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): June 16, 1998
ARROW ELECTRONICS, INC.
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(Exact Name of Registrant as Specified in Charter)
New York 1-4482 11-1806155
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(State or Other Juris- (Commission File (IRS Employer
diction of Incorporation) Number) Identification No.)
25 Hub Drive, Melville, New York 11747
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(Address of Principal Executive Offices) Zip Code
Registrant's telephone number, including area code: (516) 391-1300
Item 5. Other Events.
On June 16, 1998, Arrow Electronics, Inc. announced
that its earnings for the second 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 June 16, 1998, issued by
Arrow Electronics, Inc. announcing that its earnings for the
second 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: June 19, 1998 By: /s/Robert E. Klatell
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Name: Robert E. Klatell
Title: Executive Vice President
EXHIBIT INDEX
Exhibit Page #
99 Press Release dated June 16, 1998, issued
by Arrow Electronics, Inc. announcing that
its earnings for the second 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 SECOND QUARTER EARNINGS
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FOR IMMEDIATE RELEASE
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MELVILLE, NEW YORK, June 16, 1998 -- Arrow Electronics, Inc.
(NYSE:ARW) announced that second 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, coupled with the widening impact of the
economic conditions in Asia. The 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.
Based upon daily order and shipment activity rates, the company does not
believe that its results in June will improve sufficiently to offset the
quarter's results to date. Second quarter earnings are expected to be about
20 percent lower than those in the first quarter ($.43 per share on a
diluted basis).
Arrow Electronics is the world's largest distributor of electronic components
and computer products, with 1997 sales of $7.8 billion. Headquartered in
Melville, New York, Arrow serves as a supply channel partner for more than
600 suppliers and 160,000 original equipment manufacturers and commercial
customers through more than 200 sales facilities and 26 distribution centers in
32 countries. Detailed information about Arrow's operations can be found at
www.arrow.com.
* * *
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.