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Arrow Electronics buys back $80.8 million convertible debentures in second quarter
By Jennifer Chiou
New York, July 27 - Arrow Electronics, Inc. repurchased $80.8 million accreted value of its zero-coupon convertible debentures due in 2021 in a series of transactions during the second quarter.
The debentures would have been putable in February 2006.
The Melville, N.Y., electronics distributor recorded a loss of $1.7 million for the buyback.
During the second quarter of 2004, the company repurchased, through a series of transactions, $141.7 million accreted value of the debentures with a related loss of $7.1 million.
Arrow also announced second quarter 2005 net income of $58.4 million ($0.50 and $0.48 per share on a basic and diluted basis, respectively) on sales of $2.77 billion, compared with net income of $66.9 million ($0.58 and $0.55 per share on a basic and diluted basis, respectively) on sales of $2.68 billion in the second quarter of 2004.
"Our initiatives to streamline our organization, leverage our cost structure and efficiently manage working capital continue to drive strong operating results and cash flow," said William E. Mitchell, president and chief executive officer, in a news release.
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