PFSweb, Inc. (Nasdaq:PFSW), a global provider of business process
outsourcing (�BPO�) solutions for both online and traditional
commerce, today announced its financial results for the first
quarter ended March 31, 2007. Summary of consolidated results for
the first quarter ended March 31, 2007: Total reported revenue was
$104.4 million, compared to $110.7 million for the first quarter of
2006 Adjusted EBITDA (as defined) was $0.8 million versus $1.6
million for the same period last year Net loss was $2.4 million, or
$0.05 per basic and diluted share, compared to net loss of $1.6
million, or $0.05 per basic and diluted share, for the first
quarter of 2006 -- Weighted average number of basic and diluted
shares outstanding was 46,475,000, compared to 34,904,000 for the
first quarter of 2006 Merchandise sales (as defined) totaled
approximately $650 million for the first quarter of 2007 Total
cash, cash equivalents and restricted cash equaled $15.4 million as
of March 31, 2007 Please note that the prior year�s quarterly
consolidated results only include the financial results for
eCOST.com from the date the merger closed on February 1, 2006
through March 31, 2006. �Our first quarter results demonstrate
continued improvements at eCOST.com, which reported a slight
increase in revenue for the first quarter of 2007 as compared to
the seasonally strong fourth quarter of 2006. We believe
eCOST.com�s performance this quarter is a solid indicator of a
return to growth. The continued improvements we have made to
eCOST.com�s gross profit and cost structure, combined with a stable
revenue performance, resulted in a significantly reduced operating
loss during the quarter, a trend we believe will continue. Our
Services Fee Business, which is historically softer in the first
quarter due to seasonality, also demonstrated solid results
including a 7% increase in revenues due to revenues earned from new
business contracts signed in 2006, partially offset by a reduction
in project activity. We continue to maintain our consolidated
revenue target of $420 to $435 million and an Adjusted EBITDA
target of $8-$10 million for calendar year 2007,� stated Mark
Layton, Chief Executive Officer of PFSweb. Summary of results by
business: Service Fee Business: For the first quarter of 2007,
Service Fee revenue was $17.0 million, an increase of 7%, compared
with $15.9 million in 2006. The Service Fee business reported
Adjusted EBITDA of $0.3 million for the first quarter of 2007,
compared to $1.3 million for the same period last year. The drop in
Adjusted EBITDA is primarily attributable to a decrease in project
work in 2007, as well as increased SG&A costs primarily related
to facilities, travel and the impact of foreign currency
fluctuations. Mr. Layton stated, �Our Service Fee business grew
approximately $1.1 million in revenues in the first quarter of
2007, as compared to the same period of the prior year. This
increase is attributable to expanded relationships with key clients
and the addition of several new clients such as Lego, Riverbed and
others within the past few quarters. Gross margins for the business
were within our targeted range of 25-35%. During the period we
completed the implementation of substantially all of the new
business we previously announced in 2006 that had not yet been
operational. Overall, we are pleased with the performance of our
Service Fee business and are targeting a solid pipeline of
potential new business for the remainder of the year.� Supplies
Distributors Business: For the first quarter of 2007, Supplies
Distributors revenue was $58.8 million, compared to $68.4 million
for the same period last year. Gross margin remained flat at 6.5%
compared to the same period last year. Adjusted EBITDA was $1.4
million for the first quarter of 2007, compared to $1.8 million for
the same period last year. Mr. Layton continued, �During the period
we experienced a decline in our Supplies Distributors business,
primarily as a result of decreased vendor promotional activity, the
impact of foreign currency fluctuations, and lower unit volumes as
compared to the same period last year. We remain confident in this
business, which provides a steady flow of revenue and increased
scale to our operations that positively affects our other two
businesses.� eCOST.com Business: For the first quarter of 2007,
eCOST.com revenue was $21.6 million, compared to $21.8 million for
the same period in 2006. Adjusted EBITDA for eCOST.com in the
quarter was a loss of $0.9 million, compared to a loss of $1.4
million for the same period last year. Please note, the prior year
period results for eCost.com reflect only two months of activity
from the date of acquisition of February 1, 2006 through March 31,
2006. �In the first quarter, eCOST.com moved closer toward
achieving our near-term gross profit goal of 9% to 10%, reporting
its best quarterly gross margin and bottom-line performance since
2004. The many improvements we have made since the merger continue
to be positively reflected in the sequential quarterly comparisons.
For instance, revenue in the first quarter of 2007 slightly
exceeded revenue from the fourth quarter of 2006, which is
traditionally the seasonally strongest quarter for retailers. This
return to growth at eCOST.com, together with our improving gross
margins, are encouraging signs of the progress that we are making.
We continue to look at new ways to improve eCOST.com�s operations
and customer service to further increase revenues, while minimizing
costs,� Mr. Layton concluded. Significant operating events for
First Quarter of 2007: The Service Fee Business successfully
implemented a customized order management and logistics solution
for Riverbed Technology, a performance leader in wide-area data
services (WDS) solutions. This solution utilizes one of PFSweb�s
distribution facilities in Memphis, TN, advanced order management
systems, supply chain and transportation management applications
and warehouse management systems. The Service Fee Business
successfully implemented an order fulfillment solution for Lego
Brand Retail, Inc., one of the world�s largest toy manufacturers
and a global leader in construction toys. Completed renewals,
extensions or amendments of all of the Company�s asset based
financing facilities for each of the Company�s business units,
resulting in increased working capital financing availability.
Opened an expanded Canadian facility in Eastern Toronto to support
existing and new client growth. At 22,000 square feet, the new
facility allows for the expansion of both new and existing client
contracts. Opened a new 6,500 square foot facility in Manila,
Philippines, with a dedicated staff of highly trained customer
service representatives to supplement PFSweb�s existing call center
operations in the U.S. The facility will initially be used to
support certain functions for eCOST.com. Also located at the
facility will be an expanded staff of web development
professionals. The additional capacity will increase PFSweb�s
ability to quickly address development plans for its web commerce
capabilities for both eCOST.com and its service clients. eCOST.com
added 2 new Virtual Warehouses in the first quarter of 2007
bringing the total number of Virtual Warehouses to 9. Virtual
Warehouses enable eCOST.com to market more new products, expand
product categories and are targeted to generate higher margins on
sales. Financial Guidance for Fiscal Year 2007 PFSweb is currently
targeting total consolidated revenues, excluding pass-through
revenues, of approximately $420 million to $435 million and
consolidated Adjusted EBITDA of $8 � $10 million for 2007. Capital
expenditures for 2007 are estimated to be approximately $3 - $5
million, excluding costs related to the implementation of new
business contracts for the Service Fee Business. Achieving these
targets will depend upon, among other things, achieving and
maintaining the currently expected significant improvement in
operations from eCOST.com and continued strong performance from our
Service Fee and Supplies businesses on a year-over-year basis.
Conference Call Information Management will host a conference call
at 10:00 p.m. Central Time (11:00 a.m. Eastern Time) on May 16,
2007 to discuss the latest corporate developments and results. To
listen to the call, please dial (866) 672-2663 and enter the pin
number (8718277) at least five minutes before the scheduled start
time. Investors can also access the call in a �listen only� mode
via the Internet at the company�s website, www.pfsweb.com. Please
allow extra time prior to the call to visit the site and download
any necessary audio software. A digital replay of the conference
call will be available through June 16th at (877) 519-4471, pin
number (8718277). The replay also will be available at the
company�s web site for a limited time. Non-GAAP Financial Measures
This news release contains the non-GAAP measures Earnings Before
Interest, Taxes, Depreciation and Amortization (�EBITDA�) and
Adjusted EBITDA. EBITDA represents earnings (or losses) before
interest, taxes, depreciation, and amortization. Adjusted EBITDA
further eliminates the effect of stock-based compensation, merger
integration related expenses and a loss on a sales transaction to a
former eCOST.com customer. EBITDA and Adjusted EBITDA are used by
management, analysts, investors and other interested parties in
evaluating our operating performance compared to that of other
companies in our industry, as the calculation of EBITDA and
Adjusted EBITDA eliminates the effect of financing, income taxes,
the accounting effects of capital spending, stock-based
compensation, merger related expenses and certain other expenses,
which items may vary from different companies for reasons unrelated
to overall operating performance. Merchandise Sales Merchandise
sales represent the estimated value of all fulfillment activity
that flows through PFSweb including whether or not PFSweb is the
seller of the merchandise or records the full amount of such sales
on its financial statements, excluding service fee revenues that
PFSweb might recognize for the underlying sales transactions.
PFSweb uses merchandise sales as an operating metric to allow
investors to gain a more thorough understanding of its business and
business volume, in addition to GAAP net revenue. About PFSweb,
Inc. PFSweb develops and deploys integrated business infrastructure
solutions and fulfillment services for Fortune 1000, Global 2000
and brand name companies, including third party logistics, call
center support and e-commerce services. The company serves a
multitude of industries and company types, including such clients
as LEGO, Riverbed, Fathead, CHiA�SSO, FLAVIA� Beverage Systems,
Hewlett-Packard, International Business Machines, Hawker Beechcraft
Corp. (formerly Raytheon Aircraft Company), Rene Furterer USA,
Roots Canada Ltd., The Smithsonian Institution and Xerox. Through
its wholly owned eCOST.com subsidiary, PFSweb also serves as a
leading multi-category online discount retailer of high-quality
new, "close-out" and manufacturer recertified brand-name technology
and consumer electronics for consumers and small to medium size
business buyers. The eCOST.com brand markets approximately 75,000
different products from leading manufacturers such as Apple, Canon,
Citizen, Denon, Hewlett-Packard, Nikon, Onkyo, Seiko and Toshiba
primarily over the Internet and through direct marketing. To find
out more about PFSweb, Inc. (NASDAQ: PFSW), visit the company's
websites at http://www.pfsweb.com and http://www.ecost.com. The
matters discussed herein consist of forward-looking information
under the Private Securities Litigation Reform Act of 1995 and is
subject to and involves risks and uncertainties, which could cause
actual results to differ materially from the forward-looking
information. PFSweb's Annual Report on Form 10-K for the year ended
December 31, 2006 identifies certain factors that could cause
actual results to differ materially from those projected in any
forward looking statements made and investors are advised to review
the Annual Report and the Risk Factors described therein. These
factors include: our ability to retain and expand relationships
with existing clients and attract and implement new clients; our
reliance on the fees generated by the transaction volume or product
sales of our clients; our reliance on our clients' projections or
transaction volume or product sales; our dependence upon our
agreements with IBM; our dependence upon our agreements with our
major clients; our client mix, their business volumes and the
seasonality of their business; our ability to finalize pending
contracts; the impact of strategic alliances and acquisitions;
trends in the e-commerce, outsourcing, government regulation both
foreign and domestic and the market for our services; whether we
can continue and manage growth; increased competition; our ability
to generate more revenue and achieve sustainable profitability;
effects of changes in profit margins; the customer and supplier
concentration of our business; the unknown effects of possible
system failures and rapid changes in technology; foreign currency
risks and other risks of operating in foreign countries; potential
litigation; potential delisting; our dependency on key personnel;
the impact of new accounting standards and changes in existing
accounting rules or the interpretations of those rules; our ability
to raise additional capital or obtain additional financing; our
ability and the ability of our subsidiaries to borrow under current
financing arrangements and maintain compliance with debt covenants;
relationship with and our guarantees of certain of the liabilities
and indebtedness of our subsidiaries; whether outstanding warrants
issued in a prior private placement will be exercised in the
future; our ability to successfully the anticipated benefits of the
merger: eCOST's potential indemnification obligations to its former
parent; eCOST's ability to maintain existing and build new
relationships with manufacturers and vendors and the success of its
advertising and marketing efforts; eCOST's ability to increase its
sales revenue and sales margin and improve operating efficiencies
and eCOST�s ability to generate a profit and cash flows sufficient
to cover the values of its intangible assets. PFSweb undertakes no
obligation to update publicly any forward-looking statement for any
reason, even if new information becomes available or other events
occur in the future. There may be additional risks that we do not
currently view as material or that are not presently known. PFSWEB,
INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Statements
of Operations (A) (In Thousands, Except Per Share Data) � Three
Months Ended MARCH 31, 2007� 2006� Revenues: Product revenue, net $
80,457� $ 90,204� Service fee revenue 16,962� 15,919� Pass-through
revenue 6,988� 4,545� Total revenues 104,407� 110,668� Costs of
revenues: Cost of product revenue 74,771� 84,354� Cost of service
fee revenue 12,664� 11,348� Pass-through cost of revenue 6,988�
4,545� Total costs of revenues 94,423� 100,247� Gross profit 9,984�
10,421� Selling, general and administrative expenses 10,992�
10,793� Stock-based compensation 209� 239� Merger integration
expense 150� 193� Amortization of identifiable intangibles 204�
136� Total operating expenses 11,555� 11,361� Loss from operations
(1,571) (940) Interest expense, net 584� 431� Loss before income
taxes (2,155) (1,371) Income tax expense 206� 216� Net loss $
(2,361) $ (1,587) Net loss per share: Basic and Diluted $ (0.05) $
(0.05) � Weighted average number of shares outstanding: Basic and
Diluted 46,475� 34,904� � EBITDA (B) $ 423� $ 812� Adjusted EBITDA
(B) $ 782� $ 1,633� � (A) THE FINANCIAL DATA ABOVE SHOULD BE READ
IN CONJUNCTION WITH THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS
OF PFSWEB, INC. INCLUDED IN ITS FORM 10-K FOR THE YEAR ENDED
DECEMBER 31, 2006. (B) A RECONCILIATION OF NET LOSS TO EBITDA AND
ADJUSTED EBITDA IS AS FOLLOWS: Three Months Ended MARCH 31, 2007�
2006� Net loss $ (2,361) $ (1,587) Income tax provision 206� 216�
Interest expense, net 584� 431� Depreciation and amortization
1,994� 1,752� EBITDA $ 423� $ 812� Stock-based compensation 209�
239� Merger related integration expenses 150� 193� Loss on sales
transaction to former eCOST customer -� 389� Adjusted EBITDA $ 782�
$ 1,633� PFSWEB, INC. AND SUBSIDIARIES Unaudited Condensed
Consolidated Balance Sheets (In Thousands, Except Share Data) �
March 31, December 31, 2007� 2006� ASSETS CURRENT ASSETS: Cash and
cash equivalents $ 14,572� $ 15,066� Restricted cash 852� 2,653�
Accounts receivable, net of allowance for doubtful accounts of
$2,020 and $2,352 at March 31, 2007 and December 31, 2006,
respectively 48,292� 48,717� Inventories, net of reserves of $2,522
and $2,987 at March 31, 2007 and December 31, 2006, respectively
46,977� 47,670� Other receivables 12,825� 10,774� Prepaid expenses
and other current assets � 3,802� � 3,531� Total current assets �
127,320� � 128,411� � PROPERTY AND EQUIPMENT, net 13,057� 12,884�
IDENTIFIABLE INTANGIBLES 6,429� 6,647� GOODWILL 15,362� 15,362�
OTHER ASSETS � 819� � 848� � Total assets $ 162,987� $ 164,152� �
LIABILITIES AND SHAREHOLDERS� EQUITY � CURRENT LIABILITIES: Current
portion of long-term debt and capital lease obligations $ 25,036� $
23,802� Trade accounts payable 62,072� 61,972� Accrued expenses �
21,506� � 21,485� Total current liabilities � 108,614� � 107,259�
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion
� 5,918� � 6,076� OTHER LIABILITIES 1,700� 1,977� � Total
liabilities � 116,232� � 115,312� � COMMITMENTS AND CONTINGENCIES �
SHAREHOLDERS� EQUITY: Preferred stock, $1.00 par value; 1,000,000
shares authorized; none issued and outstanding � --� --� Common
stock, $0.001 par value; 75,000,000 shares authorized; 46,563,008
and 46,553,752 shares issued at March 31, 2007 and December 31,
2006, respectively; and 46,476,708 and 46,467,452 outstanding at
March 31, 2007 and December 31, 2006, respectively � � 47� � � 47�
Additional paid-in capital 91,511� 91,302� Accumulated deficit
(46,715) (44,354) Accumulated other comprehensive income 1,997�
1,930� Treasury stock at cost, 86,300 shares � (85) � (85) Total
shareholders� equity � 46,755� � 48,840� � Total liabilities and
shareholders� equity $ 162,987� $ 164,152� PFSWEB, INC. AND
SUBSIDIARIES Unaudited Consolidating Statements of Operations for
the Three Months Ended March 31, 2007 (In Thousands) � � PFSWEB
SUPPLIES DISTRIBUTORS � � ECOST � ELIMINATIONS CONSOLIDATED �
REVENUES: Product revenue, net $ -� $ 58,810� $ 21,647� $ -� $
80,457� Service fee revenue 16,962� -� � -� -� 16,962� Service fee
revenue, affiliate 2,026� -� � -� (2,026) -� Pass-through revenue �
7,096� � -� � -� � (108) � 6,988� Total revenues 26,084� 58,810� �
21,647� (2,134) 104,407� � COSTS OF REVENUES: Cost of product
revenue -� 54,940� � 19,834� (3) 74,771� Cost of service fee
revenue 13,303� -� � -� (639) 12,664� Pass-through cost of revenue
� 7,096� � -� � -� � (108) � 6,988� Total costs of revenues �
20,399� � 54,940� � 19,834� � (750) � 94,423� Gross profit � 5,685�
� 3,870� � 1,813� � (1,384) � 9,984� SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 7,088� 2,503� � 2,785� (1,384) 10,992�
STOCK-BASED COMPENSATION 209� -� � -� -� 209� MERGER INTEGRATION
EXPENSES -� -� � 150� -� 150� AMORTIZATION OF IDENTIFIABLE
INTANGIBLES � -� � -� � 204� � -� � 204� Total operating expenses �
7,297� � 2,503� � 3,139� � (1,384) � 11,555� Income (loss) from
operations (1,612) 1,367� � (1,326) -� (1,571) INTEREST EXPENSE
(INCOME), NET � 37� � 563� � (16) � -� � 584� Income (loss) before
income taxes (1,649) 804� � (1,310) -� (2,155) � INCOME TAX
PROVISION (BENEFIT) � (144) � 350� � -� � -� � 206� � NET INCOME
(LOSS) $ (1,505) $ 454� $ (1,310) $ -� $ (2,361) � � � � � � EBITDA
$ 133� $ 1,371� $ (1,081) $ -� $ 423� Adjusted EBITDA $ 342� $
1,371� $ (931) $ -� $ 782� � � � A reconciliation of net income
(loss) to EBITDA and Adjusted EBITDA follows: Net income (loss) $
(1,505) $ 454� $ (1,310) $ -� $ (2,361) Income tax expense
(benefit) (144) � 350� -� -� 206� Interest expense (income) 37� �
563� (16) -� 584� Depreciation and amortization � 1,745� � 4� �
245� � -� � 1,994� EBITDA $ 133� $ 1,371� $ (1,081) $ -� $ 423�
Stock-based compensation 209� � -� -� -� 209� Merger integration
expenses � -� � -� � 150� � -� � 150� Adjusted EBITDA $ 342� $
1,371� $ (931) $ -� $ 782� PFSWEB, INC. AND SUBSIDIARIES Unaudited
Condensed Consolidating Balance Sheets as of March 31, 2007 (In
Thousands) � � PFSWEB SUPPLIES DISTRIBUTORS � ECOST � ELIMINATIONS
� CONSOLIDATED ASSETS CURRENT ASSETS: Cash and cash equivalents $
11,681� $ 1,878� $ 1,013� $ -� $ 14,572� Restricted cash 46� 506�
300� -� 852� Accounts receivables, net 18,433� 27,307� 3,617�
(1,065) 48,292� Inventories, net -� 41,668� 5,309� -� 46,977� Other
receivables 536� 12,289� -� -� 12,825� Prepaid expenses and other
current assets � 1,900� � 1,441� � 461� � -� � 3,802� Total current
assets � 32,596� � 85,089� � 10,700� � (1,065) � 127,320� �
PROPERTY AND EQUIPMENT, net 12,785� 43� 229� -� 13,057� NOTES
RECEIVABLE FROM AFFILIATES 17,145� -� -� (17,145) -� INVESTMENT IN
AFFILIATES 37,578� -� -� (37,578) -� IDENTIFIABLE INTANGIBLES -� -�
6,429� -� 6,429� GOODWILL -� -� 15,362� -� 15,362� OTHER ASSETS �
678� � -� � 141� � -� � 819� � Total assets $ 100,782� $ 85,132� $
32,861� $ (55,788) $ 162,987� � LIABILITIES AND SHAREHOLDERS�
EQUITY CURRENT LIABILITIES: Current portion of long-term debt and
capital lease obligations $ 11,473� $ 13,563� $ -� $ -� $ 25,036�
Trade accounts payable 6,963� 48,897� 7,277� (1,065) 62,072�
Accrued expenses � 10,979� � 7,114� � 3,413� � -� � 21,506� Total
current liabilities � 29,415� � 69,574� � 10,690� � (1,065) �
108,614� LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current
portion � 5,918� � -� � -� � -� � 5,918� NOTES PAYABLE TO AFFILIATE
-� 6,005� 11,140� (17,145) -� OTHER LIABILITIES 1,281� -� 419� -�
1,700� � � � � � � Total liabilities � 36,614� � 75,579� � 22,249�
� (18,210) � 116,232� � COMMITMENTS AND CONTINGENCIES �
SHAREHOLDERS� EQUITY: Common stock 47� -� 19� (19) 47� Capital
contributions -� 1,000� -� (1,000) -� Additional paid-in capital
91,511� -� 28,060� (28,060) 91,511� Retained earnings (accumulated
deficit) (29,302) 6,320� (17,467)) (6,266) (46,715) Accumulated
other comprehensive income 1,997� 2,233� -� (2,233) 1,997� Treasury
stock � (85) � -� � -� � -� � (85) Total shareholders� equity �
64,168� � 9,553� � 10,612� � (37,578) � 46,755� � Total liabilities
and shareholders� equity $ 100,782� $ 85,132� $ 32,861� $ (55,788)
$ 162,987� PFSweb, Inc. and Subsidiaries Unaudited Consolidating
Statements of Operations for the Three Months Ended March 31, 2006
(In Thousands) � � PFSWEB SUPPLIES DISTRIBUTORS � ECOST �
ELIMINATIONS � CONSOLIDATED � REVENUES: Product revenue, net $ -� $
68,415� $ 21,789� $ -� $ 90,204� Service fee revenue 15,919� -� -�
� -� � 15,919� Service fee revenue, affiliate 2,427� -� -� �
(2,427) � -� Pass-through revenue � 4,642� � -� � -� � (97) �
4,545� Total revenues 22,988� 68,415� 21,789� � (2,524) � 110,668�
� COSTS OF REVENUES: Cost of product revenue -� 63,954� 20,400� �
-� � 84,354� Cost of service fee revenue 12,075� -� -� � (727) �
11,348� Pass-through cost of revenue � 4,642� � -� � -� � (97) �
4,545� Total costs of revenues � 16,717� � 63,954� � 20,400� �
(824) � 100,247� Gross profit � 6,271� � 4,461� � 1,389� � (1,700)
� 10,421� SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 6,561�
2,706� 3,226� � (1,700) � 10,793� STOCK-BASED COMPENSATION 239� -�
-� � -� � 239� MERGER INTEGRATION EXPENSES -� -� 193� � -� � 193�
AMORTIZATION OF IDENTIFIABLE INTANGIBLES � -� � -� � 136� � -� �
136� Total operating expenses � 6,800� � 2,706� � 3,555� � (1,700)
� 11,361� Income (loss) from operations (529) 1,755� (2,166) � -� �
(940) INTEREST EXPENSE (INCOME), NET � (35) � 454� � 12� � -� �
431� Income (loss) before income taxes (494) 1,301� (2,178) � -� �
(1,371) � INCOME TAX PROVISION (BENEFIT) � (300) � 516� � -� � -� �
216� � NET INCOME (LOSS) $ (194) $ 785� $ (2,178) $ -� $ (1,587) �
EBITDA $ 1,032� $ 1,755� $ (1,975) $ -� $ 812� Adjusted EBITDA $
1,271� $ 1,755� $ (1,393) $ -� $ 1,633� � � � A reconciliation of
net income (loss) to EBITDA and Adjusted EBITDA follows: Net income
(loss) $ (194) $ 785� $ (2,178) $ -� $ (1,587) Income tax expense
(benefit) (300) � 516� -� -� 216� Interest expense (income) (35) �
454� 12� -� 431� Depreciation and amortization � 1,561� � -� � 191�
� -� � 1,752� EBITDA $ 1,032� $ 1,755� $ (1,975) $ -� $ 812�
Stock-based compensation 239� � -� -� -� 239� Merger integration
expenses -� � -� 193� -� 193� Loss on sales transaction to former
eCOST customer � -� � -� � 389� � -� � 389� Adjusted EBITDA $
1,271� $ 1,755� $ (1,393) $ -� $ 1,633�
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