Arrow Electronics powers the global supply chain for electronics manufacturing – an industry which produces many of the technology products that are an integral part of our daily lives. In 2003, our sales outgrew the pace of the industry recovery, and our efforts to increase the efficiency of our operations drove growth in operating income, as adjusted,* that exceeded our sales growth. Throughout the year, we used our strong cash position to invest in the capabilities that will drive our results for both today and tomorrow. Arrow speeds toward the future, ready to convert market opportunities into strong performance and growth.

*Click here for a reconciliation of this information.