Arrow Electronics reports first quarter results; Authorizes additional share repurchases.MELVILLE, N.Y.--(BUSINESS WIRE)--April 22, 1997--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 sales gains of 9% in the three months ended March 31, 1997. Net income for the quarter was $50.3 million ($1.00 per share) on sales of $1.9 billion, compared with 1996's first quarter net income of $56.8 million ($1.11 per share) on sales of $1.7 billion. The company noted that its 1997 results include the activities of the volume electronic component distribution businesses (FES Group) of Premier Farnell  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . plc subsequent to their acquisition on January January: see month. 31, 1997. Excluding the FES Group, sales for the quarter were a record $1.8 billion. "This quarter, driven by strong sales gains in our businesses in 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. and the Asia/Pacific region, represents the second consecutive quarter of improving results following our industry's severe dislocation dislocation, displacement of a body part, usually a bone. When a bone is dislocated, the ends of opposing bones are usually forced out of connection with one another. In the process, bruising of tissues and tearing of ligaments may occur. in 1996," 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. "Daily business activity levels in North America remain strong," he added, "and orders entered remain ahead of shipments." The company also announced that its Board of Directors has renewed the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program initiated last year and has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: Arrow to purchase, from time to time, up to $50 million of the company's common stock. The purchases will be made in the open market or in privately negotiated transactions, as determined by management. The timing and amount of the purchases will depend, among other matters, on market conditions and corporate requirements. "The Board's decision to authorize To empower another with the legal right to perform an action. The Constitution authorizes Congress to regulate interstate commerce. authorize v. to officially empower someone to act. (See: authority) the purchase of additional shares reflects our confidence that Arrow's profitability, balance sheet strength, and expected cash flows permit the company to offset the dilutive impact of year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. stock option grants and restricted stock awards and enhance shareholder value through these repurchases without inhibiting in·hib·it tr.v. in·hib·it·ed, in·hib·it·ing, in·hib·its 1. To hold back; restrain. See Synonyms at restrain. 2. To prohibit; forbid. 3. our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategic goals," said Mr. Kaufman. 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.
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENT OF INCOME
(In thousands except per share data)
Three Months Ended
March 31
1997 1996
Sales $1,855,333 $1,703,318
Costs and expenses:
Cost of products sold 1,569,772 1,421,501
Selling, general and
administrative expenses 171,775 156,080
Depreciation and amortization 9,689 9,053
1,751,236 1,586,634
Operating income 104,097 116,684
Equity in earnings (loss)
of affiliated company 298 (101)
Interest expense 13,945 11,308
Earnings before income
taxes and minority interest 90,450 105,275
Provision for income taxes 37,192 41,731
Earnings before minority interest 53,258 63,544
Minority interest 2,964 6,736
Net income $ 50,294 $ 56,808
Net income per common share $1.00 $1.11
Average number of common
shares and common share
equivalents outstanding 50,520 51,276
This interim report is subject to independent audit at year-end.
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ARROW ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
March 31, December 31,
1997 1996
(unaudited)
Assets
Current assets:
Cash and short-term investments $ 128,773 $ 136,400
Accounts receivable, net 1,130,583 902,878
Inventories 1,110,952 1,044,841
Other 31,186 36,004
Total current assets 2,401,494 2,120,123
Property, plant and equipment, net 117,141 115,225
Investment in affiliated company 34,498 34,200
Cost in excess of net assets of
companies acquired, net of amortization 589,207 388,787
Other assets 58,940 52,016
$3,201,280 $2,710,351
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 635,996 $ 594,474
Accrued expenses 222,190 180,129
Short-term borrowings, including
current maturities of long-term debt 84,592 71,504
Total current liabilities 942,778 846,107
Long-term debt 766,376 344,562
Minority interest 73,602 92,712
Other 71,949 68,488
Shareholders' equity 1,346,575 1,358,482
$3,201,280 $2,710,351
This interim report is subject to independent audit at year-end.
CONTACT: Robert E. Klatell Executive Vice President 516-391-1300 |
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