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PIONEER-STANDARD REDEEMS DEBENTURES

 PIONEER-STANDARD REDEEMS DEBENTURES
 CLEVELAND, Sept. 25 /PRNewswire/ -- Pioneer-Standard Electronics,


Inc. (NASDAQ: PIOS) said that it has redeemed all of the $13,200,000 principal amount of its 9 percent subordinated convertible debentures, due 1998, for approximately 926,200 common shares and $279,000 in cash.
 The Cleveland-based national distributor of industrial electronic components and computer and peripheral products called the debentures Aug. 24. The redemption date was Sept. 23.
 For debentureholders electing cash, the debentures were redeemed at 100 percent of principal amount together with accrued but unpaid interest to Sept. 23. Debentureholders also had the option of converting debentures to common shares at the rate of one common share for each $13.95 principal amount of debentures together with accrued but unpaid interest to the date of conversion.
 Pioneer-Standard common shares, traded in the NASDAQ National Market System, closed at $19.00 per share Sept. 24, at their all-time high.
 The company said that the conversion of the debentures has a significant positive impact upon its financial position, increasing shareholders' equity by approximately $13 million and reducing debt by a like amount. Based on shareholders' equity of $60,319,000 at the June 30 end of the fiscal first quarter, the conversion has the effect of reducing the company's debt to capitalization ratio from 44 percent to 32 percent. The ratio five years ago, at March 31, 1987, was 65 percent.
 For the fiscal first quarter, Pioneer reported record net income of $3,066,000, or 56 cents per primary share (50 cents per share on a fully diluted basis), on sales of $102,315,000 which also were an all-time high.
 Pioneer-Standard and its 50 percent owned affiliate, Pioneer/Technologies Group, Inc., market a broad range of electronic components and computer products through 38 locations and serve most of the nation's major markets.
 -0- 9/25/92
 /CONTACT: John V. Goodger of Pioneer-Standard Electronics, Inc., 216-587-3600/
 (PIOS) CO: Pioneer-Standard Electronics, Inc. ST: Ohio IN: CPR SU:


KK -- CL005 -- 3434 09/25/92 10:23 EDT
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Publication:PR Newswire
Date:Sep 25, 1992
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