1
Exhibit 99(d)
SUMMARY OF OPERATIONS/FISCAL YEARS ENDED MARCH 31
(DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
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For the Year 1994 1993 1992 1991 1990
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Combined Sales
(Pioneer-Standard Electronics, Inc. and
Pioneer Technologies Group, Inc.) $ 1,002,758 $ 714,021 $ 552,294 $ 501,834 $ 473,850
Pioneer-Standard Electronics, Inc.
Net Sales 580,757 430,013 362,386 345,064 319,908
Interest Expense 2,687 3,581 4,505 4,748 4,946
Income from Continuing Operations before
Income Taxes and Equity in Earnings of
Pioneer Technologies Group, Inc. 28,702 17,480 7,888 12,673 9,025
Equity in Earnings of Pioneer Technologies
Group, Inc. 3,001 2,505 654 703 490
Income Taxes 12,027 7,072 3,215 5,084 3,771
lncome from Continuing Operations 19,676 12,913 5,327 8,292 5,744
Net Income* 19,676 12,913 5,327 8,292 5,744
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Year-End Position
Accounts Receivable 81,155 62,347 50,004 51,378 51,256
Inventory 85,754 67,101 60,983 56,981 56,786
Working Capital 85,132 70,781 69,325 66,553 64,399
Net Property and Equipment 25,572 23,159 23,579 22,534 21,329
Total Assets* 220,039 171,860 150,871 146,348 145,006
Long-Term Debt* 22,272 21,328 44,717 44,306 49,374
Shareholders' Equity* 102,740 84,117 57,455 52,855 44,795
Weighted Average Shares Outstanding 10,078,682 9,188,512 8,204,623 8,122,585 8,102,898
Average Number of Employees 1,003 940 937 917 906
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Per Share Data
Income Per Share from Continuing Operations 1.95 1.41 .65 1.02 .71
Net Income Per Share* 1.95 1.41 .65 1.02 .71
Cash Dividends Paid Per Share* .13 .11 .107 .10 .093
Shareholders' Equity Per Share* 10.36 8.59 7.00 6.45 5.53
Price Range of Common Shares*
High 28.25 20.00 11.83 10.33 7.00
Low 12.00 7.00 6.67 4.83 4.75
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Measurement Data
Gross Margin Percent of Sales 19.8 21.7 21.4 22.5 22.7
Income from Continuing Operations Percent
of Sales 3.4 3.0 1.5 2.4 1.8
Net Income Percent of Average Shareholders' Equity 21.1 18.2 9.7 17.0 13.6
Sales Per Employee 579 457 387 376 353
Accounts Receivable Days Outstanding at Year-End 43 45 47 50 48
Turns on Annual Average Inventory 6.1 5.3 4.8 4.7 4.2
Interest Bearing Debt Percent of Equity Plus Debt* 21.0 22.3 46.4 45.9 54.6
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<F/N>
Notes:
*All data are for continuing operations unless marked with an asterisk.
1 Price range covers the period when the stock was first publicly traded, January 7, 1971 through March 31, 1972.