This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Anixter International Inc. Reports Fourth Quarter 2012 Results

Income Statement Detail

Gross margin was 22.2 percent compared to 23.3 percent in the year ago quarter, primarily caused by a product mix shift within our Electrical and Electronic Wire and Cable and Enterprise Cabling and Security Solutions segments. Strong cost management resulted in flat operating expense year-over-year and a 50 basis point improvement in operating expense as a percent of sales, excluding the above mentioned charges.

Interest expense in the current quarter of $16.2 million increased by $4.2 million compared to the prior year quarter as a result of the $4.8 million of incremental expense associated with the second quarter of 2012 bond offering.

Excluding the impact of the impairment, pension-related and restructuring charges, the tax rate in the current quarter was 35.5 percent. In the first quarter of 2012, the Company recorded a benefit of $9.7 million related to the reversal of valuation allowances, and interest and penalties of $1.7 million related to the prior year. In the third quarter of 2012, the Company recorded an impairment charge and an inventory adjustment which reduced operating income by $28.4 million, or $27.4 million net of tax. Excluding all of these charges the full year tax rate was 36.5 percent. The full year results for the prior year included net tax benefits of $10.8 million primarily related to the reversal of deferred income tax valuation allowances, $2.0 million of which was recorded in the fourth quarter. Excluding this benefit, the adjusted tax rate in the prior year fourth quarter and full year was 38.0 percent and 37.4 percent, respectively.

Segment Update

In December of 2012, the Company announced a change in reportable segments without revising or restating historical financial statements for any period. The new segments are Enterprise Cabling and Security Solutions, Electrical and Electronic Wire and Cable and OEM Supply.

2 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,106.70 +29.83 0.17%
S&P 500 2,000.02 +2.10 0.11%
NASDAQ 4,570.6370 +13.29 0.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs