Net Sales |
$ 8,753.1 |
$6,877.0 |
$ 4,648.2 |
$ 1,015.1 |
$ - |
$ 21,293.4 |
||||||
GAAP Operating Income |
$ 133.8 |
$ (8.1) |
$ 40.5 |
$ 17.0 |
$ (16.5) |
$ 166.6 |
||||||
Reorganization, integration and transition costs |
29.9 |
46.2 |
3.8 |
0.6 |
- |
80.5 |
||||||
Amortization of intangible assets |
19.6 |
5.7 |
2.8 |
0.4 |
- |
28.6 |
||||||
LCD class action settlement |
(6.6) |
- |
- |
- |
- |
(6.6) |
||||||
Non-GAAP Operating Income |
$ 176.7 |
$ 43.8 |
$ 47.1 |
$ 18.0 |
$ (16.5) |
$ 269.1 |
||||||
GAAP Operating Margin |
1.53% |
(0.12%) |
0.87% |
1.67% |
0.78% |
|||||||
Non-GAAP Operating Margin |
2.02% |
0.64% |
1.01% |
1.77% |
1.26% |
|||||||
Twenty-six Weeks Ended June 29, 2013 |
||||||||||||
North America |
Europe |
Asia-Pacific |
Latin America |
Stock-based compensation |
Consolidated Total |
|||||||
Net Sales |
$ 8,341.8 |
$6,209.9 |
$ 5,097.0 |
$ 921.8 |
$ - |
$ 20,570.5 |
||||||
GAAP Operating Income |
$ 136.7 |
$ 24.5 |
$ 42.3 |
$ 15.1 |
$ (14.0) |
$ 204.6 |
||||||
Reorganization, integration and transition costs |
11.1 |
7.4 |
5.3 |
0.0 |
- |
23.8 |
||||||
Amortization of intangible assets |
14.6 |
5.8 |
3.0 |
0.4 |
- |
23.8 |
||||||
Non-GAAP Operating Income |
$ 162.4 |
$ 37.7 |
$ 50.6 |
$ 15.5 |
$ (14.0) |
$ 252.2 |
||||||
GAAP Operating Margin |
1.64% |
0.39% |
0.83% |
1.64% |
0.99% |
|||||||
Non-GAAP Operating Margin |
1.95% |
0.61% |
0.99% |
1.68% |
1.23% |
Ingram Micro Inc. |
||||
Thirteen Weeks Ended June 28, 2014 |
||||
Net Income |
Diluted |
|||
As Reported Under GAAP |
$ 50.6 |
$ 0.32 |
||
Reorganization, integration and transition costs |
25.9 |
0.16 |
||
Amortization of intangible assets |
10.3 |
0.06 |
||
Pan-Europe foreign exchange gain |
(0.4) |
(0.00) |
||
Non-GAAP Financial Measure |
$ 86.4 |
$ 0.54 |
||
Thirteen Weeks Ended June 29, 2013 |
||||
Net Income |
Diluted |
|||
As Reported Under GAAP |
$ 69.7 |
$ 0.45 |
||
Reorganization, integration and transition costs |
7.2 |
0.05 |
||
Amortization of intangible assets |
8.2 |
0.05 |
||
Pan-Europe foreign exchange loss |
0.6 |
0.00 |
||
Non-GAAP Financial Measure |
$ 85.7 |
$ 0.55 |
(a) Per share impact is calculated by dividing net income amount by the diluted weighted average shares outstanding of 159,185,922 and 154,864,425 for the thirteen weeks ended June 28, 2014 and June 29, 2013, respectively. |
Ingram Micro Inc. |
||||
Twenty-six Weeks Ended June 28, 2014 |
||||
Net Income |
Diluted |
|||
As Reported Under GAAP |
$ 75.4 |
$ 0.47 |
||
Reorganization, integration and transition costs |
64.8 |
0.41 |
||
Amortization of intangible assets |
20.4 |
0.13 |
||
LCD class action settlement |
(4.7) |
(0.03) |
||
Pan-Europe foreign exchange gain |
(1.6) |
(0.01) |
||
Non-GAAP Financial Measure |
$ 154.3 |
$ 0.97 |
||
Twenty-six Weeks Ended June 29, 2013 |
||||
Net Income |
Diluted |
|||
As Reported Under GAAP |
$ 119.4 |
$ 0.77 |
||
Reorganization, integration and transition costs |
16.0 |
0.10 |
||
Amortization of intangible assets |
15.9 |
0.10 |
||
Pan-Europe foreign exchange gain |
(2.4) |
(0.01) |
||
Non-GAAP Financial Measure |
$ 148.9 |
$ 0.96 |
(a) Per share impact is calculated by dividing net income amount by the diluted weighted average shares outstanding of 158,962,173 and 154,739,367 for the twenty-six weeks ended June 28, 2014 and June 29, 2013, respectively. |
Ingram Micro Inc. |
||||||||||||
Addendum to Supplementary Information |
||||||||||||
Income from Operations - Reconciliation of GAAP to Non-GAAP Information |
||||||||||||
(Amounts in Millions) |
||||||||||||
(Unaudited) |
||||||||||||
In connection with the Company's change in reportable segments, the following tables provide a summary of historical data to conform to the current presentation: |
||||||||||||
Thirteen Weeks Ended March 29, 2014 |
||||||||||||
North America |
Europe |
Asia-Pacific |
Latin America |
Stock-based |
Consolidated |
|||||||
Net Sales |
$ 4,142.1 |
$3,459.3 |
$ 2,289.1 |
$ 493.5 |
$ - |
$ 10,384.0 |
||||||
GAAP Operating Income |
$ 61.7 |
$ (11.2) |
$ 16.7 |
$ 9.0 |
$ (7.9) |
$ 68.4 |
||||||
Reorganization, integration and transition costs |
13.2 |
30.7 |
2.7 |
0.5 |
- |
47.0 |
||||||
Amortization of intangible assets |
9.6 |
2.9 |
1.4 |
0.2 |
- |
14.1 |
||||||
LCD settlement |
(6.6) |
- |
- |
- |
- |
(6.6) |
||||||
Non-GAAP Operating Income |
$ 77.9 |
$ 22.4 |
$ 20.8 |
$ 9.7 |
$ (7.9) |
$ 122.9 |
||||||
GAAP Operating Margin |
1.49% |
(0.32%) |
0.73% |
1.82% |
0.66% |
|||||||
Non-GAAP Operating Margin |
1.88% |
0.65% |
0.91% |
1.97% |
1.18% |
|||||||
Thirteen Weeks Ended December 28, 2013 |
||||||||||||
North America |
Europe |
Asia-Pacific |
Latin America |
Stock-based |
Consolidated |
|||||||
Net Sales |
$ 4,719.9 |
$4,047.1 |
$ 2,384.3 |
$ 681.5 |
$ - |
$ 11,832.8 |
||||||
GAAP Operating Income |
$ 85.5 |
$ 62.1 |
$ 15.3 |
$ 18.4 |
$ (8.7) |
$ 172.6 |
||||||
Reorganization, integration and transition costs |
8.6 |
10.9 |
5.6 |
- |
- |
25.1 |
||||||
Amortization of intangible assets |
8.6 |
2.9 |
1.4 |
0.2 |
- |
13.1 |
||||||
Non-GAAP Operating Income |
$ 102.7 |
$ 75.9 |
$ 22.3 |
$ 18.6 |
$ (8.7) |
$ 210.8 |
||||||
GAAP Operating Margin |
1.81% |
1.53% |
0.64% |
2.70% |
1.46% |
|||||||
Non-GAAP Operating Margin |
2.18% |
1.88% |
0.94% |
2.74% |
1.78% |
|||||||
Thirteen Weeks Ended September 28, 2013 |
||||||||||||
North America |
Europe |
Asia-Pacific |
Latin America |
Stock-based |
Consolidated |
|||||||
Net Sales |
$ 4,305.3 |
$2,927.3 |
$ 2,469.4 |
$ 448.6 |
$ - |
$ 10,150.6 |
||||||
GAAP Operating Income |
$ 107.2 |
$ 6.2 |
$ 22.4 |
$ 9.6 |
$ (7.7) |
$ 137.7 |
||||||
Reorganization, integration and transition costs |
4.1 |
5.0 |
1.5 |
- |
- |
10.6 |
||||||
Amortization of intangible assets |
7.3 |
2.7 |
1.4 |
0.2 |
- |
11.6 |
||||||
European indirect tax declarations charge |
- |
5.0 |
- |
- |
- |
5.0 |
||||||
LCD settlement |
(28.5) |
- |
- |
(1.0) |
- |
(29.5) |
||||||
Non-GAAP Operating Income |
$ 90.1 |
$ 18.9 |
$ 25.3 |
$ 8.8 |
$ (7.7) |
$ 135.4 |
||||||
GAAP Operating Margin |
2.49% |
0.21% |
0.91% |
2.14% |
1.36% |
|||||||
Non-GAAP Operating Margin |
2.09% |
0.65% |
1.02% |
1.96% |
1.33% |
Thirteen Weeks Ended June 29, 2013 |
||||||||||||
North America |
Europe |
Asia-Pacific |
Latin America |
Stock-based |
Consolidated |
|||||||
Net Sales |
$ 4,267.9 |
$3,030.5 |
$ 2,549.8 |
$ 459.8 |
$ - |
$ 10,308.0 |
||||||
GAAP Operating Income |
$ 70.0 |
$ 14.8 |
$ 26.0 |
$ 9.5 |
$ (6.5) |
$ 113.8 |
||||||
Reorganization, integration and transition costs |
7.1 |
1.7 |
1.7 |
- |
- |
10.6 |
||||||
Amortization of intangible assets |
7.3 |
3.0 |
1.5 |
0.2 |
- |
12.0 |
||||||
Non-GAAP Operating Income |
$ 84.4 |
$ 19.5 |
$ 29.2 |
$ 9.7 |
$ (6.5) |
$ 136.4 |
||||||
GAAP Operating Margin |
1.64% |
0.49% |
1.02% |
2.07% |
1.10% |
|||||||
Non-GAAP Operating Margin |
1.98% |
0.64% |
1.15% |
2.12% |
1.32% |
|||||||
Thirteen Weeks Ended March 30, 2013 |
||||||||||||
North America |
Europe |
Asia-Pacific |
Latin America |
Stock-based |
Consolidated |
|||||||
Net Sales |
$ 4,073.8 |
$3,179.4 |
$ 2,547.2 |
$ 462.0 |
$ - |
$ 10,262.4 |
||||||
GAAP Operating Income |
$ 66.6 |
$ 9.8 |
$ 16.2 |
$ 5.6 |
$ (7.4) |
$ 90.8 |
||||||
Reorganization, integration and transition costs |
4.0 |
5.6 |
3.6 |
- |
- |
13.2 |
||||||
Amortization of intangible assets |
7.3 |
2.8 |
1.5 |
0.2 |
- |
11.8 |
||||||
Non-GAAP Operating Income |
$ 77.9 |
$ 18.2 |
$ 21.3 |
$ 5.8 |
$ (7.4) |
$ 115.8 |
||||||
GAAP Operating Margin |
1.63% |
0.31% |
0.64% |
1.21% |
0.88% |
|||||||
Non-GAAP Operating Margin |
1.91% |
0.57% |
0.84% |
1.26% |
1.13% |
|||||||
Thirteen Weeks Ended December 29, 2012 |
||||||||||||
North America |
Europe |
Asia-Pacific |
Latin America |
Stock-based |
Consolidated |
|||||||
Net Sales |
$ 4,656.2 |
$3,658.8 |
$ 2,462.2 |
$ 602.7 |
$ - |
$ 11,379.9 |
||||||
GAAP Operating Income |
$ 79.5 |
$ 57.5 |
$ 19.8 |
$ 16.6 |
$ (5.4) |
$ 167.9 |
||||||
Reorganization, integration and transition costs |
7.2 |
1.4 |
0.1 |
- |
- |
8.7 |
||||||
Amortization of intangible assets |
7.3 |
4.0 |
1.0 |
0.2 |
- |
12.5 |
||||||
Non-GAAP Operating Income |
$ 94.0 |
$ 62.9 |
$ 20.9 |
$ 16.8 |
$ (5.4) |
$ 189.1 |
||||||
GAAP Operating Margin |
1.71% |
1.57% |
0.80% |
2.75% |
1.48% |
|||||||
Non-GAAP Operating Margin |
2.02% |
1.72% |
0.85% |
2.79% |
1.66% |
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SOURCE
Investors: Damon Wright, (714) 382-5013, damon.wright@ingrammicro.com