PHOENIX--(BUSINESS WIRE)--
Avnet,
Inc. (NYSE:AVT) today announced that its Board of Directors has
approved the initiation of a quarterly cash dividend. An initial
quarterly cash dividend of $0.15 per common share will be paid on
September 20, 2013 to shareholders of record as of the close of business
on September 10, 2013.
Rick Hamada, Avnet Chief Executive Officer, commented, "Given our
confidence in and commitment to long-term shareholder value creation, we
believe now is an appropriate time to incorporate a more consistent
element of returning capital to shareholders in the form of a dividend.
Our focus on value-based management and success in growing the Company
has resulted in a cash flow from operations profile which, when combined
with our strong balance sheet, provides us the financial flexibility to
prioritize this commitment into our longer-term capital allocation
strategy. Going forward, we will maintain our disciplined approach to
profitable growth that continues to emphasize organic growth,
value-creating acquisitions and share repurchases when appropriate."
The Board of Directors anticipates declaring this dividend in future
quarters on a regular basis; however, future declarations of dividends
are subject to Board approval and may be adjusted as business needs or
market conditions change.
Forward Looking Statements
This document contains certain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements are based on management's current expectations and are
subject to uncertainty and changes in facts and circumstances.
About Avnet
Avnet, Inc. (NYSE:AVT), a Fortune 500 company, is one of the largest
distributors of electronic components, computer products and embedded
technology serving customers globally. Avnet accelerates its partners'
success by connecting the world's leading technology suppliers with a
broad base of customers by providing cost-effective, value-added
services and solutions. For the fiscal year ended June 29, 2013, Avnet
generated revenue of $25.5 billion. For more information, visit www.avnet.com.
(AVT_IR)
Avnet, Inc.
Vincent Keenan
Investor Relations
480-643-7053
investorrelations@avnet.com
Source: Avnet, Inc.
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