Manufacturing Industry
Pioneer Warns of Rev Drop for Industrial Electronics Division
Electronic News, July 2, 2001 by Rob Spiegel
IN A WARNING THAT IS BECOMING A WELL-WORN SONG IN ELECTRONICS distribution, the Cleveland-based Pioneer-Standard Electronics Inc. last week announced that earnings for its first quarter ended June 30 are expected to break even or be slightly profitable. In remarking on the guidance, James L. Bayman, chairman and chief executive officer of Pioneer (nasdaq: PIOS) said, "We expect sales for the Industrial Electronics Division to decline 25 percent to 30 percent from last year due to the industry-wide downturn in electronic components markets." In the last two weeks, both Phoenix.-based Avnet Inc.
and Arrow Electronics Inc. of Melville, N.Y., issued similar warnings of 25 percent to 30 percent drops in revenue from electronic components sales.
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