Arrow Electronics Inc. (ARW, Financial) filed Quarterly Report for the period ended 2010-04-03.
Arrow Electronics Inc. has a market cap of $3.7 billion; its shares were traded at around $30.5 with a P/E ratio of 18.15 and P/S ratio of 0.25. ARW is in the portfolios of Robert Rodriguez of FPA Capital, First Pacific Advisors of First Pacific Advisors, LLC, Arnold Schneider of Schneider Capital Management, NWQ Managers of NWQ Investment Management Co, David Dreman of Dreman Value Management, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
The company recorded restructuring, integration, and other charges of $24.0 million ($16.1 million net of related taxes or $.13 per share on both a basic and diluted basis) for the first quarter of 2009. Included in the restructuring, integration, and other charges for the first quarter of 2009 are restructuring charges of $23.5 million related to initiatives taken by the company to improve operating efficiencies. Also included in the restructuring, integration, and other charges for the first quarter of 2009 is a charge of $.5 million related to restructuring and integration actions taken in prior periods.
The net amount of cash used for investing activities during the first quarter of 2010 was $23.8 million, primarily reflecting $3.1 million of cash consideration paid for acquired businesses and $27.5 million for capital expenditures, offset, in part, by proceeds from the sale of facilities of $6.8 million. Included in capital expenditures is $16.8 million related to the company's global enterprise resource planning ("ERP") initiative.
The net amount of cash provided by financing activities during the first quarter of 2010 was $11.3 million. The primary sources of cash from financing activities during the first quarter of 2010 were $1.6 million of proceeds from the exercise of stock options, a $14.2 million increase in short-term borrowings, and $1.8 million related to excess tax benefits from stock-based compensation arrangements. The primary use of cash for financing activities included $6.2 million of repurchases of common stock.
The net amount of cash used for financing activities during the first quarter of 2009 was $16.0 million. The primary use of cash for financing activities during the first quarter of 2009 included an $12.3 million decrease in short-term borrowings, a $2.1 million shortfall in tax benefits from stock-based compensation arrangements, and $2.1 million of repurchases of common stock. The primary source of cash from financing activities was $.6 million of proceeds from the exercise of stock options.
The notional amount of the foreign exchange contracts at April 3, 2010 and December 31, 2009 was $323.0 million and $294.9 million, respectively. The fair values of foreign exchange contracts, which are nominal, are estimated using market quotes. The translation of the financial statements of the non-United States operations is impacted by fluctuations in foreign currency exchange rates. The change in consolidated sales and operating income was impacted by the translation of the company's international financial statements into U.S. dollars. This resulted in increased sales and operating income of $75.4 million and $1.5 million, respectively, for the first quarter of 2010, compared with the year-earlier period, based on 2009 sales and operating income at the average rate for 2010. Sales and operating income would decrease by approximately $132.0 million and $5.3 million, respectively, if average foreign exchange rates declined by 10% against the U.S. dollar in the first quarter of 2010. These amounts were determined by considering the impact of a hypothetical foreign exchange rate on the sales and operating income of the company's international operations.
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Arrow Electronics Inc. has a market cap of $3.7 billion; its shares were traded at around $30.5 with a P/E ratio of 18.15 and P/S ratio of 0.25. ARW is in the portfolios of Robert Rodriguez of FPA Capital, First Pacific Advisors of First Pacific Advisors, LLC, Arnold Schneider of Schneider Capital Management, NWQ Managers of NWQ Investment Management Co, David Dreman of Dreman Value Management, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
The company recorded restructuring, integration, and other charges of $7.4 million ($5.5 million net of related taxes or $.05 per share on both a basic and diluted basis) for the first quarter of 2010. Included in the restructuring, integration, and other charges for the first quarter of 2010 are restructuring charges of $5.2 million related to initiatives taken by the company to improve operating efficiencies. Also included in the restructuring, integration, and other charges for the first quarter of 2010 is a charge of $2.1 million related to restructuring and integration actions taken in prior periods and acquisition-related expenses of $.1 million.The company recorded restructuring, integration, and other charges of $24.0 million ($16.1 million net of related taxes or $.13 per share on both a basic and diluted basis) for the first quarter of 2009. Included in the restructuring, integration, and other charges for the first quarter of 2009 are restructuring charges of $23.5 million related to initiatives taken by the company to improve operating efficiencies. Also included in the restructuring, integration, and other charges for the first quarter of 2009 is a charge of $.5 million related to restructuring and integration actions taken in prior periods.
The net amount of cash used for investing activities during the first quarter of 2010 was $23.8 million, primarily reflecting $3.1 million of cash consideration paid for acquired businesses and $27.5 million for capital expenditures, offset, in part, by proceeds from the sale of facilities of $6.8 million. Included in capital expenditures is $16.8 million related to the company's global enterprise resource planning ("ERP") initiative.
The net amount of cash provided by financing activities during the first quarter of 2010 was $11.3 million. The primary sources of cash from financing activities during the first quarter of 2010 were $1.6 million of proceeds from the exercise of stock options, a $14.2 million increase in short-term borrowings, and $1.8 million related to excess tax benefits from stock-based compensation arrangements. The primary use of cash for financing activities included $6.2 million of repurchases of common stock.
The net amount of cash used for financing activities during the first quarter of 2009 was $16.0 million. The primary use of cash for financing activities during the first quarter of 2009 included an $12.3 million decrease in short-term borrowings, a $2.1 million shortfall in tax benefits from stock-based compensation arrangements, and $2.1 million of repurchases of common stock. The primary source of cash from financing activities was $.6 million of proceeds from the exercise of stock options.
The notional amount of the foreign exchange contracts at April 3, 2010 and December 31, 2009 was $323.0 million and $294.9 million, respectively. The fair values of foreign exchange contracts, which are nominal, are estimated using market quotes. The translation of the financial statements of the non-United States operations is impacted by fluctuations in foreign currency exchange rates. The change in consolidated sales and operating income was impacted by the translation of the company's international financial statements into U.S. dollars. This resulted in increased sales and operating income of $75.4 million and $1.5 million, respectively, for the first quarter of 2010, compared with the year-earlier period, based on 2009 sales and operating income at the average rate for 2010. Sales and operating income would decrease by approximately $132.0 million and $5.3 million, respectively, if average foreign exchange rates declined by 10% against the U.S. dollar in the first quarter of 2010. These amounts were determined by considering the impact of a hypothetical foreign exchange rate on the sales and operating income of the company's international operations.
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