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PIONEER-STANDARD HAS RECORD NINE-MONTH EARNINGS, UP 133 PERCENT

 CLEVELAND, Jan. 13 /PRNewswire/ -- Pioneer-Standard Electronics, Inc. (NASDAQ: PIOS) today reported record sales and earnings for the third quarter and the nine months ended Dec. 31.
 Cleveland-based Pioneer-Standard said current year third quarter net income was a quarterly record $3,299,000, 165 percent above the $1,245,000 earned in last year's third quarter. Earnings per share for the quarter ended Dec. 31, 1992 were 50 cents compared to 23 cents per share (22 cents fully diluted) a year earlier. Pioneer-Standard sales amounted to $109,706,000, up 17 percent from $93,439,000 in last year's fiscal third quarter.
 For the nine months, net income rose to $9,262,000, up 133 percent from the $3,977,000 earned in the comparable period last year. Earnings per share were $1.56 ($1.45 fully diluted) compared to 73 cents per share (70 cents fully diluted) a year ago. Sales for the first nine months of the current year were $311,933,000, 16 percent ahead of the $269,218,000 last year.
 Combined sales of Pioneer-Standard and its 50 percent-owned affiliate, Pioneer/Technologies Group, Inc., rose to an all-time high of $518,183,000 for the nine months, up 29 percent over the $401,616,000 of a year earlier. Combined third quarter sales were a record $177,763,000, 27 percent above the $140,305,000 of last year's third quarter.
 While sales of Pioneer-Standard and its affiliate are not consolidated for financial reporting purposes, they are combined for purposes of industry rankings. Reflecting recent sales gains, Pioneer and its affiliate moved into fourth place among the nation's approximately 1,500 industrial electronics distributors in calendar 1992. Pioneer and its affiliate ranked fifth in 1991.
 Pioneer said that fiscal 1993 sales gains reflected greater demand for electronic products, principally semiconductors and computer systems, as well as gains in market share. Pioneer said that its calendar 1992 sales combined with those of its affiliate represented 6.6 percent of the $10.18 billion North American industrial electronics distribution market, up from 5.8 percent in 1991 and 5.5 percent in 1990. The company said sales gains also were attributable to emphasis on technical support and other programs designed to enhance customer satisfaction.
 The earnings increases reflected the sales gains, a shift in product mix to higher margin transactions, effective expense control measures and substantially greater equity earnings contributions by Pioneer/Technologies. Pioneer-Standard's share of its affiliate's earnings for the nine months was $2,016,000, up from $127,000 a year earlier. The third quarter earnings contribution was $658,000 compared to $94,000 last year.
 Pioneer-Standard and its affiliate serve most of the nation's major markets from 38 locations, supplying technical support and electronic components and computer products.
 PIONEER-STANDARD ELECTRONICS, INC.
 (Dollars in thousands except per share amounts, unaudited)
 SALES AND EARNINGS
 THREE MONTHS
 Period ended Dec. 31 1992 1991
 Combined sales (A) $177,763 $140,305
 Net sales $109,706 $ 93,439
 Cost of sales 86,141 73,741
 Operating expenses 18,502 16,626
 Operating profit 5,063 3,072
 Interest expense 628 1,156
 Equity earnings (A) 658 94
 Income before taxes 5,093 2,010
 Taxes 1,794 765
 Net income $ 3,299 $ 1,245
 Earnings per share:
 Primary $.50 $.23
 Fully diluted -- $.22
 Dividends per share $.04 $.04
 Equity per share -- --
 Average shares outstanding:
 Primary 6,629,410 5,469,391
 Fully diluted -- 6,589,944
 Shares outstanding, end
 of period (B) 6,515,545 5,470,832
 NINE MONTHS
 Period ended Dec. 31 1992 1991
 Combined sales (A) $518,183 $401,616
 Net sales $311,933 $269,218
 Cost of sales 244,250 210,913
 Operating expenses 52,560 48,465
 Operating profit 15,123 9,840
 Interest expense 2,947 3,431
 Equity earnings (A) 2,016 127
 Income before taxes 14,192 6,536
 Taxes 4,930 2,559
 Net income $ 9,262 $ 3,977
 Earnings per share:
 Primary $1.56 $.73
 Fully diluted $1.45 $.70
 Dividends per share $.12 $.12
 Equity per share $12.37 $10.29
 Average shares outstanding:
 Primary 5,952,099 5,469,391
 Fully diluted 6,646,909 6,610,909
 Shares outstanding, end
 of period (B) 6,515,545 5,470,832
 CONDENSED BALANCE SHEETS
 Dec. 31, 1992 and 1991
 Assets 1992 1991
 Current assets
 Cash $ 131 $ 324
 Receivables 61,397 50,663
 Inventory 65,331 62,567
 Other 3,286 3,614
 Total $130,145 $117,168
 Net fixed assets 22,746 23,310
 Equity investment 10,974 8,430
 Other 1,581 1,559
 Total $165,446 $150,467
 Liabilities & Equity 1992 1991
 Current liabilities
 Current debt $ 3,000 $ 2,000
 Accounts payable 47,093 32,579
 Other 11,875 11,479
 Total $ 61,968 $ 46,058
 Long-term debt 21,331 46,736
 Deferred taxes 1,578 1,378
 Equity 80,569 56,295
 Total $165,446 $150,467
 (A) -- Sales of Pioneer-Standard Electronics, Inc. and its 50 percent owned affiliate, Pioneer/Technologies Group, Inc. are not consolidated for financial reporting purposes. Combined sales of the two organizations are shown for informational purposes. The company records 50 percent of the affiliate's net income on the equity method.
 (B) -- During the second fiscal quarter ended Sept. 30, 1992, a total of 1,025,663 common shares plus cash of $913,000 was issued for the retirement of all of the company's 9 percent subordinated convertible debentures.
 -0- 1/13/92
 /CONTACT: John V. Goodger of Pioneer-Standard Electronics, Inc., 216-587-3600/
 (PIOS)


CO: Pioneer-Standard Electronics, Inc. ST: Ohio IN: CPR SU: ERN

KK -- CL006 -- 4412 01/13/93 10:54 EST
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