24 Page Report of Independent Auditors **************************************************************** 25 Report of Management ************************************************************************ 26 Consolidated Statements of Operations for the years ended March 31, 2003, 2002 and 2001 ******** 27 Consolidated Balance Sheets as of March 31, 2003 and 2002 ************************************ 28 Consolidated Statements of Shareholders’ Equity for the years ended March 31, 2003, 2002 and 2001 29 Consolidated Statements of Cash Flows for the years ended March 31, 2003, 2002 and 2001 ******** 30 Notes to Consolidated Financial Statements ***************************************************** 31 Schedule II — Valuation and Qualifying Accounts for the years ended March 31, 2003, 2002 and 2001. 51 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS PIONEER-STANDARD ELECTRONICS, INC. ANNUAL REPORT ON FORM 10-K Year Ended March 31, 2003