Arrow Electronics Posts Strong Third Quarter Results.MELVILLE, N.Y. -- Generates $80 Million of Cash Flow from Operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses ; Year-to-Date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. Cash Flow from Operations Nearly $300 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. , 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 ) today reported third quarter 2005 net income of $63.5 million ($.54 and $.52 per share on a basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, respectively) on sales of $2.71 billion, compared with net income of $63.4 million ($.55 and $.52 per share on a basic and diluted basis, respectively) on sales of $2.62 billion in the third quarter of 2004. Cash flow from operations in the third quarter of 2005 was $79.9 million, compared with $51.9 million in the third quarter of 2004. The company's results for 2005 and 2004 include a number of items outlined below that impact their comparability. A reconciliation of these items is provided under the heading "Certain Non-GAAP Financial Information." Excluding those items, net income for the quarter ended September September: see month. 30, 2005 would have been $63.8 million ($.54 and $.52 per share on a basic and diluted basis, respectively) and net income for the quarter ended September 30, 2004 would have been $55.8 million ($.48 and $.46 per share on a basic and diluted basis, respectively). Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $118.4 million, excluding the items impacting comparability, was up 12% from $105.8 million over last year's third quarter. Operating income as a percentage of sales, excluding the previously mentioned items impacting comparability, decreased by 10 basis points sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen , and increased by 40 basis points year-over-year. "We delivered strong results against the backdrop Backdrop may refer to:
 r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and the computer products
business in the third quarter," said William William, crown prince of GermanyWilliam or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack E. Mitchell Mitchell, city (1990 pop. 13,798), seat of Davison co., SE S.Dak.; inc. 1881. Mitchell is a trade, distribution, and shipping center for a dairy and livestock area. , President and Chief Executive Officer. "In addition to posting our 11th consecutive quarter of year-over-year sales growth, we again increased operating income at a faster pace than sales as a result of our ability to leverage our cost structure to drive further operating efficiencies," added Mr. Mitchell. Worldwide components sales of $2.08 billion were flat sequentially and up 4% from last year's third quarter. "Component sales in our Asia/Pacific region advanced to a new record level and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. had strong profitability gains on its second consecutive quarterly increase in daily shipping rates," said Mr. Mitchell, "while our European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. business experienced normal seasonality as well as continued difficult macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. conditions." Worldwide computer products sales of $632 million decreased 8% sequentially in this seasonally weak quarter and increased 1% year-over-year. The sequential One after the other in some consecutive order such as by name or number. decline in computer products sales was generally consistent with prior years. "Our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Computer Products business achieved its 10th consecutive quarter of year-over-year sales increases as well as its 17th consecutive quarter of year-over-year growth in operating income," added Mr. Mitchell. The company's results for the third quarter of 2005 and 2004 include a number of items outlined below that impact their comparability: --During the third quarter of 2005, the company repurchased, through a series of transactions, an additional $57.8 million accreted value accreted value The current value of an original-issue discount bond, taking into account imputed interest that has accumulated. of its zero coupon A certificate evidencing the obligation to pay an installment of interest or a dividend that must be cut and presented to its issuer for payment when it is due. Coupons are usually attached to a document, such as a promissory note, bond, share of stock, or a bearer convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. due in 2021, which could have been initially put to the company in February February: see month. 2006 ("convertible debentures"). The related loss on the repurchases, including the premium paid and the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of related deferred financing costs, aggregated $1.1 million ($.7 million net of related taxes or $.01 per share). --During the third quarter of 2005, in connection with previously announced restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). initiatives, the company recorded a net charge of $.1 million (a gain of $.4 million net of related taxes or $.01 per share). Included in the restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. is a gain on the sale of property that, because of existing capital tax loss carryforwards tax loss carryforward See carryforward. , will not be taxed. --During the third quarter of 2004, the company recorded an acquisition indemnification Indemnification Used in insurance policy agreements as to compensation for damage or loss. In the context of corporate governance, Director Indemnification uses the bylaws and/or charter to indemnify officers and directors from certain legal expenses and judgements resulting from credit of $9.7 million ($.09 and $.08 per share on a basic and diluted basis, respectively) resulting from the settlement of a claim related to its French subsidiary, Tekelec Tekelec, Inc. (NASDAQ:TKLC), (founded 1979 in California, now headquartered in Morrisville, North Carolina, USA) is an industry leader building smart carrier networks through an innovative combination of signaling, switching, and applications. SA. --During the third quarter of 2004, the company recorded a net restructuring charge of $.4 million ($.2 million net of related taxes). --During the third quarter of 2004, the company repurchased $19.8 million accreted value of its convertible debentures. The related loss on the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. , including the premium paid and the write-off of related deferred financing costs, aggregated $.9 million ($.5 million net of related taxes or $.01 per share). --During the third quarter of 2004, the company recorded a loss on the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of an investment security of $1.3 million ($.01 per share) for an other-than-temporary decline in the fair value of this investment in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Statement of Financial Accounting Standards No. 115. "Looking to the fourth quarter, we fully expect our computer products business to experience a combination of continued organic growth and traditional seasonality. In the components business, we expect normal seasonality in Asia/Pacific, stability in North America with an increase in daily shipping rates offset by fewer shipping days, and continued weak business conditions in Europe," said Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. J. Reilly Reilly is a surname distinct from O'Reilly and Riley, and may refer to:
"We continued to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution well and achieve our overarching o·ver·arch·ing adj. 1. Forming an arch overhead or above: overarching branches. 2. Extending over or throughout: "I am not sure whether the missing ingredient . . . objectives of growing earnings faster than sales, growing sales faster than the market, and being cash positive on a consistent basis," said Mr. Mitchell. "We remain focused on our goal to deliver premium investment results to our shareholders," added Mr. Mitchell. NINE MONTH RESULTS Arrow's net income for the first nine months of 2005 was $179.2 million ($1.53 and $1.48 per share on a basic and diluted basis, respectively) on sales of $8.2 billion, compared with net income of $159.8 million ($1.42 and $1.36 per share on a basic and diluted basis, respectively) on sales of $7.9 billion in the first nine months of 2004. Year-to-date cash flow from operations of $296.1 million compares to a use of $107.9 million for the first nine months of 2004. Net income for the first nine months of 2005 includes the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. restructuring charges and charges associated with the loss on prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of debt. Additionally, during the first six months of 2005, restructuring charges of $8.9 million ($5.5 million net of related taxes or $.04 and $.03 per share on a basic and diluted basis, respectively), a loss of $2.1 million ($1.2 million net of related taxes or $.01 per share) on the repurchase of $94.0 million accreted value of its convertible debentures, an acquisition indemnification credit of $1.7 million ($1.3 million net of related taxes or $.01 per share on a basic basis), and a write-down of an investment of $3.0 million ($.03 per share) were recorded. Net income for the first nine months of 2004 includes the aforementioned acquisition indemnification credit, restructuring charges, a charge associated with the loss on prepayment of debt, and a write-down of an investment. Additionally, during the first six months of 2004, restructuring charges of $7.6 million ($4.6 million net of related taxes or $.04 per share) were recorded. Also, the company repurchased, through a series of transactions, $250.0 million principal amount of its 8.7% senior notes due in October October: see month. 2005 and $233.6 million accreted value of its convertible debentures. As a result of these repurchases, a loss on prepayment of debt of $30.8 million ($18.4 million net of related taxes or $.17 and $.15 per share on a basic and diluted basis, respectively) was recorded. Excluding these items, net income would have been $187.9 million ($1.60 and $1.55 per share on a basic and diluted basis, respectively) and $175.1 million ($1.56 and $1.48 per share on a basic and diluted basis, respectively) for the first nine months of 2005 and 2004, respectively. Arrow Electronics is a major global provider of products, services, and solutions to industrial and commercial users of electronic components and computer products. Headquartered in Melville, New York Melville is a hamlet and census-designated place in the town of Huntington in Suffolk County on Long Island, New York, in the United States. As of the 2000 census, 14,533 people resided there. , 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 serves as a supply channel partner for nearly 600 suppliers and 150,000 original equipment manufacturers, contract manufacturers, and commercial customers through a global network of more than 200 locations in 53 countries and territories. Certain Non-GAAP Financial Information In addition to disclosing results that are determined in accordance with Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "), the company provides certain non-GAAP financial information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc operating income, net income and net income per basic and diluted share, each as adjusted for certain charges, credits and losses that the company believes impact the comparability of its results of operations. These charges, credits and losses arise out of the company's acquisitions of other companies, the company's efficiency enhancement initiatives, the prepayment of debt, and the write-down of investments. Reconciliations of the company's non-GAAP financial information to GAAP are set forth in the table below. The company believes that such non-GAAP financial information is useful to investors to assist in assessing and understanding the company's operating performance and underlying trends in the company's business because management considers the charges, credits and losses referred to above to be outside the company's core operating results. This non-GAAP financial information is among the primary indicators management uses as a basis for evaluating the company's financial and operating performance. In addition, the company's Board of Directors may use this non-GAAP financial information in evaluating management performance and setting management compensation. The presentation of this additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for, or alternative to, operating income, net income and net income per basic and diluted share determined in accordance with GAAP. Analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with, data presented in accordance with GAAP.
ARROW ELECTRONICS, INC.
EARNINGS RECONCILIATION
(In thousands except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Operating income, as
reported $118,238 $115,047 $345,489 $340,743
Acquisition
indemnification credit - (9,676) (1,672) (9,676)
Restructuring charges 112 407 8,997 7,984
--------- --------- --------- ---------
Operating income, as
adjusted $118,350 $105,778 $352,814 $339,051
========= ========= ========= =========
Net income, as reported $ 63,523 $ 63,397 $179,163 $159,781
Acquisition
indemnification credit - (9,676) (1,267) (9,676)
Restructuring charges
(gain) (442) 175 5,016 4,756
Loss on prepayment of
debt 672 545 1,919 18,952
Write-down of investments - 1,318 3,019 1,318
--------- --------- --------- ---------
Net income, as adjusted $ 63,753 $ 55,759 $187,850 $175,131
========= ========= ========= =========
Net income per basic share,
as reported $ .54 $ .55 $ 1.53 $ 1.42
Acquisition
indemnification credit - (.09) (.01) (.09)
Restructuring charges
(gain) (.01) - .03 .05
Loss on prepayment of
debt .01 .01 .02 .17
Write-down of investments - .01 .03 .01
--------- --------- --------- ---------
Net income per basic share,
as adjusted $ .54 $ .48 $ 1.60 $ 1.56
========= ========= ========= =========
Net income per diluted
share, as reported(a) $ .52 $ .52 $ 1.48 $ 1.36
Acquisition
indemnification credit - (.08) - (.08)
Restructuring charges
(gain) (.01) - .03 .04
Loss on prepayment of
debt .01 .01 .01 .15
Write-down of investments - .01 .03 .01
--------- --------- --------- ---------
Net income per diluted
share, as adjusted $ .52 $ .46 $ 1.55 $ 1.48
========= ========= ========= =========
(a) In computing computing - computer net income per diluted share for the three and nine months ended September 30, 2005, net income was increased by $1,059 and $4,285, respectively, for interest (net of taxes) related to the zero coupon convertible debentures ("convertible debentures") which are dilutive common stock equivalents. In addition, the diluted average number of shares outstanding for the three and nine months ended September 30, 2005 includes 3,844 shares and 5,412 shares, respectively, related to the convertible debentures. In computing net income per diluted share for the three and nine months ended September 30, 2004, net income was increased by $2,143 and $9,085, respectively, for interest (net of taxes) related to the convertible debentures which are dilutive common stock equivalents. In addition, the diluted average number of shares outstanding for the three and nine months ended September 30, 2004 includes 8,331 shares and 10,558 shares, respectively, related to the convertible debentures. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor" for forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . This press release contains forward-looking statements that are subject to certain risks and uncertainties which could cause actual results or facts to differ materially from such statements for a variety of reasons including, but not limited to: industry conditions, changes in product supply, pricing, and customer demand, competition, other vagaries in the computer products and electronic components markets, changes in relationships with key suppliers, the effects of additional actions taken to lower costs, the ability of the company to generate additional cash flow and the other risks described from time to time in the company's reports to the Securities and Exchange Commission (including the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. ). Forward-looking statements are those statements, which are not statements of historical fact. You can identify these forward-looking statements by forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. words such as "expects," "anticipates," "intends," "plans," "may," "will," "believes," "seeks," "estimates," and similar expressions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update publicly or revise any forward-looking statements.
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ----------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
Sales $2,710,168 $2,619,143 $8,204,586 $7,923,391
---------- ---------- ---------- ----------
Costs and expenses:
Cost of products
sold 2,290,912 2,198,980 6,911,768 6,628,974
Selling, general
and
administrative
expenses 290,376 301,973 903,454 913,865
Depreciation and
amortization 10,530 12,412 36,550 41,501
Acquisition
indemnification
credit - (9,676) (1,672) (9,676)
Restructuring
charges 112 407 8,997 7,984
---------- ---------- ---------- ----------
2,591,930 2,504,096 7,859,097 7,582,648
---------- ---------- ---------- ----------
Operating income 118,238 115,047 345,489 340,743
Equity in earnings
of affiliated
companies 1,373 1,566 3,013 2,912
Loss on prepayment
of debt 1,123 911 3,209 31,692
Write-down of
investments - 1,318 3,019 1,318
Interest expense,
net 22,291 24,350 70,766 79,563
---------- ---------- ---------- ----------
Income before
income taxes and
minority interest 96,197 90,034 271,508 231,082
Provision for
income taxes 32,399 26,392 91,770 70,474
---------- ---------- ---------- ----------
Income before
minority interest 63,798 63,642 179,738 160,608
Minority interest 275 245 575 827
---------- ---------- ---------- ----------
Net income $ 63,523 $ 63,397 $ 179,163 $ 159,781
========== ========== ========== ==========
Net income per share:
Basic $ .54 $ .55 $ 1.53 $ 1.42
========== ========== ========== ==========
Diluted $ .52 $ .52 $ 1.48 $ 1.36
========== ========== ========== ==========
Average number of
shares
outstanding:
Basic 118,594 115,175 117,265 112,217
Diluted 124,162 124,862 124,010 124,500
This interim report is subject to independent audit at year-end.
ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
September 30, December 31,
2005 2004
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 653,667 $ 305,294
Short-term investments - 158,600
----------- -----------
Total cash and short-term investments 653,667 463,894
Accounts receivable, net 2,068,476 1,984,122
Inventories 1,382,718 1,486,478
Prepaid expenses and other assets 107,629 93,039
----------- -----------
Total current assets 4,212,490 4,027,533
----------- -----------
Property, plant and equipment at cost:
Land 35,951 40,340
Buildings and improvements 156,198 182,610
Machinery and equipment 412,593 420,455
----------- -----------
604,742 643,405
Less: accumulated depreciation and
amortization (383,732) (380,422)
----------- -----------
Property, plant and equipment, net 221,010 262,983
----------- -----------
Investments in affiliated companies 36,580 34,302
Cost in excess of net assets of companies
acquired 926,689 974,285
Other assets 188,019 209,998
----------- -----------
Total assets $5,584,788 $5,509,101
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,389,363 $1,261,971
Accrued expenses 404,620 395,955
Short-term borrowings, including current
portion of long-term debt 173,572 8,462
----------- -----------
Total current liabilities 1,967,555 1,666,388
----------- -----------
Long-term debt 1,154,900 1,465,880
Other liabilities 177,840 182,647
Shareholders' equity:
Common stock, par value $1:
Authorized - 160,000 shares in 2005 and
2004
Issued - 119,740 shares in 2005 and
117,675 in 2004 119,740 117,675
Capital in excess of par value 846,524 797,828
Retained earnings 1,324,969 1,145,806
Foreign currency translation adjustment 14,289 190,595
----------- -----------
2,305,522 2,251,904
Less: Treasury stock (265 and 1,374
shares in 2005 and 2004,
respectively), at cost (7,093) (36,735)
Unamortized employee stock awards (3,007) (3,738)
Other (10,929) (17,245)
----------- -----------
Total shareholders' equity 2,284,493 2,194,186
----------- -----------
Total liabilities and shareholders'
equity $5,584,788 $5,509,101
=========== ===========
This interim report is subject to independent audit at year-end.
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
Nine Months Ended
September 30,
----------------------
2005 2004
---------- ----------
Cash flows from operating activities:
Net income $ 179,163 $ 159,781
---------- ----------
Adjustments to reconcile net income to net
cash provided by (used for) operations:
Minority interest 575 827
Depreciation and amortization 36,550 41,501
Accretion of discount on convertible
debentures 7,166 13,459
Amortization of deferred financing costs
and discount
on notes 2,796 3,867
Amortization of restricted stock and
performance awards 5,209 6,594
Equity in earnings of affiliated
companies (3,013) (2,912)
Deferred income taxes 94 2,060
Acquisition indemnification credit, net
of taxes (1,267) (9,676)
Restructuring charges, net of taxes 5,016 4,756
Loss on prepayment of debt, net of taxes 1,919 18,952
Write-down of investments 3,019 1,318
Change in assets and liabilities, net of
effects of acquired businesses:
Accounts receivable (152,656) (146,519)
Inventories 57,221 (197,096)
Prepaid expenses and other assets (5,072) (492)
Accounts payable 156,910 (32,498)
Accrued expenses 1,977 5,636
Other 447 22,532
---------- ----------
Net cash provided by (used for) operating
activities 296,054 (107,910)
---------- ----------
Cash flows from investing activities:
Acquisition of property, plant and equipment,
net (19,789) (16,701)
Proceeds from sale of facilities 18,353 8,616
Cash consideration paid for acquired
businesses (24,624) (34,725)
Proceeds from notes receivable 1,113 8,333
Purchase of short-term investments (230,456) (203,486)
Proceeds from sale of short-term investments 389,056 203,486
Other 3,711 (140)
---------- ----------
Net cash provided by (used for) investing
activities 137,364 (34,617)
---------- ----------
Cash flows from financing activities:
Change in short-term borrowings 9,036 (29,827)
Change in long-term debt (2,037) (1,904)
Repurchase of senior notes - (268,399)
Repurchase of convertible debentures (152,449) (262,172)
Proceeds from common stock offering - 312,789
Proceeds from exercise of stock options 69,355 13,900
---------- ----------
Net cash used for financing activities (76,095) (235,613)
---------- ----------
Effect of exchange rate changes on cash (8,950) 3,294
---------- ----------
Net increase (decrease) in cash and cash
equivalents 348,373 (374,846)
Cash and cash equivalents at beginning of
period 305,294 612,404
---------- ----------
Cash and cash equivalents at end of period $ 653,667 $ 237,558
========== ==========
This interim report is subject to independent audit at year-end.
ARROW ELECTRONICS, INC.
SEGMENT INFORMATION
(In thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2005 2004 2005 2004
---------- ----------- ---------- -----------
Sales:
Components $2,078,106 $1,991,625 $6,249,784 $ 6,068,807
Computer Products 632,062 627,518 1,954,802 1,854,584
---------- ----------- ---------- -----------
Consolidated $2,710,168 $2,619,143 $8,204,586 $ 7,923,391
========== =========== ========== ===========
Operating income:
Components $ 105,981 $ 98,418 $ 307,278 $ 328,740
Computer Products 35,845 30,918 112,202 83,230
Corporate (a) (23,588) (14,289) (73,991) (71,227)
---------- ----------- ---------- -----------
Consolidated $ 118,238 $ 115,047 $ 345,489 $ 340,743
========== =========== ========== ===========
(a) Includes an acquisition indemnification credit of $1.7 million for
the nine months ended September 30, 2005, as well as restructuring
charges of $.1 million and $9.0 million for the three and nine
months ended September 30, 2005, respectively. Also included is an
acquisition indemnification credit of $9.7 million for the three
and nine months ended September 30, 2004, and restructuring
charges of $.4 million and $8.0 million for the three and nine
months ended September 30, 2004, respectively.
This interim report is subject to independent audit at year-end.
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