8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):

February 18, 2010

INGRAM MICRO INC.

(Exact Name of Registrant as Specified in Its Charter)

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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02  Results of Operations and Financial Condition.

On February 18, 2010, Ingram Micro Inc. (“Ingram Micro”) issued a press release announcing its financial results for the fiscal quarter and year ended January 2, 2010.  A copy of the press release, together with the related financial schedules, are attached hereto as Exhibit 99.1, the text of which are incorporated by reference herein.  This press release, together with the related financial schedules, are not to be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing, or to form a part of Ingram Micro’s public disclosure in the United States or otherwise.

GAAP to Non-GAAP Reconciliation

The press release includes the following financial measures: “non-GAAP operating income”, “non-GAAP operating margin”, “non-GAAP operating expenses,” “non-GAAP income before income taxes”, “non-GAAP provision for income taxes”, “non-GAAP net income” and “non-GAAP net income per diluted share,” which are “non-GAAP financial measures” as defined in Regulation G of the Exchange Act.  Ingram Micro defines these adjusted financial measures as operating income, operating margin, operating expenses, net income, and net income per diluted share, as reported under generally accepted accounting principles (“GAAP”) less the estimated goodwill impairment charge and related deferred tax benefits discussed under “2008 Material Impairments” below.

Ingram Micro management uses these adjusted financial measures internally as primary indicators to conduct and measure its business and evaluate the performance of its consolidated operations and geographic operating segments.  Management believes these adjusted measures also provide useful information to investors because they provide a meaningful comparison to prior operating periods and may be more indicative of the level of future operating results.

These adjusted financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of Ingram Micro’s operations that, when viewed with its GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business. These adjusted financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with generally accepted accounting principles.

With respect to the adjusted financial measures discussed in the press release, Ingram Micro has provided, as an attachment to such press release, a reconciliation of the adjusted financial measures to the most directly comparable GAAP financial measures.

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2008 Material Impairments

In the fourth quarter of 2008, Ingram Micro experienced a significant decline in the market value of its stock as a result of the depressed macroeconomic environment and volatility in the equity markets.  In connection with this downturn, Ingram Micro management performed impairment tests of the goodwill in each of the Company’s reporting units in accordance with the requirements of Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets.”  Fair values of the reporting units and their underlying assets were determined by management with the assistance of an independent third-party valuation firm.  On February 17, 2009, management reviewed the results of these tests with the Audit Committee of the Board of Directors and concluded that the goodwill in each of its reporting units was fully impaired.  Accordingly, Ingram Micro recorded a non-cash goodwill impairment charge of $742.6 million and related deferred tax benefits of $82.9 million for the quarter ended January 3, 2009.  This noncash goodwill impairment charge did not adversely impact Ingram Micro’s normal business operations, liquidity or availability under its credit facilities.

Item 9.01  Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release dated February 18, 2010 and related financial schedules.

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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.
By:	/s/ Larry C. Boyd
Name:	Larry C. Boyd
Title:	Executive Vice President, Secretary and General Counsel

Date:   February 18, 2010

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EX-99.1

Exhibit 99.1

For More Information Contact:

Investors:	Media:
Ria Marie Carlson (714) 382-4400	Cliff Crisanti (714) 382-1138
ria.carlson@ingrammicro.com	clifford.crisanti@ingrammicro.com
Kay Leyba (714) 382-4175	Lisa Zwick (714) 382-2378
kay.leyba@ingrammicro.com	lisa.zwick@ingrammicro.com

INGRAM MICRO REPORTS

 FOURTH-QUARTER AND FULL-YEAR 2009 FINANCIAL RESULTS

Operating Expenses Decline Despite Revenue Growth

Fourth Quarter Operating Margins Strong in all Regions

SANTA ANA, Calif., Feb. 18, 2010 —Ingram Micro Inc. (NYSE: IM), the world's largest technology distributor, today announced financial results for the fourth quarter and fiscal year of 2009, which ended January 2, 2010.

Worldwide sales for the fourth quarter were $8.81 billion, an increase of one percent compared with sales of $8.68 billion in the prior-year period.  The translation of relatively stronger foreign currencies had a positive effect of approximately six percentage points.

Fourth quarter net income was $107.0 million, or $0.64 per diluted share, which included a net benefit of $0.03 per share comprised of the following items: a benefit recorded in cost of sales of $9.8 million, or $0.06 per diluted share, related to the release of a portion of the reserves for commercial taxes on software imports into Brazil, for which the statute of limitations for an assessment has expired; and costs of approximately $7.7 million, or $0.03 per diluted share, related to expense-reduction programs primarily in North America and Europe.

In the fourth quarter of 2008, the company posted a net loss of $564.3 million, or $3.48 per diluted share,which included:  a non-cash charge of $742.6 million ($659.8 million after tax), or $4.07 per diluted share, for the impairment of goodwill; a benefit recorded in cost of sales of $8.2 million, or $0.05 per diluted share, related to the release of a portion of the reserves for commercial taxes in Brazil; and costs of approximately $6.8 million or $0.03 per diluted share, related to expense-reduction programs.

“We ended 2009 on a high note, with strong sequential growth in the final two quarters and good progress in our largest regions,” said Gregory Spierkel, chief executive officer, Ingram Micro Inc.  “North America delivered the highest sequential sales growth in seven years, on top of the near-record sequential growth in the third quarter.  EMEA is back on track with operating income at healthy, pre-recession levels, while Asia-Pacific generated year-on-year growth. The benefits of our expense-reduction actions were evident, even excluding the impact of the prior year goodwill impairment charge, as operating expenses declined on

Ingram Micro Reports Fourth-Quarter and Full-Year 2009 Results

higher revenues compared with the prior-year period.  There is still more work to do, but the trends are positive and we are externally focused on growth with enhanced profitability.”

Additional Fourth Quarter Highlights

For additional detail regarding the results outlined below, please refer to the financial statements and schedules attached to this news release or visit www.ingrammicro.com.

Regional Sales

· North America sales were $3.59 billion (41 percent of total sales), a decrease of five percent versus the $3.80 billion reported in the year-ago quarter.

· Europe, Middle East and Africa (EMEA) sales grew four percent to $3.05 billion (35 percent of total sales) versus $2.95 billion in the year-ago quarter.  The translation impact of relatively strongerEuropean currencies had a positive effect of approximately 10 percentage points.

· Asia-Pacific sales grew 16 percent to $1.72 billion (19 percent of total sales) versus $1.49 billion reported in the year-ago quarter. The translation impact of regional currencies had a positive effect of approximately 13 percentage points.

· Latin Americasales were $446 million (5 percent of total sales), a decline of two percent versus $455 million reported a year ago.  The translation impact of relatively stronger local currencies had a positive effect of approximately seven percentage points.

Gross Margin

Gross margin for the 2009 fourth quarter was 5.69 percent, a decrease of 23 basis points versus the ten-year high achieved in the prior-year quarter.  The partial release of commercial tax reserves in Brazil, described above, had a positive fourth-quarter impact of 11 basis points in 2009 and nine basis points in 2008.  Year-over- year comparisons are impacted by softer volumes in the fee-for-service division, weak margins in our North American high-end home entertainment division, greater mix of business in lower-margin geographies such as China, and the limited, strategic use of gross margins to drive sales growth.

Operating Expenses

Total operating expenses were $354.7 million (4.03 percent of total sales), which included $7.7 million (0.09 percent of total sales) in costs associated with the company’s expense-reduction programs.In the year-ago quarter, operating expenses were $1.11 billion, which included the previously discussed goodwill impairment charge.  Excluding this charge, non-GAAP operating expenses in the prior year quarter were $368.8 million, or

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Ingram Micro Reports Fourth-Quarter and Full-Year 2009 Results

4.25 percent of sales, which included $6.8 million (0.08 percent of sales) in severance and other costs related to the company’s expense-reduction programs.

Operating Income

Worldwide operating income was $146.5 million (1.66 percent of total sales), which included the aggregate benefit of $2.1 million (0.02 percent of total sales) from the release of Brazilian commercial tax reserves, partially offset by expense-reduction program costs.  In the prior-year quarter, the company posted an operating loss of $597.1 million including the goodwill impairment charge.  Excluding this charge, non-GAAP operating income was $145.5 million (1.68 percent of sales), which included a two-basis-point net benefit related to the partial release of Brazilian commercial tax reserves and the expense-reduction program costs.

· North America operating income was $53.4 million (1.49 percent of North America sales), which included $5.7 million (0.16 percent of sales) in expense-reduction program costs. In the year-ago quarter, North America posted an operating loss of $179.5 million, which included a goodwill impairment charge of $243.2 million. Excluding this charge, non-GAAP operating income was $63.7 million (1.68 percent of sales), which included $0.3 million (0.01 percent of sales) in expense-reduction program costs.

· EMEA operating income was $53.9 million (1.77 percent of EMEA sales), which included $1.2 million (0.04 percent of sales) in expense-reduction program costs. In the year-ago quarter, the region’s operating income was $4.3 million, which included a goodwill impairment charge of $24.1 million.  Excluding this charge, non-GAAP operating income was $28.4 million (0.96 percent of sales), which included $6.5 million (0.22 percent of sales) in expense-reduction program costs.

· Asia-Pacific operating income was $25.7 million (1.49 percent of Asia-Pacific sales), which included $0.7 million (0.04 percent of sales) in expense-reduction program costs. In the comparable period in the prior year, Asia-Pacific’s operating loss was $444.1 million, which included $475.3 million of the goodwill impairment charge.  Excluding this charge, non-GAAP operating income was $31.2 million (2.10 percent of sales).

· Latin America operating income was $21.0 million (4.70 percent of Latin America sales), including the benefit of $9.8 million (2.19 percent of sales) related to the previously described release of a portion of the company’s commercial tax reserve in Brazil, and $0.1 million (0.02 percent of sales) in expense-reduction program costs.  In the year-ago quarter, operating income was $21.5 million (4.74 percent of sales), which also included a partial release of the commercial tax reserve in Brazil of $8.2 million (1.81 percent of sales).

· Stock-based compensation expense was $7.4 million.  This compares with a net benefit to operating income of $0.7 million in the prior-year quarter, the result of reduced accruals for long-term incentive compensation programs tied to performance-based restricted stock units.  Stock-based compensation impacts are presented

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Ingram Micro Reports Fourth-Quarter and Full-Year 2009 Results

as a separate reconciling amount in the company’s segment reporting in both periods and are not included in the regional operating results, but are included in the total worldwide operating results.

Other expense for the quarter was $5.6 million versus $14.3 million in the year-ago period, primarily driven by higher net cash levels (cash less debt outstanding) and lower average interest rates.

The effective tax rate for the quarter was 24 percent, which was favorably impacted by approximately 2 percentage points from the release of reserves for commercial taxes on software imports into Brazil for which no income tax was applied.

Total depreciation and amortization was $17.1 million.

Capital expenditures were $21.7 million.

Balance Sheet Highlights

· The cash and cash equivalents balance at year end was $911 million, an increase of $148 million over the 2008 year-end balance.

· Total debt was $379 million, a decrease of $99 million from 2008 year-end. Debt-to-capitalization was reduced to 11 percent versus 15 percent at the end of 2008.

· Inventory was $2.5 billion, or 27 days on hand, compared with $2.3 billion, or 28 days on hand, at the end of 2008.

· Working capital days were 21 versus 22 at year-end 2008.

“The business seems to have hit an inflection point,” said William Humes, senior executive vice president and chief financial officer.  “We made progressive improvements in the last half of the year and delivered a modest increase in revenues despite fewer selling days compared with last year’s fourth quarter.  The two years of work toward reducing expenses, fixing underperforming businesses and adjusting terms and conditions for certain accounts are paying off, providing a strong platform for future operating leverage.  We intend to drive growth intelligently, balancing gross margin stability, expense maintenance and working capital management to enhance profitability and return on invested capital.  Our strong balance sheet provides ample capacity to invest in advantageous expansion opportunities.”

Fiscal Year Results

For the twelve months ended Jan. 2, 2010, worldwide sales were $29.52 billion, a 14 percent decrease from $34.36 billion reported for the same period a year ago, reflecting the challenging global economic

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Ingram Micro Reports Fourth-Quarter and Full-Year 2009 Results

 environment and unfavorable translation impact of weaker foreign currencies of approximately three percentage points.

Sales for North America were $12.33 billion (a 13 percent decrease versus 2008); $9.48 billion for EMEA (an 18 percent decrease, which included a six-percentage-point negative impact from the translation of weaker foreign currencies); $6.24 billion for Asia-Pacific (a 10 percent decrease, which included a five-percentage-point negative impact from the translation of weaker foreign currencies); and $1.46 billion for Latin America (a 16 percent decrease, which included a nine-percentage-point negative impact from the translation of weaker foreign currencies).

Worldwide operating income for the full year was $295.9 million (1.00 percent of total sales), which included items aggregating to a net charge of $30.4 million (0.11 percent of sales) comprised of the following:  a benefit of $9.8 million (0.03 percent of sales) related to the partial release of the Brazilian tax reserve, more than offset by expense-reduction program costs of $37.6 million (0.13 percent of sales) and a goodwill impairment charge totaling $2.5 million (0.01 percent of sales).  For the 2008 fiscal year, the company posted a worldwide operating loss of $332.2 million, which included items aggregating to a charge of $753.0 million (2.19 percent of sales) comprised of the following: a benefit of $8.2 million (0.02 percent of sales) related to the partial release of the Brazilian tax reserve, more than offset by expense-reduction program costs of $18.6 million (0.05 percent of sales) and a goodwill impairment charge of $742.6 million (2.16 percent of sales).

Twelve-month net income was $202.1 million, or $1.22 per diluted share, which included the items listed above aggregating to an after-tax charge of $19.9 million, or $0.12 per diluted share.  For the 2008 fiscal year, the company posted a net loss of $394.9 million, or $2.37 per diluted share, which included the goodwill impairment charge of $742.6 million ($659.8 million after tax, or $3.96 per diluted share) discussed previously, as well as net charges described above totaling $0.03 per diluted share.

Outlook

 “The new year is off to a good start,” said Spierkel.  “For the first quarter of 2010, we expect a sequential revenue decline within historical seasonal norms, which should still result in strong year-over-year growth.  Gross margins should also decline seasonally, with continued tight management of operating expenses.  We will continue to invest in growth and improvement initiatives that meet our strategic imperatives.”

Spierkel continued, “We are encouraged by signs of economic growth.  The improvements we’ve made since mid-2008, coupled with our re-energized attitude toward profitable growth, have us well-positioned for the rebound in demand.  While we do not expect the economies to improve uniformly among all regions, we are singularly focused on improving returns on invested capital through profitable growth and enhancing total returns for our shareholders.”

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Ingram Micro Reports Fourth-Quarter and Full-Year 2009 Results

Conference Call and Webcast

Additional information about Ingram Micro’s financial results will be presented in a conference call with presentation slides today at 5 p.m. ET.  To listen to the conference call Web cast and view the accompanying presentation slides, visit the company’s Web site at www.ingrammicro.com (Investor Relations section).  The conference call is also accessible by telephone at (888) 455-0750 (toll-free within the United States and Canada) or (210) 839-8501 (other countries).

The replay of the conference call with presentation slides will be available for one week at www.ingrammicro.com (Investor Relations section) or by calling (800) 678-3180 or (402) 220-3063 outside the United States and Canada.

Cautionary Statement for the Purpose of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995

The matters in this press release that are forward-looking statements, including but not limited to statements about economic conditions, capital resources, cost reduction actions, revenues, operating income, margins, expenses, integration costs, operating efficiencies, profitability, market share and rates of return, are based on current management expectations. Certain risks may cause such expectations to not be achieved and, in turn, may have a material adverse effect on Ingram Micro's business, financial condition and results of operations.  Ingram Micro disclaims any duty to update any forward-looking statements.  Important risk factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, without limitation: (1) difficult conditions in the global economy have affected our business and results of operations and these conditions may not improve in the near future and may worsen; (2) our failure to adequately adapt to industry changes could negatively impact our future operating results; (3) we have significant credit exposure to our customers and negative trends in their businesses could cause us significant credit loss; (4) we continually experience intense competition across all markets for our products and services, which may intensify; (5) we operate a global business that exposes us to risks associated with international activities; (6) we are dependent on a variety of information systems, and continued enhancements to systems, processes and procedures and infrastructure on a global basis, which if not properly functioning, could adversely disrupt our business, and harm our reputation, net sales and operating results; (7) changes in our credit rating or other market factors, such as adverse capital and credit market conditions may affect our ability to meet liquidity needs through reduced access to capital, and/or it increase our cost of borrowing; (8) we have made and expect to continue to make investments in new business strategies and initiatives, including acquisitions, which could disrupt our business and have an adverse effect on our operating results; (9) terminations of a supply or services agreement or a significant change in supplier terms or conditions of sale could negatively affect our operating margins, revenue or the level of capital required to fund our operations; (10) changes in, or interpretations of, tax rules and regulations may adversely affect our effective tax rates or operating margins and we may be required to pay additional tax assessments; (11) we cannot predict with certainty what loss we might incur in litigation matters and contingencies that we may be involved with from time to time; (12) the loss of a key executive officer or other key employees, or changes affecting the work force such as government regulations, collective bargaining agreements or the limited availability of qualified personnel, could disrupt operations or increase our cost structure; (13) we may incur material litigation, regulatory or operating costs or expenses, and may be frustrated in our marketing efforts, as a result of new environmental regulations or private intellectual property enforcement disputes; (14) if our business does not perform well, we may be required to recognize further impairments of our intangible or other long-lived assets or establish a valuation allowance against our deferred income tax assets, which could adversely affect our results of operations or financial condition;  (15) we face a variety of risks with our reliance on third-parties service companies, including shipping companies for the delivery of our products and outsourcing arrangements; (16) changes in accounting rules could adversely affect our future operating results; (17) future terrorist or military actions could result in disruption to our operations or loss of assets, in certain markets or globally; and (18) our quarterly results have fluctuated significantly.

Ingram Micro has instituted in the past and continues to institute changes to its strategies, operations and processes intended to address these risk factors and to mitigate their impact on Ingram Micro's results of operations and financial

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Ingram Micro Reports Fourth-Quarter and Full-Year 2009 Results

condition. However, no assurances can be given that Ingram Micro will be successful in these efforts. For a further discussion of significant factors to consider in connection with forward-looking statements concerning Ingram Micro, reference is made to Item 1A Risk Factors of Ingram Micro's Annual Report on Form 10-K for the year ended January 3, 2009; other risks or uncertainties may be detailed from time to time in Ingram Micro's future SEC filings.

About Ingram Micro Inc.

As a vital link in the technology value chain, Ingram Micro creates sales and profitability opportunities for vendors and resellers through unique marketing programs, outsourced logistics services, technical support, financial services, and product aggregation and distribution.  The company serves approximately 150 countries and is the only global broad-based IT distributor with operations in Asia.  Visit www.ingrammicro.com.

# # #

Ó 2010 Ingram Micro Inc.  All rights reserved.  Ingram Micro and the registered Ingram Micro logo are trademarks used under license by Ingram Micro Inc.

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Ingram Micro Inc.

Consolidated Balance Sheet

(Dollars in 000s)

(Unaudited)

	January 2,		January 3,
	2010		2009
ASSETS
Current assets:
Cash	$	910,936	$	763,495
Trade accounts receivable, net		3,943,243		3,179,455
Inventory		2,499,895		2,306,617
Other current assets		392,831		425,270
Total current assets		7,746,905		6,674,837
Property and equipment, net		221,710		202,142
Other assets		210,735		206,494
Total assets	$	8,179,350	$	7,083,473
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	4,296,224	$	3,427,362
Accrued expenses		423,365		485,573
Short-term and current maturities of long-term debt		77,071		121,724
Total current liabilities		4,796,660		4,034,659
Long-term debt, less current maturities		302,424		356,664
Other liabilities		68,453		36,305
Total liabilities		5,167,537		4,427,628
Stockholders' equity		3,011,813		2,655,845
Total liabilities and stockholders' equity	$	8,179,350	$	7,083,473

Page 1

Ingram Micro Inc.

Consolidated Statement of Income

(Dollars in 000s, except per share data)

(Unaudited)

	Thirteen			Fourteen
	Weeks Ended			Weeks Ended
	January 2, 2010			January 3, 2009
Net sales	$	8,807,190		$	8,684,517
Cost of sales		8,306,000			8,170,211
Gross profit		501,190	(a)		514,306	(a)
Operating expenses:
Selling, general and administrative		347,711			361,993
Impairment of goodwill		-			742,653
Reorganization costs		6,959			6,802
		354,670	(a)		1,111,448	(a)
Income (loss) from operations		146,520			(597,142	)
Interest and other		5,553			14,323
Income (loss) before income taxes		140,967			(611,465	)
Provision for (benefit from) income taxes		33,944			(47,180	)
Net income (loss)	$	107,023		$	(564,285	)
Diluted earnings (loss) per share	$	0.64		$	(3.48	)
Diluted weighted average shares outstanding		167,759,493			161,929,448

(a) See related footnote on the schedule of supplementary information for the thirteen weeks ended January 2, 2010 and fourteen weeks ended January 3, 2009.

Page 2

Ingram Micro Inc.

Consolidated Statement of Income

(Dollars in 000s, except per share data)

(Unaudited)

	Fifty-two			Fifty-three
	Weeks Ended			Weeks Ended
	January 2, 2010			January 3, 2009
Net sales	$	29,515,446		$	34,362,152
Cost of sales		27,845,237	(a)		32,422,061	(a)
Gross profit		1,670,209			1,940,091
Operating expenses:
Selling, general and administrative		1,337,696			1,512,578
Impairment of goodwill		2,490			742,653
Reorganization costs		34,083			17,029
		1,374,269	(a)		2,272,260	(a)
Income (loss) from operations		295,940			(332,169	)
Interest and other		26,692			49,969
Income (loss) before income taxes		269,248			(382,138	)
Provision for income taxes		67,110			12,783
Net income (loss)	$	202,138		$	(394,921	)
Diluted earnings (loss) per share	$	1.22		$	(2.37	)
Diluted weighted average shares outstanding		165,565,810			166,542,541

(a) See related footnote on the schedule of supplementary information for the fifty-two weeks ended January 2, 2010 and fifty-three weeks ended January 3, 2009.

Page 3

Ingram Micro Inc.

Supplementary Information

Income (Loss) from Operations

(Dollars in 000s)

(Unaudited)

	Thirteen Weeks Ended January 2, 2010 (a)
			Operating			Operating
	Net Sales		Income			Margin
North America	$	3,590,683	$	53,367			1.49	%
EMEA		3,051,295		53,940			1.77	%
Asia-Pacific		1,719,378		25,690			1.49	%
Latin America		445,834		20,965			4.70	%
Stock-based compensation expense		-		(7,442	)		-
Consolidated Total	$	8,807,190	$	146,520			1.66	%

	Fourteen Weeks Ended January 3, 2009 (b)
									Non-GAAP
			Operating			Impairment			Operating
	Net Sales		Income (Loss)			of Goodwill			Income
North America	$	3,796,364	$	(179,506	)	$	243,190		$	63,684
EMEA		2,946,263		4,255			24,125			28,380
Asia-Pacific		1,487,225		(444,104	)		475,338			31,234
Latin America		454,665		21,529			-			21,529
Stock-based compensation expense		-		684			-			684
Consolidated Total	$	8,684,517	$	(597,142	)	$	742,653		$	145,511
									Non-GAAP
			Operating			Impairment			Operating
			Margin (Loss)			of Goodwill			Margin (c)
North America				(4.73	%)		6.41	%		1.68	%
EMEA				0.14	%		0.82	%		0.96	%
Asia-Pacific				(29.86	%)		31.96	%		2.10	%
Latin America				4.74	%		-			4.74	%
Stock-based compensation expense				-			-			-
Consolidated Total				(6.88	%)		8.55	%		1.68	%

(a)  The thirteen weeks ended January 2, 2010 includes: net charges of $7,660 (0.09% of consolidated net sales) to operating expenses comprised of $5,676 in North America (0.16% of North America net sales), $1,236 in EMEA (0.04% of EMEA net sales), $651 in Asia-Pacific (0.04% of Asia-Pacific net sales), and $97 in Latin America (0.02% of Latin America net sales), primarily for reorganization costs ($6,959) associated with headcount reductions and facility exit costs, and charges to SG&A expenses ($701) primarily for retention and accelerated depreciation of fixed assets associated with the exit of facilities; and a benefit of $9,758 (0.11% of consolidated net sales and 2.19% of Latin America net sales) recorded in cost of sales related to the release of a portion of the reserve for Brazilian commercial taxes for which the statute of limitations has expired.

(b)  The fourteen weeks ended January 3, 2009 includes: charges of $6,802 (0.08% of consolidated net sales) to operating expenses comprised of $281 in North America (0.01% of North America net sales), $6,506 in EMEA (0.22% of EMEA net sales), and $15 in Asia-Pacific, primarily for reorganization costs associated with headcount reductions and facility consolidations; and a benefit of $8,224 (0.09% of consolidated net sales and 1.81% of Latin America net sales) recorded to cost of sales related to the release of a portion of the reserve for Brazilian commercial taxes for which the statute of limitations has expired.

(c)  Non-GAAP operating margin is calculated by dividing non-GAAP operating income by net sales.

Page 4

Ingram Micro Inc.

Supplementary Information

Income (Loss) from Operations

(Dollars in 000s)

(Unaudited)

	Fifty-two Weeks Ended January 2, 2010 (a)
			Operating			Operating
	Net Sales		Income			Margin
North America	$	12,326,555	$	105,679			0.86	%
EMEA		9,483,328		92,856			0.98	%
Asia-Pacific		6,243,455		83,704			1.34	%
Latin America		1,462,108		35,928			2.46	%
Stock-based compensation expense		-		(22,227	)		-
Consolidated Total	$	29,515,446	$	295,940			1.00	%

	Fifty-three Weeks Ended January 3, 2009 (b)
									Non-GAAP
			Operating			Impairment			Operating
	Net Sales		Income (Loss)			of Goodwill			Income
North America	$	14,191,995	$	(49,011	)	$	243,190		$	194,179
EMEA		11,534,968		42,014			24,125			66,139
Asia-Pacific		6,904,640		(353,518	)		475,338			121,820
Latin America		1,730,549		43,191			-			43,191
Stock-based compensation expense		-		(14,845	)		-			(14,845	)
Consolidated Total	$	34,362,152	$	(332,169	)	$	742,653		$	410,484
									Non-GAAP
			Operating			Impairment			Operating
			Margin (Loss)			of Goodwill			Margin (c)
North America				(0.35	%)		1.71	%		1.37	%
EMEA				0.36	%		0.21	%		0.57	%
Asia-Pacific				(5.12	%)		6.88	%		1.76	%
Latin America				2.50	%		-			2.50	%
Stock-based compensation expense				-			-			-
Consolidated Total				(0.97	%)		2.16	%		1.19	%

(a) The fifty-two weeks ended January 2, 2010 includes: net charges of $37,636 (0.13% of consolidated net sales) to operating expenses comprised of $24,267 in North America (0.20% of North America net sales), $9,462 in EMEA (0.10% of EMEA net sales),$3,574 in Asia-Pacific (0.06% of Asia-Pacific net sales), and $333 in Latin America (0.02% of Latin America net sales), primarily for reorganization costs ($34,083) associated with headcount reductions and facility exit costs, and charges to SG&A expenses ($3,553) primarily for consulting, retention and accelerated depreciation of fixed assets associated with the exit of facilities; a benefit of $9,758 (0.03% of consolidated net sales and 0.67% of Latin America net sales) recorded in cost of sales related to the release of a portion of the reserve for Brazilian commercial taxes for which the statute of limitations has expired; and an impairment of goodwill of $2,490 (0.01% of consolidated net sales and 0.04% of Asia-Pacific net sales) related to the acquisitions of VAD and Vantex.

(b) The fifty-three weeks ended January 3, 2009 includes: net charges of $18,573 (0.05% of consolidated net sales) to operating expenses comprised of $1,838 in North America (0.01% of North America net sales), $16,444 in EMEA (0.14% of EMEA net sales), and $291 in Asia-Pacific, primarily for reorganization costs ($17,029) associated with headcount reductions and facility consolidations and other charges to SG&A expenses ($1,544) for other costs associated with the reorganization program; and a benefit of $8,224 (0.02% of consolidated net sales and 0.48% of Latin America net sales) recorded in cost of sales related to the release of a portion of the reserve for Brazilian commercial taxes for which the statute of limitations has expired.

(c) Non-GAAP operating margin is calculated by dividing non-GAAP operating income by net sales.

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Ingram Micro Inc.

Supplementary Information

Reconciliation of Non-GAAP to GAAP Financial Measures

(Dollars in 000s, except per share data)

(Unaudited)

	Fourteen Weeks Ended January 3, 2009
							Non-GAAP
	As Reported			Impairment of			Financial
	Under GAAP			Goodwill (a)			Measure
Operating expenses (b)	$	1,111,448		$	(742,653	)	$	368,795
Income (loss) from operations		(597,142	)		742,653			145,511
Income (loss) before income taxes		(611,465	)		742,653			131,188
Provision for (benefit from) income taxes		(47,180	)		82,873			35,693
Net income (loss)		(564,285	)		659,780			95,495
Basic and diluted earnings (loss) per share	$	(3.48	)	$	4.07		$	0.59

(a) Reflects charge for impairment of goodwill and related tax benefits.  Per share impact is calculated by dividing the net amount by the basic weighted average shares outstanding of 161,929,448.

(b) As a percentage of net sales, GAAP operating expenses for the fourteen weeks ended January 3, 2009 represent 12.80% and non-GAAP operating expenses represent 4.25%.

	Fifty-three Weeks Ended January 3, 2009
							Non-GAAP
	As Reported			Impairment			Financial
	Under GAAP			of Goodwill (a)			Measure
Operating expenses (b)	$	2,272,260		$	(742,653	)	$	1,529,607
Income (loss) from operations		(332,169	)		742,653			410,484
Income (loss) before income taxes		(382,138	)		742,653			360,515
Provision for income taxes		12,783			82,873			95,656
Net income (loss)		(394,921	)		659,780			264,859
Basic and diluted earnings (loss) per share	$	(2.37	)	$	3.96		$	1.59

(a) Reflects charge for impairment of goodwill and related tax benefits.  Per share impact is calculated by dividing the net amount by the basic weighted average shares outstanding of 166,542,541.

(b) As a percentage of net sales, GAAP operating expenses for the fifty-three weeks ended January 3, 2009 represent 6.61% and non-GAAP operating expenses represent 4.45%.

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