PFSweb, Inc. (Nasdaq: PFSW), an international business
process outsourcing services provider of end-to-end web commerce
solutions and an online discount retailer, today announced its
financial results for the three months ended March 31, 2010.
Summary of consolidated results for the quarter ended March
31, 2010:
PFSweb’s first quarter 2010 results were favorably impacted by
new service fee client activity, incremental project activity with
existing client relationships and continued cost management. While
revenue and Adjusted EBITDA results reflect a decrease as compared
to the prior year period, this is primarily due to changes to the
company’s client mix, including the impact of the non-renewal of
its previously largest Service Fee business client agreement in
2009, and the global economic environment. PFSweb’s momentum
remains strong and the company continues to experience solid new
business activity in its Service Fee segment, particularly with
branded Fashion and Consumer Packaged Goods clients.
- Total revenue was $88.3 million
compared to $88.9 million for the first quarter of 2009;
- Adjusted EBITDA (as defined) was
$0.9 million versus $2.7 million for the first quarter of
2009;
- Net loss was $1.2 million, or
$0.12 per basic and diluted share, compared to net loss of $248,000
or $0.02 per basic and diluted share, for the first quarter of
2009;
- Non-GAAP net loss (as defined)
was $1.1 million, or $0.11 per basic and diluted share, compared to
non-GAAP net loss of $119,000 or $0.02 per basic and diluted share,
for the first quarter of 2009;
- Total cash, cash equivalents and
restricted cash equaled $16.4 million as of March 31, 2010 compared
to $16.9 million as of December 31, 2009.
Mark C. Layton, Chief Executive Officer of PFSweb, stated, “We
continue to execute our strategy in the Service Fee segment, as
indicated by our signing, launching and/or ramping up of several
new client programs in the U.S. and Europe through our End2End
eCommerce solution, including the agreement with Procter &
Gamble for the eStore. Most recently, we signed a new End2End
eCommerce agreement with a leading fragrance and beauty company.
The momentum we are experiencing with this new eCommerce solution
is exciting, particularly in several rapidly evolving market
segments, including the Fashion Apparel and Accessories, Beauty and
Fragrance and Consumer Packaged Goods (CPG) segments. We continue
to maintain a robust new business pipeline and hope to capitalize
on this pipeline by establishing relationships with major consumer
brands and companies that own families of brands.
“While the economy is still in the early stages of its recovery,
we believe there is exciting potential to drive organic revenue
growth through our existing client base, especially those with
focused direct-to-consumer initiatives. We believe the combination
of many new eCommerce clients, along with the economic recovery,
has us well positioned for growth in the future.”
“I am also pleased to communicate again that during the quarter
we completed the renewal of our financing facilities with IBM
Global Finance, Comerica and Fortis through March 2011,” Mr. Layton
continued.
Summary of results by business segment:
Service Fee Business:
For the first quarter of 2010, Service Fee revenue was $16
million, compared with $17.1 million for the same period in 2009.
The Service Fee business reported Adjusted EBITDA of $0.15 million
for the first quarter of 2010, compared to Adjusted EBITDA of $1.6
million for the same period last year.
Mike Willoughby, President of PFSweb’s Services division,
commented, “Recently we announced a number of significant new
client opportunities. This includes the launch of an End2End
eCommerce solution to support the web commerce initiative for the
Carter’s and OshKosh B’Gosh brands. Since its launch on March 24,
2010, the program has exceeded expectations, and PFSweb’s ability
to scale its operations has helped enable Carter’s to capitalize on
this opportunity. The end-to-end solution incorporates an
innovative multi-brand web store, high-touch customer care, fully
branded order fulfillment and comprehensive financial transaction
management. PFSweb also provides a variety of Interactive Marketing
Services to support Carter’s, which are targeted to fuel additional
growth.
“Also, in February we launched a beta site to test the eStore,
an online shopping site exclusively featuring P&G products to
consumers in the U.S., which is an alliance between PFSweb and
P&G. Since the beta site was launched, we have received
positive feedback from P&G and the customers using the site. We
believe we are nearing completion of the beta test and are getting
ready for the live site launch, which we expect to happen soon.
“We have gained a significant amount of attention since
initially launching the End2End solution. However, this solution
really just expanded and unlocked the world-class services we have
offered for years. We continue to operate a robust range of world
class outsourcing services designed for both direct-to-consumer and
business-to-business commerce activity. As further evidence of our
service quality, our client Riverbed recently awarded PFSweb their
Supplier of the Year award for 2009, in recognition of the
excellence of our solutions serving their growing customer base,”
continued Mr. Willoughby.
Supplies Distributors Business:
For the first quarter of 2010, Supplies Distributors revenue was
$45.5 million, compared to $45.3 million for the same period last
year. Adjusted EBITDA was $1.0 million for the first quarter of
2010, compared to $1.4 million for the same period last year.
eCOST.com Business:
For the first quarter of 2010, eCOST.com revenue was $20.1
million, compared to $20.9 million for the same period in 2009.
Adjusted EBITDA for eCOST.com in the quarter was a loss of $0.26
million, as compared to a loss of $0.4 million for the same period
last year.
“We are targeting to see improvement in the overall financial
results of this business, as the initiatives we are taking towards
improving gross margins in the consumer segment of eCOST.com
continue to be implemented. In particular, the development of our
eStore Retail Services that formalize the linkage between our
PFSweb services segment and eCOST.com is expected to contribute to
eCOST’s overall improvement,” concluded Mr. Layton.
Conference Call Information
Management will host a conference call at 10:00 am Central Time
(11:00 am Eastern Time) on Thursday, May 13, 2010, to discuss the
latest corporate developments and results. To listen to the call,
please dial (888) 562-3356 and enter the pin number (72080224) 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 13, 2010 at (800) 642-1687, pin number (72080224). The
replay also will be available at the Company’s website for a
limited time.
Non-GAAP Financial Measures
This news release may contain certain non-GAAP measures,
including free cash flow, non-GAAP net income (loss), Earnings
Before Interest, Income Taxes, Depreciation and Amortization
(“EBITDA”) and Adjusted EBITDA.
Free cash flow is defined as net cash provided by operating
activities less capital expenditures.
Non-GAAP net income (loss) represents net income (loss)
calculated in accordance with U.S. GAAP as adjusted for the impact
of non-cash stock-based compensation expense, amortization of
identifiable intangible assets and impairment of goodwill and
identifiable intangible assets, if any.
EBITDA represents earnings (or losses) before interest, income
taxes, depreciation, and amortization. Adjusted EBITDA further
eliminates the effect of stock-based compensation and impairment of
goodwill and identifiable intangible assets, if any.
Free cash flow, non-GAAP net income (loss), 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. Free cash flow is used
as a supplemental financial measure in our evaluation of liquidity
and financial strength. The calculation of non-GAAP net income
(loss) eliminates the effect of stock-based compensation,
amortization of intangible assets and impairment of goodwill and
intangible assets, if any, and EBITDA and Adjusted EBITDA further
eliminate the effect of financing, income taxes, and the accounting
effects of capital spending, which items may vary from different
companies for reasons unrelated to overall operating
performance.
PFSweb believes these non-GAAP measures provide useful
information to both management and investors by excluding certain
expenses that may not be indicative of its core operating results.
These measures should be considered in addition to results prepared
in accordance with GAAP, but should not be considered a substitute
for, or superior to, GAAP results. The non-GAAP measures included
in this press release have been reconciled to the GAAP results in
the attached tables.
About PFSweb, Inc.
PFSweb develops and deploys comprehensive end-to-end eCommerce
solutions for Fortune 1000, Global 2000 and brand name companies,
including interactive marketing services, global fulfillment and
logistics and high-touch customer care. The company serves a
multitude of industries and company types, including such clients
as P&G, LEGO, AAFES, Riverbed, InfoPrint Solutions Company (a
joint venture company owned by Ricoh and International Business
Machines), Hawker Beechcraft Corp., Roots Canada Ltd., Carter’s 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 merchandise for consumers and small to medium size
business buyers. The eCOST.com brand markets approximately 300,000
different products from leading manufacturers such as Sony,
Hewlett-Packard, Denon, JVC, Canon, Nikon, Panasonic, Toshiba,
Microsoft, Kitchen Aid, Braun, Black & Decker, Cuisinart,
Coleman, and Citizen 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, 2009 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 and Quarterly Reports and the Risk
Factors described therein. 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, 2010 2009 REVENUES: Product revenue, net $ 65,647 $
66,263 Service fee revenue 15,979 17,119 Pass-thru revenue
6,634 5,555 Total revenues 88,260
88,937 COSTS OF REVENUES: Cost of
product revenue 60,622 60,832 Cost of service fee revenue 11,454
11,319 Cost of pass-thru revenue 6,634 5,555
Total costs of revenues 78,710 77,706
Gross profit 9,550 11,231
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 10,335 10,667
AMORTIZATION OF IDENTIFIABLE INTANGIBLES 35 26
Total operating expenses 10,370 10,693
Income (loss) from operations (820 ) 538 INTEREST EXPENSE,
NET 262 357 Income (loss) before income
taxes (1,082 ) 181 INCOME TAX EXPENSE 127 429
NET LOSS) $ (1,209 ) $ (248 ) NON-GAAP NET LOSS $ (1,078 ) $
(119 ) NET LOSS PER SHARE: Basic and Diluted $ (0.12 ) $
(0.02 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: Basic
and Diluted 9,936 9,924 EBITDA $
815 $ 2,566 ADJUSTED EBITDA $ 911 $ 2,669
(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, 2009.
PFSweb, Inc. and Subsidiaries
Reconciliation of certain Non-GAAP Items to GAAP (In Thousands,
Except Per Share Data) Three Months Ended March 31,
2010 2009 NET LOSS $ (1,209 ) $ (248 ) Income tax expense 127 429
Interest expense 262 357 Depreciation and amortization 1,635
2,028 EBITDA $ 815 $ 2,566 Stock-based
compensation 96 103 ADJUSTED EBITDA $
911 $ 2,669 Three Months Ended March
31, 2010 2009 NET LOSS $ (1,209 ) $ (248 ) Stock-based
compensation 96 103 Amortization of identifiable intangible assets
35 26 NON-GAAP NET LOSS $ (1,078 ) $
(119 ) NET LOSS PER SHARE: Basic and Diluted $ (0.12 ) $
(0.02 ) NON-GAAP NET LOSS Per Share: Basic and Diluted $
(0.11 ) $ (0.01 )
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets (In Thousands,
Except Share Data) March 31, December 31, 2010 2009
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 15,091 $ 14,812
Restricted cash 1,294 2,096 Accounts receivable, net of allowance
for doubtful accounts of $969 and $973 at March 31, 2010 and
December 31, 2009, respectively 37,472 39,861 Inventories, net of
reserves of $2,011 and $2,016 at December 31, 2009 and December 31,
2008, respectively 34,070 37,949 Other receivables 11,104 11,605
Prepaid expenses and other current assets 4,001
4,170 Total current assets 103,032
110,493 PROPERTY AND EQUIPMENT, net 9,592
10,314 IDENTIFIABLE INTANGIBLES 765 805 GOODWILL 3,602 3,602 OTHER
ASSETS 2,403 2,555 Total assets
119,394 127,769
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 19,652 $ 19,179 Trade accounts payable 46,505
53,642 Deferred revenue 5,236 5,164 Accrued expenses 14,674
13,180 Total current liabilities 86,067
91,165 LONG-TERM DEBT AND CAPITAL LEASE
OBLIGATIONS, less current portion 2,172 3,348 OTHER LIABILITIES
3,540 3,903 Total liabilities
91,779 98,416 COMMITMENTS AND
CONTINGENCIES SHAREHOLDERS' EQUITY: Preferred stock, $1.00
par value; 1,000,000 shares authorized; none issued and outstanding
- - Common stock, $.001 par value; 35,000,000 shares authorized;
9,954,957 and 9,952,164 shares issued at December 31, 2009 and
December 31, 2009, respectively; and 9,936,596 and 9,933,803
outstanding as of March 31, 2010 and December 31, 2009,
respectively 10 10 Additional paid-in capital 93,251
93,152 Accumulated deficit (67,172 ) (65,963 ) Accumulated other
comprehensive income 1,611 2,239 Treasury stock at cost, 18,361
shares (85 ) (85 ) Total shareholders' equity
27,615 29,353 Total liabilities and
shareholders' equity $ 119,394 $ 127,769
PFSweb, Inc. and Subsidiaries
Unaudited Consolidating Statements of Operations For the Three
Months Ended March 31, 2010 (In Thousands)
Supplies PFSweb Distributors eCOST Eliminations
Consolidated REVENUES: Product revenue, net $ - $ 45,502 $ 20,145 $
- $ 65,647 Service fee revenue 15,979 - - - 15,979 Service fee
revenue - affiliate 1,700 - - (1,700 ) - Pass-thru revenue
6,637 - - (3 ) 6,634
Total revenues 24,316 45,502
20,145 (1,703 ) 88,260 COSTS OF
REVENUES: Cost of product revenue - 42,278 18,344 - 60,622 Cost of
service fee revenue 12,101 - - (647 ) 11,454 Cost of pass-thru
revenue 6,637 - - (3 )
6,634 Total costs of revenues 18,738
42,278 18,344 (650 ) 78,710
Gross profit 5,578 3,224 1,801
(1,053 ) 9,550 SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 7,058 2,210 2,120 (1,053 ) 10,335
AMORTIZATION OF IDENTIFIABLE INTANGIBLES - -
35 - 35 Total operating
expenses 7,058 2,210 2,155
(1,053 ) 10,370 Income (loss) from operations
(1,480 ) 1,014 (354 ) - (820 ) INTEREST EXPENSE (INCOME), NET
(56 ) 310 8 - 262
Income (loss) before income taxes (1,424 ) 704 (362 ) -
(1,082 ) INCOME TAX PROVISION (BENEFIT) (136 ) 256
7 - 127 NET INCOME (LOSS)
$ (1,288 ) $ 448 $ (369 ) $ - $ (1,209 ) NON-GAAP NET INCOME
(LOSS) $ (1,192 ) $ 448 $ (334 ) $ - $ (1,078 )
EBITDA $ 50 $ 1,022 $ (257 ) $ - $ 815
ADJUSTED EBITDA $ 146 $ 1,022 $ (257 ) $ - $ 911
A reconciliation of NET INCOME (LOSS) to
EBITDA and ADJUSTED EBITDA follows: NET INCOME (LOSS) $
(1,288 ) $ 448 $ (369 ) $ - $ (1,209 ) Income tax expense (benefit)
(136 ) 256 7 - 127 Interest expense (income) (56 ) 310 8 - 262
Depreciation and amortization 1,530 8
97 - 1,635 EBITDA $ 50 $ 1,022 $
(257 ) $ - $ 815 Stock-based compensation 96 -
- - 96 ADJUSTED EBITDA $
146 $ 1,022 $ (257 ) $ - $ 911 A
reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS)
follows: NET INCOME (LOSS) $ (1,288 ) $ 448 $ (369 ) $ - $
(1,209 ) Stock-based compensation 96 - - - 96 Amortization of
intangible assets - - 35
- 35 NON-GAAP NET INCOME (LOSS) $ (1,192 ) $
448 $ (334 ) $ - $ (1,078 )
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets as of March 31,
2010 (In Thousands) Supplies
PFSweb Distributors eCOST Eliminations Consolidated
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 9,995 $ 3,185 $ 1,911 $
- $ 15,091 Restricted cash 776 311 207 - 1,294 Accounts receivable,
net 16,691 18,848 2,243 (310 ) 37,472 Inventories, net - 29,882
4,188 - 34,070 Other receivables - 11,104 - - 11,104 Prepaid
expenses and other current assets 2,420 1,467
114 - 4,001 Total current
assets 29,882 64,797 8,663
(310 ) 103,032 PROPERTY AND EQUIPMENT,
net 9,242 43 307 - 9,592 NOTES RECEIVABLE FROM AFFILIATES 21,045 -
- (21,045 ) - INVESTMENT IN AFFILIATES (90 ) - - 90 - IDENTIFIABLE
INTANGIBLES 369 - 396 - 765 GOODWILL - - 3,602 - 3,602 OTHER ASSETS
2,095 - 308 -
2,403 Total assets 62,543 64,840
13,276 (21,265 ) 119,394
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 9,678 $ 9,939 $ 35 $ - $ 19,652 Trade accounts
payable 5,138 35,019 6,658 (310 ) 46,505 Deferred revenue 4,010 -
1,226 - 5,236 Accrued expenses 9,039 4,360
1,275 - 14,674 Total
current liabilities 27,865 49,318 9,194
(310 ) 86,067 LONG-TERM DEBT AND
CAPITAL LEASE OBLIGATIONS, less current portion 2,032 - 140 - 2,172
NOTES PAYABLE TO AFFILIATES - 5,005 16,040 (21,045 ) - OTHER
LIABILITIES 3,540 - - -
3,540 Total liabilities 33,437
54,323 25,374 (21,355 ) 91,779
COMMITMENTS AND CONTINGENCIES SHAREHOLDERS'
EQUITY: Common stock 10 - 19 (19 ) 10 Capital contributions - 1,000
- (1,000 ) - Additional paid-in capital 93,251 - 28,059 (28,059 )
93,251 Retained earnings (accumulated deficit) (65,668 ) 7,229
(40,174 ) 31,441 (67,172 ) Accumulated other comprehensive income
1,598 2,288 (2 ) (2,273 ) 1,611 Treasury stock (85 )
- - - (85 ) Total shareholders'
equity 29,106 10,517 (12,098 )
90 27,615 Total liabilities and shareholders'
equity $ 62,543 $ 64,840 $ 13,276 $ (21,265 ) $
119,394
PFSweb, Inc. and Subsidiaries
Unaudited Consolidating Statements of Operations For the Three
Months Ended March 31, 2009 (In Thousands)
Supplies PFSweb Distributors eCOST Eliminations
Consolidated REVENUES: Product revenue, net $ - $ 45,331 $ 20,932 $
- $ 66,263 Service fee revenue 17,119 - - - 17,119 Service fee
revenue - affiliate 2,059 - - (2,059 ) - Pass-thru revenue
5,586 - - (31 ) 5,555
Total revenues 24,764 45,331
20,932 (2,090 ) 88,937 COSTS OF
REVENUES: Cost of product revenue - 41,951 18,881 - 60,832 Cost of
service fee revenue 11,964 - - (645 ) 11,319 Cost of pass-thru
revenue 5,586 - - (31 )
5,555 Total costs of revenues 17,550
41,951 18,881 (676 ) 77,706
Gross profit 7,214 3,380 2,051
(1,414 ) 11,231 SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 7,617 1,964 2,500 (1,414 ) 10,667
AMORTIZATION OF IDENTIFIABLE INTANGIBLES 26
26 Total operating expenses
7,617 1,964 2,526 (1,414 )
10,693 Income (loss) from operations (403 ) 1,416
(475 ) - 538 INTEREST EXPENSE (INCOME), NET (23 ) 377
3 - 357 Income (loss)
before income taxes (380 ) 1,039 (478 ) - 181 INCOME TAX PROVISION
(BENEFIT) (52 ) 481 - -
429 NET INCOME (LOSS) $ (328 ) $ 558 $ (478 ) $ -
$ (248 ) NON-GAAP NET INCOME (LOSS) $ (225 ) $ 558 $ (452 )
$ - $ (119 ) EBITDA $ 1,532 $ 1,426 $ (392 ) $
- $ 2,566 ADJUSTED EBITDA $ 1,635 $ 1,426 $
(392 ) $ - $ 2,669 A reconciliation of
NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows: NET
INCOME (LOSS) $ (328 ) $ 558 $ (478 ) $ - $ (248 ) Income tax
expense (benefit) (52 ) 481 - - 429 Interest expense (income) (23 )
377 3 - 357 Depreciation and amortization 1,935
10 83 - 2,028
EBITDA $ 1,532 $ 1,426 $ (392 ) $ - $ 2,566 Stock-based
compensation 103 - - -
103 ADJUSTED EBITDA $ 1,635 $ 1,426 $
(392 ) $ - $ 2,669 A reconciliation of NET
INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows: NET
INCOME (LOSS) $ (328 ) $ 558 $ (478 ) $ - $ (248 ) Stock-based
compensation 103 - - - 103 Amortization of intangible assets
- - 26 - 26
NON-GAAP NET INCOME (LOSS) $ (225 ) $ 558 $ (452 ) $ - $
(119 )
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets as of December 31,
2009 (In Thousands) Supplies
PFSweb Distributors eCOST Eliminations Consolidated
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 9,698 $ 2,628 $ 2,486 $
- $ 14,812 Restricted cash 732 1,137 227 - 2,096 Accounts
receivable, net 19,499 18,764 1,719 (121 ) 39,861 Inventories, net
- 33,577 4,372 - 37,949 Other receivables 49 11,556 - - 11,605
Prepaid expenses and other current assets 2,515
1,575 80 - 4,170
Total current assets 32,493 69,237
8,884 (121 ) 110,493 PROPERTY
AND EQUIPMENT, net 9,900 54 360 - 10,314 NOTES RECEIVABLE FROM
AFFILIATES 20,845 - - (20,845 ) - INVESTMENT IN AFFILIATES (149 ) -
- 149 - IDENTIFIABLE INTANGIBLES 383 - 422 - 805 GOODWILL - - 3,602
- 3,602 OTHER ASSETS 2,244 - 311
- 2,555 Total assets 65,716
69,291 13,579 (20,817 )
127,769
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 8,770 $ 10,374 $ 35 $ - $ 19,179 Trade accounts
payable 8,396 38,753 6,614 (121 ) 53,642 Deferred revenue 3,948 -
1,216 - 5,164 Accrued expenses 7,046 4,701
1,433 - 13,180 Total
current liabilities 28,160 53,828 9,298
(121 ) 91,165 LONG-TERM DEBT AND
CAPITAL LEASE OBLIGATIONS, less current portion 3,208 - 140 - 3,348
NOTES PAYABLE TO AFFILIATES - 5,005 15,840 (20,845 ) - OTHER
LIABILITIES 3,880 - 23 -
3,903 Total liabilities 35,248
58,833 25,301 (20,966 ) 98,416
COMMITMENTS AND CONTINGENCIES SHAREHOLDERS'
EQUITY: Common stock 10 - 19 (19 ) 10 Capital contributions - 1,000
- (1,000 ) - Additional paid-in capital 93,152 - 28,059 (28,059 )
93,152 Retained earnings (accumulated deficit) (64,828 ) 6,781
(39,805 ) 31,889 (65,963 ) Accumulated other comprehensive income
2,219 2,677 5 (2,662 ) 2,239 Treasury stock (85 ) -
- - (85 ) Total shareholders'
equity 30,468 10,458 (11,722 )
149 29,353 Total liabilities and shareholders'
equity $ 65,716 $ 69,291 $ 13,579 $ (20,817 ) $
127,769
eCOST.com, Inc.
Selected Operating Data Three Months Ended
March 31, 2010 2009 Total Customers (1) 2,110,120 1,920,418
Active Customers (2) 158,784 199,677 New Customers
(3) 42,736 32,168 Number of Orders (4) 87,956 78,268
Average Order Value (5) $ 228 $ 265 Advertising Expense (6)
$ 202,588 $ 200,722 Cost to Acquire a New Customer (7) $
4.74 $ 5.84 (1) Total customers have been calculated as the
cumulative number of customers for which orders have been taken
from eCOST.com's inception to the end of the reported period.
(2) Active customers consist of the approximate number of
customers who placed orders during the 12 months prior to the end
of the reported period. (3) New Customers represent the
number of persons that established a new account and placed an
order during the reported period. (4) Number of orders
represents the total number of orders shipped during the reported
period (not reflecting returns). (5) Average order value has
been calculated as gross sales divided by the total number of
orders during the period presented. The impact of returns is not
reflected in average order value. (6) Advertising expense
includes the total dollars spent on advertising during the reported
period, including internet, direct mail, print and e-mail
advertising, as well as customer list enhancement services.
(7) Catalog expense of $0 and $12,789 was not included in the 2010
and 2009 calculation, respectively, as it is used for retention and
not acquisition.
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