part II Item 5. Market for registrant’s common equity and related shareholder matters 7 As of May 1, 2003, there were 32,105,614 Common Shares (including 3,589,940 subscribed Common Shares) of Pioneer-Standard Electronics, Inc. outstanding, and there were 2,734 shareholders of record. The closing price of the Common Shares on May 1, 2003, was $9.83. Cash dividends on Common Shares 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 also makes quarterly distributions on its 6.75% Mandatorily Redeemable Convertible Trust Preferred Securities (the ‘‘Trust preferred securities’’) to shareholders of record on the fifteenth day preceding the distribution date. Regular payment dates for these distributions are on the last day of March, June, September and December. The Company expects to pay comparable cash dividends on its Common Shares and continue to make the distributions on its Trust preferred securities in the foreseeable future. The Company maintains a Dividend Reinvestment Plan whereby cash dividends and additional monthly cash investments up to a maximum of $5,000 per month may be invested in the Company’s Common Shares at no commission cost. On April 27, 1999, the Company adopted a Shareholder Rights Plan. For further information about the Common Share Purchase Rights Plan, see Note 12 to the Consolidated Financial Statements contained in Part IV hereof. The Company’s Common Shares, without par value, are traded on the NASDAQ National Market. Common Share prices are quoted daily under the symbol ‘‘PIOS.’’ The high and low market prices and dividends per share for the Common Shares for each quarter during the past two years are presented in the table below: Year Ended March 31, 2003 First Second Third Fourth Quarter Quarter Quarter Quarter Year Dividends declared per Common Share $0.03 $0.03 $0.03 $0.03 $0.12 Price range per Common Share $10.01-$15.50 $7.20-$11.60 $5.40-$10.13 $7.15-$11.84 $5.40-$15.50 Closing Price on last day of period $10.39 $7.24 $9.18 $8.44 $8.44 Year Ended March 31, 2002 First Second Third Fourth Quarter Quarter Quarter Quarter Year Dividends declared per Common Share $0.03 $0.03 $0.03 $0.03 $0.12 Price range per Common Share $9.00-$13.80 $8.87-$12.52 $7.40-$13.37 $11.22-$14.94 $7.40-$14.94 Closing Price on last day of period $12.80 $9.02 $12.70 $14.15 $14.15