Arrow Electronics 2001 Annual Report Download - page 29

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14 Quarterly Financial Data (Unaudited)
A summary of the company’s quarterly results of operations follows:
(In thousands except First Second Third Fourth
per share data) Quarter Quarter Quarter Quarter
2001
Sales $3,275,747 $2,510,041 $2,182,561 $2,159,255
Gross profit 548,282 397,946 231,403 (b) 340,525
Net income (loss) 71,679(a) 6,954 (159,088)(b) 6,629
Earnings (loss)
per share
Basic .73(a) .07 (1.61)(b) .07
Diluted .68(a) .07 (1.61)(b) .07
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
Earnings per share
Basic .66 .87 1.05 1.12
Diluted .65 .84 1.02 1.09
(a) Net income includes an integration charge totaling $9,375,000 ($5,719,000 after taxes)
associated with the acquisition of Wyle. Excluding this charge, net income would
have been $77,398,000 or $.79 and $.74 per share on a basic and diluted basis,
respectively.
(b) Gross profit and net loss include restructuring costs and other special charges
totaling $97,475,000 and $227,622,000 ($145,079,000 after taxes), respectively.
Excluding these charges, gross profit and net loss would have been $328,878,000
and $14,009,000, respectively, or $.14 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, 2001 and 2000, and
the related consolidated statements of operations, cash flows,
and shareholders’ equity for each of the three years in the period
ended December 31, 2001. 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 mis-
statement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial state-
ments. 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, 2001
and 2000, and the consolidated results of its operations and
its cash flows for each of the three years in the period ended
December 31, 2001, in conformity with accounting principles
generally accepted in the United States.
New York, New York
February 19, 2002