-----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, RfdotwuaoMCzS8L4QFzWv0GSGDZsLzqxdLoJrbReDsrJQHb1eA6VEH91Tqc6aye+ OKXJRS6u4OE/pSOGuK3Xpg== 0000899243-99-001795.txt : 19990817 0000899243-99-001795.hdr.sgml : 19990817 ACCESSION NUMBER: 0000899243-99-001795 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990703 FILED AS OF DATE: 19990816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KENT ELECTRONICS CORP CENTRAL INDEX KEY: 0000793024 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 741763541 STATE OF INCORPORATION: TX FISCAL YEAR END: 0328 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09520 FILM NUMBER: 99692993 BUSINESS ADDRESS: STREET 1: 1111 GILLINGHAM LN CITY: SUGAR LAND STATE: TX ZIP: 77478 BUSINESS PHONE: 2812434000 MAIL ADDRESS: STREET 1: 1111 GILLINGHAM LN CITY: SUGAR LAND STATE: TX ZIP: 77478 10-Q 1 FORM 10-Q FOR QUARTER ENDED JULY 3, 1999 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 3, 1999 ------------------------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ______________________ Commission file number 0-14643 --------------------------------------------------------- KENT ELECTRONICS CORPORATION - -------------------------------------------------------------------------------- Exact name of registrant as specified in its charter) Texas 74-1763541 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1111 Gillingham Lane, Sugar Land, Texas 77478 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (281) 243-4000 ----------------------------- Not applicable - -------------------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ____________ ---------- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. At August 12, 1999, 27,986,828 shares of common stock, no par value, were outstanding. KENT ELECTRONICS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands)
July 3, April 3, 1999 1999 ---------- -------- (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents (including temporary investments of $108,139 at July 3 and $206,919 at April 3)........................... $105,504 $207,942 Accounts receivable, less allowance of $1,040 at July 3 and $991 at April 3.................. 140,019 103,364 Inventories Materials and purchased products............... 144,440 118,535 Work in process................................ 3,852 6,349 -------- -------- 148,292 124,884 Other............................................ 14,964 17,549 -------- -------- Total current assets......................... 408,779 453,739 PROPERTY AND EQUIPMENT Land............................................. 8,168 8,168 Buildings........................................ 43,910 43,817 Equipment, furniture and fixtures................ 126,576 124,194 Leasehold improvements........................... 2,711 2,681 -------- -------- 181,365 178,860 Less accumulated depreciation and amortization... (54,496) (50,496) -------- -------- 126,869 128,364 OTHER ASSETS.......................................... 7,006 7,095 COST IN EXCESS OF NET ASSETS ACQUIRED, less accumulated amortization of $3,653 at July 3 and $3,320 at April 3..................... 91,205 15,443 -------- -------- $633,859 $604,641 ======== ========
The accompanying notes are an integral part of these statements. Page 2 of 16 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
July 3, April 3, 1999 1999 ---------- -------- (Unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable............................... $ 66,077 $ 47,149 Accrued compensation........................... 11,785 13,862 Other accrued liabilities...................... 17,656 6,950 -------- -------- Total current liabilities.................. 95,518 67,961 LONG-TERM DEBT, less current maturities............. 207,000 207,000 DEFERRED INCOME TAXES............................... 7,998 8,511 STOCKHOLDERS' EQUITY Preferred stock, $1 par value per share; authorized 2,000,000 shares; none issued..... --- --- Common stock, no par value; authorized 60,000,000 shares; 28,033,159 shares issued and 27,983,159 shares outstanding at July 3 and 28,013,375 shares issued and 27,963,375 shares outstanding at April 3................ 63,746 63,553 Additional paid-in capital..................... 117,583 117,511 Retained earnings.............................. 142,991 141,082 -------- -------- 324,320 322,146 Less common stock in treasury - at cost, 50,000 shares................................ (977) (977) -------- -------- 323,343 321,169 -------- -------- $633,859 $604,641 ======== ========
The accompanying notes are an integral part of these statements. Page 3 of 16 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data)
Thirteen Weeks Ended -------------------- July 3, June 27, 1999 1998 --------- -------- (Unaudited) Net sales..................................... $205,176 $157,057 Cost of sales................................. 173,146 125,969 -------- -------- Gross profit................................ 32,030 31,088 Selling, general and administrative expenses.. 28,091 24,631 -------- -------- Operating profit............................ 3,939 6,457 Other income (expense) Interest expense............................ (2,578) (2,574) Other - net................................. 1,782 2,875 -------- -------- Earnings before income taxes.............. 3,143 6,758 Income taxes.................................. 1,234 2,650 -------- -------- NET EARNINGS.............................. $ 1,909 $ 4,108 ======== ======== Earnings per common share: Basic..................................... $ .07 $ .15 ======== ======== Diluted................................... $ .07 $ .15 ======== ======== Weighted average shares: Basic..................................... 27,974 27,213 ======== ======== Diluted................................... 28,329 27,912 ======== ========
The accompanying notes are an integral part of these statements. Page 4 of 16 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Thirteen Weeks Ended -------------------- July 3, June 27, 1999 1998 --------- -------- (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net earnings...................................... $ 1,909 $ 4,108 Adjustments to reconcile net earnings to net cash used by operating activities Depreciation and amortization................. 4,341 3,501 Provision for losses on accounts receivable... 49 39 Loss (gain) on sale of property and equipment............................... 3 (5) Stock option expense.......................... 72 81 Unrealized gain on trading securities......... --- (29) Change in assets and liabilities, net of effects from business acquisitions Accounts receivable......................... (15,283) (4,437) Inventories................................. (2,699) (6,248) Other current assets........................ 1,616 183 Other assets................................ 160 300 Accounts payable............................ (3,341) (4,099) Accrued compensation........................ (2,542) (2,707) Other accrued liabilities................... 2,989 2,442 Income taxes................................ --- (2,329) Deferred income taxes....................... 25 25 Long-term liabilities....................... --- 387 -------- -------- Total adjustments..................... (14,610) (12,896) -------- -------- Net cash used by operating activities.......................... (12,701) (8,788) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures.............................. (1,675) (4,315) Business acquisitions............................. (64,000) --- Proceeds from sale of property and equipment...... --- 5 -------- -------- Net cash used by investing activities......... (65,675) (4,310)
(Continued) Page 5 of 16 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Thirteen Weeks Ended -------------------- July 3, June 27, 1999 1998 --------- -------- (Unaudited) CASH FLOWS FROM FINANCING ACTIVITIES Payment on long-term debt of acquired businesses $ (24,255) $ --- Issuance of common stock.......................... 174 892 Tax effect of common stock issued upon exercise of employee stock options....................... 19 3,020 --------- -------- Net cash (used) provided by financing activities................................ (24,062) 3,912 --------- -------- NET DECREASE IN CASH................................... (102,438) (9,186) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD....... 207,942 179,907 --------- -------- CASH AND CASH EQUIVALENTS AT END OF PERIOD............. $ 105,504 $170,721 ========= ======== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid (received) during the period for: Interest........................................ $ --- $ --- Income taxes.................................... (1,217) 1,941
The accompanying notes are an integral part of these statements. Page 6 of 16 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Accounting Policies - ------------------- The consolidated balance sheet as of July 3, 1999, and the consolidated statements of earnings and cash flows for the thirteen week periods ended July 3, 1999 and June 27, 1998, have been prepared by the Company without audit. In the opinion of management, the financial statements include all adjustments necessary for a fair presentation. All adjustments made were of a normal recurring nature. Interim results are not necessarily indications of results for a full year. For further financial information, refer to the audited financial statements of the Company and notes thereto for the fiscal year ended April 3, 1999, included in the Company's Form 10-K for that period. Business Acquisitions - --------------------- On April 5, 1999, the Company acquired all the outstanding common stock of SabreData, Inc. ("SabreData") for a cash purchase price of $31.0 million plus the assumption of approximately $2.2 million of interest bearing obligations which were subsequently retired. SabreData is a Texas based network integrator with sales of approximately $37.0 million for the year ended December 31, 1998. On June 3, 1999, the Company acquired certain assets and assumed certain liabilities of Advacom, Inc. ("Advacom") for a cash purchase price of $33.0 million plus the assumption of approximately $21.8 million of interest bearing obligations which were retired on the day of closing. Advacom is a Pennsylvania based distributor of electronic connectors and passive and electromechanical components which generated approximately $112.0 million in revenue for the year ended December 31, 1998. Cash and Cash Equivalents - ------------------------- Temporary investments may be greater than the cash and cash equivalents balance because they may be offset by individual bank accounts with a book overdraft position within the same bank where multiple accounts are maintained. Earnings Per Share - ------------------ Basic earnings per common share is computed using the weighted average number of shares outstanding. Diluted earnings per common share is computed using the Page 7 of 16 weighted average number of shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock. Incremental shares of 0.4 million and 0.7 million were used in the calculation of diluted earnings per common share for the thirteen week periods ended July 3, 1999 and June 27, 1998, respectively. The calculation of earnings per share does not include approximately 4.2 million shares issuable upon conversion of the 4 1/2% Convertible Subordinated Notes due 2004, because inclusion of such shares would be antidilutive. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations - --------------------- Net sales for the thirteen week period ended July 3, 1999 increased $48.1 million, or 30.6%, compared to the same period of the prior year. Distribution sales increased 29.5% as a result of the addition of a full quarter of SabreData sales, one month of Advacom sales, a growing demand for networking products and services, and a strengthening market for passive components. Contract manufacturing revenues increased 33.9% primarily as a result of sales of the division's expanded manufacturing services to new customers in the network systems and telecommunications industries and as a result of a recovery of the semiconductor capital equipment market. Gross profit increased $0.9 million, or 3.0%, to $32.0 million for the thirteen weeks compared to the corresponding period a year ago. As a percentage of sales, gross profit was 15.6%, down from the 19.8% reported in the comparable period of the previous year, but up from the 14.9% reported in the quarter ended April 3, 1999. The decrease in the gross profit percentage from the prior year was primarily due to plant and equipment under-utilization in the Company's contract manufacturing facilities, product mix changes and continued pricing pressures. The sequential increase in the gross profit percentage primarily reflects improved utilization of the Company's contract manufacturing facilities and the impact of the SabreData and Advacom acquisitions. Selling, general and administrative ("SG&A") expenses increased $3.5 million, or 14.0%, compared to the corresponding period last year. However, as a percentage of sales, SG&A expenses decreased to 13.7% from 15.7%, compared to the same period Page 8 of 16 a year ago and 14.4% reported in the quarter ended April 3, 1999. The increase in SG&A expenses was primarily due to the acquisitions of SabreData and Advacom and the expenses necessary to support the Company's existing operations. The Company continues to focus on cost containment and expense reduction initiatives across the Company. Interest expense consists of interest on the 4 1/2% Convertible Subordinated Notes due 2004. Other-net consists principally of interest and dividend income generated by cash and cash equivalents. The decrease in interest and dividend income for the thirteen week period compared to the corresponding period a year ago was primarily due to lower cash balances resulting from the acquisitions of SabreData and Advacom during the quarter. The Company reported net earnings of $1.9 million for the thirteen week period, compared to net earnings of $4.1 million in the corresponding period a year ago. The decrease in net earnings from the prior year quarter was primarily due to the decrease in the gross profit percentage combined with an increase in SG&A expenses, partially offset by an increase in net sales. Liquidity and Capital Resources - ------------------------------- Working capital at July 3, 1999 was $313.3 million, a decrease of $72.5 million, or 18.8%, since April 3, 1999. The decrease was primarily the result of the cash expended for the purchase of SabreData and Advacom during the quarter. The Company's working capital at July 3, 1999 included investments of $108.1 million, a decrease of $98.8 million since April 3, 1999. The Company's investment strategy is low-risk and short-term, keeping the funds readily available to meet capital requirements as they arise in the normal course of business. At July 3, 1999, funds were invested in institutional money market funds, which are compatible with the Company's stated investment strategy. The Company intends to apply its capital resources to expand its business by establishing or acquiring similar distribution and manufacturing operations in geographic areas that are attractive to the Company, by acquiring new facilities or by enlarging or improving existing facilities. In addition to the capital required to purchase existing businesses or to fund start-up operations, the expansion of the Company's operations at both new and existing locations will Page 9 of 16 require greater levels of capital to finance the purchase of additional equipment, increased levels of inventory and greater accounts receivable. The Company believes that current resources, including funds generated from operations, should be sufficient to meet its current capital requirements. Year 2000 Statement - ------------------- The Year 2000 Issue results from computer hardware and software systems that were not designed to distinguish between centuries and may not accommodate some or all dates beyond the year 1999. Therefore, computer hardware and software systems will need to be modified prior to the year 2000 in order to remain functional. The Company has substantially completed a comprehensive inventory of its critical systems, equipment and facilities. The Company's business Information Technology (IT) systems include business applications, computing hardware and software and related networking equipment and software. Non-IT systems are primarily embedded technology such as microcontrollers, used in its facilities and the manufacture or distribution of the Company's products. As part of its systems inventory process, the Company categorized each of its IT and non-IT systems as critical, medium, or low priority, based upon the potential impact to the Company of the failure of such a system to be ready for the year 2000. As a result of the Company's strategic migration to new application systems that began in 1995, substantially all of the Company's IT systems use hardware and software platforms that the vendors have represented to be Year 2000 compliant. The Company has resolved most Year 2000 Issues with the IT systems of SabreData and Advacom through integration with the Company's systems and expects the remaining systems to be compliant or replaced by the end of September 1999. In addition, vendors have represented that the majority of the Company's non-IT systems are Year 2000 compliant. Nonetheless, for hardware or software which the Company had categorized as being critical and medium, the Company conducted testing to verify the vendors' representations. Testing of the Company's IT and non-IT systems that the Company categorized as critical and medium is substantially complete. Many low priority systems will not be tested as their failure would not be expected to have a material impact on the Company. In general, the Company expects to resolve any remaining Year 2000 Issues through planned upgrades or the replacement of its IT and non-IT systems, equipment and facilities that the Company categorized as critical or medium in priority. While the total costs of the Company's Year 2000 project are still being evaluated, the Company estimates that the costs to be incurred in calendar 1999 and 2000 associated with assessing, remediating and testing its IT and non-IT systems will not exceed $0.5 million. This estimate Page 10 of 16 assumes that the Company will not incur significant Year 2000 related costs on behalf of its suppliers, customers or third parties. It is possible that the Company may need to reassess its estimate of Year 2000 costs in the event the Company completes an acquisition of, or makes a material investment in, substantial facilities or another business entity. One component of the Company's Year 2000 program is to monitor the Year 2000 readiness efforts of suppliers, service providers and other entities with which the Company has a business relationship. These assessments of third parties are nearing completion. Although the Company does not expect the costs of its Year 2000 project to have a material adverse effect on its financial position, results of operations or cash flows, because the Company is relying, in large measure, on statements made by such third parties in order to prepare its assessment of third parties and its estimates of costs, the lack of responsiveness or accuracy in such third-party statements could materially affect the assessments and the costs of the Company's Year 2000 project. As a result, the Company cannot predict the potential consequences if third parties or their products are not Year 2000 compliant. While the Company believes its efforts to address the Year 2000 Issues will be successful in avoiding any material adverse effect on the Company's operations or financial condition, the most reasonably likely worst case Year 2000 scenario would be the failure of a group of third-party suppliers to conduct their respective operations after calendar 1999 such that the Company's ability to maintain, manufacture and distribute its products and services would be limited for some indeterminate period of time. In addition to the suppliers of products that the Company distributes, the Company relies on third-party suppliers of transportation services, including express delivery services, both in obtaining products for assembly and manufacturing, and in distributing its products after receiving an order from a customer. If there were a widespread failure in the ability of such transportation enterprises to be able to provide services, it would likely cause temporary financial losses and an inability of the Company to provide products and services to its customers. Furthermore, some of the products distributed by the Company are available only from a single source (due to product branding) or from a limited group of suppliers (due to technical specifications). Consequently, the failure of such suppliers to be fully prepared for the Year 2000 advent could disrupt the Company's ability to meet customer expectations. Throughout calendar 1999 and the early part of the year 2000, the Company will continue to assess its Year 2000 Issues related to its physical plant and equipment, products, suppliers, and customers. As a part of that assessment, the Page 11 of 16 Company is engaged in a contingency planning process integral to its Year 2000 program. The contingency planning phase consists of developing a risk profile of the Company's critical business processes, and then establishing a plan of action that the Company may pursue to keep such processes operational in the event that third parties suffer Year 2000 disruptions. The Company will continue to monitor the efforts of third parties and public infrastructure to prepare for the Year 2000, and may modify and adjust its contingency plan throughout the year as additional information becomes available. In certain cases, especially the failure of national infrastructure, there may be no practical alternative course of action available to the Company. The above disclosure is a "Year 2000 Readiness Disclosure" made with the intention to comply fully with the Year 2000 Information and Readiness Disclosure Act of 1998, Pub. L. No. 105-271, 112 Stat. 2386, signed into law October 19, 1998. All statements made herein shall be construed within the confines of that Act. To the extent that any reader of the above Year 2000 Readiness Disclosure is other than an investor or potential investor in the Company's -- or any affiliate's -- equity or debt securities, this disclosure is made for the sole purpose of communicating or disclosing information aimed at correcting, helping to correct and/or avoid Year 2000 failures. Risks Relating to Forward-Looking Statements - -------------------------------------------- The Company is including the following cautionary statements to secure the protection of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for all forward-looking statements made by the Company in this Quarterly Report on Form 10-Q. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or trends, and may contain the words "expect," "should," "will" or words or phrases of similar meaning. In addition, the forward-looking statements speak only of the Company's view as of the date the statement was made, and the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. Forward-looking statements involve risks and uncertainties which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements. The Company believes that all forward- looking statements made by it have a reasonable basis, but there can be no assurance that management's expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. Factors that could Page 12 of 16 cause actual results to differ materially from those discussed in the forward- looking statements include, but are not limited to, the factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended April 3, 1999. Quantitative and Qualitative Disclosures About Market Risk - ---------------------------------------------------------- In the normal course of business, the Company could be exposed to market risk from changes in interest rates. The Company continually monitors exposure to market risk and, when appropriate, develops strategies to manage this risk. Management does not use derivative financial instruments for trading or to speculate on changes in interest rates. Currently, the Company's interest rate risk, if any, relates to its 4 1/2% Convertible Subordinated Notes Due 2004. PART II - OTHER INFORMATION Items 1, 2, 3 and 5 are not applicable and have been omitted. Item 4. Submission of Matters to a Vote of Security Holders. - ------------------------------------------------------------ The Company held its Annual Meeting of Shareholders on July 1, 1999. At such meeting, Messrs. Morrie K. Abramson and Alvin L. Zimmerman were elected to serve as directors of the Company for the next three years. In addition, shareholders ratified the appointment of Grant Thornton LLP as the Company's independent public accountants for the fiscal year ending April 1, 2000.
Votes Against or Withheld Votes Broker Proposal Votes For Authority Abstained Non-Votes - ---------- ------------- ------------- --------- --------- 1. Election of Directors: Morrie K. Abramson 23,958,781 438,383 0 0 Alvin L. Zimmerman 23,968,376 428,788 0 0 2. Approval and ratification of the appointment of Grant Thornton LLP as the Company's independent public accountants for the fiscal year ending April 1, 2000. 24,301,301 49,508 46,355 0
Page 13 of 16 Item 6. Exhibits and Reports on Form 8-K. - ----------------------------------------- (a) Exhibits: 11 - Computation of Earnings Per Share. 27 - Financial Data Schedule. (b) Reports on Form 8-K: Not applicable. Page 14 of 16 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 thereunto duly authorized. KENT ELECTRONICS CORPORATION -------------------------------------- (Registrant) Date: August 16, 1999 By: /s/ Morrie K. Abramson --------------------------- --------------------------------------- Morrie K. Abramson Chairman of the Board, Chief Executive Officer and Director (Principal Executive Officer) Date: August 16, 1999 By: /s/ Stephen J. Chapko . --------------------------- --------------------------------------- Stephen J. Chapko Executive Vice President, Chief Financial Officer, Treasurer and Secretary (Principal Financial Officer) Date: August 16, 1999 By: /s/ David D. Johnsonn --------------------------- --------------------------------------- David D. Johnson Vice President, Corporate Controller (Principal Accounting Officer) Page 15 of 16 EX-11 2 COMPUTATION OF EARNINGS PER SHARE KENT ELECTRONICS CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE EXHIBIT 11 (In thousands, except per share data)
For the Thirteen Weeks Ended For the Thirteen Weeks Ended July 3, 1999 June 27, 1998 ------------------------------------- ------------------------------------ Per-Share Per-Share Income Shares Amount Income Shares Amount -------------- ------ --------- ------------ ------ --------- BASIC EARNINGS PER SHARE Net earnings $1,909 27,974 $0.07 $4,108 27,213 $0.15 ========= ========= EFFECT OF DILUTIVE SECURITIES Excess of shares issuable upon exercise of stock options over shares deemed retired utilizing the treasury stock method - 355 - 699 -------------- ------ ------------ ------ DILUTED EARNINGS PER SHARE Net earnings plus assumed conversions $1,909 28,329 $0.07 $4,108 27,912 $0.15 ============== ====== ========= ============ ====== =========
EX-27 3 FINANCIAL DATA SCHEDULE
5 0000793024 KENT ELECTRONICS CORPORATION 1,000 3-MOS APR-01-2000 JUL-03-1999 105,504 0 141,059 1,040 148,292 408,779 181,365 54,496 633,859 95,518 207,000 0 0 62,769 260,574 633,859 205,176 205,176 173,146 173,146 0 49 2,578 3,143 1,234 1,909 0 0 0 1,909 0.07 0.07
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