PFSweb, Inc. (Nasdaq: PFSW), an international provider of
end-to-end web commerce solutions, today announced its financial
results for the third quarter and nine months ended September 30,
2011.
“This is an exciting time for PFSweb as our Service Fee business
growth continues to exceed our own expectations and we expand our
business globally. Overall, our consolidated revenue growth for the
third quarter was driven by a 40% increase in service fee revenue,
which is attributable to new client programs launched during the
year and organic growth of existing client programs. In order to
support this ongoing expansion as well as future growth, we
continue to make incremental investments in personnel, facilities,
sales and marketing and technology infrastructure,” stated Mark
Layton, Chairman and Chief Executive Officer of PFSweb.
“During the third quarter, we added several new End2End
eCommerce programs from a diverse group of manufacturers, including
Salomon and Clarins Group. These and other new client programs
implemented this year, coupled with existing client activity, are
expected to drive continued strong service fee revenue growth and
have put us on track to significantly exceed our previously
targeted 20% increase in service fee revenue for the year. This
anticipated increase in revenue is expected to be partially offset
by higher costs from our expansion efforts. Overall, we are
reiterating our targeted adjusted EBITDA of between $6.0 million
and $7.0 million for CY2011,” continued Mr. Layton.
Summary of consolidated results for the third quarter ended
September 30, 2011:
- Total revenue increased 11% to $70.9
million for the third quarter of 2011 compared, to $63.6 million
for third quarter of 2010;
- Service Fee revenue increased 40% to
$22.9 million, compared with $16.4 million for the same period in
2010;
- Adjusted EBITDA (as defined) was $0.7
million for the third quarter of 2011 compared to $1.1 million for
the same period in 2010.
- Net loss was $1.8 million, or $0.14 per
basic and diluted share, compared to net loss of $1.9 million, or
$0.16 per basic and diluted share, for the third quarter of 2010.
Net loss for the third quarter of 2011 included approximately $0.3
million of relocation related costs. Net loss for the third quarter
of 2011 also included $20,000 of net income from discontinued
operations related to eCOST.com, compared to a $0.3 million net
loss from discontinued operations related to eCOST.com for the same
period last year;
- Non-GAAP net loss (as defined) was $1.5
million, or $0.12 per basic and diluted share for the quarter ended
September 30, 2011 compared to a Non-GAAP net loss $0.7 million, or
$0.06 per basic and diluted share for the quarter ended September
30, 2010;
- Total cash, cash equivalents and
restricted cash was $20.0 million as of September 30, 2011 compared
to $20.3 million as of December 31, 2010.
Summary of consolidated results for the nine months ended
September 30, 2011:
- Total reported revenue increased 7% to
$211.3 million, compared to $198.2 million for the nine months
ended September 30, 2010;
- Service Fee revenue increased 28% to
$62.8 million, compared with $48.9 million for the nine months
ended September 30, 2010;
- Adjusted EBITDA (as defined) was $2.2
million compared to $3.0 million for the nine months ended
September 30, 2010;
- Net loss was $5.3 million, or $0.43 per
basic and diluted share, compared to net loss of $4.6 million or
$0.42 per basic and diluted share, for the nine months ended
September 30, 2010. Net loss for the first nine months of 2011
included approximately $0.3 million of relocation related costs.
Net loss for the first nine months of 2011 also included a $0.6
million net loss from discontinued operations related to eCOST.com
compared to a $0.8 million net loss from discontinued operations
related to eCOST.com in the same period last year;
- Non-GAAP net loss was $3.7 million, or
$0.30 per basic and diluted share, compared to a non-GAAP net loss
of $2.6 million, or $0.24 per basic and diluted share, for the nine
months ended September 30, 2010.
“As we look to the future, we see the potential for many new
partnerships on the horizon with renowned brands across the world.
These brands are realizing the need for an expanded online presence
to meet their customers’ ever changing shopping behavior. As we
continue to prove the value of our End2End e-commerce solution, we
have built awareness for our customizable solutions among leading
brands in the consumer packaged goods (CPG), fashion and health and
beauty industries,” 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, November 10, 2011, to discuss
the latest corporate developments and results. To listen to the
call, please dial (888) 562-3356 and enter the pin number 24695850
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 December 10, 2011 at (855) 859-2056, pin number 24695850.
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, income (loss) from
discontinued operations and executive disability benefits.
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, executive disability benefits and certain
relocation related costs.
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, income
(loss) from discontinued operations and executive disability
benefits and EBITDA and Adjusted EBITDA further eliminate the
effect of financing, income taxes, the accounting effects of
capital spending and certain relocation related costs, 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.
Iconic brands engage PFSweb to enable their eCommerce
initiatives. PFSweb’s End2End eCommerce® solution includes
interactive marketing services, robust eCommerce technology, global
fulfillment and logistics, high-touch customer care, financial
services, and order management. PFSweb’s eCommerce solutions
provide international reach and expertise in both
direct-to-consumer and business-to-business initiatives, supporting
organizations across multiple industries including Procter &
Gamble, LEGO, Carter’s, Lucky Brand Jeans, kate spade new york,
Juicy Couture, AAFES, Riverbed, Ricoh, Hawker Beechcraft Corp,
Roots Canada Ltd., and Xerox. PFSweb is headquartered in Plano, TX
with additional locations in Tennessee, Mississippi, Canada,
Belgium, and the Philippines.
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 and six months ended June 30, 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.
PFSweb, Inc. and
Subsidiaries
Unaudited Condensed Consolidated Statements of Operations (A) (In
Thousands, Except Per Share Data)
Three Months Ended Nine Months Ended September 30, September
30, 2011 2010 2011 2010 REVENUES: Product revenue, net $ 37,923 $
39,316 $ 122,005 $ 128,592 Service fee revenue 22,949 16,402 62,819
48,948 Pass-thru revenue 9,999 7,842
26,444 20,662 Total revenues
70,871 63,560 211,268
198,202 COSTS OF REVENUES: Cost of product revenue
35,304 36,392 113,181 119,377 Cost of service fee revenue 17,663
11,981 47,241 35,422 Cost of pass-thru revenue 9,999
7,842 26,444 20,662 Total
costs of revenues 62,966 56,215
186,866 175,461 Gross profit 7,905 7,345
24,402 22,741 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
9,385 8,605 28,103 25,591
Loss from operations (1,480 ) (1,260 ) (3,701 ) (2,850 )
INTEREST EXPENSE, NET 308 250
769 738 Loss before income taxes (1,788 )
(1,510 ) (4,470 ) (3,588 ) INCOME TAX PROVISION 57
73 287 253 LOSS FROM
CONTINUING OPERATIONS (1,845 ) (1,583 ) (4,757 ) (3,841 ) INCOME
(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX 20
(337 ) (569 ) (783 ) NET LOSS $ (1,825 ) $
(1,920 ) $ (5,326 ) $ (4,624 ) NON-GAAP LOSS $ (1,499 ) $ (708 ) $
(3,702 ) $ (2,608 ) NET LOSS PER SHARE: Basic and Diluted $
(0.14 ) $ (0.16 ) $ (0.43 ) $ (0.42 ) WEIGHTED AVERAGE
NUMBER OF SHARES OUTSTANDING: Basic and Diluted 12,688
12,237 12,509 10,998
EBITDA $ 57 $ 199 $ 874 $ 1,743
ADJUSTED EBITDA $ 707 $ 1,074 $ 2,233 $
2,976 (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 Nine Months Ended September 30, September 30,
2011 2010 2011 2010
NET LOSS $ (1,825 ) $ (1,920 ) $ (5,326 ) $ (4,624 )
(Income) loss from discontinued operations, net of tax (20 ) 337
569 783 Income tax expense 57 73 287 253 Interest expense 308 250
769 738 Depreciation and amortization 1,537
1,459 4,575 4,593 EBITDA $ 57 $
199 $ 874 $ 1,743 Stock-based compensation 346 225 1,055 583
Executive disability benefits - 650 - 650 Relocation related costs
304 - 304 -
ADJUSTED EBITDA $ 707 $ 1,074 $ 2,233 $ 2,976
Three Months Ended Three Months Ended
September 30, September 30, 2011 2010
2011 2010 NET LOSS $ (1,825 ) $
(1,920 ) $ (5,326 ) $ (4,624 ) (Income) loss from discontinued
operations, net of tax (20 ) 337 569 783 Stock-based compensation
346 225 1,055 583 Executive disability benefits -
650 - 650 NON-GAAP LOSS $
(1,499 ) $ (708 ) $ (3,702 ) $ (2,608 ) NET LOSS PER SHARE:
Basic and Diluted $ (0.14 ) $ (0.16 ) $ (0.43 ) $ (0.42 )
NON-GAAP LOSS Per Share: Basic and Diluted $ (0.12 ) $ (0.06 ) $
(0.30 ) $ (0.24 )
PFSweb, Inc. and
Subsidiaries
Unaudited Condensed Consolidated Balance Sheets (In Thousands,
Except Share Data) September 30,
December 31, 2011 2010
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 19,538 $ 18,430
Restricted cash 468 1,853 Accounts receivable, net of allowance for
doubtful accounts of $670 and $754 at September 30, 2011 and
December 31, 2010, respectively 38,906 41,438 Inventories, net of
reserves of $1,453 and $1,561 at September 30, 2011 and December
31, 2010, respectively 41,292 35,161 Assets of discontinued
operations - 2,776 Other receivables 11,034 14,539 Prepaid expenses
and other current assets 4,710 3,580
Total current assets 115,948 117,777
PROPERTY AND EQUIPMENT, net 13,059 9,124 ASSETS OF
DISCONTINUED OPERATIONS - 1,126 OTHER ASSETS 2,200
2,203 Total assets 131,207
130,230
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 18,259 $ 18,320 Trade accounts payable 55,007
55,692 Deferred revenue 6,481 5,254 Accrued expenses 17,987
15,870 Total current liabilities 97,734 95,136
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current
portion 1,806 2,136 OTHER LIABILITIES 4,410
3,608 Total liabilities 103,950 100,880
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; 12,782,712 and
12,255,064 shares issued at September 30, 2011 and December 31,
2010, respectively; and 12,764,351 and 12,236,703 outstanding as of
September 30, 2011 and December 31, 2010, respectively 13 12
Additional paid-in capital 104,298 101,229 Accumulated deficit
(78,658 ) (73,332 ) Accumulated other comprehensive income 1,689
1,526 Treasury stock at cost, 18,361 shares (85 ) (85
) Total shareholders' equity 27,257 29,350
Total liabilities and shareholders' equity $ 131,207
$ 130,230
PFSweb, Inc. and
Subsidiaries
Unaudited Consolidating Statements of Operations For the Three
Months Ended September 30, 2011 (In Thousands)
Business & PFSweb Retail Connect eCOST
Eliminations Consolidated REVENUES: Product revenue, net $ - $
37,923 $ - $ - $ 37,923 Service fee revenue 22,949 - - - 22,949
Service fee revenue - affiliate 1,518 - - (1,518 ) - Pass-thru
revenue 9,999 - - -
9,999 Total revenues 34,466
37,923 - (1,518 ) 70,871
COSTS OF REVENUES: Cost of product revenue - 35,304 - -
35,304 Cost of service fee revenue 18,204 - - (541 ) 17,663 Cost of
pass-thru revenue 9,999 - -
- 9,999 Total costs of revenues
28,203 35,304 - (541 )
62,966 Gross profit 6,263 2,619 - (977 ) 7,905 SELLING,
GENERAL AND ADMINISTRATIVE EXPENSES 8,398
1,964 - (977 ) 9,385 Income
(loss) from operations (2,135 ) 655 - - (1,480 ) INTEREST EXPENSE
(INCOME), NET (30 ) 338 - -
308 Income (loss) before income taxes (2,105 )
317 - - (1,788 ) INCOME TAX PROVISION (BENEFIT) (74 )
131 - - 57 INCOME (LOSS)
FROM CONTINUING OPERATIONS (2,031 ) 186 - - (1,845 ) INCOME FROM
DISCONTINUED OPERATIONS, NET OF TAX - -
20 20 NET INCOME (LOSS) $ (2,031 ) $
186 $ 20 $ - $ (1,825 ) NON-GAAP NET INCOME (LOSS) $
(1,685 ) $ 186 $ - $ - $ (1,499 ) EBITDA $
(606 ) $ 663 $ - $ - $ 57 ADJUSTED EBITDA $ 44
$ 663 $ - $ - $ 707 A
reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows: NET INCOME (LOSS) $ (2,031 ) $ 186 $ 20 $ - (1,825
) Income from discontinued operations, net of tax - - (20 ) - (20 )
Income tax expense (benefit) (74 ) 131 - - 57 Interest expense
(income) (30 ) 338 - - 308 Depreciation and amortization
1,529 8 - - 1,537
EBITDA $ (606 ) $ 663 $ - $ - $ 57 Stock-based compensation
346 - - - 346 Relocation related costs 304
304 ADJUSTED EBITDA $ 44 $ 663 $
- $ - $ 707 A reconciliation of NET
INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows: NET
INCOME (LOSS) $ (2,031 ) $ 186 $ 20 $ - $ (1,825 ) Income from
discontinued operations, net of tax - - (20 ) - (20 ) Stock-based
compensation 346 - - -
346 NON-GAAP NET INCOME (LOSS) $ (1,685 ) $
186 $ - $ - $ (1,499 ) 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 Nine
Months Ended September 30, 2011 (In Thousands)
Business & PFSweb Retail Connect eCOST
Eliminations Consolidated REVENUES: Product revenue, net $ - $
122,005 $ - $ - $ 122,005 Service fee revenue 62,819 - - - 62,819
Service fee revenue - affiliate 4,769 - - (4,769 ) - Pass-thru
revenue 26,446 - - (2 )
26,444 Total revenues 94,034
122,005 - (4,771 ) 211,268
COSTS OF REVENUES: Cost of product revenue - 113,181 - -
113,181 Cost of service fee revenue 48,904 - - (1,663 ) 47,241 Cost
of pass-thru revenue 26,446 - -
(2 ) 26,444 Total costs of revenues
75,350 113,181 - (1,665 )
186,866 Gross profit 18,684 8,824 - (3,106 ) 24,402 SELLING,
GENERAL AND ADMINISTRATIVE EXPENSES 24,974
6,235 - (3,106 ) 28,103 Income
(loss) from operations (6,290 ) 2,589 - - (3,701 ) INTEREST EXPENSE
(INCOME), NET (146 ) 915 - -
769 Income (loss) before income taxes (6,144 )
1,674 - - (4,470 ) INCOME TAX PROVISION (BENEFIT) (350 )
637 - - 287 INCOME
(LOSS) FROM CONTINUING OPERATIONS (5,794 ) 1,037 - - (4,757 ) LOSS
FROM DISCONTINUED OPERATIONS, NET OF TAX - -
(569 ) (569 ) NET INCOME (LOSS) $ (5,794 ) $
1,037 $ (569 ) $ - $ (5,326 ) NON-GAAP NET INCOME (LOSS) $
(4,739 ) $ 1,037 $ - $ - $ (3,702 ) EBITDA $
(1,737 ) $ 2,611 $ - $ - $ 874 ADJUSTED EBITDA
$ (378 ) $ 2,611 $ - $ - $ 2,233
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows: NET INCOME (LOSS) $ (5,794 ) $ 1,037 $ (569 ) $ -
(5,326 ) Loss from discontinued operations, net of tax - - 569 -
569 Income tax expense (benefit) (350 ) 637 - - 287 Interest
expense (income) (146 ) 915 - - 769 Depreciation and amortization
4,553 22 - -
4,575 EBITDA $ (1,737 ) $ 2,611 $ - $ - $ 874
Stock-based compensation 1,055 - - - 1,055 Relocation related costs
304 304 ADJUSTED
EBITDA $ (378 ) $ 2,611 $ - $ - $ 2,233
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS)
follows: NET INCOME (LOSS) $ (5,794 ) $ 1,037 $ (569 ) $ - $
(5,326 ) Loss from discontinued operations, net of tax - - 569 -
569 Stock-based compensation 1,055 - -
- 1,055 NON-GAAP NET INCOME
(LOSS) $ (4,739 ) $ 1,037 $ - $ - $ (3,702 )
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 September 30, 2010 (In Thousands)
Business & PFSweb Retail Connect eCOST
Eliminations Consolidated REVENUES: Product revenue, net $ - $
39,316 $ - $ - $ 39,316 Service fee revenue 16,402 - - - 16,402
Service fee revenue - affiliate 1,484 - - (1,484 ) - Pass-thru
revenue 7,843 - - (1 )
7,842 Total revenues 25,729
39,316 - (1,485 ) 63,560
COSTS OF REVENUES: Cost of product revenue - 36,392 - - 36,392 Cost
of service fee revenue 12,543 - - (562 ) 11,981 Cost of pass-thru
revenue 7,843 - - (1 )
7,842 Total costs of revenues 20,386
36,392 - (563 ) 56,215
Gross profit 5,343 2,924 - (922 ) 7,345 SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 7,556 1,971 -
(922 ) 8,605 Income (loss) from
operations (2,213 ) 953 - - (1,260 ) INTEREST EXPENSE (INCOME), NET
(63 ) 313 - - 250
Income (loss) before income taxes (2,150 ) 640 - - (1,510 )
INCOME TAX PROVISION (BENEFIT) (134 ) 207 -
- 73 INCOME (LOSS) FROM
CONTINUING OPERATIONS (2,016 ) 433 - - (1,583 ) LOSS FROM
DISCONTINUED OPERATIONS, NET OF TAX - -
(337 ) (337 ) NET INCOME (LOSS) $ (2,016 ) $ 433 $
(337 ) $ - $ (1,920 ) NON-GAAP NET INCOME (LOSS) $ (1,141 )
$ 433 $ - $ - $ (708 ) EBITDA $ (761 ) $ 960 $
- $ - $ 199 ADJUSTED EBITDA $ 114 $ 960
$ - $ - $ 1,074 A reconciliation
of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows:
NET INCOME (LOSS) $ (2,016 ) $ 433 $ (337 ) $ - (1,920 ) Loss from
discontinued operations, net of tax - - 337 - 337 Income tax
expense (benefit) (134 ) 207 - - 73 Interest expense (income) (63 )
313 - - 250 Depreciation and amortization 1,452
7 - - 1,459 EBITDA
$ (761 ) $ 960 $ - $ - $ 199 Stock-based compensation 225 - - - 225
Executive disability benefit 650
650 ADJUSTED EBITDA $ 114 $ 960 $ - $ -
$ 1,074 A reconciliation of NET INCOME (LOSS)
to NON-GAAP NET INCOME (LOSS) follows: NET INCOME (LOSS) $
(2,016 ) $ 433 $ (337 ) $ - $ (1,920 ) Loss from discontinued
operations, net of tax - - 337 - 337 Stock-based compensation 225 -
- - 225 Executive disability benefit 650 -
- - 650 NON-GAAP NET
INCOME (LOSS) $ (1,141 ) $ 433 $ - $ - $ (708 )
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 Nine
Months Ended September 30, 2010 (In Thousands)
Business & PFSweb Retail Connect eCOST
Eliminations Consolidated REVENUES: Product revenue, net $ - $
128,592 $ - $ - $ 128,592 Service fee revenue 48,948 - - - 48,948
Service fee revenue - affiliate 4,922 - - (4,922 ) - Pass-thru
revenue 20,681 - - (19 )
20,662 Total revenues 74,551
128,592 - (4,941 ) 198,202
COSTS OF REVENUES: Cost of product revenue - 119,377 - -
119,377 Cost of service fee revenue 37,216 - - (1,794 ) 35,422 Cost
of pass-thru revenue 20,681 - -
(19 ) 20,662 Total costs of revenues
57,897 119,377 - (1,813 )
175,461 Gross profit 16,654 9,215 - (3,128 ) 22,741 SELLING,
GENERAL AND ADMINISTRATIVE EXPENSES 22,266
6,453 - (3,128 ) 25,591 Income
(loss) from operations (5,612 ) 2,762 - - (2,850 ) INTEREST EXPENSE
(INCOME), NET (178 ) 916 - -
738 Income (loss) before income taxes (5,434 )
1,846 - - (3,588 ) INCOME TAX PROVISION (BENEFIT) (406 )
659 - - 253 INCOME
(LOSS) FROM CONTINUING OPERATIONS (5,028 ) 1,187 - - (3,841 ) LOSS
FROM DISCONTINUED OPERATIONS, NET OF TAX - -
(783 ) (783 ) NET INCOME (LOSS) $ (5,028 ) $
1,187 $ (783 ) $ - $ (4,624 ) NON-GAAP NET INCOME (LOSS) $
(3,795 ) $ 1,187 $ - $ - $ (2,608 ) EBITDA $
(1,041 ) $ 2,784 $ - $ - $ 1,743 ADJUSTED
EBITDA $ 192 $ 2,784 $ - $ - $ 2,976
A reconciliation of NET INCOME (LOSS) to EBITDA and
ADJUSTED EBITDA follows: NET INCOME (LOSS) $ (5,028 ) $
1,187 $ (783 ) $ - (4,624 ) Loss from discontinued operations, net
of tax - - 783 - 783 Income tax expense (benefit) (406 ) 659 - -
253 Interest expense (income) (178 ) 916 - - 738 Depreciation and
amortization 4,571 22 - -
4,593 EBITDA $ (1,041 ) $ 2,784 $ - $ - $
1,743 Stock-based compensation 583 - - - 583 Executive disability
benefit 650 650
ADJUSTED EBITDA $ 192 $ 2,784 $ - $ - $ 2,976
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET
INCOME (LOSS) follows: NET INCOME (LOSS) $ (5,028 ) $ 1,187
$ (783 ) $ - $ (4,624 ) Loss from discontinued operations, net of
tax - - 783 - 783 Stock-based compensation 583 - - - 583 Executive
disability benefit 650 - -
- 650 NON-GAAP NET INCOME (LOSS) $
(3,795 ) $ 1,187 $ - $ - $ (2,608 ) 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 September
30, 2011 (In Thousands)
Business & PFSweb Retail Connect Eliminations
Consolidated
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 14,508 $ 5,030 $ - $
19,538 Restricted cash 138 330 - 468 Accounts receivable, net
23,545 15,991 (630 ) 38,906 Inventories, net - 41,292 - 41,292
Other receivables - 11,034 - 11,034 Prepaid expenses and other
current assets 3,252 1,458 -
4,710 Total current assets 41,443
75,135 (630 ) 115,948
PROPERTY AND EQUIPMENT, net 12,959 100 - 13,059
RECEIVABLE/INVESTMENT IN AFFILIATES 14,465 - (14,465 ) - OTHER
ASSETS 2,038 162 -
2,200 Total assets 70,905 75,397
(15,095 ) 131,207
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 8,973 $ 9,286 $ - $ 18,259 Trade accounts
payable 9,115 46,522 (630 ) 55,007 Accrued expenses 18,244
6,224 - 24,468
Total current liabilities 36,332 62,032 (630 ) 97,734
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion
1,736 70 - 1,806 PAYABLE TO AFFILIATES - 22,245 (22,245 ) - OTHER
LIABILITIES 4,410 - -
4,410 Total liabilities 42,478
84,347 (22,875 ) 103,950
COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Common
stock 13 19 (19 ) 13 Capital contributions - 1,000 (1,000 ) -
Additional paid-in capital 104,298 28,059 (28,059 ) 104,298
Retained earnings (accumulated deficit) (77,493 ) (40,289 ) 39,124
(78,658 ) Accumulated other comprehensive income 1,694 2,261 (2,266
) 1,689 Treasury stock (85 ) - -
(85 ) Total shareholders' equity 28,427
(8,950 ) 7,780 27,257 Total liabilities
and shareholders' equity $ 70,905 $ 75,397 $ (15,095
) $ 131,207
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
Pfsweb (NASDAQ:PFSW)
Historical Stock Chart
From Apr 2024 to May 2024
Pfsweb (NASDAQ:PFSW)
Historical Stock Chart
From May 2023 to May 2024
