8 
 
Income taxes on undistributed earnings of non-U.S. subsidiaries 
are not accrued for the portion of such earnings management 
considers to be permanently reinvested.  At June 30, 2012, 
undistributed earnings of non-U.S. subsidiaries considered 
permanently reinvested totaled a pproximately $79.8 million for 
which no provision for U.S. income tax had been made.  At 
June 30, 2012, undistributed earnings of non-U.S. subsidiaries 
not considered permanently reinvested totaled  $13.6 million for 
which $2.8 million in U.S. income taxes were accrued and 
charged to income tax expense during fiscal 2011. 
CAUTIONARY STATEMENT UNDER PRIVATE 
SECURITIES LITIGATION  
REFORM ACT 
This Annual Report to Shareholders, including Management’s 
Discussion and Analysis, contains statements that are forward-
looking based on management’s current expectations about the 
future.  Forward-looking statements are often identified by 
qualifiers, such as “guidance,” “expect,” “believe,” “plan,” 
“intend,” “w ill,” “s hould,” “c ould,” “w ould,” “anticipate,” 
“estimate,” “forecast,” “may,” and  derivative or similar words or 
expressions.  Similarly, descriptions of objectives, strategies, plans, 
or goals are also forward-looking statements.  These statements 
may discuss, among other things, expected growth, future sales, 
future cash flows, future capital expenditures, future performance, 
and the anticipation and expectations of the Company and its 
management as to future occurrences and trends.  The Company 
intends that the forward-looking statements be subject to the  safe 
harbors established in the Private Securities Litigation Reform Act 
of 1995 and by the Securities and Exchange Commission in its 
rules, regulations and releases. 
Readers are cautioned not to place undue reliance on any 
forward-looking statements.  All forward-looking statements are 
based on current expectations regarding important risk factors, 
many of which are outside the Company’s control.  Accordingly, 
actual results may differ materially from those expressed in the 
forward-loo
king statements, and the making of those statements 
should not be regarded as a representation by the Company or 
any other person that the results expressed in the statements will 
be achieved.  In addition, the Company assumes no obligation 
publicly to update or revise any forward-l ooking statements, 
whether because of new informati on or events, or otherwise, 
except as may be required by law. 
Important risk factors include, but are not limited to, the 
foll
owing: risks relating to the operations levels of our customers 
and the economic factors that affect them; changes in the prices 
for products and services relative to the cost of providing them; 
reduction in supplier inventory purchase incentives; loss of key 
supplier authorizations, lack of product availability, or changes in 
supplier distribution programs; the cost of products and energy 
and other operating costs; changes in customer preferences for 
products and services of the nature and  brands sold by us; 
changes in customer procurement policies and practices; 
competitive pressures; our reliance on information systems; our 
ability to implement our ERP system in a timely, cost-effective, 
and competent manner, and to capture its planned benefits while 
maintaining an adequate internal control environment; the 
impact of economic conditions on the collectability of trade 
receivables; reduced demand for our products in targeted 
marke ts due to reasons including consolidation in customer 
industries and the transfer of manufacturing capacity to foreign 
countries; our ability to retain and attract qualified sales and 
customer service personnel; our ability to identify and complete 
acquisitions, integrate them effectively, and realize their 
anticipated benefits; the variability and timing of new business 
opportunities including acquisitions, alliances, customer