##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended March 31, 2010
  o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 Commission File Number: 0-18706
 Black Box Corporation
  Delaware
    
    95-3086563(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. Employer Identification No.)1000 Park Drive, Lawrence, Pennsylvania
    
    15055(Address of principal executive offices)
    
    (Zip Code)
 724-746-5500
  (Title of each class)
    
    (Name of each exchange on which registered)Common Stock, $.001 par value
    
    The NASDAQ Global Market
 None
 o þ
 o þ
 þ o
 o o
 þ
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
   DOCUMENTS INCORPORATED BY REFERENCE




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##### 



BLACK BOX CORPORATION
FOR THE FISCAL YEAR ENDED MARCH 31, 2010
INDEX
 PagePART IItem 1.
    
    Business
    
    
    3Item 1A.
    
    Risk Factors
    
    
    7Item 1B.
    
    Unresolved Staff Comments
    
    
    8Item 2.
    
    Properties
    
    
    8Item 3.
    
    Legal Proceedings
    
    
    8Item 4.
    
    [Removed and Reserved]
    
    
    9PART IIItem 5.
    
    Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
    
    
    11Item 6.
    
    Selected Financial Data
    
    
    12Item 7.
    
    Management's Discussion and Analysis of Financial Condition and Results of Operations
    
    
    13Item 7A.
    
    Quantitative and Qualitative Disclosures about Market Risk
    
    
    27Item 8.
    
    Financial Statements and Supplementary Data
    
    
    29Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    60Item 9A.
    
    Controls and Procedures
    
    
    60Item 9B.
    
    Other Information
    
    
    63PART IIIItem 10.
    
    Directors, Executive Officers and Corporate Governance
    
    
    64Item 11.
    
    Executive Compensation
    
    
    64Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    64Item 13.
    
    Certain Relationships and Related Transactions, and Director Independence
    
    
    64Item 14.
    
    Principal Accounting Fees and Services
    
    
    64PART IVItem 15.
    
    Exhibits and Financial Statement Schedules
    
    
    65Signatures
    
    
    68EX-10.22EX-21.1EX-23.1EX-31.1EX-31.2EX-32.1




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##### Table of Contents



PART I
 
 Item1. Business.
 Overview.
 ®
   Industry Background.
  Business Strategy.
 Expert
Technical Support Deployed Three Ways.
 Locally at Client Sites. ® ® ® ® ® ® ® ® ® ®  ®  ®
 24/7/365 Technical Support.
 3




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www.blackbox.com Internet Web Site. http://www.blackbox.com.
 Worldwide Coverage.
 Strategic Partnerships with Leading Voice and Data Product Manufacturers.
 Quality Networking Solutions and Comprehensive Warranties. ®
 Brand Name.
 ISO 9001 Certified.
 Proprietary Client List.
 Rapid Order Fulfillment.
 Growth Strategy. ®
 Fiscal 2010:
   Fiscal 2009:
  4




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##### Table of Contents



Fiscal 2008:
     Percent of Consolidated RevenuesService Type
    
    FY10
    
    FY09
    
    FY08
    
    FY07
    
    FY06Data Services
    
    
    19
    %
    
    
    19
    %
    
    
    19
    %
    
    
    18
    %
    
    
    27
    %Voice Services
    
    
    62
    %
    
    
    60
    %
    
    
    58
    %
    
    
    60
    %
    
    
    43
    %Hotline Services
    
    
    19
    %
    
    
    21
    %
    
    
    23
    %
    
    
    22
    %
    
    
    30
    %Black Box Total
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
 Clients.
 Marketing.
 Black Box® Catalog
 5




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##### Table of Contents



Technical Services.
 Worldwide Headquarters.
 Products. .
 Manufacturers and Suppliers.
  Information Systems.
  Backlog.
 Team Members.
 Financial Information.
 International Revenues.
 Other Information. http://www.blackbox.com.
 6




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##### Table of Contents



Item1A. Risk Factors.
  We are dependent upon certain key supply chain and distribution agreements.
 We are dependent upon the demand for products and services.
 We face intense competition.
 Our financial results are dependent on our economic environments.
 Our revenue is dependent upon repeat customer business and generally is not subject to
long-term contracts.
 We are dependent upon the successful integration of acquired businesses.
 We are dependent upon the retention of our key personnel.
 We are dependent upon future mergers and acquisitions for a portion of our growth.
 A significant part of our business involves public sector customers which provides unique
risks.
 We can provide no assurance that we will continue to have adequate liquidity.
 7




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We are subject to the risks of international operations.
 Our stock price fluctuates.
 We have a significant amount of goodwill that could be subject to impairment. Goodwill
 
 Item1B. Unresolved Staff Comments.
  
 Item2. Properties.
    
 Item 3. Legal Proceedings.
 Regulatory Matters
  8




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##### Table of Contents



Litigation Matters
 In re Black Box Corporation Derivative Litigation
   
 Item 4. [Removed and Reserved].
 Executive Officers of the Registrant
  Name
    
    Age
    
    Position with the CompanyR. Terry Blakemore
    
    
    53
    
    
    President and Chief Executive OfficerMichael McAndrew
    
    
    50
    
    
    Executive Vice President, Chief Financial Officer, Treasurer, Secretary and Principal Accounting OfficerFrancis W. Wertheimber
    
    
    57
    
    
    Senior Vice President  Pacific Rim/Far East
  R. TERRY BLAKEMORE
 MICHAEL MCANDREW
 9




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##### Table of Contents



FRANCIS W. WERTHEIMBER
 Directors of the Registrant
  WILLIAM F. ANDREWS
 R. TERRY BLAKEMORE
 RICHARD L. CROUCH
 THOMAS W. GOLONSKI
 THOMAS G. GREIG
 WILLIAM H. HERNANDEZ,
 EDWARD A. NICHOLSON, PH.D.
 10




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##### Table of Contents



PART II
 
 Item5.
Market forRegistrants Common Equity,
RelatedStockholder Matters andIssuer Purchases ofEquity Securities.
 Common Stock Information:
   High
    
    
    LowFiscal 20101st Quarter
    
    $
    37.67
    
    
    $
    23.182nd Quarter
    
    
    34.53
    
    
    
    24.033rd Quarter
    
    
    30.07
    
    
    
    24.254th Quarter
    
    
    33.31
    
    
    
    25.80Fiscal 20091st Quarter
    
    $
    32.67
    
    
    $
    27.622nd Quarter
    
    
    39.53
    
    
    
    26.633rd Quarter
    
    
    36.36
    
    
    
    19.754th Quarter
    
    
    28.37
    
    
    
    16.24
  Dividend Policy:
   Stockholders:
  Equity Plan Compensation Information:
  Issuance of Unregistered Securities:
  11




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##### Table of Contents



Item 6. Selected Financial Data.
  Fiscal2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Statements of IncomeRevenuesHotline products
    
    $
    180,296
    
    
    $
    209,793
    
    
    $
    235,314
    
    
    $
    222,903
    
    
    $
    213,946On-Site services
    
    
    781,097
    
    
    
    789,755
    
    
    
    781,428
    
    
    
    793,407
    
    
    
    507,389Total
    
    
    961,393
    
    
    
    999,548
    
    
    
    1,016,742
    
    
    
    1,016,310
    
    
    
    721,335Cost of salesHotline products
    
    
    93,636
    
    
    
    108,561
    
    
    
    122,011
    
    
    
    113,780
    
    
    
    108,220On-Site services
    
    
    532,376
    
    
    
    533,807
    
    
    
    528,111
    
    
    
    528,541
    
    
    
    330,765Total
    
    
    626,012
    
    
    
    642,368
    
    
    
    650,122
    
    
    
    642,321
    
    
    
    438,985Gross profit
    
    
    335,381
    
    
    
    357,180
    
    
    
    366,620
    
    
    
    373,989
    
    
    
    282,350Selling, general & administrative expenses
    
    
    257,136
    
    
    
    266,387
    
    
    
    275,309
    
    
    
    290,355
    
    
    
    222,201Intangibles amortization
    
    
    15,202
    
    
    
    10,790
    
    
    
    6,679
    
    
    
    10,285
    
    
    
    4,999Operating income
    
    
    63,043
    
    
    
    80,003
    
    
    
    84,632
    
    
    
    73,349
    
    
    
    55,150Interest expense (income), net
    
    
    8,882
    
    
    
    10,279
    
    
    
    21,298
    
    
    
    18,407
    
    
    
    9,123Other expenses (income), net
    
    
    (166
    )
    
    
    561
    
    
    
    (197
    )
    
    
    42
    
    
    
    36Income before provision for income taxes
    
    
    54,327
    
    
    
    69,163
    
    
    
    63,531
    
    
    
    54,900
    
    
    
    45,991Provision for income taxes
    
    
    19,824
    
    
    
    23,854
    
    
    
    24,298
    
    
    
    19,291
    
    
    
    15,221Net income
    
    $
    34,503
    
    
    $
    45,309
    
    
    $
    39,233
    
    
    $
    35,609
    
    
    $
    30,770Basic earnings per share
    
    $
    1.97
    
    
    $
    2.59
    
    
    $
    2.23
    
    
    $
    2.03
    
    
    $
    1.79Diluted earnings per share
    
    $
    1.97
    
    
    $
    2.59
    
    
    $
    2.22
    
    
    $
    2.00
    
    
    $
    1.75Dividends declared per common share
    
    $
    0.24
    
    
    $
    0.24
    
    
    $
    0.24
    
    
    $
    0.24
    
    
    $
    0.24Balance Sheet Data (at end of period):Working capital (1)
    
    $
    126,585
    
    
    $
    130,209
    
    
    $
    134,031
    
    
    $
    117,059
    
    
    $
    99,669Total assets
    
    
    1,125,364
    
    
    
    1,136,488
    
    
    
    1,073,851
    
    
    
    1,090,091
    
    
    
    815,412Long-term debt
    
    
    210,873
    
    
    
    249,260
    
    
    
    195,904
    
    
    
    238,194
    
    
    
    122,673Total debt
    
    
    211,834
    
    
    
    250,657
    
    
    
    197,293
    
    
    
    238,880
    
    
    
    123,722Stockholders equity
    
    
    689,994
    
    
    
    647,299
    
    
    
    640,274
    
    
    
    599,696
    
    
    
    552,991
 (1)
 12




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Item 7. Managements Discussion and Analysis of Financial Condition and Results of
Operations.
 The discussion and analysis for the fiscal years ended March 31, 2010, 2009 and 2008 as set
forth below in this Item 7 should be read in conjunction with the consolidated financial statements
of Black Box, including the related notes. The Companys fiscal year ends on March 31. References
to Fiscal Year or Fiscal mean the Companys fiscal year ended March 31 for the year referenced.
All dollar amounts are presented in thousands except for per share amounts or unless otherwise
noted.
 The Company
        13




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##### Table of Contents



i.e.,
 Fiscal2008
    
    
    2009
    
    
    2010
    
    
    2011
    
    
    2012
    
    
    ThereafterSelling, general &
administrative expensesAsset write-up
depreciation expense
on acquisitions
    
    $
    2,178
    
    
    $
    1,888
    
    
    $
    476
    
    
    $
    --
    
    
    $
    --
    
    
    $
    --Intangibles amortizationAmortization of
intangible assets on
acquisitions
    
    
    6,501
    
    
    
    10,671
    
    
    
    15,150
    
    
    
    11,758
    
    
    
    10,974
    
    
    
    73,405Total
    
    $
    8,679
    
    
    $
    12,559
    
    
    $
    15,626
    
    
    $
    11,758
    
    
    $
    10,974
    
    
    $
    73,405
 14




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##### Table of Contents



1Q11
    
    
    2Q11
    
    
    3Q11
    
    
    4Q11
    
    
    FY11Selling, general & administrative expensesAsset write-up depreciation expense on
acquisitions
    
    $
    --
    
    
    $
    --
    
    
    $
    --
    
    
    $
    --
    
    
    $
    --Intangibles amortizationAmortization of intangible assets on
acquisitions
    
    
    3,091
    
    
    
    3,051
    
    
    
    2,808
    
    
    
    2,808
    
    
    
    11,758Total
    
    $
    3,091
    
    
    $
    3,051
    
    
    $
    2,808
    
    
    $
    2,808
    
    
    $
    11,758
  Fiscal2010
    
    
    2009
    
    
    2008% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % oftotal
    
    
    
    
    
    
    total
    
    
    
    
    
    
    total$
    
    
    revenue
    
    
    $
    
    
    revenue
    
    
    $
    
    
    revenueRevenuesNorth America
    
    $
    829,233
    
    
    
    86.3%
    
    
    $
    838,871
    
    
    
    83.9%
    
    
    $
    837,402
    
    
    
    82.3%Europe
    
    
    99,502
    
    
    
    10.3%
    
    
    
    121,839
    
    
    
    12.2%
    
    
    
    138,927
    
    
    
    13.7%All Other
    
    
    32,658
    
    
    
    3.4%
    
    
    
    38,838
    
    
    
    3.9%
    
    
    
    40,413
    
    
    
    4.0%Total
    
    $
    961,393
    
    
    
    100%
    
    
    $
    999,548
    
    
    
    100%
    
    
    $
    1,016,742
    
    
    
    100%Operating incomeNorth America
    
    $
    47,623
    
    
    
    
    
    
    $
    61,651
    
    
    
    
    
    
    $
    57,964% of North America revenues
    
    
    5.7%
    
    
    
    
    
    
    
    7.3%
    
    
    
    
    
    
    
    6.9%Europe
    
    $
    10,148
    
    
    
    
    
    
    $
    12,548
    
    
    
    
    
    
    $
    19,278% of Europe revenues
    
    
    10.2%
    
    
    
    
    
    
    
    10.3%
    
    
    
    
    
    
    
    13.9%All Other
    
    $
    5,272
    
    
    
    
    
    
    $
    5,804
    
    
    
    
    
    
    $
    7,390% of All Other revenues
    
    
    16.1%
    
    
    
    
    
    
    
    14.9%
    
    
    
    
    
    
    
    18.3%Total
    
    $
    63,043
    
    
    
    6.6%
    
    
    $
    80,003
    
    
    
    8.0%
    
    
    $
    84,632
    
    
    
    8.3%
 15




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Fiscal2010
    
    
    2009
    
    
    2008% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % oftotal
    
    
    
    
    
    
    total
    
    
    
    
    
    
    total$
    
    
    revenue
    
    
    $
    
    
    revenue
    
    
    $
    
    
    revenueRevenuesData Services
    
    $
    187,535
    
    
    
    19.5%
    
    
    $
    191,436
    
    
    
    19.2%
    
    
    $
    194,454
    
    
    
    19.1%Voice Services
    
    
    593,562
    
    
    
    61.7%
    
    
    
    598,319
    
    
    
    59.8%
    
    
    
    586,974
    
    
    
    57.7%Hotline Services
    
    
    180,296
    
    
    
    18.8%
    
    
    
    209,793
    
    
    
    21.0%
    
    
    
    235,314
    
    
    
    23.2%Total
    
    $
    961,393
    
    
    
    100%
    
    
    $
    999,548
    
    
    
    100%
    
    
    $
    1,016,742
    
    
    
    100%Gross profitData Services
    
    $
    51,048
    
    
    
    
    
    
    $
    55,407
    
    
    
    
    
    
    $
    57,747% of Data Services revenues
    
    
    27.2%
    
    
    
    
    
    
    
    28.9%
    
    
    
    
    
    
    
    29.7%Voice Services
    
    $
    197,673
    
    
    
    
    
    
    $
    200,541
    
    
    
    
    
    
    $
    195,570% of Voice Services revenues
    
    
    33.3%
    
    
    
    
    
    
    
    33.5%
    
    
    
    
    
    
    
    33.3%Hotline Services
    
    $
    86,660
    
    
    
    
    
    
    $
    101,232
    
    
    
    
    
    
    $
    113,303% of Hotline Services revenues
    
    
    48.1%
    
    
    
    
    
    
    
    48.3%
    
    
    
    
    
    
    
    48.1%Total
    
    $
    335,381
    
    
    
    34.9%
    
    
    $
    357,180
    
    
    
    35.7%
    
    
    $
    366,620
    
    
    
    36.1%
  Fiscal 2010 Compared To Fiscal 2009
 Total Revenues
  Revenues by Geography
 North America
  16




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Europe
  All Other
  Revenue by Service Type
 Data Services
  Voice Services
  Hotline Services
  Gross profit
   Selling, general & administrative expenses
  17




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Intangibles amortization
  Operating income
  Interest expense (income), net
  Provision for income taxes
  Net income
 Fiscal 2009 Compared To Fiscal 2008
 Total Revenues
  Revenues by Geography
 North America
  18




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Europe
  All Other
  Revenue by Service Type
 Data Services
  Voice Services
  Hotline Services
  Gross profit
   19




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##### Table of Contents



Selling, general & administrative expenses
  Intangibles amortization
  Operating income
  Interest expense (income), net
  Provision for income taxes
  Net income
  Liquidity and Capital Resources
 Cash Flows from Operating Activities
   20




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Investing Activities
 See
 See
 See
 Financing Activities
    Total Debt
 Revolving Credit Agreement
 21




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Dividends
 Fiscal 2010
 Fiscal 2009
 Fiscal 2008
  Repurchase of Common Stock
 Fiscal
2010
 Fiscal
2009
 Fiscal 2008
  22




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Potential Tax Payments
  Expenses Incurred by the Company
  Contractual Obligations
   Payments Due by PeriodLess than 1
    
    
    
    
    
    
    
    
    
    
    More thanyear
    
    
    1-3 years
    
    
    3-5 years
    
    
    5 years
    
    
    TotalLong-term debt obligations
    
    $
    --
    
    
    $
    209,860
    
    
    $
    --
    
    
    $
    --
    
    
    $
    209,860Interest expense on long-term debt
    
    
    2,430
    
    
    
    4,454
    
    
    
    --
    
    
    
    --
    
    
    
    6,884Capital lease obligations
    
    
    961
    
    
    
    957
    
    
    
    56
    
    
    
    --
    
    
    
    1,974Operating lease obligations
    
    
    16,687
    
    
    
    15,363
    
    
    
    4,954
    
    
    
    2,163
    
    
    
    39,167Total contractual obligations
    
    $
    20,078
    
    
    $
    230,634
    
    
    $
    5,010
    
    
    $
    2,163
    
    
    $
    257,885
   Off-Balance Sheet Arrangements
  Inflation
  23




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Legal Proceedings
  Critical Accounting Policies
  Allowance for doubtful accounts receivable
  Inventories
  Deferred Income Taxes
  Goodwill
   24




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##### Table of Contents



North
    
    
    
    
    
    
    
    AllAmerica
    
    
    
    Europe
    
    
    
    Other
    
    
    
    TotalGoodwill (as reported in financial statements)
    
    $
    572,277
    
    
    $
    72,233
    
    
    $
    2,093
    
    
    $
    646,603Adjustment
    
    
    (30,370
    )
    
    
    27,333
    
    
    
    3,037
    
    
    
    --Goodwill (for annual impairment assessment) 1
    
    $
    541,907
    
    
    $
    99,566
    
    
    $
    5,130
    
    
    $
    646,603
 1
  North
    
    
    
    
    
    
    
    AllAmerica
    
    
    
    Europe
    
    
    
    Other
    
    
    
    TotalEstimated fair value of the reporting unit
    
    $
    588,992
    
    
    $
    129,949
    
    
    $
    33,606
    
    
    $
    752,547Net book value of the reporting unit
    
    
    541,949
    
    
    
    121,920
    
    
    
    14,866
    
    
    
    678,735Surplus
    
    $
    47,043
    
    
    $
    8,029
    
    
    $
    18,740
    
    
    $
    73,812
    Long-Lived Assets other than Goodwill
  Loss Contingencies
  25




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Restructuring Costs
  Revenue Recognition
   Impact of Recently Issued Accounting Pronouncements
 Uncertainty in Income Taxes
 i.e. See
 Fair Value Measurements
 See
 Defined Benefit Pension and Other Postretirement Plans
 i.e.,
   26




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Business Combinations
  See
 Cautionary Forward Looking Statements
  
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
  Interest-rate Risk
   27




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##### Table of Contents



Foreign Exchange Rate Risk
   28




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Item 8. Financial Statements and Supplementary Data.
 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
 PageReport of Independent Registered Public Accounting Firm
    
    
    30Consolidated Statements of Income for the years ended March 31, 2010, 2009 and 2008
    
    
    31Consolidated Balance Sheets as of March 31, 2010 and 2009
    
    
    32Consolidated Statements of Changes in Stockholders Equity and Comprehensive Income for the years ended 
March 31, 2010, 2009 and 2008
    
    
    33Consolidated Statements of Cash Flows for the years ended March 31, 2010, 2009 and 2008
    
    
    34Notes to the Consolidated Financial Statements
    
    
    35
 29




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Report of Independent Registered Public Accounting Firm
 
   ,
  Internal Control  Integrated Framework
  
 30




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##### Table of Contents



BLACK BOX CORPORATION
 
 CONSOLIDATED STATEMENTS OF INCOME
 Year Ended March 31,In thousands, except per share amounts
    
    2010
    
    
    2009
    
    
    2008RevenuesHotline products
    
    $
    180,296
    
    
    $
    209,793
    
    
    $
    235,314On-Site services
    
    
    781,097
    
    
    
    789,755
    
    
    
    781,428Total
    
    
    961,393
    
    
    
    999,548
    
    
    
    1,016,742Cost of salesHotline products
    
    
    93,636
    
    
    
    108,561
    
    
    
    122,011On-Site services
    
    
    532,376
    
    
    
    533,807
    
    
    
    528,111Total
    
    
    626,012
    
    
    
    642,368
    
    
    
    650,122Gross profit
    
    
    335,381
    
    
    
    357,180
    
    
    
    366,620Selling, general & administrative expenses
    
    
    257,136
    
    
    
    266,387
    
    
    
    275,309Intangibles amortization
    
    
    15,202
    
    
    
    10,790
    
    
    
    6,679Operating income
    
    
    63,043
    
    
    
    80,003
    
    
    
    84,632Interest expense (income), net
    
    
    8,882
    
    
    
    10,279
    
    
    
    21,298Other expenses (income), net
    
    
    (166)
    
    
    
    561
    
    
    
    (197)Income before provision for income taxes
    
    
    54,327
    
    
    
    69,163
    
    
    
    63,531Provision for income taxes
    
    
    19,824
    
    
    
    23,854
    
    
    
    24,298Net income
    
    $
    34,503
    
    
    $
    45,309
    
    
    $
    39,233Earnings per common shareBasic
    
    $
    1.97
    
    
    $
    2.59
    
    
    $
    2.23Diluted
    
    $
    1.97
    
    
    $
    2.59
    
    
    $
    2.22Weighted-average common shares outstandingBasic
    
    
    17,546
    
    
    
    17,527
    
    
    
    17,605Diluted
    
    
    17,546
    
    
    
    17,527
    
    
    
    17,653Dividends per share
    
    $
    0.24
    
    
    $
    0.24
    
    
    $
    0.24
 See Notes to the Consolidated Financial Statements
 31




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BLACK BOX CORPORATION
 
 CONSOLIDATED BALANCE SHEETS
 March 31,In thousands, except par value
    
    2010
    
    
    2009AssetsCash and cash equivalents
    
    $
    20,885
    
    
    $
    23,720Accounts receivable, net of allowance for doubtful accounts of $9,505 and $9,934
    
    
    141,211
    
    
    
    163,975Inventories, net
    
    
    51,507
    
    
    
    55,898Costs/estimated earnings in excess of billings on uncompleted contracts
    
    
    86,086
    
    
    
    66,066Prepaid and other assets
    
    
    28,090
    
    
    
    30,809Total current assets
    
    
    327,779
    
    
    
    340,468Property, plant and equipment, net
    
    
    23,568
    
    
    
    28,419Goodwill
    
    
    641,965
    
    
    
    621,948IntangiblesCustomer relationships, net
    
    
    93,619
    
    
    
    105,111Other intangibles, net
    
    
    30,374
    
    
    
    37,684Other assets
    
    
    8,059
    
    
    
    2,858Total assets
    
    $
    1,125,364
    
    
    $
    1,136,488LiabilitiesAccounts payable
    
    $
    66,934
    
    
    $
    79,021Accrued compensation and benefits
    
    
    33,260
    
    
    
    30,446Deferred revenue
    
    
    34,876
    
    
    
    35,520Billings in excess of costs/estimated earnings on uncompleted contracts
    
    
    14,839
    
    
    
    18,217Income taxes
    
    
    9,487
    
    
    
    5,164Other liabilities
    
    
    41,798
    
    
    
    41,891Total current liabilities
    
    
    201,194
    
    
    
    210,259Long-term debt
    
    
    210,873
    
    
    
    249,260Other liabilities
    
    
    23,303
    
    
    
    29,670Total liabilities
    
    
    435,370
    
    
    
    489,189Stockholders equityPreferred stock authorized 5,000, par value $1.00, none issued
    
    
    --
    
    
    
    --Common stock authorized 100,000, par value $.001, 17,548 and 17,533 shares
outstanding
    
    
    25
    
    
    
    25Additional paid-in capital
    
    
    451,778
    
    
    
    445,774Retained earnings
    
    
    551,315
    
    
    
    521,023Accumulated other comprehensive income
    
    
    9,971
    
    
    
    3,572Treasury stock, at cost 7,626 and 7,626 shares
    
    
    (323,095)
    
    
    
    (323,095)Total stockholders equity
    
    
    689,994
    
    
    
    647,299Total liabilities and stockholders equity
    
    $
    1,125,364
    
    
    $
    1,136,488
 See Notes to the Consolidated Financial Statements
 32




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BLACK BOX CORPORATION
 
 CONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS EQUITY AND COMPREHENSIVE INCOME
 Accumulated OtherCommon Stock
    
    
    
    
    
    
    
    
    
    
    Comprehensive IncomeForeignAdditional
    
    
    
    
    
    
    Currency
    
    
    
    
    
    
    Defined($.001
    
    
    Paid-in
    
    
    Treasury
    
    
    Trans-
    
    
    Derivative
    
    
    Benefit
    
    
    RetainedIn thousands
    
    Shares
    
    
    par)
    
    
    Capital
    
    
    Stock
    
    
    lation
    
    
    Instruments
    
    
    Pension
    
    
    Earnings
    
    
    TotalBalance at March 31, 2007
    
    
    24,963
    
    
    
    $ 25
    
    
    $
    441,283
    
    
    $
    (317,033
    )
    
    $
    23,352
    
    
    
    $  377
    
    
    
    $ 1,670
    
    
    $
    450,022
    
    
    $
    599,696Cumulative effect related to adoption of FIN 48
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (5,110)
    
    
    
    (5,110)Comprehensive income (loss):Net income
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    39,233
    
    
    
    39,233Foreign currency translation adjustment
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    17,231
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    17,231Pension:Unrealized gain (loss)
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (2,135)
    
    
    
    --
    
    
    
    (2,135)Amounts reclassified into results of
operations
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (9)
    
    
    
    --
    
    
    
    (9)Derivative Instruments:Net change in fair value of cash flow
hedging instruments (net of tax)
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (262)
    
    
    
    --
    
    
    
    --
    
    
    
    (262)Amounts reclassified into results of
operations
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (181)
    
    
    
    --
    
    
    
    --
    
    
    
    (181)Comprehensive income:
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    53,877Stock compensation expense
    
    
    --
    
    
    
    --
    
    
    
    3,217
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    3,217Dividends declared
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (4,224)
    
    
    
    (4,224)Repurchases of common stock
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (6,062)
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (6,062)Issuance of common stock (net of tax)
    
    
    179
    
    
    
    --
    
    
    
    5,878
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    5,878Tax impact from stock options
    
    
    --
    
    
    
    --
    
    
    
    (6,792)
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (6,792)Other
    
    
    --
    
    
    
    --
    
    
    
    (206)
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (206)Balance at March 31, 2008
    
    
    25,142
    
    
    
    $ 25
    
    
    $
    443,380
    
    
    $
    (323,095
    )
    
    $
    40,583
    
    
    
    $   (66
    )
    
    
    $   (474
    )
    
    $
    479,921
    
    
    $
    640,274Comprehensive income (loss):Net income
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    45,309
    
    
    
    45,309Foreign currency translation adjustment
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (34,208)
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (34,208)Pension:Unrealized gain (loss)
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (2,394)
    
    
    
    --
    
    
    
    (2,394)Derivative Instruments:Net change in fair value of cash flow
hedging instruments (net of tax)
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    470
    
    
    
    --
    
    
    
    --
    
    
    
    470Amounts reclassified into results of
operations
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (339)
    
    
    
    --
    
    
    
    --
    
    
    
    (339)Comprehensive income:
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,838Stock compensation expense
    
    
    --
    
    
    
    --
    
    
    
    3,042
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    3,042Dividends declared
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (4,207)
    
    
    
    (4,207)Issuance of common stock (net of tax)
    
    
    17
    
    
    
    --
    
    
    
    545
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    545Tax impact from stock options
    
    
    --
    
    
    
    --
    
    
    
    (1,193)
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (1,193)Balance at March 31, 2009
    
    
    25,159
    
    
    
    $ 25
    
    
    $
    445,774
    
    
    $
    (323,095
    )
    
    $
    6,375
    
    
    
    $    65
    
    
    
    $ (2,868
    )
    
    $
    521,023
    
    
    $
    647,299Comprehensive income (loss):Net income
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    34,503
    
    
    
    34,503Foreign currency translation adjustment
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    6,923
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    6,923Pension:Unrealized gain (loss)
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (284)
    
    
    
    --
    
    
    
    (284)Amounts reclassified into results of
operations
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    145
    
    
    
    --
    
    
    
    145Derivative Instruments:Net change in fair value of cash flow
hedging instruments (net of tax)
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (646)
    
    
    
    --
    
    
    
    --
    
    
    
    (646)Amounts reclassified into results of
operations
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    261
    
    
    
    --
    
    
    
    --
    
    
    
    261Comprehensive income:
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    40,902Stock compensation expense
    
    
    --
    
    
    
    --
    
    
    
    6,775
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    6,775Dividends declared
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (4,211)
    
    
    
    (4,211)Issuance of common stock (net of tax)
    
    
    15
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --Tax impact from equity awards
    
    
    --
    
    
    
    --
    
    
    
    (771)
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    --
    
    
    
    (771)Balance at March 31, 2010
    
    
    25,174
    
    
    
    $ 25
    
    
    $
    451,778
    
    
    $
    (323,095
    )
    
    $
    13,298
    
    
    
    $  (320
    )
    
    
    $ (3,007
    )
    
    $
    551,315
    
    
    $
    689,994
 See Notes to the Consolidated Financial Statements
 33




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##### Table of Contents



BLACK BOX CORPORATION
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 Year Ended March 31,In thousands
    
    2010
    
    
    2009
    
    
    2008Operating ActivitiesNet income
    
    $
    34,503
    
    
    $
    45,309
    
    
    $
    39,233Adjustments to reconcile net income to net cash provided
by (used for) operating activities:Intangibles amortization and depreciation
    
    
    22,923
    
    
    
    20,722
    
    
    
    17,737Loss (gain) on sale of property
    
    
    13
    
    
    
    (65)
    
    
    
    462Deferred taxes
    
    
    (123)
    
    
    
    4,512
    
    
    
    4,901Tax impact from equity awards
    
    
    771
    
    
    
    1,193
    
    
    
    6,792Stock compensation expense
    
    
    6,775
    
    
    
    3,042
    
    
    
    3,217Change in fair value of interest-rate swaps
    
    
    (65)
    
    
    
    (974)
    
    
    
    4,576Changes in operating assets and liabilities (net of
acquisitions):Accounts receivable, net
    
    
    21,780
    
    
    
    26,279
    
    
    
    4,852Inventories, net
    
    
    5,709
    
    
    
    11,455
    
    
    
    7,829All other current assets excluding deferred tax asset
    
    
    (8,791)
    
    
    
    (11,933)
    
    
    
    12,328Liabilities exclusive of long-term debt
    
    
    (21,547)
    
    
    
    (27,974)
    
    
    
    (20,806)Net cash provided by (used for) operating activities
    
    $
    61,948
    
    
    $
    71,566
    
    
    $
    81,121Investing ActivitiesCapital expenditures
    
    $
    (2,300)
    
    
    $
    (2,178)
    
    
    $
    (3,241)Capital disposals
    
    
    156
    
    
    
    288
    
    
    
    105Acquisition of businesses (payments)/recoveries
    
    
    (10,686)
    
    
    
    (117,184)
    
    
    
    (13,713)Prior merger-related (payments)/recoveries
    
    
    (8,291)
    
    
    
    (421)
    
    
    
    (3,432)Net cash provided by (used for) investing activities
    
    $
    (21,121
    )
    
    $
    (119,495
    )
    
    $
    (20,281
    )Financing ActivitiesProceeds from borrowings
    
    $
    169,335
    
    
    $
    308,567
    
    
    $
    196,750Repayment of borrowings
    
    
    (208,388)
    
    
    
    (257,470)
    
    
    
    (240,030)Deferred financing costs
    
    
    --
    
    
    
    (125)
    
    
    
    (471)Proceeds from exercise of options
    
    
    --
    
    
    
    545
    
    
    
    5,878Payment of dividends
    
    
    (4,210)
    
    
    
    (4,206)
    
    
    
    (4,225)Purchase of treasury stock
    
    
    --
    
    
    
    --
    
    
    
    (6,062)Net cash provided by (used for) financing activities
    
    $
    (43,263
    )
    
    $
    47,311
    
    
    $
    (48,160
    )Foreign currency exchange impact on cash
    
    $
    (399)
    
    
    $
    (2,314)
    
    
    $
    (3,185)Increase / (decrease) in cash and cash equivalents
    
    $
    (2,835
    )
    
    $
    (2,932
    )
    
    $
    9,495Cash and cash equivalents at beginning of period
    
    $
    23,720
    
    
    $
    26,652
    
    
    $
    17,157Cash and cash equivalents at end of period
    
    $
    20,885
    
    
    $
    23,720
    
    
    $
    26,652Supplemental Cash Flow:Cash paid for interest
    
    $
    9,285
    
    
    $
    11,656
    
    
    $
    17,141Cash paid for income taxes
    
    
    16,703
    
    
    
    26,539
    
    
    
    11,041Non-cash financing activities:Dividends payable
    
    
    1,053
    
    
    
    1,052
    
    
    
    1,050Capital leases
    
    
    132
    
    
    
    994
    
    
    
    863
 See Notes to the Consolidated Financial Statements
 34




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##### Table of Contents



BLACK BOX CORPORATION
 
 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
 Note 1: Business and Basis of Presentation
 Business
 Basis of Presentation
    Note 2: Significant Accounting Policies
 Cash and cash equivalents
 Allowance for doubtful accounts receivable
 Inventories
 35




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##### Table of Contents



Property, Plant and Equipment
  Goodwill
   Intangible Assets
 36




---



##### Table of Contents



Derivative Instruments and Hedging Activities
 Foreign Currency Contracts
 Interest-rate Swap
 Foreign Currency Translation
 Revenue
  Sales returns
 Warranties
 Shipping
and handling fees and costs
 Sales tax and other tax presentation
 37




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##### Table of Contents



Stock-Based Compensation
 Expected volatility:
 Dividend yield:
 Risk-free interest rate:
 Expected holding period:
   Expected volatility.
 Risk-Free rate.
 Dividend yield.
 Marketing and Advertising Expenses
  Income Taxes
 i.e.
 38




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##### Table of Contents



Per share information
 Fair Value
  Level 1
 Level 2 e.g.
 Level 3
  Market approach
 Cost approach:
 Income approach:
 See
 Recent Accounting Pronouncements
 Uncertainty in Income Taxes  i.e. See
 Fair Value Measurements  See
 39




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##### Table of Contents



Defined Benefit Pension and Other Postretirement Plans  i.e.,
    Business Combinations
 Non-controlling Interests
 Derivative Disclosures
 Useful lives of Intangible Assets
 40




---



##### Table of Contents



Interim Disclosures about Fair Value of Financial Instruments
 Subsequent Events
 FASB Accounting Standards Codification
 Revenue Arrangements with Multiple Deliverables
 Certain Revenue Arrangements That Include Software Elements
 Note 3: Inventories
  March 31,2010
    
    
    2009Raw materials
    
    $
    1,545
    
    
    $
    1,624Finished goods
    
    
    69,952
    
    
    
    74,564Subtotal
    
    
    71,497
    
    
    
    76,188Excess and obsolete inventory reserves
    
    
    (19,990)
    
    
    
    (20,290)Inventory, net
    
    $
    51,507
    
    
    $
    55,898
 41




---



##### Table of Contents



Note 4: Property, Plant and Equipment
  March 31,2010
    
    
    2009Land
    
    $
    2,396
    
    
    $
    2,396Building and improvements
    
    
    29,430
    
    
    
    28,971Machinery
    
    
    64,991
    
    
    
    70,859Subtotal
    
    
    96,817
    
    
    
    102,226Accumulated depreciation
    
    
    (73,249)
    
    
    
    (73,807)Property, plant and equipment, net
    
    $
    23,568
    
    
    $
    28,419
  Note 5: Goodwill
  North America
    
    
    Europe
    
    
    All Other
    
    
    TotalBalance as of March 31, 2008
    
    $
    502,517
    
    
    $
    82,022
    
    
    $
    2,317
    
    
    $
    586,856Currency translation
    
    
    (35)
    
    
    
    (17,350)
    
    
    
    (311)
    
    
    
    (17,696)Current period acquisitions (Note 9)
    
    
    50,975
    
    
    
    --
    
    
    
    --
    
    
    
    50,975Prior period acquisitions
    
    
    1,813
    
    
    
    --
    
    
    
    --
    
    
    
    1,813Balance as of March 31, 2009
    
    $
    555,270
    
    
    $
    64,672
    
    
    $
    2,006
    
    
    $
    621,948Currency translation
    
    
    (19)
    
    
    
    3,241
    
    
    
    179
    
    
    
    3,401Current period acquisitions (Note 9)
    
    
    5,527
    
    
    
    --
    
    
    
    --
    
    
    
    5,527Prior period acquisitions
    
    
    11,089
    
    
    
    --
    
    
    
    --
    
    
    
    11,089Balance as of March 31, 2010
    
    $
    571,867
    
    
    $
    67,913
    
    
    $
    2,185
    
    
    $
    641,965
  North
    
    
    
    
    
    
    AllAmerica
    
    
    Europe
    
    
    Other
    
    
    TotalGoodwill (as reported in financial statements)
    
    $
    572,277
    
    
    $
    72,233
    
    
    $
    2,093
    
    
    $
    646,603Adjustment
    
    
    (30,370)
    
    
    
    27,333
    
    
    
    3,037
    
    
    
    --Goodwill (for annual impairment assessment) 1
    
    $
    541,907
    
    
    $
    99,566
    
    
    $
    5,130
    
    
    $
    646,603
 
 1
Goodwill (for annual impairment assessment) represents the amount of goodwill that is
at risk by reporting unit.  North
    
    
    
    
    
    
    AllAmerica
    
    
    Europe
    
    
    Other
    
    
    TotalEstimated fair value of the reporting unit
    
    $
    588,992
    
    
    $
    129,949
    
    
    $
    33,606
    
    
    $
    752,547Net book value of the reporting unit
    
    
    541,949
    
    
    
    121,920
    
    
    
    14,866
    
    
    
    678,735Surplus
    
    $
    47,043
    
    
    $
    8,029
    
    
    $
    18,740
    
    
    $
    73,812
 42




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##### Table of Contents



Note 6: Intangible Assets
  March 31,2010
    
    2009Gross
    
    
    
    
    
    
    Net
    
    
    Gross
    
    
    
    
    
    
    NetCarrying
    
    
    Accum.
    
    
    Carrying
    
    
    Carrying
    
    
    Accum.
    
    
    CarryingAmount
    
    
    Amort.
    
    
    Amount
    
    
    Amount
    
    
    Amort.
    
    
    AmountDefinite-livedNon-compete agreements
    
    $
    10,391
    
    
    $
    8,193
    
    
    $
    2,198
    
    
    $
    15,115
    
    
    $
    6,517
    
    
    $
    8,598Customer relationships
    
    
    118,209
    
    
    
    24,590
    
    
    
    93,619
    
    
    
    120,077
    
    
    
    14,966
    
    
    
    105,111Acquired backlog
    
    
    17,349
    
    
    
    16,912
    
    
    
    437
    
    
    
    14,230
    
    
    
    12,883
    
    
    
    1,347Total
    
    $
    145,949
    
    
    $
    49,695
    
    
    $
    96,254
    
    
    $
    149,422
    
    
    $
    34,366
    
    
    $
    115,056Indefinite-livedTrademarks
    
    
    35,992
    
    
    
    8,253
    
    
    
    27,739
    
    
    
    35,992
    
    
    
    8,253
    
    
    
    27,739Total
    
    $
    181,941
    
    
    $
    57,948
    
    
    $
    123,993
    
    
    $
    185,414
    
    
    $
    42,619
    
    
    $
    142,795
  43




---



##### Table of Contents



Non-Competes
    
    
    CustomerTrademarks
    
    
    and Backlog
    
    
    Relationships
    
    
    TotalBalance at March 31, 2008
    
    $
    27,739
    
    
    $
    4,785
    
    
    $
    67,331
    
    
    $
    99,855Amortization expense
    
    
    --
    
    
    
    (4,019)
    
    
    
    (6,771)
    
    
    
    (10,790)Currency translation
    
    
    --
    
    
    
    (62)
    
    
    
    --
    
    
    
    (62)Current period acquisitions (Note 9)
    
    
    --
    
    
    
    9,953
    
    
    
    47,815
    
    
    
    57,768Prior period acquisitions
    
    
    --
    
    
    
    (712)
    
    
    
    (3,264)
    
    
    
    (3,976)Balance at March 31, 2009
    
    $
    27,739
    
    
    $
    9,945
    
    
    $
    105,111
    
    
    $
    142,795Amortization expense
    
    
    --
    
    
    
    (5,578)
    
    
    
    (9,624)
    
    
    
    (15,202)Currency translation
    
    
    --
    
    
    
    22
    
    
    
    --
    
    
    
    22Current period acquisitions (Note 9)
    
    
    --
    
    
    
    1,318
    
    
    
    4,927
    
    
    
    6,245Prior period acquisitions
    
    
    --
    
    
    
    (3,072)
    
    
    
    (6,795)
    
    
    
    (9,867)Balance at March 31, 2010
    
    $
    27,739
    
    
    $
    2,635
    
    
    $
    93,619
    
    
    $
    123,993
 see
  Fiscal2011
    
    $
    11,8052012
    
    
    11,0092013
    
    
    10,0282014
    
    
    8,8482015
    
    
    7,713Thereafter
    
    
    46,851Total
    
    $
    96,254
 Note 7: Indebtedness
  March 31,2010
    
    
    2009Revolving credit agreement
    
    $
    209,860
    
    
    $
    247,650Capital lease obligations
    
    
    1,967
    
    
    
    2,908Other
    
    
    7
    
    
    
    99Total debt
    
    $
    211,834
    
    
    $
    250,657Less: current portion (included in Other liabilities)
    
    
    (961)
    
    
    
    (1,397)Long-term debt
    
    $
    210,873
    
    
    $
    249,260
 44




---



##### Table of Contents



Revolving Credit Agreement
   Capital lease obligations
 Other
 Unused available borrowings
  Fiscal2011
    
    $
    9612012
    
    
    6422013
    
    
    210,1752014
    
    
    522015
    
    
    4Total
    
    $
    211,834
 Note 8: Derivative Instruments and Hedging Activities
  Foreign Currency Contracts:
 45




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##### Table of Contents



Interest-rate Swap:
  Asset Derivatives
    
    
    Liability DerivativesFair
    
    
    Fair
    
    
    Fair
    
    
    FairValue at
    
    
    Value at
    
    
    Value at
    
    
    Value atMarch
    
    
    March
    
    
    March
    
    
    MarchClassification
    
    31, 2010
    
    
    31, 2009
    
    
    31, 2010
    
    
    31, 2009Derivatives designated as
hedging 
instrumentsForeign currency contracts
    
    Other liabilities
    
    $
    --
    
    
    $
    --
    
    
    $
    3,130
    
    
    $
    1,872(short-term)Foreign currency contracts
    
    Prepaid and other
    
    $
    514
    
    
    $
    923
    
    
    $
    --
    
    
    $
    --assetsDerivatives not designated
as 
hedging instrumentsInterest-rate swap
    
    Other liabilities
    
    $
    --
    
    
    $
    --
    
    
    $
    5,271
    
    
    $
    5,336(short-term)
 Year Ended March 31,Classification
    
    2010
    
    
    2009
    
    
    2008Derivatives designated as hedging instrumentsGain (loss) recognized in Comprehensive income on
 (effective portion)  net of taxes
    
    Other comprehensive income
    
    $
    (646)
    
    
    $
    470
    
    
    $
    (262)Gain (loss) reclassified from AOCI into
 income (effective portion)  net of taxes
    
    Selling, general &administrative expenses
    
    $
    261
    
    

    $
    339
    
    
    $
    181Year Ended March 31,Classification
    
    2010
    
    
    2009
    
    
    2008Derivatives not designated as
hedging instrumentsGain (loss) recognized in income
    
    Interest expense(income), net
    
    $
    65
    
    
    $
    974
    
    
    $
    (4,576)
 Note 9: Acquisitions
 Fiscal 2010 acquisitions:
     46




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Fiscal 2009 acquisitions:
        Fiscal 2008
    47




---



##### Table of Contents



Note 10: Restructuring
    Employee
    
    
    FacilitySeverance
    
    
    Closures
    
    
    TotalBalance at March 31, 2008
    
    $
    2,438
    
    
    $
    10,154
    
    
    $
    12,592Restructuring charge
    
    
    7,596
    
    
    
    2,070
    
    
    
    9,666Acquisition adjustments
    
    
    264
    
    
    
    --
    
    
    
    264Asset write-downs
    
    
    --
    
    
    
    (67)
    
    
    
    (67)Cash expenditures
    
    
    (6,133)
    
    
    
    (5,808)
    
    
    
    (11,941)Balance at March 31, 2009
    
    $
    4,165
    
    
    $
    6,349
    
    
    $
    10,514Restructuring charge
    
    
    4,208
    
    
    
    350
    
    
    
    4,558Acquisition adjustments
    
    
    26
    
    
    
    129
    
    
    
    155Asset write-downs
    
    
    --
    
    
    
    (248)
    
    
    
    (248)Cash expenditures
    
    
    (6,564)
    
    
    
    (2,936)
    
    
    
    (9,500)Balance at March 31, 2010
    
    $
    1,835
    
    
    $
    3,644
    
    
    $
    5,479
  Note 11: Operating Leases
   48




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Fiscal2011
    
    $
    17,6482012
    
    
    11,4922013
    
    
    4,8282014
    
    
    2,9012015
    
    
    2,109Thereafter
    
    
    2,163Total minimum lease payments
    
    $
    41,141
 Note 12: Income Taxes
  Fiscal2010
    
    
    2009
    
    
    2008Domestic
    
    $
    34,750
    
    
    $
    46,885
    
    
    $
    31,767Foreign
    
    
    19,577
    
    
    
    22,278
    
    
    
    31,764Consolidated
    
    $
    54,327
    
    
    $
    69,163
    
    
    $
    63,531
  Fiscal2010
    
    
    2009
    
    
    2008Current:Federal
    
    $
    12,754
    
    
    $
    10,238
    
    
    $
    10,205State
    
    
    1,827
    
    
    
    2,546
    
    
    
    1,914Foreign
    
    
    3,947
    
    
    
    4,298
    
    
    
    6,585Total current
    
    
    18,528
    
    
    
    17,082
    
    
    
    18,704Deferred
    
    
    1,296
    
    
    
    6,772
    
    
    
    5,594Total provision for income taxes
    
    $
    19,824
    
    
    $
    23,854
    
    
    $
    24,298
  Fiscal2010
    
    
    2009
    
    
    2008Federal statutory tax rate
    
    
    35.0%
    
    
    
    35.0%
    
    
    
    35.0%Foreign taxes, net of foreign tax credits
    
    
    0.4
    
    
    
    (0.9)
    
    
    
    (1.8)Effect of permanent book / tax differences
    
    
    0.3
    
    
    
    (0.1)
    
    
    
    (0.4)State income taxes, net of federal benefit
    
    
    2.4
    
    
    
    3.2
    
    
    
    2.4Valuation allowance
    
    
    (0.8)
    
    
    
    2.5
    
    
    
    1.4Reversal of Section 162(m) accrual (see below for definition)
    
    
    --
    
    
    
    (5.2)
    
    
    
    --Other, net
    
    
    (0.8)
    
    
    
    --
    
    
    
    1.6Effective tax rate
    
    
    36.5%
    
    
    
    34.5%
    
    
    
    38.2%
 49




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##### Table of Contents



March 31,2010
    
    
    2009Deferred Tax LiabilitiesTradename and trademarks
    
    $
    10,135
    
    
    $
    10,411Amortization of intangibles
    
    
    24,381
    
    
    
    33,661Unremitted earnings of foreign subsidiaries
    
    
    2,467
    
    
    
    2,757Foreign exchange
    
    
    --
    
    
    
    43Basis of fixed assets
    
    
    366
    
    
    
    --Other
    
    
    --
    
    
    
    66Other prepaid items
    
    
    156
    
    
    
    206Gross deferred tax liabilities
    
    
    37,505
    
    
    
    47,144Deferred Tax AssetsNet operating losses
    
    
    20,450
    
    
    
    22,549Restructuring reserves
    
    
    4,504
    
    
    
    5,955Basis of fixed assets
    
    
    --
    
    
    
    764Outsourced leases
    
    
    185
    
    
    
    326Basis of finished goods inventory
    
    
    9,226
    
    
    
    9,269Reserve for bad debts
    
    
    4,376
    
    
    
    1,581Miscellaneous accrued expenses
    
    
    3,459
    
    
    
    8,352Foreign tax credit carry-forwards
    
    
    1,883
    
    
    
    2,671Accrued employee costs
    
    
    5,525
    
    
    
    3,965Foreign exchange
    
    
    210
    
    
    
    --Unexercised stock options
    
    
    10,289
    
    
    
    8,680Other
    
    
    89
    
    
    
    --Gross deferred tax assets
    
    
    60,196
    
    
    
    64,112Valuation allowance
    
    
    (3,623)
    
    
    
    (4,081)Net deferred tax assets
    
    
    56,573
    
    
    
    60,031Net deferred tax assets/(liabilities)
    
    $
    19,068
    
    
    $
    12,887
 
   50




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##### Table of Contents



Fiscal2010
    
    
    2009
    
    
    2008Balance at beginning of year
    
    $
    7,075
    
    
    $
    7,340
    
    
    $
    6,974Additions for tax positions related to the current year
    
    
    542
    
    
    
    396
    
    
    
    90Additions for tax positions related to prior years
    
    
    2,755
    
    
    
    312
    
    
    
    362Reductions for tax positions related to prior years
    
    
    (2,733)
    
    
    
    (675)
    
    
    
    (86)Settlements
    
    
    (80)
    
    
    
    (298)
    
    
    
    --Balance at end of year
    
    $
    7,559
    
    
    $
    7,075
    
    
    $
    7,340
   Note 13: Incentive Compensation Plans
 Performance Bonus
 Profit Sharing and Savings Plan (the savings plans)
 51




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##### Table of Contents



Stock-based compensation plans
    Shares (inthousands)Shares initially authorized under the Incentive Plan
    
    
    900Number of shares that were available for the grant of stock options under the
Employee Plan and the Director Plan on August 12, 2008, the Effective Date
    
    
    888Number of shares subject to stock options outstanding under the Employee Plan and
the Director Plan on August 12, 2008, the Effective Date, that were forfeited or
cancelled, prior to exercise, through March 31, 2010
    
    
    597Shares authorized for grant under the Incentive Plan as of March 31, 2010
    
    
    2,385Shares available for grant under the Incentive Plan as of March 31, 2010 1
    
    
    1,713
 1 e.g.,
  Stock options
  Fiscal2010
    
    
    2009
    
    
    2008Expected life (in years)
    
    
    5.0
    
    
    
    4.8
    
    
    
    3.8Risk free interest rate
    
    
    2.6%
    
    
    
    3.4%
    
    
    
    4.0%Volatility
    
    
    45.6%
    
    
    
    30.5%
    
    
    
    29.4%Dividend yield
    
    
    0.9%
    
    
    
    0.7%
    
    
    
    0.6%
 52




---



##### Table of Contents



Weighted-AverageWeighted-
    
    
    RemainingAverage
    
    
    Contractual
    
    
    IntrinsicShares
    
    
    Exercise
    
    
    Life
    
    
    Value(in 000s)
    
    
    Price
    
    
    (Years)
    
    
    (000s)Outstanding at March 31, 2009
    
    
    3,309
    
    
    $
    36.45Granted
    
    
    167
    
    
    
    33.11Exercised
    
    
    --
    
    
    
    --Forfeited or expired
    
    
    (289)
    
    
    
    43.16Outstanding at March 31, 2010
    
    
    3,187
    
    
    $
    35.66
    
    
    
    5.6
    
    
    $
    2,039Exercisable at March 31, 2010
    
    
    2,321
    
    
    $
    37.89
    
    
    
    4.6
    
    
    $
    711
   Weighted-Shares
    
    
    Average Grant-Shares in thousands
    
    (in 000s)
    
    
    Date Fair ValueNon-vested as of March 31, 2009
    
    
    1,089
    

    $
    
    8.85Granted
    
    
    167
    
    
    
    12.54Forfeited
    
    
    (16)
    
    
    
    8.56Vested
    
    
    (374)
    
    
    
    9.17Non-vested as of March 31, 2010
    
    
    866
    

    $
    
    9.42
  Restricted stock units
   Weighted-Shares
    
    
    Average Grant-(in 000s)
    
    
    Date Fair ValueOutstanding at March 31, 2009
    
    
    --
    

    $
    
    --Granted
    
    
    168
    
    
    
    29.12Vested
    
    
    (16)
    
    
    
    32.86Forfeited
    
    
    (3)
    
    
    
    27.78Outstanding at March 31, 2010
    
    
    149
    

    $
    
    28.75
   53




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##### Table of Contents



Performance share awards
  Fiscal2010
    
    
    2009Expected Volatility
    
    
    59.1%
    
    
    
    --Risk free interest rate
    
    
    1.1%
    
    
    
    --Dividend yield
    
    
    0.8%
    
    
    
    --
  Weighted-Shares
    
    
    Average Grant-(in 000s)
    
    
    Date Fair ValueOutstanding at March 31, 2009
    
    
    --
    

    $
    
    --Granted
    
    
    100
    
    
    
    33.05Vested
    
    
    --
    
    
    
    --Forfeited
    
    
    --
    
    
    
    --Outstanding at March 31, 2010
    
    
    100
    

    $
    
    33.05
   Note 14: Earnings Per Share
  Fiscal2010
    
    
    2009
    
    
    2008Net income
    
    $
    34,503
    
    
    $
    45,309
    
    
    $
    39,233Weighted-average common shares outstanding (basic)
    
    
    17,546
    
    
    
    17,527
    
    
    
    17,605Effect of dilutive securities from employee stock options
    
    
    --
    
    
    
    --
    
    
    
    48Weighted-average common shares outstanding (diluted)
    
    
    17,546
    
    
    
    17,527
    
    
    
    17,653Basic earnings per common share
    
    $
    1.97
    
    
    $
    2.59
    
    
    $
    2.23Dilutive earnings per common share
    
    $
    1.97
    
    
    $
    2.59
    
    
    $
    2.22
  54




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##### Table of Contents



Note 15: Fair Value Disclosures
  Assets at Fair Value as of March 31, 2010Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalForeign currency contracts
    
    $
    --
    
    
    $
    514
    
    
    $
    --
    
    
    $
    514
 Liabilities at Fair Value as of March 31, 2010Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalForeign currency contracts
    
    $
    --
    
    
    $
    3,130
    
    
    $
    --
    
    
    $
    3,130Interest-rate swap
    
    
    --
    
    
    
    5,271
    
    
    
    --
    
    
    
    5,271Total
    
    $
    --
    
    
    $
    8,401
    
    
    $
    --
    
    
    $
    8,401
 Non-recurring fair value measurements:
 Note 16: Commitments and Contingencies
 Regulatory Matters
  55




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Litigation Matters
 In re Black Box Corporation Derivative Litigation
   Expenses Incurred by the Company
 Product Warranties
  56




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##### Table of Contents



Note 17: Segment Reporting
   Fiscal2010
    
    
    2009
    
    
    2008North AmericaRevenues
    
    $
    829,233
    
    
    $
    838,871
    
    
    $
    837,402Operating income
    
    
    47,623
    
    
    
    61,651
    
    
    
    57,964Depreciation
    
    
    7,231
    
    
    
    9,378
    
    
    
    10,500Intangibles amortization
    
    
    15,156
    
    
    
    10,715
    
    
    
    6,579Segment assets (as of March 31)
    
    
    1,030,575
    
    
    
    1,060,491
    
    
    
    962,729EuropeRevenues
    
    $
    99,502
    
    
    $
    121,839
    
    
    $
    138,927Operating income
    
    
    10,148
    
    
    
    12,548
    
    
    
    19,278Depreciation
    
    
    362
    
    
    
    420
    
    
    
    447Intangibles amortization
    
    
    41
    
    
    
    59
    
    
    
    64Segment assets (as of March 31)
    
    
    121,731
    
    
    
    125,781
    
    
    
    159,661All OtherRevenues
    
    $
    32,658
    
    
    $
    38,838
    
    
    $
    40,413Operating income
    
    
    5,272
    
    
    
    5,804
    
    
    
    7,390Depreciation
    
    
    128
    
    
    
    134
    
    
    
    111Intangibles amortization
    
    
    5
    
    
    
    16
    
    
    
    36Segment assets (as of March 31)
    
    
    22,672
    
    
    
    18,291
    
    
    
    21,519The sum of the segment revenues, operating income, depreciation and intangibles amortization equals
the consolidated revenues, operating income, depreciation and intangibles amortization. The
following reconciles segment assets to total consolidated assets as of March 31, 2010, 2009 and
2008:March 31,2010
    
    
    2009
    
    
    2008Segment assets for North America, Europe and All Other
    
    $
    1,174,978
    
    
    
    1,204,563
    
    
    
    1,143,909Corporate eliminations
    
    
    (49,614)
    
    
    
    (68,075)
    
    
    
    (70,058)Total consolidated assets
    
    $
    1,125,364
    
    
    
    1,136,488
    
    
    
    1,073,851
 57




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##### Table of Contents



Fiscal2010
    
    
    2009
    
    
    2008Data ServicesRevenues
    
    $
    187,535
    
    
    $
    191,436
    
    
    $
    194,454Gross profit
    
    
    51,048
    
    
    
    55,407
    
    
    
    57,747Voice ServicesRevenues
    
    $
    593,562
    
    
    $
    598,319
    
    
    $
    586,974Gross profit
    
    
    197,673
    
    
    
    200,541
    
    
    
    195,570Hotline ServicesRevenues
    
    $
    180,296
    
    
    $
    209,793
    
    
    $
    235,314Gross profit
    
    
    86,660
    
    
    
    101,232
    
    
    
    113,303
  58




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Note 18: Quarterly Data (Unaudited)
  Fiscal 2010 (Unaudited)1Q10
    
    
    2Q10
    
    
    3Q10
    
    
    4Q10
    
    
    FY10RevenuesHotline products
    
    $
    42,282
    
    
    $
    45,511
    
    
    $
    47,012
    
    
    $
    45,491
    
    
    $
    180,296On-Site services
    
    
    192,930
    
    
    
    186,402
    
    
    
    206,373
    
    
    
    195,392
    
    
    
    781,097Total
    
    
    235,212
    
    
    
    231,913
    
    
    
    253,385
    
    
    
    240,883
    
    
    
    961,393Cost of salesHotline products
    
    
    22,195
    
    
    
    23,666
    
    
    
    24,406
    
    
    
    23,369
    
    
    
    93,636On-Site services
    
    
    130,604
    
    
    
    125,973
    
    
    
    142,150
    
    
    
    133,649
    
    
    
    532,376Total
    
    
    152,799
    
    
    
    149,639
    
    
    
    166,556
    
    
    
    157,018
    
    
    
    626,012Gross profit
    
    
    82,413
    
    
    
    82,274
    
    
    
    86,829
    
    
    
    83,865
    
    
    
    335,381Selling, general &
administrative expenses
    
    
    63,883
    
    
    
    64,515
    
    
    
    64,198
    
    
    
    64,540
    
    
    
    257,136Intangibles amortization
    
    
    4,045
    
    
    
    2,150
    
    
    
    3,108
    
    
    
    5,899
    
    
    
    15,202Operating income
    
    
    14,485
    
    
    
    15,609
    
    
    
    19,523
    
    
    
    13,426
    
    
    
    63,043Interest expense (income), net
    
    
    2,144
    
    
    
    2,596
    
    
    
    1,852
    
    
    
    2,290
    
    
    
    8,882Other expenses (income), net
    
    
    (142
    )
    
    
    (85
    )
    
    
    40
    
    
    
    21
    
    
    
    (166
    )Income before provision for
income taxes
    
    
    12,483
    
    
    
    13,098
    
    
    
    17,631
    
    
    
    11,115
    
    
    
    54,327Provision for income taxes
    
    
    4,681
    
    
    
    4,912
    
    
    
    6,612
    
    
    
    3,619
    
    
    
    19,824Net income
    
    $
    7,802
    
    
    $
    8,186
    
    
    $
    11,019
    
    
    $
    7,496
    
    
    $
    34,503Earnings per common shareBasic
    
    $
    0.45
    
    
    $
    0.47
    
    
    $
    0.63
    
    
    $
    0.43
    
    
    $
    1.97Diluted
    
    $
    0.44
    
    
    $
    0.47
    
    
    $
    0.63
    
    
    $
    0.43
    
    
    $
    1.97
 59




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##### Table of Contents



Fiscal 2009 (Unaudited)1Q09
    
    
    2Q09
    
    
    3Q09
    
    
    4Q09
    
    
    FY09RevenuesHotline products
    
    $
    55,639
    
    
    $
    56,819
    
    
    $
    51,550
    
    
    $
    45,785
    
    
    $
    209,793On-Site services
    
    
    186,914
    
    
    
    196,991
    
    
    
    210,303
    
    
    
    195,547
    
    
    
    789,755Total
    
    
    242,553
    
    
    
    253,810
    
    
    
    261,853
    
    
    
    241,332
    
    
    
    999,548Cost of salesHotline products
    
    
    27,982
    
    
    
    28,917
    
    
    
    27,380
    
    
    
    24,282
    
    
    
    108,561On-Site services
    
    
    126,429
    
    
    
    131,836
    
    
    
    143,555
    
    
    
    131,987
    
    
    
    533,807Total
    
    
    154,411
    
    
    
    160,753
    
    
    
    170,935
    
    
    
    156,269
    
    
    
    642,368Gross profit
    
    
    88,142
    
    
    
    93,057
    
    
    
    90,918
    
    
    
    85,063
    
    
    
    357,180Selling, general &
administrative expenses
    
    
    66,468
    
    
    
    65,729
    
    
    
    66,085
    
    
    
    68,105
    
    
    
    266,387Intangibles amortization
    
    
    1,826
    
    
    
    1,900
    
    
    
    3,261
    
    
    
    3,803
    
    
    
    10,790Operating income
    
    
    19,848
    
    
    
    25,428
    
    
    
    21,572
    
    
    
    13,155
    
    
    
    80,003Interest expense (income), net
    
    
    (265
    )
    
    
    2,648
    
    
    
    5,722
    
    
    
    2,174
    
    
    
    10,279Other expenses (income), net
    
    
    (96
    )
    
    
    263
    
    
    
    376
    
    
    
    18
    
    
    
    561Income before provision for
income taxes
    
    
    20,209
    
    
    
    22,517
    
    
    
    15,474
    
    
    
    10,963
    
    
    
    69,163Provision for income taxes
    
    
    7,376
    
    
    
    8,218
    
    
    
    5,647
    
    
    
    2,613
    
    
    
    23,854Net income
    
    $
    12,833
    
    
    $
    14,299
    
    
    $
    9,827
    
    
    $
    8,350
    
    
    $
    45,309Earnings per common shareBasic
    
    $
    0.73
    
    
    $
    0.82
    
    
    $
    0.56
    
    
    $
    0.48
    
    
    $
    2.59Diluted
    
    $
    0.73
    
    
    $
    0.82
    
    
    $
    0.56
    
    
    $
    0.48
    
    
    $
    2.59
 
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
  
 Item 9A. Controls and Procedures.
 Conclusions Regarding the Effectiveness of Disclosure Controls and Procedures
  60




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Managements Report on Internal Control Over Financial Reporting
 Excluded Acquired Companies
  Changes in Internal Control Over Financial Reporting
 Limitations on the Effectiveness of Controls
 61




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##### Table of Contents



Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting
 
 Internal Control  Integrated Framework
       
 62




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##### Table of Contents



Item9B. Other Information.
  63




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##### Table of Contents



PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance.
   
 Item 11. Executive Compensation.
  
 Item 12. Security Ownership of Certain Beneficial Owners And Management And Related
Stockholder Matters.
  
 Item 13. Certain Relationships and Related Transactions, and Director Independence.
  
 Item 14. Principal Accounting Fees and Services.
  64




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##### Table of Contents



PART IV
 
 Item15. Exhibits and Financial Statement Schedules.
  (a)
    
    Documents filed as part of this
report(1)
    
    Financial Statements - no financial statements have been filed in this Form 10-K other than those in Item 8(2)
    
    Financial Statement ScheduleSchedule II - Valuation and Qualifying Accounts(3)
    
    Exhibits
 ExhibitNumber
    
    Description3(i)
    
    Second Restated Certificate of Incorporation of the Company, as amended (1)3(ii)
    
    Amended and Restated By-laws of the Company, as amended (2)10.1
    
    Third Amended and Restated Credit Agreement, dated as of January 30, 2008, by and among Black Box
Corporation of Pennsylvania and Norstan, Inc., as Borrowers, the Company, the Guarantors parties
thereto, the Lenders parties thereto and Citizens Bank of Pennsylvania (3)10.2
    
    Guaranty and Suretyship Agreement, dated as of January 30, 2008, by and among the Company,
the Lenders and Citizens Bank of Pennsylvania (4)10.3
    
    Guaranty and Suretyship Agreement, dated as of January 30, 2008, by and among the Guarantors, the Lenders and
Citizens Bank of Pennsylvania (4)10.4
    
    Agreement between the Company and Francis W. Wertheimber (5)10.5
    
    Amended and Restated Agreement between the Company and Michael McAndrew (6)10.6
    
    Amended and Restated Agreement between the Company and R. Terry Blakemore (7)10.7
    
    1992 Stock Option Plan, as amended through August 9, 2007 (8)10.8
    
    1992 Director Stock Option Plan, as amended through August 9, 2007 (8)10.9
    
    Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992 Director Stock
Option Plan; form of agreement in effect prior to August 10, 2004) (5)10.10
    
    Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992
Director Stock Option Plan; form of agreement in effect as of August 10, 2004) (5)10.11
    
    Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992
Director Stock Option Plan; form of agreement in effect as of October 31, 2005) (9)10.12
    
    Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992
Stock Option Plan) (5)10.13
    
    Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992
Stock Option Plan; form of agreement in effect as of October 31, 2005) (9)10.14
    
    Description of Fiscal 2009 Annual Incentive Plan (10)
 65




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##### Table of Contents



10.15
    
    Form of 2008 Long-Term Incentive Cash Award Agreement for Fiscal 2009 (10)10.16
    
    2008 Long-Term Incentive Plan (11)10.17
    
    Description of
Fiscal 2010 Annual Incentive
Plan(12)10.18
    
    Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 2008
Long-Term Incentive Plan)(12)10.19
    
    Form of Black Box Corporation Restricted Stock Unit Agreement (pursuant to the 2008
Long-Term Incentive Plan)(12)10.20
    
    Form of Black Box Corporation Restricted Stock Unit Agreement for Non-Employee Directors
(pursuant to the 2008 Long-Term Incentive Plan)(12)10.21
    
    Form of Black Box Corporation Performance Share Award Agreement (pursuant to the 2008
Long-Term Incentive Plan)(12)10.22
    
    Summary of Director Compensation (13)21.1
    
    Subsidiaries of the Registrant (13)23.1
    
    Consent of Independent Registered Accounting Firm (13)31.1
    
    Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities and Exchange Act of 1934,
as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 (13)31.2
    
    Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities and
Exchange Act of 1934, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 (13)32.1
    
    Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule
13a-14(b) of the Securities and Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (13)(1)
    
    Filed as Exhibit 3(i) to the Quarterly Report on Form 10-Q of the Company, file
number 0-18706, filed with the SEC on November 14, 2000, and incorporated herein by reference.(2)
    
    Filed as Exhibit 3(ii) to the Current Report on Form 8-K of the Company, file number
0-18706, filed with the SEC on May 17, 2010, and incorporated herein by reference.(3)
    
    Filed as Exhibit 10.1 to the Current Report on Form 8-K of the Company, file number
0-18706, filed with the SEC on February 5, 2008, and incorporated herein by reference.(4)
    
    Filed as an exhibit to the Annual Report on Form 10-K of the Company, file number
0-18706, filed with the SEC on May 30, 2008, and incorporated herein by reference.(5)
    
    Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number
0-18706, filed with the SEC on November 12, 2004, and incorporated herein by reference.(6)
    
    Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number
0-18706, filed with the SEC on February 5, 2009, and incorporated herein by reference.(7)
    
    Filed as Exhibit 10.1 to the Current Report on Form 8-K of the Company, file number
0-18706, filed with the SEC on October 18, 2007, and incorporated herein by reference.(8)
    
    Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number
0-18706, filed with the SEC on August 16, 2007, and incorporated
herein by reference.
 66




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##### Table of Contents



(9)
    
    Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number
0-18706, filed with the SEC on November 10, 2005, and incorporated herein by reference.(10)
    
    Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file
number 0-18706, filed with the SEC on August 7, 2008, and incorporated herein by reference.(11)
    
    Filed as Exhibit I to the Proxy Statement for the 2008 Annual Meeting of
Stockholders filed on Schedule 14A, file number 0-18706, filed with the SEC on June 26, 2008.(12)
    
    Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file
number 0-18706, filed with the SEC on August 6, 2009, and incorporated herein by reference.(13)
    
    Filed herewith.
 
 67




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##### Table of Contents



SIGNATURES
  BLACK BOX CORPORATIONDated: May 28, 2010/s/ Michael McAndrewMichael McAndrew, Executive Vice President,Chief Financial Officer, Treasurer,Secretary and Principal Accounting Officer
  Signatures
    

Capacity

    

Date/s/ WILLIAM F. ANDREWS
    
    Director
    
    May 28, 2010William F. Andrews/s/ RICHARD L. CROUCH
    
    Director
    
    May 28, 2010Richard L. Crouch/s/ THOMAS W. GOLONSKI
    
    Director
    
    May 28, 2010Thomas W. Golonski/s/ THOMAS G. GREIG
    
    Director and Chairman of the Board
    
    May 28, 2010Thomas G. Greig/s/ WILLIAM H. HERNANDEZ
    
    Director
    
    May 28, 2010William H. Hernandez/s/ EDWARD A. NICHOLSON
    
    Director
    
    May 28, 2010Edward A. Nicholson/s/ R. TERRY BLAKEMORE
    
    Director, President and Chief Executive Officer
    
    May 28, 2010R. Terry Blakemore/s/ MICHAEL MCANDREW
    
    Executive Vice President, Chief Financial
Officer, Treasurer, Secretary and Principal
Accounting Officer
    
    May 28, 2010Michael McAndrew
 68




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##### Table of Contents



BLACK BOX CORPORATION
 Valuation and Qualifying Accounts
 Balance at
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    BalanceBeginning
    
    
    Additions
    
    
    Additions
    
    
    Reductions
    
    
    
    
    
    
    at Endof
    
    
    Charged
    
    
    from
    
    
    from
    
    
    
    
    
    
    ofDescription
    
    Period
    
    
    to Expenses
    
    
    Acquisitions
    
    
    Reserves
    
    
    Other
    
    
    PeriodYear Ended
March 31, 2010Inventory reserves
    
    $
    20,290
    
    
    $
    2,177
    
    
    $
    631
    
    
    $
    (3,108)
    
    
    $
    --
    
    
    $
    19,990Allowance for
doubtful

accounts/sales
returns
    
    
    9,934
    
    
    
    2,408
    
    
    
    182
    
    
    
    (3,019)
    
    
    
    --
    
    
    
    9,505Restructuring
reserve
    
    
    10,514
    
    
    
    4,558
    
    
    
    --
    
    
    
    (9,500)
    
    
    
    (93)
    
    
    
    5,479Year Ended
March 31, 2009Inventory reserves
    
    $
    20,373
    
    
    $
    2,896
    
    
    $
    1,199
    
    
    $
    (4,178)
    
    
    $
    --
    
    
    $
    20,290Allowance for
doubtful

accounts/sales
returns
    
    
    12,612
    
    
    
    4,336
    
    
    
    203
    
    
    
    (7,217)
    
    
    
    --
    
    
    
    9,934Restructuring
reserve
    
    
    12,592
    
    
    
    9,666
    
    
    
    --
    
    
    
    (11,941)
    
    
    
    197
    
    
    
    10,514Year Ended
March 31, 2008Inventory reserves
    
    $
    22,761
    
    
    $
    3,258
    
    
    $
    160
    
    
    $
    (5,806)
    
    
    $
    --
    
    
    $
    20,373Allowance for
doubtful

accounts/sales
returns
    
    
    14,253
    
    
    
    7,509
    
    
    
    90
    
    
    
    (9,240)
    
    
    
    --
    
    
    
    12,612Restructuring
reserve
    
    
    19,428
    
    
    
    6,848
    
    
    
    --
    
    
    
    (13,684)
    
    
    
    --
    
    
    
    12,592
 69




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##### Table of Contents



EXHIBIT INDEX
 ExhibitNumber
    
    Description3(i)
    
    Second Restated Certificate of Incorporation of the Company, as amended (1)3(ii)
    
    Amended and Restated By-laws of the Company, as amended (2)10.1
    
    Third Amended and Restated Credit Agreement, dated as of January 30, 2008, by and among Black
Box Corporation of Pennsylvania and Norstan, Inc., as Borrowers, the Company, the Guarantors
parties thereto, the Lenders parties thereto and Citizens Bank of Pennsylvania (3)10.2
    
    Guaranty and Suretyship Agreement, dated as of January 30, 2008, by and among the Company,
the Lenders and Citizens Bank of Pennsylvania (4)10.3
    
    Guaranty and Suretyship Agreement, dated as of January 30, 2008, by and among the Guarantors,
the Lenders and Citizens Bank of Pennsylvania (4)10.4
    
    Agreement between the Company and Francis W. Wertheimber (5)10.5
    
    Amended and Restated Agreement between the Company and Michael McAndrew (6)10.6
    
    Amended and Restated Agreement between the Company and R. Terry Blakemore (7)10.7
    
    1992 Stock Option Plan, as amended through August 9, 2007 (8)10.8
    
    1992 Director Stock Option Plan, as amended through August 9, 2007 (8)10.9
    
    Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992 Director Stock
Option Plan; form of agreement in effect prior to August 10, 2004) (5)10.10
    
    Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992
Director Stock Option Plan; form of agreement in effect as of August 10, 2004) (5)10.11
    
    Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992
Director Stock Option Plan; form of agreement in effect as of October 31, 2005) (9)10.12
    
    Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992
Stock Option Plan) (5)10.13
    
    Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992
Stock Option Plan; form of agreement in effect as of October 31, 2005) (9)10.14
    
    Description of Fiscal 2009 Annual Incentive Plan (10)10.15
    
    Form of 2008 Long-Term Incentive Cash Award Agreement for Fiscal 2009 (10)10.16
    
    2008 Long-Term Incentive Plan (11)10.17
    
    Description of Fiscal 2010 Annual Incentive Plan(12)10.18
    
    Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 2008
Long-Term Incentive Plan)(12)10.19
    
    Form of Black Box Corporation Restricted Stock Unit Agreement (pursuant to the 2008
Long-Term Incentive Plan)(12)10.20
    
    Form of Black Box Corporation Restricted Stock Unit Agreement for Non-Employee Directors
(pursuant to the 2008 Long-Term Incentive Plan)(12)10.21
    
    Form of Black Box Corporation Performance Share Award Agreement (pursuant to the 2008
Long-Term Incentive
Plan)(12)
 70




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##### Table of Contents



10.22
    
    Summary of Director Compensation (13)21.1
    
    Subsidiaries
of the Registrant
(13)23.1
    
    Consent of Independent Registered Accounting Firm (13)31.1
    
    Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities and Exchange Act of 1934,
as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 (13)31.2
    
    Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities and
Exchange Act of 1934, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 (13)32.1
    
    Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule
13a-14(b) of the Securities and Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (13)(1)
    
    Filed as Exhibit 3(i) to the Quarterly Report on Form 10-Q of the Company, file
number 0-18706, filed with the SEC on November 14, 2000, and incorporated herein by reference.(2)
    
    Filed as Exhibit 3(ii) to the Current Report on Form 8-K of the Company, file number
0-18706, filed with the SEC on May 17, 2010, and incorporated herein by reference.(3)
    
    Filed as Exhibit 10.1 to the Current Report on Form 8-K of the Company, file number
0-18706, filed with the SEC on February 5, 2008, and incorporated herein by reference.(4)
    
    Filed as an exhibit to the Annual Report on Form 10-K of the Company, file number
0-18706, filed with the SEC on May 30, 2008, and incorporated herein by reference.(5)
    
    Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number
0-18706, filed with the SEC on November 12, 2004, and incorporated herein by reference.(6)
    
    Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number
0-18706, filed with the SEC on February 5, 2009, and incorporated herein by reference.(7)
    
    Filed as Exhibit 10.1 to the Current Report on Form 8-K of the Company, file number
0-18706, filed with the SEC on October 18, 2007, and incorporated herein by reference.(8)
    
    Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number
0-18706, filed with the SEC on August 16, 2007, and incorporated herein by reference.(9)
    
    Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number
0-18706, filed with the SEC on November 10, 2005, and incorporated herein by reference.(10)
    
    Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file
number 0-18706, filed with the SEC on August 7, 2008, and incorporated herein by reference.(11)
    
    Filed as Exhibit I to the Proxy Statement for the 2008 Annual Meeting of
Stockholders filed on Schedule 14A, file number 0-18706, filed with the SEC on June 26, 2008.(12)
    
    Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file
number 0-18706, filed with the SEC on August 6, 2009, and incorporated herein by reference.(13)
    
    Filed
herewith.
 71