Richey Electronics Inc.

The Garden Grove distributor of electronic components posted third-quarter net income of $1.2 million, or 13 cents a share, down 25% from the $1.6 million, or 17 cents a share, for the 1997 third quarter. Sales for the third quarter ended Oct. 2 declined 13% to $56.9 million from $65.1 million. Richey has signed a definitive agreement to be acquired by Arrow Electronics Inc. The transaction is expected to close around year’s end.