EX-99.2 4 l01079aexv99w2.txt EX-99.2 STATEMENTS OF OPERATIONS Exhibit 99.2 PIONEER-STANDARD ELECTRONICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE YEARS ENDED MARCH 31, 2003, 2002 AND 2001
Year Ended March 31 -------------------------------------------- (Dollars In Thousands, Except Per Share Data) 2003 2002 2001 ------------ ------------ ------------ Net Sales $ 1,171,631 $ 1,294,322 $ 1,431,838 Cost of goods sold 1,022,378 1,123,839 1,253,631 ------------ ------------ ------------ Gross margin 149,253 170,483 178,207 Warehouse, selling and administrative expenses 135,899 154,682 163,182 Restructuring charges 20,697 473 - Write-down of information technology system assets - - 14,200 ------------ ------------ ------------ Operating Income (Loss) (7,343) 15,328 825 Other (Income) Expense Other income, net (966) (873) (479) Investment impairment 14,600 - - Interest expense, net 9,343 11,257 16,257 Loss on retirement of debt 1,164 - 771 ------------ ------------ ------------ Income (Loss) Before Income Taxes (31,484) 4,944 (15,724) Provision (benefit) for income taxes (11,739) 1,618 (3,713) Distributions on mandatorily redeemable convertible trust preferred securities, net of tax 6,315 6,237 6,305 ------------ ------------ ------------ Loss from Continuing Operations $ (26,060) $ (2,911) $ (18,316) Income (Loss) from Discontinued Operations, net of tax 18,777 (4,136) 52,892 ------------ ------------ ------------ Income (Loss) before Cumulative Effect of Change in Accounting Principle $ (7,283) $ (7,047) $ 34,576 Cumulative Effect of Change in Accounting Principle, net of $1.9 million tax benefit (34,795) - - ------------ ------------ ------------ Net Income (Loss) $ (42,078) $ (7,047) $ 34,576 ============ ============ ============ PER SHARE DATA: BASIC: Loss from Continuing Operations $ (0.96) $ (0.11) $ (0.68) Income (Loss) from Discontinued Operations 0.69 (0.15) 1.97 ------------ ------------ ------------ Income (Loss) before Cumulative Effect of Change in Accounting Principle $ (0.27) $ (0.26) $ 1.29 Cumulative Effect of Change in Accounting Principle (1.27) - - ------------ ------------ ------------ Net Income (Loss) $ (1.54) $ (0.26) $ 1.29 ============ ============ ============ DILUTED: Loss from Continuing Operations $ (0.96) $ (0.11) $ (0.68) Income (Loss) from Discontinued Operations 0.69 (0.15) 1.97 ------------ ------------ ------------ Income (Loss) before Cumulative Effect of Change in Accounting Principle $ (0.27) $ (0.26) $ 1.29 Cumulative Effect of Change in Accounting Principle (1.27) - - ------------ ------------ ------------ Net Income (Loss) $ (1.54) $ (0.26) $ 1.29 ============ ============ ============ Weighted Average Shares Outstanding: Basic 27,291,683 27,040,171 26,793,457 Diluted 27,291,683 27,040,171 26,793,457
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