Arrow Electronics' third quarter earnings up 46 percent.MELVILLE, N.Y.--Oct. 24, 1995--(BUSINESS WIRE)--Arrow Electronics, Inc. (NYSE NYSE See: New York Stock Exchange :ARW ARW Air Refueling Wing ARW Advanced Research Workshop ARW Associated Resume Writers ARW Army Ranger Wing (Irish Special Forces) ARW American Revolutionary War ARW Angle Random Walk ARW Aeroelastic Research Wing ) reported record third quarter sales and earnings in the three month period ended September September: see month. 30, 1995. Net income for the quarter was $51 million ($1.07 per share on a primary basis) on sales of $1.5 billion, compared with net income of $34.9 million ($.75 per share on a primary basis), before a special charge associated with the acquisition and integration of Gates/FA Distributing, Inc. in August 1994, on sales of $1.2 billion. Net income for last year's third quarter, after the special charge of $21.9 million ($13.1 million after taxes), was $21.8 million ($.47 per share on a primary basis). The company noted that last year's results have been restated to reflect the November November: see month. 1994 acquisition of Anthem anthem [ultimately from antiphon], short nonliturgical choral composition used in Protestant services, usually accompanied and having an English text. The term is used in a broader sense for "national anthems" and for the Latin motets still used occasionally in Electronics, Inc., which was accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . "Our advance in net income of 46 percent over the third quarter of 1994, excluding the Gates' acquisition and integration charge, significantly outpaced our sales growth of 26 percent," said Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and P. Kaufman, Chairman and Chief Executive Officer of Arrow ARROW Australian Research Repositories Online to the World (Clayton, Vic, Australia) ARROW Active Resistance to the Roots of War ARROW Antiresonant Reflecting Optical Waveguide , "as we continue to obtain benefits from the integration of Gates and Anthem with Arrow." "Increased operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. from our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. businesses during the third quarter offset the impact of Europe's extended summer holidays," he added. Without giving effect to the restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. resulting from the acquisition of Anthem and the special charge associated with Gates, Arrow's third quarter sales and earnings exceeded results previously reported for last year's third quarter by 47 percent and 72 percent, respectively. Net income for the nine months ended September 30, 1995 was $147.6 million ($3.12 per share on a primary basis) on sales of $4.4 billion. Net income for the nine months ended September 30, 1994, before the special charge associated with Gates, was $101.2 million ($2.17 per share on a primary basis) on sales of $3.4 billion. Net income after the special charge was $88.1 million. Arrow Electronics Arrow Electronics NYSE: ARW is a Fortune 500 company headquartered in Melville, New York. This company specializes in products and services of electronic components and computer products. is the world's largest distributor of electronic components and computer products to industrial and commercial customers. -0-
ARROW ELECTRONICS, INC.
CONSOLIDATED STATMENT OF INCOME
(IN THOUSANDS EXCEPT PER SHARE DATA)
Nine Months Ended Three Months Ended
September 30 September 30
----------------------- -----------------------
1995 1994(A) 1995 1994(A)
---- ---- ---- ----
Sales $4,358,157 $3,393,093 $1,459,591 $1,161,423
---------- ---------- ---------- ----------
Costs and expenses:
Cost of products sold 3,592,195 2,793,231 1,202,797 960,507
Selling, general and
administrative
expenses 427,591 362,447 140,580 120,740
Depreciation and
amortization 23,687 19,657 8,135 6,698
Integration charge - 21,875 - 21,875
---------- ---------- ---------- ----------
4,043,473 3,197,210 1,351,512 1,109,820
---------- ---------- ---------- ----------
Operating income 314,684 195,883 108,079 51,603
Equity in earnings of
affiliated company 2,168 - 398 -
Interest expense 34,641 27,685 12,455 8,695
---------- ---------- ---------- ----------
Earnings before income
taxes and minority
interest 282,211 168,198 96,022 42,908
Provision for income taxes 114,787 67,481 38,414 16,815
---------- ---------- ---------- ----------
Earnings before minority
interest 167,424 100,717 57,608 26,093
Minority interest 19,863 12,656 6,650 4,314
---------- ---------- ---------- ----------
Net income $ 147,561 $ 88,061 $ 50,958 $ 21,779
========== ========== ========== ==========
Net income per common
share:
Primary $3.12 $1.89 $1.07 $ .47
===== ===== ===== =====
Fully diluted $2.94 $1.81 $1.01 $ .45
===== ===== ===== =====
Average number of common
shares and common share
equivalents outstanding:
Primary 47,268 46,563 47,740 46,578
====== ====== ====== ======
Fully diluted 51,264 50,337 51,519 50,351
====== ====== ====== ======
(A) Results have been restated to reflect the November 1994 acquisition of Anthem Electronics, Inc. as a pooling of interests. Excluding the integration charge associated with the August 1994 acquisition and integration of Gates/FA Distributing, Inc., net income was $101.2 million ($2.17 per share on a primary basis) and $34.9 million ($.75 per share on a primary basis) for the nine months and three months ended September 30, 1994, respectively. This interim report is subject to independent audit at year-end.
ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
September 30, December 31,
1995 1994
------------- ------------
(unaudited)
Assets
Current assets:
Cash and short-term investments $ 77,644 $ 105,606
Accounts receivable, net 931,450 697,021
Inventories 935,466 725,436
Other 34,411 30,180
---------- ----------
Total current assets 1,978,971 1,558,243
Property, plant and equipment, net 113,972 89,815
Investment in affiliated company 35,706 -
Cost in excess of net assets of
companies acquired, net of amortization 386,181 334,297
Other assets 58,725 56,419
---------- ----------
$2,573,555 $2,038,774
========== ==========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 473,299 $ 411,766
Accrued expenses 244,640 191,574
Short-term borrowings, including
current maturities of long-term debt 138,003 86,123
---------- ----------
Total current liabilities 855,942 689,463
Long-term debt 410,417 224,398
Subordinated debentures 124,970 125,000
Minority interest 95,339 105,693
Other 69,072 56,335
Shareholders' equity 1,017,815 837,885
---------- ----------
$2,573,555 $2,038,774
========== ==========
This interim report is subject to independent audit at year-end.
CONTACT: Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. E. Klatell Executive Vice President (516) 391-1300 |
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