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EXHIBIT 12
AVNET, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
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Fiscal year ended Nine months ended
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June 30, June 28, June 27, June 26, July 2, April 2, Mar. 31,
1995 1996 1997 1998(1) 1999(2) 1999(3) 2000(4)
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(Dollar amounts in thousands)
<S> <C> <C> <C> <C> <C> <C> <C>
Income before
income taxes ........... $243,374 $325,039 $313,419 $267,346 $375,291 $119,670 $139,724
Add fixed charges ........ 31,473 33,441 33,766 48,982 61,768 46,645 62,952
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Income as adjusted ....... $274,847 $358,480 $347,185 $316,328 $437,059 $166,315 $202,676
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Fixed charges:
Interest on indebtedness $ 23,175 $ 25,916 $ 26,076 $ 39,988 $ 52,096 $ 39,468 $ 54,229
Amortization of
debt expense ......... 324 149 165 252 449 324 715
Rents:
Portion of rents
representative of the
interest factor ..... 7,974 7,376 7,525 8,742 9,223 6,853 8,008
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Total fixed charges ...... $ 31,473 $ 33,441 $ 33,766 $ 48,982 $ 61,768 $ 46,645 $ 62,952
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Ratio of earnings to
fixed charges ........... 8.7 10.7 10.3 6.5 7.1 3.6 3.2
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Notes:
(1) Income before income taxes for the fiscal year ended June 26, 1998,
includes (a) the gain on the sale of Channel Master amounting to $33.8
million, (b) costs relating to the divestiture of Avnet Industrial, the
closure of Avnet's corporate headquarters in Great Neck, New York, and
the loss on the sale of Avnet-owned real estate, amounting to $13.3
million in the aggregate, and (c) incremental special charges
associated principally with the reorganization of Avnet's Electronic
Marketing group amounting to $35.4 million. Had such one-time items
(amounting to $14.9 million pre-tax, net) not been included, the ratio
of earnings to fixed charges for the year ended June 26, 1998 would
have been 6.8 on a pro forma basis.
(2) Income before income taxes for the fiscal year ended July 2, 1999,
includes (a) incremental special charges associated primarily with the
reorganization of the European portion of Avnet's Electronics Marketing
group, amounting to $26.5 million, and (b) the net gain from the sale
of Allied Electronics amounting to $252.3 million, offset in part by
charges of $42.8 million recorded in connection with the intended
disposition of the Avnet Setron catalog operation in Germany. Had such
one-time items (amounting to $183.0 million pre-tax, net) not been
included, the ratio of earnings to fixed charges for the year ended
July 2, 1999 would have been 4.1 on a pro forma basis.
(3) Income before income taxes for the nine months ended April 2, 1999,
includes incremental special charges amounting to $26.5 million
associated primarily with the reorganization of the European operations
of Avnet's Electronics Marketing group. Had such one-time
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charges not been included, the ratio of earnings to fixed charges for
the nine months ended April 2, 1999 would have been 4.1 on a pro forma
basis.
(4) Income before income taxes for the nine months ended March 31, 2000
includes incremental special charges associated with (a) the
reorganization and consolidation of Avnet's Electronics Marketing
European operations and warehouse amounting to $9.2 million, (b) the
integration of Marshall Industries amounting to $18.4 million, (c) the
reorganization of Avnet's Electronics Marketing Asian operations
amounting to $5.4 million, (d) the costs incurred in connection with
Avnet's lawsuit against Wyle Laboratories, Inc. amounting to $2.7
million, (e) the integration of Eurotronics B.V. and SEI Macro Group
into Avnet's Electronics Marketing European operations amounting to
$10.1 million, and (f) the integration of JBA Computer Solutions into
Avnet's Computer Marketing North American operations amounting to $3.2
million. These incremental special charges, which total approximately
$49.0 million pre-tax, were recorded during Avnet's first, second and
third quarters of fiscal 2000 in the following amounts: $6.1 million,
$28.1 million and $14.8 million, respectively. Had such one-time items
not been included, the ratio of earnings to fixed charges for the nine
months ended March 31, 2000 would have been 4.0 on a pro forma basis.
