<PAGE>
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 December 27, 1997
-----------------
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
--------------
- --------------------------------------------------------------------------------
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 February 6, 1998, 27,169,640 shares of common stock, no par value, were
outstanding.
<PAGE>
KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 27, March 29,
1997 1997
------------- ----------
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents (including temporary
investments of $183,460 at December 27
and $28,728 at March 29)...................... $180,599 $ 25,050
Trading securities, net......................... 29,916 --
Accounts receivable, less allowance of $1,551
at December 27 and $1,256 at March 29......... 123,171 88,835
Inventories
Materials and purchased products.............. 107,543 91,100
Work in process............................... 2,715 3,394
-------- --------
110,258 94,494
Other........................................... 4,715 4,023
-------- --------
Total current assets........................ 448,659 212,402
PROPERTY AND EQUIPMENT
Land............................................ 7,439 7,439
Buildings....................................... 42,307 38,176
Equipment, furniture and fixtures............... 100,366 68,247
Leasehold improvements.......................... 2,615 2,543
-------- --------
152,727 116,405
Less accumulated depreciation and amortization (33,513) (25,515)
-------- --------
119,214 90,890
DEFERRED INCOME TAXES................................ 1,205 1,280
OTHER ASSETS......................................... 11,811 4,618
COST IN EXCESS OF NET ASSETS ACQUIRED,
less accumulated amortization of $2,741 at
December 27 and $2,359 at March 29.............. 16,022 16,404
-------- --------
$596,911 $325,594
======== ========
The accompanying notes are an integral part of these statements.
Page 2 of 15
<PAGE>
KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
December 27, March 29,
1997 1997
------------- ----------
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable............................... $ 61,550 $ 42,317
Accrued compensation........................... 10,520 8,123
Other accrued liabilities...................... 11,745 8,051
Income taxes................................... 682 3,027
-------- --------
Total current liabilities.................. 84,497 61,518
LONG-TERM DEBT...................................... 207,000 ---
LONG-TERM LIABILITIES............................... 2,254 1,709
STOCKHOLDERS' EQUITY
Preferred stock, $1 par value per share;
authorized 2,000 shares; none issued......... --- ---
Common stock, no par value; authorized 60,000
shares; 26,842 shares issued and 26,792
shares outstanding at December 27 and
26,302 shares issued and 26,252 shares
outstanding at March 29...................... 53,273 41,348
Additional paid-in capital..................... 116,882 116,522
Retained earnings.............................. 133,982 105,474
-------- --------
304,137 263,344
Less common stock in treasury - at cost,
50 shares.................................... (977) (977)
-------- --------
303,160 262,367
-------- --------
$596,911 $325,594
======== ========
The accompanying notes are an integral part of these statements.
Page 3 of 15
<PAGE>
KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited - In thousands, except per share data)
<TABLE>
<CAPTION>
Thirteen Weeks Ended Thirty-Nine Weeks Ended
--------------------------- ----------------------------
December 27, December 28, December 27, December 28,
1997 1996 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net sales.................................... $177,426 $126,407 $496,993 $375,585
Cost of sales................................ 137,276 97,567 384,076 286,821
-------- -------- -------- --------
Gross profit............................ 40,150 28,840 112,917 88,764
Selling, general and administrative expenses. 23,875 18,326 67,087 53,873
-------- -------- -------- --------
Operating profit........................ 16,275 10,514 45,830 34,891
Other income (expense)
Interest expense........................ (2,559) (414) (2,697) (1,080)
Other - net............................. 3,032 1,175 3,987 4,013
-------- -------- -------- --------
Earnings before income taxes....... 16,748 11,275 47,120 37,824
Income taxes................................. 6,620 4,338 18,612 14,604
-------- -------- -------- --------
NET EARNINGS....................... $ 10,128 $ 6,937 $ 28,508 $ 23,220
======== ======== ======== ========
Earnings per common share
Basic................................... $.38 $.27 $1.08 $.92
==== ==== ===== ====
Diluted................................. $.36 $.25 $1.01 $.85
==== ==== ===== ====
Weighted average shares
Basic................................... 26,664 25,381 26,450 25,377
======== ======== ======== ========
Diluted................................. 28,374 27,538 28,145 27,477
======== ======== ======== ========
</TABLE>
The accompanying notes are in integral part of these statements.
Page 4 of 15
<PAGE>
KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - In thousands)
<TABLE>
<CAPTION>
Thirty-Nine Weeks Ended
---------------------------
December 27, December 28,
1997 1996
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings............................................ $ 28,508 $ 23,220
Adjustments to reconcile net earnings to net
cash provided by operating activities
Depreciation and amortization....................... 8,387 5,223
Provision for losses on accounts receivable......... 295 330
Loss on sale of property and equipment.............. 4 4
Stock option expense................................ 360 415
Unrealized losses (gains) on trading
securities........................................ 84 (50)
Net (purchases) sales of trading securities......... (30,000) 11,795
Change in assets and liabilities, net of
effects from the acquisition accounted for
as a purchase in fiscal 1997
Increase in accounts receivable.............. (34,631) (18,779)
Increase in inventories...................... (15,764) (11,244)
Increase in other............................ (692) (1,304)
Decrease in deferred income taxes............ 75 180
Increase in other assets..................... (7,193) (2,552)
Increase in accounts payable................. 19,233 82
Increase (decrease) in accrued compensation 2,397 (3,798)
Increase in other accrued liabilities........ 3,694 2,548
Decrease in income taxes..................... (2,345) (1,514)
Increase in long-term liabilities............ 545 620
-------- --------
Total adjustments........................... (55,551) (18,044)
-------- --------
Net cash (used) provided by operating
activities................................ (27,043) 5,176
</TABLE>
(Continued)
Page 5 of 15
<PAGE>
KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - In thousands)
<TABLE>
<CAPTION>
Thirty-Nine Weeks Ended
----------------------------
December 27, December 28,
1997 1996
------------- -------------
<S> <C> <C>
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures............................... $(36,338) $(40,113)
Acquisition accounted for as a purchase............ --- (7,000)
Proceeds from sale of property and equipment....... 5 2
-------- --------
Net cash used by investing activities........ (36,333) (47,111)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings under line of credit agreements of
pooled companies................................. --- 7,140
Increase (decrease) in long-term debt.............. 207,000 (11)
Issuance of common stock........................... 4,707 489
Purchase of treasury stock......................... --- (977)
Tax effect of common stock issued upon exercise
of employee stock options........................ 7,218 1,637
Distribution to shareholder of pooled companies.... --- (599)
-------- --------
Net cash provided by financing activities. 218,925 7,679
-------- --------
NET INCREASE (DECREASE) IN CASH......................... 155,549 (34,256)
Adjustment for change in pooled companies'
fiscal year-ends................................. -- 344
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD........ 25,050 73,431
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD.............. $180,599 $ 39,519
======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the year for
Interest......................................... $ --- $ 1,061
Income taxes....................................... $ 13,857 $ 14,280
</TABLE>
The accompanying notes are an integral part of these statements.
Page 6 of 15
<PAGE>
KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Accounting Policies
- -------------------
The consolidated balance sheet as of December 27, 1997, and the consolidated
statements of earnings and cash flows for the thirteen and thirty-nine week
periods ended December 27, 1997 and December 28, 1996, 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 March 29, 1997, included in the Company's Form 10-K/A for
that period.
Business Acquisitions
- ---------------------
In January 1997, the Company acquired Futronix Corporation and Wire & Cable
Specialties Corporation ("Wire & Cable") in transactions that were each
accounted for as a pooling of interests. Accordingly, the fiscal 1997
consolidated statements of earnings and cash flows have been restated to include
the operations of Futronix Corporation and Wire & Cable.
In December 1996, during the third quarter of fiscal 1997, the Company acquired
the assets and disclosed liabilities of the EMC Distribution Division of
Electronics Marketing Corporation in a transaction accounted for as a purchase.
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.
Page 7 of 15
<PAGE>
Trading Securities
- ------------------
The Company has classified all investment securities as trading securities which
are measured at fair value in the financial statements with unrealized gains and
losses included in earnings. Trading securities of $29.9 million at December
27, 1997 were invested in a managed fund consisting primarily of taxable, high
quality corporate debt instruments.
Convertible Subordinated Notes due 2004
- ---------------------------------------
On September 23, 1997, the Company issued $180 million of 4.5% Convertible
Subordinated Notes due 2004 (the "Notes") in a public offering. On October 2,
1997, an additional $27 million of Notes were issued pursuant to the exercise of
the Underwriters' over-allotment option. The Notes are convertible into Kent
common stock at a conversion price of $49.53 per share, subject to adjustment in
certain events. Interest is payable semiannually and the Notes are redeemable
at the option of the Company at set redemption prices, plus accrued interest,
beginning September 6, 2000.
Sales To Major Customers
- ------------------------
No customer of the Company represented 10% or more of net sales for the thirteen
week period ending December 27, 1997. For the thirty-nine week period ended
December 27, 1997, sales to Compaq Computer Corporation represented 10.1% of net
sales. For the thirteen and thirty-nine week periods ending December 28, 1996,
sales to Compaq represented 10.7% and 10.2% of net sales, respectively.
Earnings Per Share
- ------------------
The Company has adopted Financial Accounting Standard No. 128, "Earnings Per
Share". The new standard eliminates primary and fully diluted earnings per
share and requires presentation of basic and diluted earnings per share. In
accordance with the new statement, all prior period comparative amounts have
been restated.
Page 8 of 15
<PAGE>
The weighted average number of shares used for computing diluted earnings per
share does not assume conversion of the Notes because of their antidilutive
effect on earnings per share for the thirteen and thirty-nine week periods
ending December 27, 1997.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Results of Operations
- ---------------------
Net sales for the thirteen and thirty-nine weeks ended December 27, 1997
increased $51.0 million, or 40.4%, and $121.4 million, or 32.3%, compared to the
same periods a year ago. Distribution sales increased approximately 28% and 27%
from the prior year thirteen and thirty-nine week periods, respectively.
Contract manufacturing sales increased approximately 65% and 43% from the prior
year thirteen and thirty-nine week periods, respectively. The sales increase
reflected strong internal growth and was primarily driven by increased demand
from existing customers and an expanded customer base in both the distribution
and contract manufacturing businesses. The contract manufacturing business also
benefited from increased demand of its expanded services as compared to both
prior year periods.
Gross profit increased $11.3 million, or 39.2%, for the thirteen weeks and
increased $24.2 million, or 27.2%, for the thirty-nine weeks when compared to
the corresponding periods a year ago. Gross profit as a percentage of sales for
the thirteen weeks was 22.6%, slightly less than the 22.8% in the corresponding
period of the previous year. For the thirty-nine week period, gross profit as a
percentage of sales decreased to 22.7%, compared to 23.6% a year ago. The
increase in gross profit was primarily due to increased sales, offset by a
decrease in the gross profit percentage in the thirteen and thirty-nine week
periods. The decrease in gross profit as a percentage of sales resulted from
pricing pressures and a product mix with a lower percentage of certain higher
margin contract manufacturing business.
Page 9 of 15
<PAGE>
Selling, general and administrative ("SG&A") expenses declined as a percentage
of sales to 13.5% from 14.5% for the thirteen weeks and to 13.5% from 14.3% for
the thirty-nine weeks compared to the corresponding prior year periods. The
decline as a percentage of sales reflects the Company's continued focus on cost
containment to reduce such expenses as a percentage of sales. SG&A
expenses increased $5.5 million, or 30.3%, for the thirteen week period and
$13.2 million, or 24.5%, for the thirty-nine week period, compared to the same
periods in the previous year. The increase in SG&A expenses was primarily due
to the expenses necessary to support the growth in the company's existing
operations.
Interest expense increased $2.1 million due to interest on the 4.5% Convertible
Subordinated Notes due 2004 (the "Notes"), partially offset by the retirement of
all the outstanding debt of Futronix Corporation and Wire & Cable subsequent to
the acquisition by the Company in the fourth quarter of fiscal 1997.
Other-net consists principally of interest and dividend income generated by cash
and cash equivalents and trading securities. The increase in interest and
dividend income resulted from investment of the net proceeds from the Notes.
Net earnings increased $3.2 million, or 46.0%, and $5.3 million, or 22.8% for
the thirteen and thirty-nine week periods, respectively, compared to the same
periods a year ago. The additional profit from the increased sales and the
Company's continued focus on cost containment were the primary reasons for the
improved profitability.
Liquidity and Capital Resources
- -------------------------------
Working capital at December 27, 1997 was $364.2 million, an increase of $213.3
million, or 141.4%, from March 29, 1997. The increase was primarily the result
of net proceeds from the Notes offering, and to a lesser extent, growth in
accounts receivable and inventories, offset by an increase in accounts payable,
in relation to current and future sales levels.
Page 10 of 15
<PAGE>
Included in the Company's working capital at December 27, 1997 are investments,
including trading securities, of $213.4 million, an increase of $184.6 million
since March 29, 1997, primarily the result of the Notes offering. 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 December 27, 1997, funds were invested primarily in a reverse
repurchase agreement, institutional money market funds and a managed fund
consisting primarily of taxable, high quality corporate debt instruments. These
investments are compatible with the Company's stated investment strategy.
The Company maintains a $25 million line of credit with a bank. As of December
27, 1997, there was no indebtedness outstanding under the line of credit.
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
and 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
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 the net proceeds from the
Notes and the line of credit, along with funds generated from operations, should
be sufficient to meet its current capital requirements.
Page 11 of 15
<PAGE>
PART II - OTHER INFORMATION
Items 1, 2, 3, 4 and 5 are not applicable and have been omitted.
Item 6. Exhibits and Reports on Form 8-K.
- ----------------------------------------
(a) Exhibits:
11 - Statement re computation of per share earnings.
27.1 - Financial Data Schedule (filed only in electronic format).
27.2 - Financial Data Schedule--continued (filed only in
electronic format).
27.3 - Financial Data Schedule--continued (filed only in
electronic format).
(b) Reports on Form 8-K:
Not applicable.
Page 12 of 15
<PAGE>
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: February 10, 1998 By: /s/ MORRIE K. ABRAMSON
------------------------------ --------------------------------
Morrie K. Abramson
Chairman of the Board, Chief
Executive Officer and President
(Principal Executive Officer)
Date: February 10, 1998 By: /s/ STEPHEN J. CHAPKO
------------------------------ ---------------------------------
Stephen J. Chapko
Executive Vice President, Chief
Financial Officer, Treasurer and
Secretary (Principal Financial
Officer)
Date: February 10, 1998 By: /s/ DAVID D. JOHNSON
----------------------------- ---------------------------------
David D. Johnson
Vice President, Corporate
Controller (Principal Accounting
Officer)
13 of 15
<PAGE>
EXHIBIT INDEX
-------------
Exhibit numbers are in accordance with the
Exhibit Table in Item 601 of Regulation S-K
-------------------------------------------
Exhibit No. Exhibit Description Sequential Page No.
- ----------- --------------------------------- -------------------
11 Statement re computation 15
of per share earnings
27.1 Financial Data Schedule
(filed only in electronic format) --
27.2 Financial Data Schedule--continued
(filed only in electronic format) --
27.3 Financial Data Schedule--continued
(filed only in electronic format) --
Page 14 of 15
<PAGE>
<TABLE>
<CAPTION>
KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
EXHIBIT 11
(Unaudited - In thousands, except per share data)
For the Thirteen Weeks Ended For the Thirteen Weeks Ended
December 27, 1997 December 28, 1996
-------------------- ----------- -------------------- -----------
Per-Share Per-Share
Income Shares Amount Income Shares Amount
--------- -------- ----------- --------- -------- -----------
BASIC EARNINGS PER SHARE
<S> <C> <C> <C> <C> <C> <C>
Net earnings $10,128 26,664 $ 0.38 $ 6,937 25,381 $ 0.27
====== ======
EFFECT OF DILUTIVE SECURITIES
Excess of shares issuable upon
exercise of stock options over
shares deemed retired utilizing
the treasury stock method - 1,710 - 1,500
Convertible preferred stock
of pooled company - - - 391
Warrants of pooled company - - - 266
------- ------- ------- ------
DILUTED EARNINGS PER SHARE
Net earnings plus assumed conversions $10,128 28,374 $ 0.36 $ 6,937 27,538 $ 0.25
======= ====== ====== ======= ====== ======
For the Thirty-Nine Weeks Ended For the Thirty-Nine Weeks Ended
December 27, 1997 December 28, 1996
-------------------- ----------- -------------------- -----------
Per-Share Per-Share
Income Shares Amount Income Shares Amount
--------- -------- ----------- --------- -------- -----------
BASIC EARNINGS PER SHARE
Net earnings $28,508 26,450 $ 1.08 $23,220 25,377 $ 0.92
====== ======
EFFECT OF DILUTIVE SECURITIES
Excess of shares issuable upon
exercise of stock options over
shares deemed retired utilizing
the treasury stock method - 1,695 - 1,443
Convertible preferred stock
of pooled company - - - 391
Warrants of pooled company - - - 266
------- ------- ------- ------
DILUTED EARNINGS PER SHARE
Net earnings plus assumed conversions $28,508 28,145 $ 1.01 $23,220 27,477 $ 0.85
======= ====== ====== ======= ====== ======
</TABLE>
Page 15 of 15
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-28-1998
<PERIOD-END> DEC-27-1997
<CASH> 180,599
<SECURITIES> 29,916
<RECEIVABLES> 124,722
<ALLOWANCES> 1,551
<INVENTORY> 110,258
<CURRENT-ASSETS> 448,659
<PP&E> 152,727
<DEPRECIATION> 33,513
<TOTAL-ASSETS> 596,911
<CURRENT-LIABILITIES> 84,497
<BONDS> 207,000
0
0
<COMMON> 52,296
<OTHER-SE> 250,864
<TOTAL-LIABILITY-AND-EQUITY> 596,911
<SALES> 496,993
<TOTAL-REVENUES> 496,993
<CGS> 384,076
<TOTAL-COSTS> 384,076
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 295
<INTEREST-EXPENSE> 2,697
<INCOME-PRETAX> 47,120
<INCOME-TAX> 18,612
<INCOME-CONTINUING> 28,508
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 28,508
<EPS-PRIMARY> 1.08
<EPS-DILUTED> 1.01
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<CIK> 0000793024
<NAME> KENT ELECTRONICS CORPORATION
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> MAR-28-1998 MAR-28-1998
<PERIOD-END> JUN-28-1997 SEP-27-1997
<CASH> 21,035 190,371
<SECURITIES> 0 0
<RECEIVABLES> 93,813 102,739
<ALLOWANCES> 1,337 1,408
<INVENTORY> 107,136 118,002
<CURRENT-ASSETS> 224,621 415,842
<PP&E> 125,202 136,332
<DEPRECIATION> 28,030 30,786
<TOTAL-ASSETS> 343,906 549,419
<CURRENT-LIABILITIES> 69,141 78,990
<BONDS> 0 180,000
0 0
0 0
<COMMON> 41,875 47,706
<OTHER-SE> 230,897 240,627
<TOTAL-LIABILITY-AND-EQUITY> 343,906 549,419
<SALES> 152,080 319,567
<TOTAL-REVENUES> 152,080 319,567
<CGS> 117,221 246,800
<TOTAL-COSTS> 117,221 246,800
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 81 152
<INTEREST-EXPENSE> 7 138
<INCOME-PRETAX> 14,497 30,372
<INCOME-TAX> 5,722 11,992
<INCOME-CONTINUING> 8,775 18,380
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 8,775 18,380
<EPS-PRIMARY> 0.33 0.70
<EPS-DILUTED> 0.32 0.66
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<CIK> 0000793024
<NAME> KENT ELECTRONICS CORPORATION
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS YEAR YEAR
<FISCAL-YEAR-END> MAR-29-1997 MAR-29-1997 MAR-29-1997 MAR-29-1997 MAR-30-1996
<PERIOD-END> JUN-29-1996 SEP-28-1996 DEC-28-1996 MAR-29-1997 MAR-30-1996
<CASH> 66,877 48,195 39,519 25,050 73,431
<SECURITIES> 26,827 26,877 27,002 0 38,747
<RECEIVABLES> 71,574 77,941 82,221 90,091 61,258
<ALLOWANCES> 1,111 1,210 1,356 1,256 1,048
<INVENTORY> 71,870 78,895 81,834 94,494 65,591
<CURRENT-ASSETS> 240,649 235,360 235,054 212,402 242,530
<PP&E> 80,189 94,266 105,731 116,405 65,241
<DEPRECIATION> 19,937 21,600 23,320 25,515 18,358
<TOTAL-ASSETS> 316,503 327,070 339,319 325,594 305,174
<CURRENT-LIABILITIES> 69,492 74,057 78,921 61,518 69,772
<BONDS> 0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
<COMMON> 39,820 39,116 39,457 40,371 38,357
<OTHER-SE> 202,227 209,034 215,902 221,996 192,611
<TOTAL-LIABILITY-AND-EQUITY> 316,503 327,070 339,319 325,594 305,174
<SALES> 125,144 249,178 375,585 516,757 425,810
<TOTAL-REVENUES> 125,144 249,178 375,585 516,757 425,810
<CGS> 93,238 189,254 286,821 396,054 313,643
<TOTAL-COSTS> 93,238 189,254 286,821 396,054 313,643
<OTHER-EXPENSES> 0 0 0 0 0
<LOSS-PROVISION> 38 144 330 409 249
<INTEREST-EXPENSE> 304 666 1,080 1,192 898
<INCOME-PRETAX> 15,556 26,549 37,824 45,100 49,095
<INCOME-TAX> 6,125 10,266 14,604 17,479 19,303
<INCOME-CONTINUING> 9,431 16,283 23,220 27,621 29,792
<DISCONTINUED> 0 0 0 0 0
<EXTRAORDINARY> 0 0 0 0 0
<CHANGES> 0 0 0 0 0
<NET-INCOME> 9,431 16,283 23,220 27,621 29,792
<EPS-PRIMARY> 0.37 0.64 0.92 1.08 1.28
<EPS-DILUTED> 0.34 0.59 0.85 1.00 1.21
</TABLE>
