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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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FORM 8-K |
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CURRENT REPORT |
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PURSUANT TO SECTION 13 OR 15(d) OF THE |
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SECURITIES EXCHANGE ACT OF 1934 |
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Date of report (Date of earliest event reported): |
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February 28, 2007 |
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INGRAM MICRO INC. |
(Exact Name of Registrant as Specified in Its Charter)
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Delaware
(State of Incorporation
or organization) |
1-12203
(Commission File
Number) |
62-1644402
(I.R.S. Employer
Identification No.) |
1600 E. St. Andrew Place
Santa Ana, CA 92799-5125
(Address,
including zip code of Registrant’s principal executive offices)
Registrant’s telephone number, including area code: (714) 566-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
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Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 Regulation FD Disclosure
In its recently-filed report on Form
10-K, Ingram Micro Inc. (the “Company”) stated its expectation
that it would be required to record a charge for commercial taxes on software
imports for the period January 2002 to December 2005 if proposed tax legislation
in Brazil was enacted in the form in which it was submitted to the Brazilian
president for signature on February 9, 2007. On February 28, 2007, the subject
legislation was enacted and became law. As a consequence, the Company will
record a charge to cost of sales in the first quarter of 2007 of approximately $33.3
million, consisting of $6.0 million for commercial taxes assessed for
the period January 2002 to September 2002, and $27.3 million for such
taxes that could be assessed for the period October 2002 to December 2005.
All sums expressed above are based upon the exchange rate as of February
28, 2007 of 2.118 Brazilian Reais to the U.S. Dollar. The subject legislation
provides that such taxes are not assessable on software imports for the period
after January 1, 2006. The Company does not anticipate recognizing any income
tax benefits for this charge, which will negatively affect the effective
tax rate for the first quarter of 2007. An effective tax rate of 28% is estimated
for subsequent quarters of 2007.
Based on this event, the Company is
adjusting its net income guidance for the first quarter, which ends March
31, 2007, to reflect the charge of $33.3 million or $0.19 per diluted
share. Net income including this charge now is expected to range from $30
million to $37 million, or $0.17 to $0.21 per diluted share.
First-quarter revenue guidance is not affected by this charge.
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
| INGRAM MICRO INC. |
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| By: |
/s/ Larry C. Boyd |
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Name: |
Larry C. Boyd |
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Title: |
Senior Vice President,
Secretary and General Counsel |
Date: February 28, 2007
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