Business Context and Reporting Period
Company: AVNET, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: September 15, 2003
Reporting Period: This filing reports a specific corporate governance event effective for the fiscal year 2004, rather than a standard financial reporting period.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document focuses exclusively on a change in fiscal year end and the filing of various contractual exhibits.
Material Changes
Change in Fiscal Year (Item 8):
- The Board of Directors approved a change in the fiscal year end from the Friday closest to June 30 to the Saturday closest to June 30.
- This change is effective for the current fiscal year 2004.
- New Fiscal Quarter End Dates: October 4, 2003; January 3, 2004; and April 3, 2004.
- New Fiscal Year End Date: July 3, 2004.
- The change creates a one-day transition period; consequently, no transition report will be filed.
Guidance, Outlook, and Material Agreements
Management Commentary: The filing states the change was made to align fiscal quarter close dates to the corresponding Saturday. No financial guidance or outlook is provided in this document.
Material Agreements and Exhibits Filed:
- Exhibit 3: Amended By-Laws of Avnet, Inc.
- Exhibit 10A: Amendment to Retirement and Separation Agreement with John Cole (dated August 31, 2003).
- Exhibit 10B: Ninth Amendment to Credit Agreement with Bank of America, N.A. (dated July 2, 2003).
- Exhibit 10F: Termination and Release Agreement with lenders and Bank of America, N.A. (dated September 8, 2003).
- Exhibits 10C, 10D, 10E: Amendments to Receivables Sale and Purchase Agreements involving Avnet Receivables Corporation and Bank One, NA.
- Exhibit 10G: Amendment to Outside Directors Stock Bonus Plan.
Investor Verification Checklist
- Verify the impact of the one-day fiscal year shift on the comparability of Q4 2003 and Q1 2004 financial results.
- Review the terms of the Termination and Release Agreement (Exhibit 10F) to understand the status of the company's credit facilities with Bank of America.
- Confirm the details of the Ninth Amendment to the Credit Agreement (Exhibit 10B) regarding debt covenants and interest rates.
- Check the amended By-Laws (Exhibit 3) for any other governance changes beyond the fiscal year adjustment.