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Wesco International Annual Report (Amendment), Year Ended Dec 31, 2007

Filing Date
Filed March 5, 2008
Period End
December 31, 2007
Security
WCC
In the record · 2016–202610-K1210-Q338-K143

WCC filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 143 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Mar ’18Mar ’18
  2. Deal closed8-K · Jun ’20Jun ’20
  3. Material agreement8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 10-K/A filed March 5, 2008. Cited figures are marked; the original filing is the authoritative source.

This Amendment No. 1 to WESCO International, Inc.'s Form 10-K for the year ended December 31, 2007 was filed to correct a clerical error: the name of the independent registered public accounting firm, PricewaterhouseCoopers LLP, had been omitted from its report in Item 8.

The amendment makes no other changes to the financial statements. The filing reproduces the full audited financial statements, which show net sales of $6,003,452 thousanda in 2007, up from $5,320,603 thousand in 2006, and net income of $240,631 thousand, up from $217,320 thousand. Diluted earnings per share were $4.99 in 2007 versus $4.14 in 2006.

PricewaterhouseCoopers issued an unqualified opinion that the financial statements are fairly presented and that internal control over financial reporting was effective as of December 31, 2007. The balance sheet shows total assets of $2,859,887 thousandb and total stockholders' equity of $608,476 thousand, down from $763,227 thousand a year earlier. The decline reflects the repurchase of approximately 7.1 million shares for $430.6 million during 2007, while total debt rose to $1,316,287 thousand from $1,140,314 thousand.

Cash provided by operating activities was $262,278 thousandc in 2007, compared with $207,083 thousand in 2006. Subsequent events include the January 2, 2008 formation of a joint venture with Deutsch Engineered Connecting Devices, in which WESCO holds a 40% interest in its former LADD operations, and a pre-tax gain of approximately $3.0 million from that transaction.

02—Key points

Key Highlights

  1. Net sales rose to $6,003,452 thousand in 2007 from $5,320,603 thousand in 2006, and to $4,421,103 thousand in 2005.
  2. Net income was $240,631 thousand in 2007, versus $217,320 thousand in 2006. Diluted EPS was $4.99, compared with $4.14 in 2006.
  3. Income from operations was $394,224 thousand in 2007, compared with $364,983 thousand in 2006.
  4. Shareholders' equity fell to $608,476 thousand from $763,227 thousand, reflecting share repurchases of about 7.1 million shares for $430.6 million in 2007.
  5. Total debt increased to $1,316,287 thousand from $1,140,314 thousand, including a $480.0 million receivables securitization facility and a $187.3 million revolving credit balance.
  6. Cash from operations was $262,278 thousand in 2007, compared with $207,083 thousand in 2006.
  7. The company's largest supplier accounted for approximately 10% of purchases in 2007, and a lawsuit in Indiana seeks $52 million in damages, which WESCO denies.

03—Questions

Frequently Asked Questions

  1. Why was this amended 10-K filed?

    A clerical error caused the name of the independent registered public accounting firm to be omitted from its report in Item 8. The amendment adds the name, PricewaterhouseCoopers LLP, and makes no other changes to the financial statements.

  2. How did WESCO's profitability change in 2007?

    Net income increased to $240,631 thousand from $217,320 thousand, and diluted EPS increased to $4.99 from $4.14. Income from operations rose to $394,224 thousand from $364,983 thousand, while interest expense, net, increased to $63,196 thousand from $24,622 thousand.

  3. What drove the decline in stockholders' equity?

    Equity fell to $608,476 thousand from $763,227 thousand. The filing attributes the largest effect to share repurchases, with treasury stock rising to $511,478 thousand from $70,820 thousand, which offset net income of $240,631 thousand.

  4. What is the status of the auditor's opinion on internal controls?

    PricewaterhouseCoopers stated that the company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2007, based on the COSO framework.

  5. What events occurred after year-end?

    On January 2, 2008, WESCO completed a transaction in which Deutsch Engineered Connecting Devices took a 60% interest in the LADD operations and WESCO kept 40%. Deutsch paid aggregate consideration of approximately $75 million, and WESCO recognized a pre-tax gain of approximately $3.0 million. WESCO also settled a repurchase of about 0.3 million shares for approximately $13.3 million in January 2008.

04—Continue

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