-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WWUNlUVXZyDsdiyfi5y64x1FG36pvHE8DaRhibXxHF+Xc4l4JaP76WCwhaz0JHkU Bv0VGcrVxms9QMw3KFCP7w== 0000007536-98-000002.txt : 19980323 0000007536-98-000002.hdr.sgml : 19980323 ACCESSION NUMBER: 0000007536-98-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980318 ITEM INFORMATION: FILED AS OF DATE: 19980320 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARROW ELECTRONICS INC CENTRAL INDEX KEY: 0000007536 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 111806155 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-04482 FILM NUMBER: 98569360 BUSINESS ADDRESS: STREET 1: 25 HUB DR CITY: MELVILLE STATE: NY ZIP: 11747 BUSINESS PHONE: 5163911300 8-K 1 EARNINGS ANNOUNCEMENT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 12 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): March 18, 1998 ARROW ELECTRONICS, INC. -------------------------------------------------- (Exact Name of Registrant as Specified in Charter) New York 1-4482 11-1806155 ------------------------------------------------------------------- (State or Other Juris- (Commission File (IRS Employer diction of Incorporation) Number) Identification No.) 25 Hub Drive, Melville, New York 11747 -------------------------------------------------------------------- (Address of Principal Executive Offices) Zip Code Registrant's telephone number, including area code: (516) 391-1300 Item 5. Other Events. On March 18, 1998, Arrow Electronics, Inc. announced that its earnings for the first quarter of 1998 are likely to be below analysts' expectations. Item 7. Financial statements, Pro Forma Financial Information and Exhibits (a) Not applicable. (b) Not applicable. (c) Exhibit 99 (i) Press Release dated March 18, 1998, issued by Arrow Electronics, Inc. announcing that its earnings for the first quarter of 1998 are likely to be below analysts' expectations. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ARROW ELECTRONICS, INC. Dated: March 18, 1998 By: /s/Robert E. Klatell ---------------------- Name: Robert E. Klatell Title: Executive Vice President EXHIBIT INDEX Exhibit Page # 99 Press Release dated March 18, 1998, issued by Arrow Electronics, Inc. announcing that its earnings for the first quarter of 1998 are likely to be below analysts' expectations. Exhibit 99 ARROW ELECTRONICS, INC. 25 Hub Drive Melville, New York 11747 CONTACT: Robert E. Klatell Executive Vice President (516) 391-1300 ARROW ELECTRONICS ANTICIPATES LOWER FIRST QUARTER EARNINGS ---------------------------------------------------------- FOR IMMEDIATE RELEASE - --------------------- MELVILLE, NEW YORK, March 18, 1998 -- Arrow Electronics, Inc. (NYSE:ARW) announced that first quarter earnings are likely to be below analysts' expectations. Results for the first two months of the quarter reflect pervasive weakness in the broad electronics markets. This highly competitive environment is characterized by continuing pressure on average selling prices and narrowing gross profit margins, as suppliers' output of components remains high, lead times shortened, and most products freely available around the world. Although global in nature, these unfavorable market conditions are most pronounced in North America, where revenues appear to have flattened from the fourth quarter of 1997, reflecting inventory adjustments in the channel, the impact of lower prices, and a slowing of growth in certain computer products markets. As a result, the first quarter's operating expenses will be proportionately higher than anticipated and operating margins will be under pressure. Based upon daily order and shipment activity rates, the company does not believe that its results in March will improve sufficiently to offset the quarter's results to date. First quarter earnings are expected to be in the $.40 to $.45 per share range on a diluted basis, appreciably lower than those in both last year's first quarter ($.50 per share on a diluted basis) and fourth quarter ($.53 per share on a diluted basis). Arrow Electronics is the world's largest distributor of electronic components and computer products to industrial and commercial customers. * * * The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This press release contains forward- looking statements based on current expectations that could be affected by the risks and uncertainties involved in the company's business. These risks and uncertainties include, but are not limited to, the effect of economic and market conditions, opportunities for acquisitions and the company's ability to effectively integrate acquired companies, risks associated with foreign operations, such as currency fluctuations, possible increases in shipping rates or interruptions in shipping service, the addition or loss of suppliers, allocation of products by suppliers, changes in market demand and pricing pressure, the level and volatility of interest rates, the impact of current or pending legislation and regulation, fluctuation in quarterly results, as well as the risks described from time to time in the company's reports to the Securities and Exchange Commission, including the company's Annual Report on Form 10-K. -----END PRIVACY-ENHANCED MESSAGE-----