 | Record sales, net income and earnings per diluted share of $5.9 billion, $253.5 million and $6.00, respectively.
Through consistent execution on the same basic strategies over the past couple of years, Anixter was able to set sales and earnings records in 2007 that significantly surpassed the previous records. |
Underlying this record performance was solid execution on our stated strategies to expand our product and service offerings, extend geographically certain product sets, strong market conditions in nearly all markets served, acquired growth and strong commodity prices.
As a result of this record performance we were able to fund $140 million of increased working capital associated with our strong organic growth, complete acquisitions with a total value of $40 million and maintain reasonable financial leverage on the business as measured by debt to total capitalization. These factors put us in a position where in 2007 we were able to repurchase approximately 10.8 percent of our outstanding shares which increased our return on equity to 26.0%. In the first quarter of 2007 the Company issued $300 million of 1% Senior Convertible Notes that in part funded the share repurchase program with the remaining proceeds used to refinance higher cost debt.
Anixter International is a leading global distributor of communication products, electrical and electronic wire & cable, fasteners and other small parts. The company adds value to the distribution process by providing its customers access to 1) innovative inventory management programs, 2) more than 400,000 products and over $1 billion in inventory, 3) 214 warehouses with more than 6 million square feet of space, and 4) locations in 248 cities in 50 countries. Founded in 1957 and headquartered near Chicago, Anixter trades on The New York Stock Exchange under the symbol AXE.
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