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Electronics Production | October 28, 2010

Arrows global components sales increased 35 % Y-o-Y

Arrow's net income of $118.5 million in sales of $4.66 billion, compared with net income of $12.6 million in sales of $3.67 billion in the third quarter of 2009.
"The positive momentum we have seen in our businesses during the first half of the year has continued with another quarter of terrific performance. Earnings per share came in well ahead of our expectations and almost tripled year over year to a record third-quarter level," said Michael J. Long, chairman, president, and chief executive officer. "Our strategy to accelerate growth and gain market share through sales excellence, value-added services, and expansion of markets served is paying off."

Global components sales of $3.44 billion increased 35 percent year over year. "Our components business experienced its fifth consecutive quarter of better than normal seasonality. Gross and operating margins have also seen sequential improvements over the past year," Mr. Long said.

Global enterprise computing solutions ("ECS") sales of $1.22 billion increased 8 percent year over year. "Storage, software, and industry-standard servers grew at very strong double-digits rates on a year-over-year basis," said Mr. Long. "We also saw terrific growth in some of our newer initiatives including security and networking," Mr. Long added.

The company's results for the third quarters of 2010 and 2009 include the items outlined below that impact their comparability:

restructuring, integration, and other charges of $14.3 million ($9.5 million net of related taxes) in 2010 and $37.6 million ($29.1 million net of related taxes) in 2009. loss on prepayment of debt of $5.3 million in 2009.

Arrow's net income for the first nine months of 2010 was $321.7 million on sales of $13.51 billion, compared with net income of $60.4 million on sales of $10.48 billion in the first nine months of 2009. Sales in the first nine months of 2010 increased 29 percent year over year.

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