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PIONEER-STANDARD REPORTS RECORD 56 CENTS PER SHARE ON RECORD SALES

 PIONEER-STANDARD REPORTS RECORD 56 CENTS
 PER SHARE ON RECORD SALES
 CLEVELAND, July 14 /PRNewswire/ -- Pioneer-Standard Electronics, Inc. (NASDAQ: PIOS) today reported all-time record quarterly sales and earnings for the fiscal first quarter ended June 30.
 Net income of the Cleveland-based national distributor of industrial electronic components, computer and peripheral products rose to $3,066,000, up 90 percent over the $1,616,000 of the comparable year earlier period. Earnings per share were 56 cents (50 cents fully diluted) compared to 30 cents (28 cents fully diluted) in last year's first quarter.
 Pioneer-Standard sales amounted to $102,315,000, up 17 percent from $87,150,000 in last year's first quarter. Combined sales of Pioneer-Standard and its 50 percent-owned affiliate, Pioneer/Technologies Group, Inc., climbed to a record $169,241,000, an increase of 31 percent over the year earlier $128,929,000. For reporting purposes, sales of Pioneer/Technologies are not consolidated with those of Pioneer-Standard.
 The company said that the earnings gain reflected the increase in sales, a significant improvement in profit margins and a greater equity earnings contribution by its affiliate. Pioneer-Standard's share of Pioneer/Technologies' earnings for the first quarter amounted to $551,000 in contrast to $84,000 a year earlier.
 The company indicated the improvement in margins reflected a shift in product mix to higher margin transactions and record sales of semiconductors and computer systems products. First quarter earnings also benefited from effective expense control measures, despite costs associated with Pioneer-Standard's expansion in California which involves a significant enlargement of sales and technical staffs. The company noted that current year operating profit amounted to $5,291,000, 45 percent above the $3,656,000 of a year earlier.
 The company also said that the combined sales of Pioneer-Standard and Pioneer/Technologies for the quarter represented a strong indication that Pioneer-Standard and its affiliate were continuing to gain market share.
 Pioneer-Standard and Pioneer/Technologies market a broad range of electronic components and computer products through 38 locations and serve most of the nation's major markets. Their combined sales rank fifth among the nation's 1,500 industrial electronics distributors.
 PIONEER-STANDARD ELECTRONICS, INC.
 Financial Highlights
 (Dollars in thousands except per share amounts)
 SALES AND EARNINGS
 THREE MONTHS
 Period ended June 30 1992 1991
 Combined Sales (A) $169,241 $128,929
 Net sales $102,315 $87,150
 Cost of sales 80,183 67,661
 Operating expenses 16,841 15,833
 Operating profit 5,291 3,656
 Interest expense 1,066 1,107
 Equity earnings (A) 551 84
 Income before taxes 4,776 2,633
 Taxes 1,710 1,017
 Net income $3,066 $1,616
 Earnings per share:
 Primary $.56 $.30
 Fully diluted $.50 $.28
 Dividends per share $.04 $.04
 Equity per share 11.02 9.94
 Average shares outstanding:
 Primary 5,516,239 5,466,476
 Fully diluted 6,607,422 6,557,659
 CONDENSED BALANCE SHEETS
 June 30, 1992 and 1991
 Assets 1992 1991
 Current assets
 Cash $568 $148
 Receivables 56,331 49,285
 Inventory 62,260 60,854
 Other 3,315 3,834
 Total $122,474 $114,121
 Net fixed assets 23,289 21,965
 Equity investment 9,509 8,387
 Other 1,832 1,135
 Total $157,104 $145,608
 Liabilities & Equity 1992 1991
 Current liabilities
 Current debt $2,000 $4,500
 Accounts payable 37,525 28,752
 Other 13,106 10,473
 Total $52,631 $43,725
 Long-term debt 42,576 46,134
 Deferred taxes 1,578 1,378
 Equity 60,319 54,371
 Total $157,104 $145,608
 (A) -- Sales of Pioneer-Standard Electronics 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- 7/14/92
 /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 -- CL017 -- 9137 07/14/92 13:05 EDT
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Date:Jul 14, 1992
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