Agilysys
AGYS
#4231
Rank
HK$22.32 B
Marketcap
HK$791.36
Share price
-1.05%
Change (1 day)
-6.43%
Change (1 year)
Text size:
1

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934

For the fiscal year ended March 31, 1998

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 No. 0-5734

PIONEER-STANDARD ELECTRONICS, INC.
(Exact name of registrant as specified in its charter)

Ohio 34-0907152
(State or other jurisdiction (I.R.S. employer
of incorporation or organization) identification no.)

4800 East 131st Street, Cleveland, Ohio 44105
(Address of principal executive offices) (zip code)

Registrant's telephone number, including area code: (216) 587-3600

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: None
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

Common Shares, without par value
Common Share Purchase Rights

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 requirement for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K Annual Report or any
amendment to this Form 10-K. [X]

The aggregate market value of voting shares of the Registrant held by
non-affiliates was $338,900,407 as of June 12, 1998, computed on the basis of
the last reported sale price per share ($11.188) of such shares on The Nasdaq
Stock Market. Common Shares held by each officer, Director and person who owns
or may be deemed to own 10% or more of the outstanding Common Shares have been
excluded because such persons may be deemed to be affiliates. This determination
of affiliate status is not necessarily a conclusive determination for other
purposes.

As of June 12, 1998, the Registrant had the following number of Common
Shares outstanding: 31,128,554.
2

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant's definitive Proxy Statement to be used in
connection with its Annual Meeting of Shareholders to be held on July 28, 1998
are incorporated by reference into Part III of this Form 10-K.

Portions of the Registrant's Annual Report to Shareholders for the fiscal
year ended March 31, 1998 are incorporated by reference into Parts II and IV of
this Form 10-K.

Except as otherwise stated, the information contained in this Annual Report
on Form 10-K is as of March 31, 1998.

PART I

ITEM 1. BUSINESS

(a) Pioneer-Standard Electronics, Inc. was organized as an Ohio corporation
in 1963 and maintains its principal office at 4800 East 131st Street, Cleveland,
Ohio 44105 (telephone number (216) 587-3600). On June 1, 1994, Pioneer-Standard
Canada Inc., a newly-formed Canadian subsidiary of the Company, purchased from
United Westburne Inc., a Canadian corporation, certain of the assets and assumed
certain liabilities of Westburne's Zentronics Division, which the Company
believes is one of the largest distributors of electronic components and
computer products in Canada. On November 30, 1995, the Company acquired
Pioneer/Technologies Group Inc., a Maryland corporation ("Technologies"). And,
on March 31, 1998, the Company acquired Dickens Data Systems, Inc., a Georgia
corporation ("Dickens Data"). There have not been any material changes in the
nature of the business done by the Company since April 1, 1996. Except as
otherwise stated, the term "Company" as used herein shall mean Pioneer-Standard
Electronics, Inc. and its wholly-owned subsidiaries.

RECENT ACQUISITIONS - Dickens Data Systems, Inc. In order to continue the
growth of its distribution of IBM products, the Company has acquired all the
outstanding capital stock of Dickens Data on March 31, 1998. Dickens Data is a
leading reseller, distributor and systems integrator of products and services
for mid-range computer systems. Dickens Data is one of IBM's largest
distributors of mid-range computer systems and had total sales approximating
$346 million in 1997. The Company believes the acquisition of Dickens Data will
expand the Company's customer base and product offerings and enhance the
Company's ability to take advantage of growth opportunities in the mid-range
computer systems market.

World Peace Industries Co., Ltd. As part of the Company's strategy to gain
entry into new markets, in November 1997 the Company purchased a minority equity
interest in World Peace Industries Co., Ltd. ("WPI") of Taiwan. The Company
believes that its investment in WPI will provide the Company with access to an
extensive distribution network in the Asia-Pacific region. Headquartered in
Taipei, WPI has offices in countries throughout the region, including Singapore,
South Korea, Thailand, Malaysia, mainland China and Hong Kong.


1
3

Eurodis Electron PLC. In April 1998, the Company purchased a minority
equity interest in Eurodis Electron PLC ("Eurodis"), a European distributor of
electronic components. This purchase and a related support and cooperation
agreement with Eurodis further the Company's growth strategy by offering it
access to what the Company believes is a very broad industrial electronics
components market as well as one of the world's largest telecommunications
markets. Headquartered near London, Eurodis employs 1,100 people in 13 countries
and has operating centers in the United Kingdom, Austria, the Netherlands,
Belgium, France, Germany, Italy, Switzerland and Eastern Europe.

(b) The Company is engaged in the international distribution of a broad
range of industrial and end-user electronics components and computer systems
products manufactured by others, which business comprises only one basic
industry segment.

(c) The following is a description of various aspects of the Company's
business:

INDUSTRIAL AND END-USER DISTRIBUTION - The Company is an international
distributor of a broad range of electronics components and computer products
manufactured by others. These products are sold to original equipment
manufacturers, value-added resellers, research laboratories, government agencies
and end-users, including manufacturing companies, and service and other
non-manufacturing organizations. These products are classified into three broad
categories: semiconductors; computer products; and interconnect, passive and
electromechanical components. During fiscal 1998, semiconductor products
accounted for 36% of the Company's sales compared with 41% in 1997 and 38% in
1996. These products include microprocessors, memory devices, programmable logic
devices, analog and digital integrated circuits and other semiconductor devices.
During fiscal 1998, computer products accounted for 44% of the Company's sales
compared with 39% in 1997 and 40% in 1996. These products include mid-range
computer systems and high-end platforms, storage subsystems, software, servers,
computers (primarily mini and personal), display terminals and networking
products. During fiscal 1998, interconnect, passive and electromechanical
products accounted for 19% of the Company's sales, compared with 17% in 1997 and
20% in 1996. These products include capacitors, connectors, resistors, switches
and power conditioning equipment.

As a part of its distributor operations, the Company provides value-added
services including point of use inventory management, systems integration,
just-in-time kitting operations, turnkey assembly, memory and logic device
programming, connector and cable assemblies to customer specifications, power
products integration and networking expertise. Sales amounts for these services
are included among the three broad categories discussed above.

Miscellaneous products accounted for 1% of sales in 1998, 3% of sales in
1997 and 2% of sales in 1996.

PRODUCTS DISTRIBUTED AND SOURCES OF SUPPLY - The Company is a leading
distributor of a broad range of industrial and end-user components and computer
products supplied by more than 100 manufacturers. A majority of the Company's
revenues comes from products sourced by


2
4

relatively few suppliers. During the 1998 fiscal year, products purchased from
the Company's five largest suppliers accounted for 68% of total sales volume,
with Digital Equipment Corporation (29%) and Intel Corporation (18%) being the
largest two suppliers. The loss of any one of the top five suppliers and/or a
combination of certain other suppliers could have a material adverse effect on
the Company's sales and earnings unless alternative products manufactured by
others are available to the Company. The majority of the products sold by the
Company are purchased pursuant to distributor agreements which generally provide
for inventory return privileges by the Company upon cancellation of a
distributor agreement. The distributor agreements also typically provide
protection to the Company for product obsolescence and price erosion. The
Company believes it has good relationships with its suppliers.

CUSTOMERS - The Company serves over 24,000 customers in many major markets
of North America. No single customer accounted for more than five percent of the
Company's total sales for the fiscal year 1998.

BACKLOG - The Company historically has not had a significant backlog of
orders, although some shipments may be scheduled for delivery over an extended
period of time. There was not a significant backlog during the last fiscal year.

COMPETITION - The sale and distribution of industrial electronic components
and computer products are highly competitive, primarily with respect to price
and product availability, but also with respect to service, variety and
availability of products carried, number of locations and promptness of service.
Many of the distributors with which the Company competes are regional or local
distributors. However, several of the Company's strongest competitors have
national and international distribution businesses. The Company also experiences
competition from manufacturers, including some of the Company's suppliers, who
may sell directly to the industrial and end-user account base.

EMPLOYEES - As of March 31, 1998, the Company had 2,333 employees. The
Company is not a party to any collective bargaining agreement, has had no
strikes or work stoppages and considers its employee relations to be excellent.

(d) The Company distributes its products in the United States and Canada.
Export sales are not a significant portion of the Company's sales.


3
5

ITEM 2. PROPERTIES

The Company owns the 87,000 square foot facility, located in Cleveland,
Ohio, that houses its corporate headquarters and the 106,000 square foot
facility, located in Twinsburg, Ohio, that houses its corporate distribution
center. The Company's operations occupy a total of approximately 1,232,500
square feet, with the majority, approximately 1,112,300 square feet, devoted to
product distribution facilities. Of the approximately 1,232,500 square feet
occupied, 252,700 square feet are owned and 979,800 square feet are occupied
under operating leases. The Company's facilities of 100,000 square feet or
larger, as of March 31, 1998, are set forth in the table below.

APPROXIMATE SQUARE FEET LEASED OR
LOCATION TYPE OF FACILITY OF FLOOR SPACE OWNED
- - -------- ---------------- ----------------------- ---------

Gaithersburg, Maryland Distribution 102,600 Leased

Solon, Ohio Distribution 174,000 Leased

Twinsburg, Ohio Distribution 106,000 Owned

The Company's major leases contain renewal options for periods of up to ten
years. For information concerning the Company's rental obligations, see Note 4
(Leases) of Notes to Financial Statements of the Company. The Company believes
that its distribution and office facilities are well maintained and suitable for
the operations of the Company.

ITEM 3. LEGAL PROCEEDINGS

As of March 31, 1998, the Company was not a party to any material pending
legal proceedings.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted to a vote of the Company's security holders
during the last quarter of its fiscal year ended March 31, 1998.


4
6

EXECUTIVE OFFICERS OF THE COMPANY (1)

The name, age and positions of each executive officer of the Company as of
June 1, 1998 are as follows:

Name Age Position
---- --- --------

James L. Bayman 61 Chairman of the Board of the Company since
April 1, 1996 and Chief Executive Officer
of the Company since April 3, 1995.
President of the Company from June, 1984
to April 29, 1997. Chief Operating Officer
of the Company from June, 1984 to April 3,
1995.

Arthur Rhein 52 President and Chief Operating Officer of
the Company since April 29, 1997; Senior
Vice President of the Company from 1993 to
April 29, 1997 and Vice President -
Marketing of the Company from 1986 to
1993.

John V. Goodger 62 Vice President, Treasurer and Assistant
Secretary of the Company since 1990. Prior
thereto, Vice President, Treasurer and
Assistant Secretary of Ferro Corporation
from 1987 to 1990 and Vice President and
Treasurer of Ferro Corporation from 1984
to 1990.

William A. Papenbrock 59 Secretary of the Company since 1986.
Partner of the law firm of Calfee, Halter
& Griswold LLP (2).

----------

(1) The description of Executive Officers called for in this Item is
included pursuant to Instruction 3 to Section (b) of Item 401 of
Regulation S-K.

(2) The law firm of Calfee, Halter & Griswold LLP serves as counsel to the
Company.

There is no relationship by blood, marriage or adoption among the
above-listed officers. Messrs. Bayman, Rhein and Goodger hold office until
terminated as set forth in their employment agreements. Mr. Papenbrock holds
office until his successor is elected by the Board of Directors.


5
7

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS

The Company's Common Shares, without par value, are traded on The Nasdaq
Stock Market. Common Share prices are quoted daily under the symbol "PIOS." The
high and low sales prices for the Common Shares, the cash dividends paid on the
Common Shares and additional information for each quarter of the two most recent
fiscal years required by this Item are set forth at page 35 of the Company's
1998 Annual Report to Shareholders, which information is incorporated herein by
reference.

Cash dividends are payable quarterly upon authorization by the Board of
Directors. Regular payment dates are the first day of August, November, February
and May. The Company maintains a Dividend Reinvestment Plan whereby cash
dividends and a maximum of an additional $5,000 per month may be invested in the
Company's Common Shares at no commission cost.

On April 25, 1989, the Company adopted a Common Share Purchase Rights Plan.
For further information about the Common Share Purchase Rights Plan, see Note 7
(Shareholders' Equity) of Notes to Financial Statements of the Company.

ITEM 6. SELECTED FINANCIAL DATA

The information required by this Item is set forth at page 36 of the
Company's 1998 Annual Report to Shareholders, which information is incorporated
herein by reference.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

The information required by this Item is set forth at pages 18 through 22
of the Company's 1998 Annual Report to Shareholders, which information is
incorporated herein by reference.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Not applicable.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The information required by this Item is set forth at pages 23 through 34
of the Company's 1998 Annual Report to Shareholders, which information is
incorporated herein by reference.


6
8

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

None.


PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Information required by this Item as to the Directors of the Company
appearing under the caption "Election of Directors" in the Company's Proxy
Statement to be used in connection with the Company's 1998 Annual Meeting of
Shareholders to be held on July 28, 1998 (the "1998 Proxy Statement") is
incorporated herein by reference. Information required by this Item as to the
executive officers of the Company is included in Part I of this Annual Report on
Form 10-K.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item is set forth in the Company's 1998
Proxy Statement under the caption "Compensation of Executive Officers," which
information is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The information required by this Item is set forth in the Company's 1998
Proxy Statement under the caption "Share Ownership," which information is
incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The information required by this Item is set forth in the Company's 1998
Proxy Statement under the caption "Compensation of Executive Officers - Certain
Transactions," which information is incorporated herein by reference.


PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a) The following documents are filed as part of this Annual Report on Form
10-K:

(1) FINANCIAL STATEMENTS. The following consolidated financial
statements of the Company and its subsidiaries and the report of
independent auditors thereon, included in the Company's 1998 Annual Report
to Shareholders on pages 23 through 34, are incorporated by reference in
Item 8 of this Annual Report on Form 10-K:


7
9

Consolidated Balance Sheets as of March 31, 1998 and 1997
For the years ended March 31, 1998, 1997 and 1996:
Consolidated Statements of Income
Consolidated Statements of Shareholders' Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Report of Independent Auditors

Quarterly financial data, included in the Company's 1998 Annual Report to
Shareholders at page 34, are incorporated by reference in Item 8 of this Annual
Report on Form 10-K.

(2) FINANCIAL STATEMENT SCHEDULES. The following consolidated
financial statement schedule of the Company and its subsidiaries and the
report of independent auditors thereon are filed as part of this Annual
Report on Form 10-K, and should be read in conjunction with the
consolidated financial statements of the Company and its subsidiaries
included in the Company's 1998 Annual Report to Shareholders:

Report of Independent Auditors

Schedule II -- Valuation and Qualifying Accounts
for the years ended March 31, 1998, 1997 and 1996

All other schedules have been omitted since the required information
is not present or not present in amounts sufficient to require submission
of the schedule, or because the information required is included in the
consolidated financial statements or the notes thereto.

(3) EXHIBITS

See the Index to Exhibits at page E-1 of this Form 10-K.

(b) REPORTS ON FORM 8-K

The following reports on Form 8-K were filed during the fourth quarter of
fiscal 1998:

(1) A Current Report on Form 8-K, dated February 25, 1998, was filed
on February 26, 1998 to report the Company's adoption of the Financial
Accounting Standards Board Statement of Financial Accounting Standards
("SFAS") No. 128, "Earnings Per Share," and the impact of SFAS No. 128 on
the Company's presentation of its earnings per share.

(2) A Current Report on Form 8-K, dated February 27, 1998, was filed
on March 2, 1998 and amended on April 13, 1998 to report the Company's
acquisition of Dickens Data Systems, Inc.


8
10

(3) A Current Report on Form 8-K, dated March 3, 1998, was filed on
March 3, 1998 to report the announcement of the Company's expectations
regarding sales and earnings per share for the fiscal quarter ending March
31, 1998.


9
11

SIGNATURES

Pursuant to the requirements of the Sec. Exch. Act of 1934,
Pioneer-Standard Electronics, Inc. has duly caused this Form 10-K Report to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Cleveland, State of Ohio, June 16, 1998.

PIONEER-STANDARD ELECTRONICS, INC.

By /s/ John V. Goodger
-------------------------------------
John V. Goodger


POWER OF ATTORNEY

Each person whose signature appears below appoints William A. Papenbrock
and Edward W. Moore, and each and either of them, his true and lawful
attorney-in-fact and agent with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign any
or all amendments to this Report on Form 10-K for the 1998 fiscal year, and to
file the same, with all exhibits thereto, and all documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the
foregoing, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or their or his substitute or substitutes, may lawfully do or cause to
be done by virtue hereof.

Pursuant to the requirements of the Sec. Exch. Act of 1934, this Form 10-K
Report has been signed below by the following persons in the capacities and on
the dates indicated.

Signature Title Date

/s/ James L. Bayman Chairman, Chief Executive June 16, 1998
- - ----------------------------- Officer and Director
James L. Bayman (Principal Executive Officer)


/s/ Arthur Rhein President, Chief Operating June 16, 1998
- - ----------------------------- Officer and Director
Arthur Rhein


/s/ John V. Goodger Vice President, Treasurer June 16, 1998
- - ----------------------------- and Assistant Secretary
John V. Goodger (Principal Financial and
Accounting Officer)


/s/ Charles F. Christ Director June 16, 1998
- - -----------------------------
Charles F. Christ


10
12

/s/ Frederick A. Downey Director June 16, 1998
- - -----------------------------
Frederick A. Downey


/s/ Victor Gelb Director June 16, 1998
- - -----------------------------
Victor Gelb


/s/Gordon E. Heffern Director June 16, 1998
- - -----------------------------
Gordon E. Heffern


/s/ Edwin Z. Singer Director June 16, 1998
- - -----------------------------
Edwin Z. Singer

/s/ Thomas C. Sullivan Director June 16, 1998
- - -----------------------------
Thomas C. Sullivan


/s/ Karl E. Ware Director June 16, 1998
- - -----------------------------
Karl E. Ware


11
13
REPORT OF INDEPENDENT AUDITORS



Shareholders and the Board of Directors
Pioneer-Standard Electronics, Inc.



We have audited the consolidated financial statements of Pioneer-Standard
Electronics, Inc. as of March 31, 1998 and 1997, and for each of the three
years in the period ended March 31, 1998 and have issued our report thereon
dated May 5, 1998, incorporated by reference in this Annual Report (Form 10-K).
Our audits also included the consolidated financial statement schedule of
Pioneer-Standard Electronics, Inc. as of March 31, 1998 and 1997 and for each
of the three years in the period ended March 31, 1998, listed in item 14(a) of
this Annual Report (Form 10-K). This schedule is the responsibility of the
Company's management. Our responsibility is to express an opinion based on our
audits.

In our opinion, the financial statement schedule referred to above, when
considered in relation to the basic financial statements taken as a whole,
presents fairly in all material respects the information set forth therein.



ERNST & YOUNG LLP



Cleveland, Ohio
May 5, 1998
14


Pioneer-Standard Electronics, Inc.

Schedule II - Valuation and Qualifying Accounts

Years Ended March 31, 1998, 1997 and 1996



<TABLE>
<CAPTION>
Balance at Charged to cost Other Deductions-net Balance at the
beginning of and expenses of write-offs end of period
period (net recoveries)

1998
<S> <C> <C> <C> <C> <C>
Allowance for
doubtful accounts 7,541,000 (803,000) (1,060,000) 7,798,000

Inventory valuation
reserve 6,659,000 2,031,000 3,029,000 5,661,000


1997

Allowance for
doubtful accounts 8,982,000 193,000 (366,000) 7,541,000

Inventory valuation
reserve 8,777,000 957,000 3,105,000 8,659,000

1996

Allowance for
doubtful accounts 4,606,000 940,000 2,195,000 759,000 6,982,000

Inventory valuation
reserve 3,416,000 1,489,000 5,534,000 1,662,000 8,777,000
</TABLE>

(1) Amount for Pioneer/Technologies Group purchased November 30, 1995.
15

Pioneer-Standard Electronics, Inc.
Exhibit Index


Exhibit No. Description
- - ----------- -----------

3(a) Amended Articles of Incorporation of Pioneer-Standard
Electronics, Inc., which is incorporated by reference to Exhibit
2 to the Company's Quarterly Report on Form 10-Q for the quarter
ended September 30, 1997, as amended on March 18, 1998 (File No.
0-5734).

(b) Amended Code of Regulations, as amended, of Pioneer-Standard
Electronics, Inc., which is incorporated by reference to Exhibit
3(b) to the Company's Annual Report on Form 10-K for the year
ended March 31, 1997 (File No. 0-5734).

4(a) Rights Agreement, dated as of April 25, 1989, by and between the
Company and AmeriTrust Company National Association, which is
incorporated herein by reference to Exhibit 4.2 to the Company's
Registration Statement on Form S-3 (Reg. No. 333-26697).

(b) Amendment No. 1 to Rights Agreement, dated as of May 16, 1997,
by and between Pioneer-Standard Electronics, Inc. and National
City Bank, which is incorporated herein by reference to Exhibit
4 to the Company's Quarterly Report on Form 10-Q for the quarter
ended June 30, 1997 (File No. 0-5734).

(c) Note Purchase Agreement, dated as of October 31, 1990, by and
between the Company and Teachers Insurance and Annuity
Association of America, which is incorporated herein by
reference to Exhibit 4.3 to the Company's Registration Statement
on Form S-3 (Reg. No. 333-26697).

(d) Amendment No. 1 to Note Purchase Agreement, dated as of November
1, 1991, by and between the Company and Teachers Insurance and
Annuity Association of America, which is incorporated herein by
reference to Exhibit 4(d) to the Company's Annual Report on Form
10-K for the year ended March 31, 1993 (File No. 0-5734).
16

Exhibit No. Description
- - ----------- -----------

(e) Amendment No. 2 to Note Purchase Agreement, dated as of November
30, 1995, by and between the Company and Teachers Insurance and
Annuity Association of America, which is incorporated herein by
reference to Exhibit 4(a) to the Company's Annual Report on Form
10-K for the year ended March 31, 1996 (File No. 0-5734).

(f) Amendment No. 3 to Note Purchase Agreement, dated as of August
12, 1996 by and between the Company and Teachers Insurance and
Annuity Association of America, which is incorporated herein by
reference to Exhibit 4(f) to the Company's Quarterly Report on
Form 10-Q for the quarter ended June 30, 1996 (File No. 0-5734).

(g) Amendment No. 4 to Note Purchase Agreement, dated as of March
23, 1998 by and between the Company and Teachers Insurance and
Annuity Association of America.

(h) Amendment No. 5 to Note Purchase Agreement, dated as of March
23, 1998 by and between the Company and Teachers Insurance and
Annuity Association of America.

(i) Amendment No. 6 to Note Purchase Agreement, dated as of March
31, 1998 by and between the Company and Teachers Insurance and
Annuity Association of America.

(j) Indenture, dated as of August 1, 1996, by and between the
Company and Star Bank, N.A., as Trustee, which is incorporated
herein by reference to Exhibit 4(g) to the Company's Annual
Report on Form 10-K for the year ended March 31, 1997 (File No.
0-5734).

(k) Share Subscription Agreement and Trust, effective July 2, 1996,
by and between the Company and Wachovia Bank of North Carolina,
N.A., which is incorporated herein by reference to Exhibit 10.1
to the Company's Registration Statement on Form S-3 (Reg. No.
333-07665).

(l) Certificate of Trust of Pioneer-Standard Financial Trust, dated
February 27, 1998.
17

Exhibit No. Description
- - ----------- -----------

(m) Amended and Restated Trust Agreement among Pioneer-Standard
Electronics, Inc., as Depositor, Wilmington Trust Company, as
Property Trustee and Delaware Trustee, and the Administrative
Trustees named therein, dated as of March 23, 1998.

(n) Junior Subordinated Indenture, dated March 23, 1998, between the
Company and Wilmington Trust, as trustee.

(o) First Supplemental Indenture, dated March 23, 1998, between the
Company and Wilmington Trust, as trustee.

(p) Form of 6 3/4% Convertible Preferred Securities (Included in
Exhibit 4(m)).

(q) Form of Series A 6 3/4% Junior Convertible Subordinated
Debentures (Included in Exhibit 4(o)).

(r) Guarantee Agreement, dated March 23, 1998, between the Company
and Wilmington Trust, as guarantee trustee.

(p) Agreement and Plan of Merger, dated as of January 15, 1998, by
and among Dickens Data Systems, Inc., the Selling Shareholders
named therein, Pioneer-Standard Electronics, Inc. and
Pioneer-Standard of Georgia, Inc., which is incorporated herein
by reference to Exhibit 2.1 to the Company's Current Report on
Form 8-K for February 27, 1998 (File No. 0-5734). (Schedules
omitted pursuant to Item 601(b)(2) of Regulation S-K. The
Company agrees to furnish supplementally a copy of any omitted
schedule to the Commission upon request.)

*10(a) Retirement Agreement, effective March 31, 1996, by and between
the Company and Preston B. Heller, Jr., which is incorporated
herein by reference to Exhibit 10(a) to the Company's Annual
Report on Form 10-K for the year ended March 31, 1996 (File No.
0-5734).
18

Exhibit No. Description
- - ----------- -----------

*(b) Employment Agreement, dated July 29, 1997, by and between the
Company and James L. Bayman, which is incorporated herein by
reference to Exhibit 10.1 to the Company's Quarterly Report on
Form 10-Q for the quarter ended September 30, 1997, as amended
on March 18, 1998 (File No. 0-5734).

*(c) Employment Agreement, dated July 29, 1997, by and between the
Company and Arthur Rhein, which is incorporated herein by
reference to Exhibit 10.2 to the Company's Quarterly Report on
Form 10-Q for the quarter ended September 30, 1997, as amended
on March 18, 1998 (File No. 0-5734).

*(d) Employment Agreement, dated July 29, 1997, by and between the
Company and Robert E. Danielson, which is incorporated herein by
reference to Exhibit 10.3 to the Company's Quarterly Report on
Form 10-Q for the quarter ended September 30, 1997, as amended
on March 18, 1998 (File No. 0-5734).

*(e) Employment Agreement, dated July 29, 1997, by and between the
Company and John V. Goodger, which is incorporated herein by
reference to Exhibit 10.4 to the Company's Quarterly Report on
Form 10-Q for the quarter ended September 30, 1997, as amended
on March 18, 1998 (File No. 0-5734).

*(f) The Company's 1982 Incentive Stock Option Plan, as amended,
which is incorporated by reference to Exhibit 3(e) to the
Company's Annual Report on Form 10-K for the year ended March
31, 1997 (File No. 0-5734).

*(g) The Company's Amended and Restated 1991 Stock Option Plan, which
is incorporated herein by reference to Exhibit 4.1 to the
Company's Form S-8 Registration Statement (Reg. No. 33-53329).

*(h) The Company's Amended 1995 Stock Option Plan for Outside
Directors, which is incorporated herein by reference to Exhibit
99.1 to the Company's Form S-8 Registration Statement (Reg. No.
333-07143).
19

Exhibit No. Description
- - ----------- -----------

(i) Registration Rights Agreement, March 23, 1998, among the
Company, Wilmington Trust, Lazard Freres & Co. LLC, Cleary Gull
Reiland & McDevitt Inc., and McDonald & Company Securities,
Inc., as initial purchasers.

(j) Credit Agreement, dated as of March 27, 1998, among
Pioneer-Standard Electronics, Inc., National City Bank, the
several lending institutions party to the agreement and National
City Bank, as Agent.

(k) First Amendment to Credit Agreement, dated as of May 1, 1998, by
and among Pioneer-Standard Electronics, Inc., the several
lending institutions party to the agreement and National City
Bank, as Agent.

13 1998 Annual Report to Shareholders.

21 Subsidiaries of the Registrant.

23 Consent of Ernst & Young LLP, Independent Auditors.

27 Financial Data Schedule.

99(a) Certificate of Insurance Policy, effective November 1, 1997,
between Chubb Group of Insurance Companies and Pioneer-Standard
Electronics, Inc.

99(b) Forms of Amended and Restated Indemnification Agreement entered
into by and between the Company and each of its Directors and
Executive Officers, which are incorporated herein by reference
to Exhibit 99(b) to the Company's Annual Report on Form 10-K for
the year ended March 31, 1994 (File No. 0-5734).

- - ----------
*Denotes a management contract or compensatory plan or arrangement.