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Arrow Electronics Reports Fourth-Quarter Non-GAAP Earnings Per Share Of $1.22

The company believes that such non-GAAP financial information is useful to investors to assist in assessing and understanding the company’s operating performance and underlying trends in the company’s business because management considers the charges, credits, and gains and losses referred to above to be outside the company’s core operating results. This non-GAAP financial information is among the primary indicators management uses as a basis for evaluating the company’s financial and operating performance. In addition, the company’s Board of Directors may use this non-GAAP financial information in evaluating management performance and setting management compensation.

The presentation of this additional non-GAAP financial information is not meant to be considered in isolation or as a substitute for, or alternative to, operating income, net income and net income per basic and diluted share determined in accordance with GAAP. Analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, data presented in accordance with GAAP.

ARROW ELECTRONICS, INC.

EARNINGS RECONCILIATION

(In thousands except per share data)

(unaudited)

   

Quarter EndedDecember 31,

Year EndedDecember 31,

2012   2011 2012   2011
 
Operating income, as reported $ 264,168 $ 232,183 $ 804,123 $ 908,843
Restructuring, integration, and other charges 11,285 14,135 47,437 37,811
Settlement of legal matters   (79,158 )   -   (79,158 )   5,875
Operating income, as adjusted $ 196,295 $ 246,318 $ 772,402 $ 952,529
 
Net income attributable to shareholders, as reported $ 174,704 $ 174,088 $ 506,332 $ 598,810
Restructuring, integration, and other charges 6,320 11,223 30,739 28,054
Settlement of legal matters (48,623 ) - (48,623 ) 3,609
Gain/(adjustment) on bargain purchase - 410 - (668 )
Loss on prepayment of debt - 549 - 549
Reversal of valuation allowance on deferred tax assets   -   (28,928 )   -   (28,928 )
Net income attributable to shareholders, as adjusted $ 132,401 $ 157,342 $ 488,448 $ 601,426
 
Net income per basic share, as reported $ 1.64 $ 1.55 $ 4.64 $ 5.25
Restructuring, integration, and other charges .06 .10 .28 .25
Settlement of legal matters (.46 ) - (.45 ) .03
Gain/(adjustment) on bargain purchase - - - (.01 )
Loss on prepayment of debt - - - -
Reversal of valuation allowance on deferred tax assets   -   (.26 )   -   (.25 )
Net income per basic share, as adjusted $ 1.25 $ 1.40 $ 4.47 $ 5.27
 
Net income per diluted share, as reported $ 1.62 $ 1.53 $ 4.56 $ 5.17
Restructuring, integration, and other charges .06 .10 .28 .24
Settlement of legal matters (.45 ) - (.44 ) .03
Gain/(adjustment) on bargain purchase - - - (.01 )
Loss on prepayment of debt - - - -
Reversal of valuation allowance on deferred tax assets   -   (.25 )   -   (.25 )
Net income per diluted share, as adjusted $ 1.22 $ 1.38 $ 4.40 $ 5.19
The sum of the components for basic and diluted net income per share, as adjusted, may not agree to totals, as presented, due to rounding.
 

Information Relating to Forward-Looking Statements

This press release includes forward-looking statements that are subject to numerous assumptions, risks, and uncertainties, which could cause actual results or facts to differ materially from such statements for a variety of reasons, including, but not limited to: industry conditions, the company's implementation of its new enterprise resource planning system, changes in product supply, pricing and customer demand, competition, other vagaries in the global components and global ECS markets, changes in relationships with key suppliers, increased profit margin pressure, the effects of additional actions taken to become more efficient or lower costs, risks related to the integration of acquired businesses, changes in legal and regulatory matters, and the company’s ability to generate additional cash flow. Forward-looking statements are those statements, which are not statements of historical fact. These forward-looking statements can be identified by forward-looking words such as "expects," "anticipates," "intends," "plans," "may," "will," "believes," "seeks," "estimates," and similar expressions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update publicly or revise any of the forward-looking statements.

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