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PIONEER-STANDARD REPORTS FISCAL '92 RESULTS

 PIONEER-STANDARD REPORTS FISCAL '92 RESULTS
 CLEVELAND, May 14 /PRNewswire/ -- Pioneer-Standard Electronics,


Inc. (NASDAQ: PIOS) today said that intense price competition in certain products and a temporary shift in product mix to lower margin transactions was responsible for an earnings decline despite record sales in the fiscal year ended March 31.
 Net income of the Cleveland-based distributor of industrial electronic components and computer products was $5,327,000 compared to the record $8,292,000 of fiscal 1991. Fiscal 1992 earnings per share were 97 cents (94 cents fully diluted) versus $1.53 per share ($1.41 fully diluted) last year.
 Pioneer-Standard 1992 sales were a record $362,386,000, up five percent from $345,064,000 last year. Combined sales of Pioneer- Standard and its 50 percent-owned affiliate, Pioneer/Technologies Group, Inc., totaled $552,294,000, up 10 percent from $501,834,000 a year earlier. For reporting purposes, sales of Pioneer/Technologies are not consolidated with those of Pioneer-Standard.
 Fourth quarter 1992 net income was $1,350,000 versus $2,284,000 a year earlier. Earnings per share were 24 cents compared to 42 cents per share (40 cents fully diluted) last year. Fourth quarter sales were $93,168,000 compared to $91,095,000 last year. Combined fourth quarter sales of Pioneer-Standard and its affiliate were $150,678,000, up from $131,619,000 in last year's fourth quarter.
 Pioneer-Standard's equity interest in Pioneer/Technologies 1992 earnings was $654,000 versus $703,000 last year. For the fourth quarter, Pioneer/Technologies sales increased substantially, causing its equity earnings contribution to rise to $527,000, up from $314,000 the prior year.
 Preston Heller Jr., chairman and chief executive officer, said that 1992 sales reflected market share gain in a particularly competitive market. He noted that the combined companies increased their share of the U.S. industrial electronics distribution market from 5.5 percent to 5.8 percent in calendar 1991, a period when the market shrank somewhat. He said that certain semiconductors, which account for a significant portion of sales, were particularly susceptible to the competitive pricing environment.
 Heller said that results in the year's second half also were affected by a significant investment in the expansion of its sales operations in southern California. Pioneer-Standard entered the southern California market with a December 1990 acquisition. Heller said that this current expansion enhances the company's West Coast presence and gives the company "a coast-to-coast marketing scope."
 Pioneer-Standard and its affiliate market a broad range of electronic components and computer products through 40 locations and serve most of the nation's major markets. Their combined sales rank fifth among the nation's 1500 industrial electronics distributors.
 PIONEER-STANDARD ELECTRONICS, INC.
 Financial Highlights
 (Dollars in thousands except per share amounts)
 SALES AND EARNINGS
 THREE MONTHS
 Period ended March 31 1992 1991
 Combined Sales (A) $150,678 $131,619
 Net sales $93,168 91,095
 Cost of sales 73,984 70,618
 Operating expenses 16,631 16,049
 Operating Profit 2,553 4,428
 Interest expense 1,074 1,062
 Equity earnings (A) 527 314
 Income before taxes 2,006 3,680
 Taxes 656 1,396
 Net income $1,350 $2,284
 Earnings per share:
 Primary $.24 $.42
 Fully diluted $.24 $.40
 Dividends per share $.04 $.04
 Equity per share -- --
 Average shares outstanding:
 Primary -- --
 Fully diluted -- --
 TWELVE MONTHS
 Period ended March 31 1992 1991
 Combined Sales (A) $552,294 $501,834
 Net sales $362,386 $345,064
 Cost of sales 284,897 267,559
 Operating expenses 65,096 60,084
 Operating profit 12,393 17,421
 Interest expense 4,505 4,748
 Equity earnings (A) 654 703
 Income before taxes 8,542 13,376
 Taxes 3,215 5,084
 Net income $5,327 $8,292
 Earnings per share:
 Primary $.97 $1.53
 Fully diluted $.94 $1.41
 Dividends per share $.16 $.15
 Equity per share $10.50 $9.68
 Average shares outstanding:
 Primary 5,469,749 5,415,057
 Fully diluted 6,610,608 6,582,420
 CONDENSED BALANCE SHEETS
 March 31, 1992 and 1991
 Assets 1992 1991
 Current assets
 Cash $1,887 $2,474
 Receivables 50,004 51,378
 Inventory 60,983 56,981
 Other 3,572 3,529
 Total $116,446 $114,362
 Net fixed assets 23,579 22,534
 Equity investment 8,957 8,303
 Other 1,889 1,149
 Total $150,871 $146,348
 Liabilities & Equity 1992 1991
 Current liabilities
 Current debt $2,500 --
 Accounts payable 33,085 36,138
 Other 11,536 11,671
 Total $47,121 $47,809
 Long-term debt 44,717 44,306
 Deferred taxes 1,578 1,378
 Equity 57,455 52,855
 Total $150,871 $146,348
 (A) -- Sales of Pioneer-Standard Electronics, Inc. and its 50 percent owned affiliate, Pioneer/Technologies Group, Inc. are not consolidated for 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.
 -0- 5/14/92
 /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 -- CL004 -- 0253 05/14/92 12:49 EDT
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