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EXHIBIT 12
AVNET, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
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Fiscal year ended
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June 28, June 27, June 26, July 2, June 30,
1996 1997 1998(1) 1999(2) 2000(3)
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(Dollar amounts in thousands)
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Income before
income taxes ........... $325,039 $313,419 $267,346 $375,291 $254,531
Add fixed charges ........ 33,441 33,766 48,982 61,768 96,915
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Income as adjusted ....... $358,480 $347,185 $316,328 $437,059 $351,446
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Fixed charges:
Interest on indebtedness $ 25,916 $ 26,076 $ 39,988 $ 52,096 $ 84,328
Amortization of
debt expense ......... 149 165 252 449 1,125
Rents:
Portion of rents
representative of the
interest factor ..... 7,376 7,525 8,742 9,223 11,462
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Total fixed charges ...... $ 33,441 $ 33,766 $ 48,982 $ 61,768 $ 96,915
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Ratio of earnings to
fixed charges ........... 10.7 10.3 6.5 7.1 3.6
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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.
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(3) Income before income taxes for the fiscal year ended June 30, 2000,
includes incremental special charges associated with (a) the
reorganization of Avnet's Electronics Marketing European operations
amounting to $9.2 million, consisting primarily of costs related to the
centralization of warehousing operations, (b) the integration of
acquired businesses into Avnet amounting to $31.7 million, (c) the
reorganization of Avnet's Electronics Marketing Asian operations
amounting to $5.4 million, and (d) costs incurred in connection
with Avnet's lawsuit against Wyle Laboratories, Inc. and certain
individuals amounting to $2.7 million. Had such one-time items
(amounting to $49.0 million pre-tax) not been included, the ratio
of earnings to fixed charges for the year ended June 30, 2000
would have been 4.1 on a pro forma basis.
