Avnet reports record first quarter sales and net income

Business Wire, Oct 24, 1995

GREAT NECK, N.Y.--(BUSINESS WIRE)--Oct. 24, 1995--Avnet Inc. (NYSE:AVT) today reported record sales and net income for its first fiscal 1996 quarter. Sales and net income were up 25% and 54%, respectively, compared with the prior year's first quarter. Net income was $44.5 million, or $1.02 per share, on sales of $1.19 billion. This compares with last year's net income of $28.9 million, or $.69 per share on sales of $953 million.

Avent's Chairman and Chief Executive Officer, Leon Machiz, said that the first quarter results were attributable to a significant sales and earnings increase over last year's first quarter results at the Company's Electronic Marketing Group. Mr. Machiz also stated that, due to the disposition of a segment of Brownell Electro, the remaining members of the Electrical and Industrial Group, Avnet Industrial and Avnet Supply, were combined with Allied Electronics to form a new subset of the Electronic Marketing Group named the Industrial Marketing Group.

The Electronic Marketing Group's sales, which accounted for 96% of the Company's first quarter consolidated sales, were up 35% compared with the prior year period. Group earnings were up 54% compared with last year's first quarter earnings. Excluding Brownell, whose sales were not part of the Electronic Marketing Group last year, the Group's sales were up 30% compared with the prior year period.

The Video Communications Group's first quarter sales were 4% of consolidated sales. Group sales declined approximately 20% compared with last year's first quarter, due to product transitioning from satellite TV decoders to more profitable DBS (direct broadcast satellite) business. Group earnings increased 64% compared with the prior year period. -0-

                           AVNET, INC.
                  (MILLIONS EXCEPT PER SHARE DATA)