<PAGE>

                                UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549
                                   FORM 10-Q

[X]            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended   January 1, 2000
                               -------------------------------------------------

                                      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 number  0-14643
                       ---------------------------------------------------------


                         KENT ELECTRONICS CORPORATION
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

              Texas                                          74-1763541
--------------------------------------------------------------------------------
    (State or other jurisdiction of                     (I.R.S. Employer
      incorporation or organization)                    Identification No.)


     1111 Gillingham Lane, Sugar Land, Texas                         77478
--------------------------------------------------------------------------------
   (Address of principal executive offices)                      (Zip Code)


Registrant's telephone number, including area code      (281) 243-4000
                                                    ----------------------------
      Not applicable
--------------------------------------------------------------------------------

Former name, former address and former fiscal year, if changed since last
report.

     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 requirements for the past 90 days.

Yes      X        No
     ---------      --------------

     Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.

     At February 9, 2000, 28,153,088 shares of common stock, no par value, were
outstanding.


<PAGE>

                 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                                (In thousands)


                                                          January 1,    April 3,
                                                             2000         1999
                                                          ----------    --------
                                                          (Unaudited)
                     ASSETS
CURRENT ASSETS
     Cash and cash equivalents (including temporary
       investments of $91,165 at January 1 and
       $206,919 at April 3)............................     $ 90,131   $207,942
     Accounts receivable, less allowance of $873
       at January 1 and $991 at April 3................      165,132    103,364
     Inventories
       Materials and purchased products................      183,951    118,535
       Work in process.................................        4,280      6,349
                                                            --------   --------
                                                             188,231    124,884
     Other.............................................       13,527     17,549
                                                            --------   --------
         Total current assets..........................      457,021    453,739

PROPERTY AND EQUIPMENT
     Land..............................................        8,168      8,168
     Buildings.........................................       44,226     43,817
     Equipment, furniture and fixtures.................      132,548    124,194
     Leasehold improvements............................        2,943      2,681
                                                            --------   --------
                                                             187,885    178,860
     Less accumulated depreciation and amortization....      (63,168)   (50,496)
                                                            --------    --------
                                                             124,717    128,364

OTHER ASSETS...........................................        6,508      7,095

COST IN EXCESS OF NET ASSETS ACQUIRED,
     less accumulated amortization of $4,687 at
     January 1 and $3,320 at April 3...................      107,284     15,443
                                                            --------   --------
                                                            $695,530   $604,641
                                                            ========   ========

The accompanying notes are an integral part of these statements.

                                 Page 2 of 14
<PAGE>

                  KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                       (In thousands, except share data)

                                                        January 1,    April 3,
                                                           2000         1999
                                                        ----------    --------
                                                        (Unaudited)

        LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
     Accounts payable................................     $ 97,435    $ 47,149
     Accrued compensation............................       18,074      13,862
     Other accrued liabilities.......................       22,272       6,950
                                                          --------    --------
         Total current liabilities...................      137,781      67,961

LONG-TERM DEBT, less current maturities..............      216,000     207,000

DEFERRED INCOME TAXES................................        8,048       8,511


STOCKHOLDERS' EQUITY
     Preferred stock, $1 par value per share;
       authorized 2,000,000 shares; none issued......          ---         ---
     Common stock, no par value; authorized
       60,000,000 shares; 28,133,230 shares issued
       and 28,083,230 shares outstanding at
       January 1 and 28,013,375 shares issued and
       27,963,375 shares outstanding at April 3......       65,049      63,553
     Additional paid-in capital......................      117,726     117,511
     Retained earnings...............................      151,903     141,082
                                                          --------    --------
                                                           334,678     322,146
     Less common stock in treasury - at cost,
       50,000 shares.................................         (977)       (977)
                                                          --------    --------
                                                           333,701     321,169
                                                          --------    --------
                                                          $695,530    $604,641
                                                          ========    ========


The accompanying notes are an integral part of these statements.

                                 Page 3 of 14
<PAGE>

                 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS
               (Unaudited - In thousands, except per share data)
<TABLE>
<CAPTION>
                                                       Thirteen Weeks Ended                  Thirty-Nine Weeks Ended
                                                   -----------------------------         -------------------------------
                                                   January 1,        December 26,        January 1,          December 26,
                                                      2000               1998               2000                 1998
                                                   ----------        -----------         ----------          -----------
<S>                                                <C>               <C>                 <C>                 <C>
Net sales.......................................     $259,035          $155,424           $700,284             $459,981
Cost of sales...................................      214,077           131,715            583,586              385,833
                                                    ---------          --------           --------             --------
     Gross profit...............................       44,958            23,709            116,698               74,148

Selling, general and administrative expenses....       35,029            25,434             95,543               75,439
                                                    ---------          --------           --------             --------
     Operating profit (loss)....................        9,929            (1,725)            21,155               (1,291)
Other income (expense)
     Interest expense...........................       (2,574)           (2,575)            (7,727)              (7,723)
     Other - net................................        1,250             2,754              4,386                8,432
                                                    ---------          --------           --------             --------
       Earnings (loss) before income taxes......        8,605            (1,546)            17,814                 (582)
Income taxes....................................        3,377              (607)             6,993                 (230)
                                                    ---------          --------           --------             --------
       NET EARNINGS (LOSS)......................     $  5,228          $   (939)          $ 10,821             $   (352)
                                                    =========          =========          ========             ========

Earnings (loss) per common share:
     Basic......................................         $.19             $(.03)              $.39                $(.01)
                                                     ========          ========           ========             ========
     Diluted....................................         $.18             $(.03)              $.38                $(.01)
                                                     ========          ========           ========             ========
Weighted average shares:
     Basic......................................       28,057             27,916            28,008               27,577
                                                    =========          =========          ========             ========
     Diluted....................................       28,971             27,916            28,680               27,577
                                                    =========          =========          ========             ========
</TABLE>
The accompanying notes are an integral part of these statements.

                                Page 4 of 14
<PAGE>

                 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)

                                                      Thirty-Nine Weeks Ended
                                                      ------------------------
                                                      January 1,    December 26,
                                                         2000           1998
                                                      ----------    -----------
                                                           (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES
 Net earnings (loss)...............................   $  10,821      $    (352)
 Adjustments to reconcile net earnings (loss) to
  net cash (used) provided by operating
  activities
   Depreciation and amortization...................      14,058         10,995
   Provision for losses on accounts receivable.            (118)            89
   Loss (gain) on disposal of property
    and equipment..................................          18           (340)
   Stock option expense............................         215            242
   Loss on sale of trading securities..............         ---            327
   Net sales of trading securities.................         ---         29,619
   Change in assets and liabilities, net of
    effects from business acquisitions
    Accounts receivable............................     (36,175)        (1,915)
    Inventories....................................     (38,902)        (4,076)
    Other current assets...........................       3,313         (8,247)
    Other assets...................................         662           (772)
    Accounts payable...............................      22,891         (4,260)
    Accrued compensation...........................       2,085            130
    Other accrued liabilities......................       6,337          5,920
    Income taxes...................................         ---         (2,946)
    Deferred income taxes..........................          75             75
    Long-term liabilities.........................          ---            602
                                                      ---------      ---------
      Total adjustments............................     (25,541)        25,443
                                                      ---------      ---------
      Net cash (used) provided by
       operating activities........................     (14,720)        25,091


                                  (Continued)

                                 Page 5 of 14
<PAGE>

                 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)

                                                      Thirty-Nine Weeks Ended
                                                      -------------------------
                                                      January 1,    December 26,
                                                         2000           1998
                                                      ----------    ------------
                                                           (Unaudited)

CASH FLOWS FROM INVESTING ACTIVITIES
  Capital expenditures............................... $  (8,090)       $(14,948)
  Business acquisitions, net of cash acquired........   (71,906)            ---
  Proceeds from sale of property and equipment.......        14           2,487
                                                      ---------        --------
    Net cash used by investing activities............   (79,982)        (12,461)

CASH FLOWS FROM FINANCING ACTIVITIES
  Payment on long-term debt of acquired businesses      (24,605)            ---
  Issuance of common stock...........................     1,134           4,148
  Tax effect of common stock issued upon exercise
   of employee stock options.........................       362           5,526
                                                      ---------        --------
    Net cash (used) provided by financing
     activities......................................   (23,109)          9,674
                                                      ---------        --------

NET (DECREASE) INCREASE IN CASH......................  (117,811)         22,304

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD.....   207,942         179,907
                                                      ---------        --------

CASH AND CASH EQUIVALENTS AT END OF PERIOD........... $  90,131        $202,211
                                                      =========        ========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
  Cash paid during the period for:
   Interest.......................................... $   4,658        $  4,658
   Income taxes......................................     1,694           5,308


The accompanying notes are an integral part of these statements.

                                 Page 6 of 14
<PAGE>

                 KENT ELECTRONICS CORPORATION AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Accounting Policies

The consolidated balance sheet as of January 1, 2000, and the consolidated
statements of earnings and cash flows for the thirteen and thirty-nine week
periods ended January 1, 2000 and December 26, 1998, have been prepared by the
Company without audit.  In the opinion of management, the financial statements
include all adjustments necessary for a fair presentation.  All adjustments made
were of a normal recurring nature.  Interim results are not necessarily
indications of results for a full year.  For further financial information,
refer to the audited financial statements of the Company and notes thereto for
the fiscal year ended April 3, 1999, included in the Company's Form 10-K for
that period.

Business Acquisitions

On April 5, 1999, the Company acquired all the outstanding common stock of
SabreData, Inc. ("SabreData") for a cash purchase price of $31.0 million plus
the assumption of approximately $2.2 million of interest bearing obligations
which were subsequently retired.  SabreData is a Texas based network integrator
with sales of approximately $37.0 million for the year ended December 31, 1998.

On June 3, 1999, the Company acquired certain assets and assumed certain
liabilities of Advacom, Inc. ("Advacom") for a cash purchase price of $33.0
million plus the assumption of approximately $21.8 million of interest bearing
obligations which were retired on the day of closing.  Advacom is a Pennsylvania
based distributor of electronic connectors, passive and electromechanical
components which generated approximately $112.0 million in revenue for the year
ended December 31, 1998.

On November 1, 1999, the Company acquired all the outstanding common stock of
Orange Coast Datacomm, Inc., Orange Coast Cabling, Inc. and Go Telecomm, Inc.,
collectively known as the Orange Coast Companies ("Orange Coast") for an
aggregate purchase price of approximately $17.7 million, which includes the
issuance of an unsecured promissory note in the amount of $9.0 million.  Orange
Coast, which reported sales of approximately $19.0 million for

                                 Page 7 of 14
<PAGE>

the year ended December 31, 1998, provides comprehensive end-to-end voice and
data network solutions to major corporations from offices in Irvine and Santa
Clara, California.

Earnings Per Share

Basic earnings per common share is computed using the weighted average number of
shares outstanding. Diluted earnings per common share is computed using the
weighted average number of shares outstanding adjusted for the incremental
shares attributed to outstanding options to purchase common stock. Incremental
shares of 0.9 million and 0.7 million were used in the calculation of diluted
earnings per common share for the thirteen and thirty-nine week periods ended
January 1, 2000, respectively. Incremental shares were not used in the
calculation of diluted earnings per common share for the thirteen and thirty-
nine weeks ended December 26, 1998 since the effect of their inclusion would be
antidilutive.  The calculation of earnings per share does not include
approximately 4.2 million shares issuable upon conversion of the 4 1/2%
Convertible Subordinated Notes due 2004 because inclusion of such shares would
be antidilutive.


               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS

Results of Operations

Net sales for the thirteen and thirty-nine week periods ended January 1, 2000
increased $103.6 million, or 66.7%, and $240.3 million, or 52.2%, compared to
the same periods a year ago.  Distribution and network integration sales
increased 82.8% and 57.2% from the prior year thirteen and thirty-nine week
periods, respectively, primarily as a result the SabreData, Advacom and Orange
Coast acquisitions, an improved demand for networking products and services, and
a strengthening market for certain distribution components.  Contract
manufacturing revenues increased 29.4% and 39.4% from the prior year thirteen
and thirty-nine week periods, respectively, primarily as a result of sales of
the division's expanded manufacturing services to customers in the network
systems  industry and as a result of increased sales to the semiconductor
capital equipment industry.

Gross profit increased $21.2 million, or 89.6%, for the thirteen weeks and $42.6
million, or 57.4%, for the thirty-nine weeks compared to the corresponding
periods a year ago primarily due to increased sales.  For the thirteen week
period, gross

                                 Page 8 of 14
<PAGE>

profit as a percentage of sales increased to 17.4% and 16.7% in the thirteen and
thirty-nine week periods, respectively, from 15.3% and 16.1% in the comparable
periods of the previous year.  The increase in the gross profit percentage for
both periods resulted from improved plant utilization in the Company's contract
manufacturing business, an improved pricing environment for certain products and
services, and the growth in distribution and network integration business
primarily due to the acquisitions of SabreData, Advacom and Orange Coast.

Selling, general and administrative ("SG&A") expenses increased $9.6 million, or
37.7%, and $20.1 million, or 26.6% for the thirteen and thirty-nine week
periods, respectively.  The increase in SG&A expenses was primarily due to the
acquisitions of SabreData, Advacom and Orange Coast and the expenses necessary
to support the growth in the Company's operations.  As a percentage of sales,
SG&A expenses decreased to 13.5% and 13.6% in the thirteen and thirty-nine week
periods, respectively, from 16.4% in both the thirteen and thirty-nine week
periods of fiscal 1999.  The reduction of SG&A expenses as a percentage of sales
is a result of the continued focus on cost containment and leveraging operating
expense on larger sales.

Interest expense consists of interest on the 4 1/2% Convertible Subordinated
Notes due 2004.

Other-net consists principally of interest and dividend income generated by cash
and cash equivalents.  The decrease in interest and dividend income for the
thirteen and thirty-nine week periods compared to the corresponding periods a
year ago was primarily due to lower cash balances resulting from the
acquisitions of SabreData, Advacom and Orange Coast in fiscal 2000.

The Company reported net earnings of $5.2 million for the thirteen week period
compared to a net loss of $0.9 million in the corresponding period a year ago.
For the thirty-nine week period, net earnings were $10.8 million compared to a
net loss of $0.4 million last year.  The increase in net earnings for both
periods was primarily the result of increased gross profit partially offset by
an increase in SG&A expenses.

Liquidity and Capital Resources

Working capital at January 1, 2000 was $319.2 million, a decrease of $66.5
million, or 17.2%, since April 3, 1999.  The decrease was primarily the result
of

                                 Page 9 of 14
<PAGE>

the cash expended for the acquisition of SabreData, Advacom and Orange Coast,
and for the retirement of the acquired companies' debt during fiscal 2000.

Included in the Company's working capital at January 1, 2000 are investments of
$91.2 million, a decrease of $115.8 million since April 3, 1999.  The Company's
investment strategy is low-risk and short-term, keeping the funds readily
available to meet capital requirements as they arise in the normal course of
business.  At January 1, 2000, funds were invested in institutional money market
funds, which are compatible with the Company's stated investment strategy.

The Company intends to apply its capital resources to expand its business by
establishing or acquiring similar distribution and manufacturing operations in
geographic areas that are attractive to the Company.  In addition to the capital
required to purchase existing businesses or to fund start-up operations, the
expansion of the Company's operations at both new and existing locations will
require greater levels of capital to finance the purchase of additional
equipment, increased levels of inventory and greater accounts receivable.  The
Company believes that current resources including funds generated from
operations should be sufficient to meet its current capital requirements.

Year 2000 Statement

The Year 2000 Issue results from computer hardware and software systems that
were not designed to distinguish between centuries and may not accommodate some
or all dates beyond the year 1999.  Therefore, some computer hardware and
software systems were modified prior to the year 2000 in order to remain
functional.

With the exceptions noted below, by the end of the third calendar quarter of
1999, the Company had completed its Year 2000 program.  That program consisted
of a comprehensive inventory of its critical systems, prioritization of such
systems based upon a risk analysis of the Company's business processes,
communication from vendors regarding the Year 2000 readiness of computer
hardware, software and equipment with embedded chips, testing of the most
critical systems regardless of vendor representations, and the monitoring of
third-party readiness for the Company's critical business partners.  The only
exceptions to the readiness of the Company's systems by September 30, 1999 were
the systems of Orange Coast which were tested and determined to be compliant or
were replaced by the end of calendar 1999.  As of the date of this report, the
Company has experienced no known

                                 Page 10 of 14
<PAGE>

disruptions to its systems or business operations as a result of Year 2000
events nor have any such disruptions been reported to us by our critical
business partners.  The Company estimates that the costs to be incurred in
calendar 1999 and 2000 associated with assessing, remediating and testing its IT
and non-IT systems will not exceed $0.5 million. This estimate assumes that the
Company will not incur significant Year 2000 related costs on behalf of its
suppliers, customers or third parties.

Throughout the early part of the year 2000, the Company will continue to assess
its Year 2000 Issues related to its physical plant and equipment, products,
suppliers, and customers. As a part of its Year 2000 program, the Company
engaged in a contingency planning process integral to its Year 2000 program. The
contingency planning phase consisted of developing a risk profile of the
Company's critical business processes, and then establishing a plan of action
that the Company may pursue to keep such processes operational in the event that
either the Company or critical third parties suffer Year 2000 disruptions. While
the Company experienced no known disruptions with respect to systems under its
control, the Company will continue to monitor the reporting of third parties and
public infrastructure with respect to the Year 2000, and may modify and adjust
its contingency plan throughout the year as additional information becomes
available.

The above disclosure is a "Year 2000 Readiness Disclosure" made with the
intention to comply fully with the Year 2000 Information and Readiness
Disclosure Act of 1998, Pub. L. No. 105-271, 112 Stat. 2386, signed into law
October 19, 1998. All statements made herein shall be construed within the
confines of that Act.  To the extent that any reader of the above Year 2000
Readiness Disclosure is other than an investor or potential investor in the
Company's -- or any affiliate's -- equity or debt securities, this disclosure is
made for the sole purpose of communicating or disclosing information aimed at
correcting, helping to correct and/or avoid Year 2000 failures.

Risks Relating to Forward-Looking Statements

The Company is including the following cautionary statements to secure the
protection of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 for all forward-looking statements made by the Company in
this Quarterly Report on Form 10-Q. Forward-looking statements include, without
limitation, any statement that may predict, forecast, indicate or imply future
results, performance or trends, and may contain the words "expect," "should,"
"will" or words or phrases of similar meaning. In addition, the forward-looking

                                 Page 11 of 14
<PAGE>

statements speak only of the Company's view as of the date the statement was
made, and the Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date hereof.

Forward-looking statements involve risks and uncertainties which could cause
actual results, performance or trends to differ materially from those expressed
in the forward-looking statements.  The Company believes that all forward-
looking statements made by it have a reasonable basis, but there can be no
assurance that management's expectations, beliefs or projections as expressed in
the forward-looking statements will actually occur or prove to be correct.
Factors that could cause actual results to differ materially from those
discussed in the forward-looking statements include, but are not limited to, the
factors discussed in the Company's Annual Report on Form 10-K for the fiscal
year ended April 3, 1999.

Quantitative and Qualitative Disclosures About Market Risk

In the normal course of business, the Company could be exposed to market risk
from changes in interest rates.  The Company continually monitors exposure to
market risk and, when appropriate, develops strategies to manage this risk.
Management does not use derivative financial instruments for trading or to
speculate on changes in interest rates.  Currently, the Company's interest rate
risk, if any, relates to its 4 1/2% Convertible Subordinated Notes Due 2004.


                          PART II - OTHER INFORMATION

Items 1, 2, 3, 4 and 5 are not applicable and have been omitted.

Item 6.  Exhibits and Reports on Form 8-K.

     (a)  Exhibits:
          11 - Computation of Earnings Per Share.
          27 - Financial Data Schedule.
     (b)  Reports on Form 8-K:
          Not applicable

                                 Page 12 of 14
<PAGE>

                                  SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                       KENT ELECTRONICS CORPORATION
                                   --------------------------------------
                                             (Registrant)



Date:       February 14, 2000               By: /s/ Morrie K. Abramson
      --------------------------------         ----------------------------
                                               Morrie K. Abramson
                                               Chairman of the Board, Chief
                                               Executive Officer and Director
                                               (Principal Executive Officer)


Date:       February 14, 2000               By: /s/ Stephen J. Chapko
      --------------------------------         ----------------------------
                                               Stephen J. Chapko
                                               Executive Vice President, Chief
                                               Financial Officer, Treasurer and
                                               Secretary (Principal Financial
                                               Officer)


Date:       February 14, 2000               By: /s/ David D. Johnson
      --------------------------------         ----------------------------
                                               David D. Johnson
                                               Vice President, Corporate
                                               Controller (Principal Accounting
                                               Officer)


                                 Page 13 of 14