Arrow Electronics - 500 Beiträge pro Seite

[Halli-Galli]

Melville, N.Y. — May 24, 2004 — Arrow Electronics, Inc. (NYSE:ARW) announced that it has signed a definitive agreement pursuant to which Arrow will acquire all of the issued share capital of Disway AG ("Disway"). Arrow will utilize a portion of its cash and short-term investments on hand (approximately $420 million at March 31, 2004) to fund the purchase price.
Through its subsidiaries, Distar S.r.l. and Holz Elektronik GmbH, Disway distributes electronic components in Italy, Germany, Austria and Switzerland. In 2003, Disway had total sales of approximately EUR 130 million (approximately $155 million). Disway operates through 14 sales offices and has warehouses in Italy and Germany. In the near to medium term Arrow intends to continue to operate Distar and Holz as separate business units.

"We are committed to maintaining Disway`s strong technical focus and coverage for the benefit of its suppliers, customers and employees," stated Germano Fanelli, President of Arrow Europe, Middle East, Africa and South America.

"We are pleased to be affiliating ourselves with the Arrow group in Europe," stated Aldo Baccarani, Senior Board member of Disway AG, Frank Holz, Managing Director of Holz Elektronik and Fabio Campana, Managing Director of Distar Srl. "Arrow`s resources will enable us to enhance our capabilities and strengthen our focus on our suppliers and customers, who will benefit from Arrow`s best in class IT, logistics and supply-chain management services."

"We are delighted to welcome the Disway management and employees to Arrow," stated William E. Mitchell, President and Chief Executive Officer of Arrow Electronics, Inc. "The acquisition of Disway will provide Arrow with additional product lines and access to an even broader customer base, further strengthening our leadership position in Europe."

The transaction is subject to customary closing conditions, including obtaining necessary government approvals, and is expected to be completed within the next four to six weeks.

Arrow Electronics is a major global provider of products, services, and solutions to industrial and commercial users of electronic components and computer products. Headquartered in Melville, New York, Arrow serves as a supply channel partner for more than 600 suppliers and 150,000 original equipment manufacturers, contract manufacturers, and commercial customers through a global network of more than 200 locations in 41 countries and territories.

[Halli-Galli]

NEW YORK, July 12 (New Ratings) - Analysts at Deutsche Bank Securities maintain their "hold" rating on Arrow Electronics (ARW.NYS). The target price has been reduced from $29 to $23.


In a research note published this morning, the analysts mention that the company is expected to report its Q2 results either in-line with or ahead of the estimates. The analysts, however, believe Arrow Electronics would issue cautious guidance for Q3 on account of declining demand and increasing pricing pressure

[Halli-Galli]

Arrow Electronics Announces Sales and Earnings at Highest Level in 3 Years

MELVILLE, N.Y.--(BUSINESS WIRE)--July 22, 2004--Arrow Electronics, Inc. (NYSE:ARW) today reported second quarter 2004 net income of $66.9 million ($.58 and $.55 per share on a basic and diluted basis, respectively) on sales of $2.75 billion, compared with net income of $6.8 million ($.07 per share) on sales of $2.12 billion in the second quarter of 2003. The company`s results include a number of items outlined below that impact their comparability. A reconciliation of these items is provided under the heading "Certain Non-GAAP Financial Information." Excluding those items, net income for the quarter ended June 30, 2004 would have been $69.2 million ($.60 and $.57 per share on a basic and diluted basis, respectively) and net income for the quarter ended June 30, 2003 would have been $16.8 million ($.17 per share).

Consolidated second quarter 2004 operating income of $126.7 million, excluding the items impacting comparability, was up 19% sequentially and up 129% over last year`s second quarter, marking the seventh consecutive sequential increase and the sixth consecutive quarterly year-on-year increase. Operating income as a percentage of sales, excluding the previously mentioned items, increased by 60 basis points sequentially and 200 basis points year-on-year, marking the fifth consecutive increase for both.

"The second quarter was very strong with year-on-year sales growth in our components businesses of over 28% in North America, 21% in Europe in local currencies, and 46% in Asia/Pacific," said William E. Mitchell, President and Chief Executive Officer of Arrow, "and our North American computer products business grew 25% year-on-year on an adjusted basis."

Worldwide components sales of $2.04 billion were up approximately 1% from $2.03 billion in the March quarter and up 30% from $1.57 billion in last year`s second quarter. Operating income as a percentage of sales was 5.9%, up 50 basis points sequentially and up 240 basis points from last year`s second quarter.

"Successful execution of our customer-focused strategies combined with increased operating efficiencies has enabled us to continue to deliver exceptional results," said Mr. Mitchell. "Sales in the North American Components group were up 28% over last year, with operating income dollars up 177%. Operating income, both in dollars and as a percentage of sales, was at its highest levels in twelve quarters," added Mr. Mitchell.

Arrow`s European sales decreased 1% sequentially, yet operating income was up 18% in local currencies. Compared with last year, sales were up 15%, with operating income nearly doubling in local currencies. "Our businesses in Europe continue to post strong results," said Mr. Mitchell, "and while sales were down on a sequential basis due in part to fewer shipping days in the second quarter, the seasonal decline in our business was much less than what we have seen in the past several years."

Sales in the Asia/Pacific region increased 9% over the first quarter, and 46% from last year. "We have clearly stated that the Asia/Pacific region is a priority for us, and our execution of our customized strategies is enabling us to continue to grow at a significant pace," said Mr. Mitchell.

Worldwide computer products sales totaled $706.9 million, up 10% from the first quarter and up 29% over last year. Operating income as a percentage of sales was 4.5%, up 130 basis points sequentially and up 110 basis points over last year`s second quarter.

"Our North American Computer Products business posted record results with sales up 10% on an adjusted basis sequentially and up 25% on an adjusted basis from last year`s second quarter." added Mr. Mitchell. "This marked our 12th consecutive quarter of year-over-year earnings growth."

The company`s results for the second quarter of 2004 and 2003 include the items outlined below that impact their comparability:

-- During the second quarter of 2004, the company repurchased an
additional $141.7 million accreted value of its zero coupon
convertible debentures due in 2021, which could have been
initially put to the company in February 2006. The related
loss on the repurchase, including the premium paid and the
write-off of related deferred financing costs, aggregated $7.1
million ($4.2 million net of taxes or $.04 and $.03 per share
on a basic and diluted basis, respectively).

-- During the second quarter of 2004, the company recorded a net
restructuring gain of $1.2 million ($1.9 million net of taxes
or $.02 and $.01 per share on a basic and diluted basis,
respectively). Included in this amount is a $2.9 million gain
on the sale of the Brookhaven, New York logistics center
offset, in part, primarily by personnel costs from previously
announced restructurings.

-- During the second quarter of 2003, the company repurchased
$14.6 million of its 8.2% senior notes scheduled to mature in
the fourth quarter of 2003. The related loss on the
repurchase, including the premium paid and the write-off of
related deferred financing costs, aggregated $.4 million ($.2
million net of taxes).

-- During the second quarter of 2003, the company recorded
restructuring charges of $14.6 million ($9.7 million net of
taxes or $.10 per share).

"I am extremely pleased with the performance of each of our operating groups and the results we delivered in the second quarter," said Mr. Mitchell. "We are well positioned to continue to drive improving sales and operating income levels," he added. "Based upon all of the information known to us today, we expect third quarter revenues to be between $2.60 billion and $2.70 billion - an increase of 24% to 29% over last year`s third quarter - with earnings per share, excluding charges, in the range of $.45 to $.49 per share on a diluted basis," said Mr. Mitchell.

Six-Month Results

Arrow`s net income for the first six months of 2004 was $96.4 million ($.87 and $.82 per share on a basic and diluted basis, respectively) on sales of $5.43 billion, compared with net income of $5.9 million ($.06 per share) on sales of $4.10 billion in the first six months of 2003.

Net income for the first six months of 2004 includes the aforementioned net restructuring charges (gain) and the charge associated with the loss on prepayment of debt. Additionally, during the first quarter of 2004, restructuring charges of $8.8 million ($6.5 million net of taxes or $.06 and $.05 per share on a basic and diluted basis, respectively) were recorded. Also, the company repurchased, through a series of transactions, $250.0 million principal amount of its 8.7% senior notes due in October 2005 and $91.9 million accreted value of its zero coupon convertible debentures due in 2021. As a result of these repurchases, a loss on prepayment of debt of $23.7 million ($14.2 million net of taxes or $.13 and $.12 per share on a basic and diluted basis, respectively) was recorded in the first quarter of 2004. Excluding these items, net income would have been $119.4 million ($1.08 and $1.01 per share on a basic and diluted basis, respectively) for the six months ended June 30, 2004.

Net income for the first six months of 2003 includes the aforementioned charges as well as an integration charge of $6.9 million ($4.8 million net of taxes or $.05 per share) related to the acquisition and integration of Pioneer-Standard`s IED business, a restructuring charge of $6.6 million ($4.7 million net of taxes or $.05 per share), and a charge of $2.9 million ($1.8 million net of taxes or $.02 per share) related to the repurchase of $84.8 million of the company`s 8.2% senior notes. Excluding these items, net income would have been $26.9 million ($.27 per share).

Arrow Electronics is a major global provider of products, services, and solutions to industrial and commercial users of electronic components and computer products. Headquartered in Melville, New York, Arrow serves as a supply channel partner for more than 600 suppliers and 150,000 original equipment manufacturers, contract manufacturers, and commercial customers through a global network of more than 200 locations in 41 countries and territories