Arrow Electronics 2000 Annual Report Download - page 47

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13 Quarterly Financial Data (Unaudited)
A summary of the company’s quarterly results of operations follows:
First Second Third Fourth
(In thousands except per share data) Quarter Quarter Quarter Quarter
2000
Sales $2,769,424 $3,161,670 $3,337,068 $3,691,088
Gross profit 422,999 490,300 531,706 588,936
Net income 63,059 83,970 101,943 108,959
Per common share
Basic .66 .87 1.05 1.12
Diluted .65 .84 1.02 1.09
1999
Sales $2,201,632 $2,250,028 $2,375,797 $2,485,168
Gross profit 308,282 314,139 323,227 355,558
Net income 28,341 15,022(a) 36,753 44,037
Per common share
Basic .30 .16(a) .39 .46
Diluted .30 .16(a) .38 .46
(a) Net income includes a special charge totaling $24,560,000 ($16,480,000 after taxes) associated with the acquisition and integration
of Richey and EDG. Excluding this charge, net income was $31,502,000 or $.33 per share on a basic and diluted basis.
Report of Ernst & Young LLP, Independent Auditors
The Board of Directors and Shareholders
Arrow Electronics, Inc.
We have audited the accompanying consolidated balance sheet of Arrow Electronics, Inc. as of
December 31, 2000 and 1999, and the related consolidated statements of income, cash flows, and
shareholders’ equity for each of the three years in the period ended December 31, 2000. These financial
statements are the responsibility of the company’s management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United
States. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the consolidated financial position of Arrow Electronics, Inc. at December 31, 2000 and 1999,
and the consolidated results of its operations and its cash flows for each of the three years in the period
ended December 31, 2000, in conformity with accounting principles generally accepted in the United
States.
New York, New York
February 13, 2001, except for paragraph 11 of Note 4,
as to which date is M arch 1, 2001