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arrow electronics GAAP Reconciliation
1. EARNINGS RECONCILIATION
$ in thousands, except per share data
Q308 Q208 Q307
Operating income, as Reported $131,776 $164,958 $157,509
Restructuring and integration charges 11,037 8,196 4,512
Operating income, as Adjusted $142,813 $173,154 $162,021
Net income, as Reported $76,070 $96,215 $98,324
Restructuring and integration charges 7,635 5,929 2,674
Deferred tax adjustment -- -- (6,024)
Net income, as Adjusted $83,705 $102,144 $94,974
Diluted EPS, as Reported $.63 $.79 $.79
Restructuring and integration charges .06 .05 .02
Deferred tax adjustment -- -- (.05)
Diluted EPS, as Adjusted $.70 $.84 $.76
The sum of the components for net income per share, as Adjusted, may not agree to totals, as presented, due to rounding.
Third Quarter Earnings
October 22, 2008
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2. EARNINGS RECONCILIATION
References to restructuring and other charges refer to the following incremental charges
taken in the quarters indicated:
Q3-08 Restructuring and Integration Charges: During the third quarter of 2008, the company
recorded a restructuring and integration charge of $11.0 million ($7.6 million net of related taxes or
$.06 per share on both a basic and diluted basis) primarily related to initiatives taken by the
company to improve operating efficiencies.
Q2-08 Restructuring and Integration Charges: During the second quarter of 2008, the company
recorded a restructuring and integration charge of $8.2 million ($5.9 million net of related taxes or
$.05 per share on both a basic and diluted basis) primarily related to initiatives taken by the
company to improve operating efficiencies.
Q3-07 Restructuring and integration Charges: During the third quarter of 2007, the company
recorded a restructuring and integration charge of $4.5 million ($2.7 million net of related taxes or
$.02 per share on both a basic and diluted basis), primarily related to initiatives taken by the
company in the period to improve operating efficiencies and the acquisition of KeyLink.
Q3-07 Deferred Tax Adjustment: During the third quarter of 2007, the company recorded an
income tax benefit of $6.0 million, net, ($.05 per share on both a basic and diluted basis) principally
due to a reduction in deferred income taxes as a result of the reduction in the statutory tax rate in
Germany.
Third Quarter Earnings
October 22, 2008
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