PFSweb, Inc. (Nasdaq: PFSW), an international provider of
end-to-end web commerce solutions, today announced its financial
results for the second quarter and six months ended June 30,
2011.
“Our financial results for the second quarter were driven by
growing momentum in our Service Fee business, as several new
End2End eCommerce programs have ramped up,” stated Mark Layton,
Chairman and Chief Executive Officer of PFSweb. “We are trending
ahead of our previously targeted 20% service fee revenue growth for
the year as we continue to see exciting new opportunities emerge
from both new client agreements as well as existing programs. Most
recently, we implemented a customized End2End solution for
Starbucks’ new, state-of-the-art eCommerce site, which was launched
the last week of July. We continue to have success in winning
further new contracts and are currently in the process of
implementing many new relationships that will launch either later
in CY2011 or early 2012.”
Summary of consolidated results for the Second quarter ended
June 30, 2011:
- Total revenue was $68.0 million for the
second quarter of 2011 compared to $66.4 million for second quarter
of 2010;
- Service Fee revenue increased 26.6% to
$21.0 million, compared with $16.6 million for the same period in
2010;
- Adjusted EBITDA (as defined) was $1.1
million for both the second quarter of 2011 as well as 2010.
- Net loss was $1.2 million, or $0.10 per
basic and diluted share, compared to net loss of $1.5 million, or
$0.14 per basic and diluted share, for the second quarter of 2010.
Net loss for the second quarter of 2011 included $14,000 of income
from discontinued operations related to eCOST.com, compared to a
$0.4 million net loss from discontinued operations related to
eCOST.com for the same period last year;
- Non-GAAP net loss (as defined) was $0.8
million, or $0.07 per basic and diluted share, in both quarters
ended June 30, 2011 and 2010;
- Total cash, cash equivalents and
restricted cash was $20.2 million as of June 30, 2011 compared to
$20.3 million as of December 31, 2010.
Summary of consolidated results for the six months ended June
30, 2011:
- Total reported revenue was $140.4
million compared to $134.6 million for the six months ended June
30, 2010;
- Service Fee revenue increased 22.5% to
$39.9 million, compared with $32.5 million for the six months ended
June 30, 2010;
- Adjusted EBITDA (as defined) was $1.5
million compared to $1.9 million for the six months ended June 30,
2010;
- Net loss was $3.5 million, or $0.28 per
basic and diluted share, compared to net loss of $2.7 million or
$0.26 per basic and diluted share, for the six months ended June
30, 2010. Net loss for the first six months of 2011 included a $0.6
million loss from discontinued operations related to eCOST.com
compared to a $0.4 million loss from discontinued operations
related to eCOST.com in the same period last year;
- Non-GAAP net loss was $2.2 million, or
$0.18 per basic and diluted share, compared to a non-GAAP net loss
of $1.9 million, or $0.18 per basic and diluted share, for the six
months ended June 30, 2010.
“With the momentum we are experiencing in our service fee
business, we have elected to make incremental investments in
personnel, facilities, sales and marketing and technology in an
effort to capture this exciting market opportunity. We are focused
on striking a careful balance between investing to embrace growth
and improving our overall financial performance. As such, while we
expect to continue to make investments in our future, resulting in
higher SG&A costs, we also continue to target adjusted EBITDA
of between $6.0 million and $7.0 million for CY2011.
“Looking ahead, we remain excited by our potential to continue
to build upon our successes as the overall eCommerce market is
flush with opportunities, including both new client agreements as
well as organic growth through existing programs. This is partially
being driven by the ever evolving Manufacturer Direct to Consumer
web commerce channel where we continue to see opportunities from
well-known fashion and cosmetic brands as well as consumer packaged
goods companies,” concluded Mr. Layton.
Conference Call Information
Management will host a conference call at 11:00 am Eastern Time
(10:00 am Central Time) on Thursday, August 11, 2011, to discuss
the latest corporate developments and results. To listen to the
call, please dial (888) 562-3356 and enter the pin number 85084423
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 September 11, 2011 at (855) 859-2056, pin number 85084423.
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 non-GAAP net income (loss), Earnings Before Interest,
Income Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted
EBITDA.
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 and income (loss) from
discontinued operations.
EBITDA represents earnings (or losses) before income (loss) from
discontinued operations, interest, income taxes, depreciation, and
amortization. Adjusted EBITDA further eliminates the effect of
stock-based compensation.
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. The calculation of non-GAAP net income
(loss) eliminates the effect of stock-based compensation and income
(loss) from discontinued operations 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 Starbucks, P&G, LEGO, Carter's, Lucky Brand Jeans, Juicy
Couture, Kensie, kate spade new york, AAFES, Riverbed, InfoPrint
Solutions Company, Hawker Beechcraft Corp., Roots Canada Ltd. and
Xerox.
To find out more about PFSweb, Inc. (NASDAQ: PFSW), visit the
company's website at http://www.pfsweb.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, 2010 and Quarterly Report on Form
10-Q for the three months ended March 31, 2011 identify 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.
(Tables Follow)
PFSweb, Inc. and
Subsidiaries
Unaudited Condensed Consolidated Statements of Operations (A) (In
Thousands, Except Per Share Data) Three
Months Ended Six Months Ended June 30, June 30, 2011 2010 2011 2010
REVENUES: Product revenue, net $ 38,799 $ 43,654 $ 84,082 $ 89,276
Service fee revenue 20,970 16,567 39,870 32,546 Pass-thru revenue
8,239 6,186 16,445
12,820 Total revenues 68,008 66,407
140,397 134,642 COSTS OF
REVENUES: Cost of product revenue 35,411 40,623 77,877 82,985 Cost
of service fee revenue 15,795 11,987 29,578 23,441 Cost of
pass-thru revenue 8,239 6,186
16,445 12,820 Total costs of revenues
59,445 58,796 123,900
119,246 Gross profit 8,563 7,611 16,497 15,396 SELLING,
GENERAL AND ADMINISTRATIVE EXPENSES 9,430
8,378 18,718 16,986 Loss from
operations (867 ) (767 ) (2,221 ) (1,590 ) INTEREST EXPENSE, NET
270 234 461 488
Loss before income taxes (1,137 ) (1,001 ) (2,682 ) (2,078 )
INCOME TAX PROVISION 95 54 230
180 LOSS FROM CONTINUING OPERATIONS (1,232 )
(1,055 ) (2,912 ) (2,258 ) INCOME (LOSS) FROM DISCONTINUED
OPERATIONS, NET OF TAX 14 (440 ) (589 )
(446 ) NET LOSS $ (1,218 ) $ (1,495 ) $ (3,501 ) $ (2,704 )
NON-GAAP LOSS $ (833 ) $ (793 ) $ (2,203 ) $ (1,900 ) NET
LOSS PER SHARE: Basic and Diluted $ (0.10 ) $ (0.14 ) $ (0.28 ) $
(0.26 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: Basic
and Diluted 12,567 10,796 12,418
10,369 EBITDA $ 676 $ 813
$ 817 $ 1,544 ADJUSTED EBITDA $ 1,075 $ 1,075
$ 1,526 $ 1,902 (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, 2010.
PFSweb, Inc. and
Subsidiaries
Reconciliation of certain Non-GAAP Items to GAAP (In Thousands,
Except Per Share Data) Three Months
Ended Six Months Ended June 30, June 30, 2011 2010 2011 2010 NET
LOSS $ (1,218 ) $ (1,495 ) $ (3,501 ) $ (2,704 ) (Income) loss from
discontinued operations, net of tax (14 ) 440 589 446 Income tax
expense 95 54 230 180 Interest expense
270
234 461 488 Depreciation and amortization 1,543
1,580 3,038 3,134 EBITDA
$ 676 $ 813 $ 817 $ 1,544 Stock-based compensation 399
262 709 358
ADJUSTED EBITDA $ 1,075 $ 1,075 $ 1,526 $
1,902 Three Months Ended Three Months Ended
June 30, June 30, 2011 2010 2011 2010 NET LOSS $ (1,218 ) $
(1,495 ) $ (3,501 ) $ (2,704 ) (Income) loss from discontinued
operations, net of tax (14 ) 440 589 446 Stock-based compensation
399 262 709 358
NON-GAAP LOSS $ (833 ) $ (793 ) $ (2,203 ) $ (1,900 )
NET LOSS PER SHARE:
Basic and Diluted
$ (0.10 ) $ (0.14 ) $ (0.28 ) $ (0.26 ) NON-GAAP LOSS Per
Share: Basic and Diluted $ (0.07 ) $ (0.07 ) $ (0.18 ) $ (0.18 )
PFSweb, Inc. and
Subsidiaries
Unaudited Condensed Consolidated Balance Sheets (In Thousands,
Except Share Data) June 30, December 31, 2011
2010
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 18,959 $ 18,430
Restricted cash 1,267 1,853 Accounts receivable, net of allowance
for doubtful accounts of $718 and $754 at June 30, 2011 and
December 31, 2010, respectively 37,225 41,438 Inventories, net of
reserves of $1,582 and $1,561 at June 30, 2011 and December 31,
2010, respectively 38,985 35,161
Assets of discontinued operations - 2,776 Other receivables 12,779
14,539 Prepaid expenses and other current assets 4,405
3,580 Total current assets 113,620
117,777 PROPERTY AND EQUIPMENT, net
10,775 9,124 ASSETS OF DISCONTINUED OPERATIONS - 1,126 OTHER ASSETS
2,216 2,203 Total assets 126,611
130,230
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 19,191 $ 18,320 Trade accounts payable 49,134
55,692 Deferred revenue 5,470 5,254 Accrued expenses 18,690
15,870 Total current liabilities 92,485 95,136
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current
portion 1,135 2,136 OTHER LIABILITIES 4,074
3,608 Total liabilities 97,694 100,880
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; 12,667,150 and 12,255,064 shares issued at June
30, 2011 and December 31, 2010, respectively; and 12,648,789 and
12,236,703 outstanding as of June 30, 2011 and December 31, 2010,
respectively
13 12 Additional paid-in capital 103,511 101,229 Accumulated
deficit (76,833 ) (73,332 ) Accumulated other comprehensive income
2,311 1,526 Treasury stock at cost, 18,361 shares (85 )
(85 ) Total shareholders' equity 28,917
29,350 Total liabilities and shareholders' equity $ 126,611
$ 130,230
PFSweb, Inc. and
Subsidiaries
Unaudited Consolidating Statements of Operations For the Three
Months Ended June 30, 2011 (In Thousands)
Business & PFSweb Retail Connect eCOST
Eliminations Consolidated REVENUES: Product revenue, net $ - $
38,799 $ - $ - $ 38,799 Service fee revenue 20,970 - - - 20,970
Service fee revenue - affiliate 1,588 - - (1,588 ) - Pass-thru
revenue 8,240 - - (1 )
8,239 Total revenues 30,798
38,799 - (1,589 ) 68,008
COSTS OF REVENUES: Cost of product revenue - 35,411 - - 35,411 Cost
of service fee revenue 16,354 - - (559 ) 15,795 Cost of pass-thru
revenue 8,240 - - (1 )
8,239 Total costs of revenues 24,594
35,411 - (560 ) 59,445
Gross profit 6,204 3,388 - (1,029 ) 8,563 SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 8,245 2,214 -
(1,029 ) 9,430 Income (loss) from
operations (2,041 ) 1,174 - - (867 ) INTEREST EXPENSE (INCOME), NET
(61 ) 331 - - 270
Income (loss) before income taxes (1,980 ) 843 - - (1,137 )
INCOME TAX PROVISION (BENEFIT) (251 ) 346 -
- 95 INCOME (LOSS) FROM
CONTINUING OPERATIONS (1,729 ) 497 - - (1,232 ) INCOME FROM
DISCONTINUED OPERATIONS, NET OF TAX - -
14 14 NET INCOME (LOSS) $ (1,729 ) $
497 $ 14 $ - $ (1,218 ) NON-GAAP NET INCOME (LOSS) $
(1,330 ) $ 497 $ - $ - $ (833 ) EBITDA $ (505
) $ 1,181 $ - $ - $ 676 ADJUSTED EBITDA $ (106
) $ 1,181 $ - $ - $ 1,075 A
reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows: NET INCOME (LOSS) $ (1,729 ) $ 497 $ 14 $ - (1,218
) Income from discontinued operations, net of tax - - (14 ) - (14 )
Income tax expense (benefit) (251 ) 346 - - 95 Interest expense
(income) (61 ) 331 - - 270 Depreciation and amortization
1,536 7 - - 1,543
EBITDA $ (505 ) $ 1,181 $ - $ - $ 676 Stock-based
compensation 399 - - -
399 ADJUSTED EBITDA $ (106 ) $ 1,181 $ -
$ - $ 1,075 A reconciliation of NET
INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows: NET
INCOME (LOSS) $ (1,729 ) $ 497 $ 14 $ - $ (1,218 ) Income from
discontinued operations, net of tax - - (14 ) - (14 ) Stock-based
compensation 399 - - -
399 NON-GAAP NET INCOME (LOSS) $ (1,330 ) $
497 $ - $ - $ (833 ) Note: Business and Retail
Connect includes our Supplies Distributors and PFSweb Retail
Connect operations, which operate similar financial models on
behalf of our client relationships. PFSweb and PFSweb Retail
Connect include certain ongoing activity formerly reported as
eCOST.
PFSweb, Inc. and
Subsidiaries
Unaudited Consolidating Statements of Operations For the Six Months
Ended June 30, 2011 (In Thousands)
Business & PFSweb Retail Connect eCOST Eliminations
Consolidated REVENUES: Product revenue, net $ - $ 84,082 $ - $ - $
84,082 Service fee revenue 39,870 - - - 39,870 Service fee revenue
- affiliate 3,252 - - (3,252 ) - Pass-thru revenue 16,446
- - (1 ) 16,445
Total revenues 59,568 84,082 -
(3,253 ) 140,397 COSTS OF REVENUES:
Cost of product revenue - 77,877 - - 77,877 Cost of service fee
revenue 30,702 - - (1,124 ) 29,578 Cost of pass-thru revenue
16,446 - - (1 ) 16,445
Total costs of revenues 47,148 77,877
- (1,125 ) 123,900 Gross profit
12,420 6,205 - (2,128 ) 16,497 SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 16,460 4,386 -
(2,128 ) 18,718 Income (loss) from operations (4,040
) 1,819 - - (2,221 ) INTEREST EXPENSE (INCOME), NET (116 )
577 - - 461 Income
(loss) before income taxes (3,924 ) 1,242 - - (2,682 ) INCOME TAX
PROVISION (BENEFIT) (276 ) 506 -
- 230 INCOME (LOSS) FROM CONTINUING OPERATIONS
(3,648 ) 736 - - (2,912 ) LOSS FROM DISCONTINUED OPERATIONS, NET OF
TAX - - (589 ) (589 ) NET
INCOME (LOSS) $ (3,648 ) $ 736 $ (589 ) $ - $ (3,501 )
NON-GAAP NET INCOME (LOSS) $ (2,939 ) $ 736 $ - $ - $
(2,203 ) EBITDA $ (1,016 ) $ 1,833 $ - $ - $
817 ADJUSTED EBITDA $ (307 ) $ 1,833 $ - $ - $
1,526 A reconciliation of NET INCOME (LOSS) to
EBITDA and ADJUSTED EBITDA follows: NET INCOME (LOSS) $
(3,648 ) $ 736 $ (589 ) $ - (3,501 ) Loss from discontinued
operations, net of tax - - 589 - 589 Income tax expense (benefit)
(276 ) 506 - - 230 Interest expense (income) (116 ) 577 - - 461
Depreciation and amortization 3,024 14
- - 3,038 EBITDA $ (1,016 ) $
1,833 $ - $ - $ 817 Stock-based compensation 709
- - - 709 ADJUSTED
EBITDA $ (307 ) $ 1,833 $ - $ - $ 1,526
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS)
follows: NET INCOME (LOSS) $ (3,648 ) $ 736 $ (589 ) $ - $
(3,501 ) Loss from discontinued operations, net of tax - - 589 -
589 Stock-based compensation 709 - -
- 709 NON-GAAP NET INCOME (LOSS)
$ (2,939 ) $ 736 $ - $ - $ (2,203 ) Note:
Business and Retail Connect includes our Supplies Distributors and
PFSweb Retail Connect operations, which operate similar financial
models on behalf of our client relationships. PFSweb and PFSweb
Retail Connect include certain ongoing activity formerly reported
as eCOST.
PFSweb, Inc. and
Subsidiaries
Unaudited Consolidating Statements of Operations For the Three
Months Ended June 30, 2010 (In Thousands)
Business & PFSweb Retail Connect eCOST
Eliminations Consolidated REVENUES: Product revenue, net $ - $
43,654 $ - $ - $ 43,654 Service fee revenue 16,567 - - - 16,567
Service fee revenue - affiliate 1,738 - - (1,738 ) - Pass-thru
revenue 6,202 - - (16 )
6,186 Total revenues 24,507
43,654 - (1,754 ) 66,407
COSTS OF REVENUES: Cost of product revenue - 40,623 - - 40,623 Cost
of service fee revenue 12,572 - - (585 ) 11,987 Cost of pass-thru
revenue 6,202 - - (16 )
6,186 Total costs of revenues 18,774
40,623 - (601 ) 58,796
Gross profit 5,733 3,031 - (1,153 ) 7,611 SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 7,310 2,221 -
(1,153 ) 8,378 Income (loss) from
operations (1,577 ) 810 - - (767 ) INTEREST EXPENSE (INCOME), NET
(59 ) 293 - - 234
Income (loss) before income taxes (1,518 ) 517 - - (1,001 )
INCOME TAX PROVISION (BENEFIT) (142 ) 196 -
- 54 INCOME (LOSS) FROM
CONTINUING OPERATIONS (1,376 ) 321 - - (1,055 ) LOSS FROM
DISCONTINUED OPERATIONS, NET OF TAX - -
(440 ) (440 ) NET INCOME (LOSS) $ (1,376 ) $ 321 $
(440 ) $ - $ (1,495 ) NON-GAAP NET INCOME (LOSS) $ (1,114 )
$ 321 $ - $ - $ (793 ) EBITDA $ (4 ) $ 817 $ -
$ - $ 813 ADJUSTED EBITDA $ 258 $ 817 $
- $ - $ 1,075 A reconciliation
of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows:
NET INCOME (LOSS) $ (1,376 ) $ 321 $ (440 ) $ - (1,495 ) Loss from
discontinued operations, net of tax - - 440 - 440 Income tax
expense (benefit) (142 ) 196 - - 54 Interest expense (income) (59 )
293 - - 234 Depreciation and amortization 1,573
7 - - 1,580 EBITDA
$ (4 ) $ 817 $ - $ - $ 813 Stock-based compensation 262
- - - 262
ADJUSTED EBITDA $ 258 $ 817 $ - $ - $ 1,075
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET
INCOME (LOSS) follows: NET INCOME (LOSS) $ (1,376 ) $ 321 $
(440 ) $ - $ (1,495 ) Loss from discontinued operations, net of tax
- - 440 - 440 Stock-based compensation 262 -
- - 262 NON-GAAP NET
INCOME (LOSS) $ (1,114 ) $ 321 $ - $ - $ (793 )
Note: Business and Retail Connect includes our Supplies
Distributors and PFSweb Retail Connect operations, which operate
similar financial models on behalf of our client relationships.
PFSweb and PFSweb Retail Connect include certain ongoing activity
formerly reported as eCOST.
PFSweb, Inc. and
Subsidiaries
Unaudited Consolidating Statements of Operations For the Six Months
Ended June 30, 2010 (In Thousands)
Business & PFSweb Retail Connect eCOST Eliminations
Consolidated REVENUES: Product revenue, net $ - $ 89,276 $ - $ - $
89,276 Service fee revenue 32,546 - - - 32,546 Service fee revenue
- affiliate 3,438 - - (3,438 ) - Pass-thru revenue 12,838
- - (18 ) 12,820
Total revenues 48,822 89,276 -
(3,456 ) 134,642 COSTS OF REVENUES:
Cost of product revenue - 82,985 - - 82,985 Cost of service fee
revenue 24,673 - - (1,232 ) 23,441 Cost of pass-thru revenue
12,838 - - (18 ) 12,820
Total costs of revenues 37,511 82,985
- (1,250 ) 119,246 Gross profit
11,311 6,291 - (2,206 ) 15,396 SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 14,710 4,482 -
(2,206 ) 16,986 Income (loss) from operations (3,399
) 1,809 - - (1,590 ) INTEREST EXPENSE (INCOME), NET (115 )
603 - - 488 Income
(loss) before income taxes (3,284 ) 1,206 - - (2,078 ) INCOME TAX
PROVISION (BENEFIT) (272 ) 452 -
- 180 INCOME (LOSS) FROM CONTINUING OPERATIONS
(3,012 ) 754 - - (2,258 ) LOSS FROM DISCONTINUED OPERATIONS, NET OF
TAX - - (446 ) (446 ) NET
INCOME (LOSS) $ (3,012 ) $ 754 $ (446 ) $ - $ (2,704 )
NON-GAAP NET INCOME (LOSS) $ (2,654 ) $ 754 $ - $ - $
(1,900 ) EBITDA $ (280 ) $ 1,824 $ - $ - $
1,544 ADJUSTED EBITDA $ 78 $ 1,824 $ - $ -
$ 1,902 A reconciliation of NET INCOME
(LOSS) to EBITDA and ADJUSTED EBITDA follows: NET INCOME
(LOSS) $ (3,012 ) $ 754 $ (446 ) $ - (2,704 ) Loss from
discontinued operations, net of tax - - 446 - 446 Income tax
expense (benefit) (272 ) 452 - - 180 Interest expense (income) (115
) 603 - - 488 Depreciation and amortization 3,119
15 - - 3,134
EBITDA $ (280 ) $ 1,824 $ - $ - $ 1,544 Stock-based compensation
358 - - -
358 ADJUSTED EBITDA $ 78 $ 1,824 $ - $ -
$ 1,902 A reconciliation of NET INCOME (LOSS)
to NON-GAAP NET INCOME (LOSS) follows: NET INCOME (LOSS) $
(3,012 ) $ 754 $ (446 ) $ - $ (2,704 ) Loss from discontinued
operations, net of tax - - 446 - 446 Stock-based compensation
358 - - -
358 NON-GAAP NET INCOME (LOSS) $ (2,654 ) $ 754 $ - $
- $ (1,900 ) Note: Business and Retail Connect
includes our Supplies Distributors and PFSweb Retail Connect
operations, which operate similar financial models on behalf of our
client relationships. PFSweb and PFSweb Retail Connect include
certain ongoing activity formerly reported as eCOST.
PFSweb, Inc. and
Subsidiaries
Unaudited Condensed Consolidating Balance Sheets as of June 30,
2011 (In Thousands) Business
& PFSweb Retail Connect Eliminations Consolidated
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 14,987 $ 3,972 $ - $
18,959 Restricted cash 138 1,129 - 1,267 Accounts receivable, net
19,851 17,667 (293 ) 37,225 Inventories, net - 38,985 - 38,985
Assets of discontinued operations - - - - Other receivables -
12,779 - 12,779 Prepaid expenses and other current assets
2,769 1,636 - 4,405
Total current assets 37,745 76,168
(293 ) 113,620 PROPERTY AND
EQUIPMENT, net 10,671 104 - 10,775 RECEIVABLE/INVESTMENT IN
AFFILIATES 15,729 - (15,729 ) - ASSETS OF DISCONTINUED OPERATIONS -
- - - OTHER ASSETS 1,999 217 -
2,216 Total assets 66,144
76,489 (16,022 ) 126,611
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 8,166 $ 11,025 $ - $ 19,191 Trade accounts
payable 5,594 43,833 (293 ) 49,134 Accrued expenses 17,324
6,836 - 24,160
Total current liabilities 31,084 61,694 (293 ) 92,485
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion
1,065 70 - 1,135 PAYABLE TO AFFILIATES - 22,745 (22,745 ) - OTHER
LIABILITIES 4,074 - -
4,074 Total liabilities 36,223
84,509 (23,038 ) 97,694
COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Common
stock 13 19 (19 ) 13 Capital contributions - 1,000 (1,000 ) -
Additional paid-in capital 103,511 28,059 (28,059 ) 103,511
Retained earnings (accumulated deficit) (75,836 ) (39,807 ) 38,810
(76,833 ) Accumulated other comprehensive income 2,318 2,709 (2,716
) 2,311 Treasury stock (85 ) - -
(85 ) Total shareholders' equity 29,921
(8,020 ) 7,016 28,917 Total liabilities
and shareholders' equity $ 66,144 $ 76,489 $ (16,022
) $ 126,611
PFSweb, Inc. and
Subsidiaries
Unaudited Condensed Consolidating Balance Sheets as of December 31,
2010 (In Thousands)
Supplies PFSweb Distributors eCOST Eliminations Consolidated
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 13,471 $ 3,110 $ 1,849
$ - $ 18,430 Restricted cash 777 884 192 - 1,853 Accounts
receivable, net 21,234 19,524 987 (307 ) 41,438 Inventories, net -
35,161 - - 35,161 Assets of discontinued operations - - 2,776 -
2,776 Other receivables - 13,822 717 - 14,539 Prepaid expenses and
other current assets 2,006 1,469 105
- 3,580 Total current assets
37,488 73,970 6,626 (307
) 117,777 PROPERTY AND EQUIPMENT, net 8,861 22
241 - 9,124 RECEIVABLE/INVESTMENT IN AFFILIATES 14,255 - - (14,255
) - ASSETS OF DISCONTINUED OPERATIONS - - 1,126 - 1,126 OTHER
ASSETS 2,013 - 190 -
2,203 Total assets 62,617
73,992 8,183 (14,562 ) 130,230
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 8,332 $ 9,953 $ 35 $ - $ 18,320 Trade accounts
payable 6,356 44,896 4,747 (307 ) 55,692 Accrued expenses
12,994 6,260 1,870 -
21,124 Total current liabilities 27,682 61,109 6,652
(307 ) 95,136 LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS,
less current portion 2,031 - 105 - 2,136 PAYABLE TO AFFILIATES -
4,255 18,490 (22,745 ) - OTHER LIABILITIES 3,608
- - - 3,608 Total
liabilities 33,321 65,364 25,247
(23,052 ) 100,880 COMMITMENTS AND
CONTINGENCIES SHAREHOLDERS' EQUITY: Common stock 12 - 19 (19
) 12 Capital contributions - 1,000 - (1,000 ) - Additional paid-in
capital 101,229 - 28,059 (28,059 ) 101,229 Retained earnings
(accumulated deficit) (73,387 ) 5,410 (45,148 ) 39,793 (73,332 )
Accumulated other comprehensive income 1,527 2,218 6 (2,225 ) 1,526
Treasury stock (85 ) - - -
(85 ) Total shareholders' equity 29,296
8,628 (17,064 ) 8,490 29,350
Total liabilities and shareholders' equity $ 62,617 $
73,992 $ 8,183 $ (14,562 ) $ 130,230
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