-----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, J3QLlSPXRHbm1ms9n6gOk/gYcnCqa9rEgvXoDVZ/3x1/IKXcKFIb/1XNIWiKsKn+ +EJxXO2dkzfQZs2QeNKYeQ== 0000950152-01-501624.txt : 20010510 0000950152-01-501624.hdr.sgml : 20010510 ACCESSION NUMBER: 0000950152-01-501624 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20010508 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER STANDARD ELECTRONICS INC CENTRAL INDEX KEY: 0000078749 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 340907152 STATE OF INCORPORATION: OH FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-05734 FILM NUMBER: 1626339 BUSINESS ADDRESS: STREET 1: 4800 E 131ST ST CITY: CLEVELAND STATE: OH ZIP: 44105 BUSINESS PHONE: 2165873600 MAIL ADDRESS: STREET 1: 4800 E 131ST ST CITY: CLEVELAND STATE: OH ZIP: 44105 8-K 1 l88253ae8-k.txt PIONEER-STANDARD ELECTRONICS, INC. 8-K 1 Securities and Exchange Commission Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report May 9, 2001 ----------- (Date of earliest event reported) PIONEER-STANDARD ELECTRONICS, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Ohio (000-5734) 34-0907152 - ------------------------------- --------------------- ------------------ (State or other jurisdiction of (Commission File No.) (I.R.S. Employer incorporation) Identification No.) 6065 Parkland Boulevard, Mayfield Heights, Ohio 44124 - ----------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (440) 720-8500 -------------- 2 ITEM 5. OTHER EVENTS ------------ On May 8, 2001, Pioneer-Standard Electronics, Inc. (the "Company") announced that during its fourth quarter for the fiscal year ended March 31, 2001 the Company had implemented Emerging Issues Task Force Issue Number 00-10 "Accounting for Shipping and Handling Fees and Costs" ("EITF Issue No. 00-10") and also redefined its reportable segments. EITF Issue No. 00-10 requires that freight costs billed to customers be classified as revenue and the related costs to be classified as cost of goods sold. As a result of this implementation, the Company reclassified these amounts from operating expenses, where they had previously been shown "net," into the appropriate revenue and cost of goods sold captions. All prior periods have been restated for consistency. In addition, in conjunction with the completion of a financial system implementation and enhancements to internal reporting available for senior management decisions, the Company redefined its reportable segments and established a third segment, Corporate and Other. Corporate and Other includes primarily goodwill amortization, certain corporate management costs and special charges. The new segment presentation reflects how management allocates resources, measures performance and views the overall business. Prior year segment information has been restated for comparative purposes. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. ------------------------------------------------------------------ (c) Exhibits. -------- 99.1 Consolidated Statements of Income for the Three Years Ended March 31, 2001, 2000 and 1999. 99.2 Quarterly Business Segment Information for the Years Ended March 31, 2001 and 2000. SIGNATURE 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 thereunto duly authorized. PIONEER-STANDARD ELECTRONICS, INC. By: /s/ Steven M. Billick -------------------------------------------------- Steven M. Billick Senior Vice President and Chief Financial Officer Date: May 9, 2001 2 3 EXHIBIT INDEX ------------- EXHIBIT NO. DESCRIPTION PAGE - ----------- ----------- ---- 99.1 Consolidated Statements of Income for the Three Years 4 Ended March 31, 2001, 2000 and 1999. 99.2 Quarterly Business Segment Information for the Years Ended 5 March 31, 2001 and 2000. 3 EX-99.1 2 l88253aex99-1.txt EXHIBIT 99.1 1 Exhibit 99.1 Pioneer-Standard Electronics, Inc. Consolidated Statements of Income
Year Ended March 31 ------------------------------------------------------- (Dollars In Thousands, Except Per Share Data) 2001 2000 1999 ----------- ----------- ----------- Net Sales $ 2,901,353 $ 2,560,711 $ 2,267,615 Operating Costs and Expenses: Cost of goods sold 2,468,571 2,170,684 1,918,792 Warehouse, selling and administrative expenses 318,400 289,631 264,196 Writedown of fixed assets 14,200 - - ----------- ----------- ----------- Operating Income 100,182 100,396 84,627 Other (Income) Expense Other income (480) (1,058) (294) Gain on sale of assets - (1,845) - Interest expense 33,578 26,074 24,253 ----------- ----------- ----------- Income Before Income Taxes 67,084 77,225 60,668 Provision for income taxes 26,124 31,210 24,018 Distributions on mandatorily redeemable convertible trust preferred securities, net of tax 5,914 5,870 5,841 ----------- ----------- ----------- Income Before Extraordinary Charge $ 35,046 $ 40,145 $ 30,809 Extraordinary charge for early extinguishment of debt, net of tax (470) - - ----------- ----------- ----------- Net Income $ 34,576 $ 40,145 $ 30,809 =========== =========== =========== PER SHARE DATA: Income Before Extraordinary Charge - Basic $ 1.31 $ 1.52 $ 1.17 Extraordinary charge (.02) - - ----------- ----------- ----------- Net Income - Basic $ 1.29 $ 1.52 $ 1.17 =========== =========== =========== Income Before Extraordinary Charge - Diluted $ 1.12 $ 1.27 $ 1.03 Extraordinary charge (.01) - - ----------- ----------- ----------- Net Income - Diluted $ 1.11 $ 1.27 $ 1.03 =========== =========== =========== Weighted Average Shares Outstanding: Basic 26,793,457 26,409,156 26,350,690 Diluted 36,615,950 36,178,307 35,711,374
4 EX-99.2 3 l88253aex99-2.txt EXHIBIT 99.2 1 Exhibit 99.2 Pioneer-Standard Electronics, Inc. Quarterly Business Segment Information
Three Months Ended Three Months Ended June 30 June 30 ------------------------------ --------------------------------- (Dollars in Thousands) 2000 1999 2000 1999 --------- --------- ----------- ------------ Sales Industrial Electronics $ 359,753 $ 299,304 $ 359,753 $ 299,304 Computer Systems 318,104 278,893 318,104 278,893 Corporate & Other - - - - --------- --------- ----------- ----------- Total Sales $ 677,857 $ 578,197 $ 677,857 $ 578,197 ========= ========= =========== =========== Operating Income Industrial Electronics $ 24,240 $ 13,349 $ 24,240 $ 13,349 Computer Systems 6,522 11,479 6,522 11,479 Corporate & Other (3,997) (2,696) (3,997) (2,696) --------- --------- ----------- ----------- Total Operating Income $ 26,765 $ 22,132 $ 26,765 $ 22,132 ========= ========= =========== =========== Three Months Ended Six Months Ended September 30 September 30 ------------------------------ -------------------------------- 2000 1999 2000 1999 --------- --------- ----------- ----------- Sales Industrial Electronics $ 389,783 $ 338,973 $ 749,536 $ 638,277 Computer Systems 327,656 295,278 645,760 574,171 Corporate & Other - - - - --------- --------- ----------- ----------- Total Sales $ 717,439 $ 634,251 $ 1,395,296 $ 1,212,448 ========= ========= =========== =========== Operating Income Industrial Electronics $ 26,872 $ 17,195 $ 51,112 $ 30,544 Computer Systems 6,898 10,859 13,420 22,338 Corporate & Other (4,243) (3,834) (8,240) (6,530) --------- --------- ----------- ----------- Total Operating Income $ 29,527 $ 24,220 $ 56,292 $ 46,352 ========= ========= =========== =========== Three Months Ended Nine Months Ended December 31 December 31 ------------------------------ ------------------------------- 2000 1999 2000 1999 --------- --------- ---------- ----------- Sales Industrial Electronics $ 350,587 $ 340,810 $ 1,100,123 $ 979,087 Computer Systems 430,709 329,815 1,076,469 903,986 Corporate & Other - - - - --------- --------- ----------- ----------- Total Sales $ 781,296 $ 670,625 $ 2,176,592 $ 1,883,073 ========= ========= =========== =========== Operating Income Industrial Electronics $ 19,824 $ 18,423 $ 70,936 $ 48,967 Computer Systems 16,600 12,380 30,020 34,718 Corporate & Other (3,686) (3,743) (11,926) (10,273) --------- --------- ----------- ----------- Total Operating Income $ 32,738 $ 27,060 $ 89,030 $ 73,412 ========= ========= =========== ===========
5 2 Pioneer-Standard Electronics, Inc. Quarterly Business Segment Information (continued)
Three Months Ended Year Ended March 31 March 31 -------------------------------- -------------------------------- (Dollars in Thousands) 2001 2000 2001 2000 ----------- ----------- ----------- ----------- Sales Industrial Electronics $ 369,392 $ 362,135 $ 1,469,515 $ 1,341,222 Computer Systems 355,369 315,503 1,431,838 1,219,489 Corporate & Other -- -- -- -- ----------- ----------- ----------- ----------- Total Sales $ 724,761 $ 677,638 $ 2,901,353 $ 2,560,711 =========== =========== =========== =========== Operating Income Industrial Electronics $ 14,985 $ 23,287 $ 85,921 $ 72,254 Computer Systems 16,511 10,370 46,531 45,088 Corporate & Other (20,344) (6,673) (32,270) (16,946) ----------- ----------- ----------- ----------- Total Operating Income $ 11,152 $ 26,984 $ 100,182 $ 100,396 =========== =========== =========== ===========
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