PFSweb Reports First Quarter 2015 Results

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PFSweb Reports First Quarter 2015 Results

PFSweb Reports First Quarter 2015 Results 69.3 KB

ALLEN, TX -- (Marketwired) -- 05/11/15 -- PFSweb, Inc. (NASDAQ: PFSW), a global provider of end-to-end eCommerce solutions, reported results for the first quarter ended March 31, 2015.

First Quarter 2015 Highlights vs. Year-Ago Quarter

Service fee equivalent revenue (a non-GAAP measure defined below) increased 31% to a Q1 record $37.7 million compared to $28.8 million in the same period of 2014
Service fee gross margin increased 110 basis points to 31.5%
Adjusted EBITDA (a non-GAAP measure defined below) increased 66% to a Q1 record $3.7 million compared to $2.2 million in the same period of 2014

First Quarter 2015 Financial Results

Total revenues in the first quarter of 2015 increased 12% to $63.8 million compared to $57.2 million in the same period of 2014. Service fee revenue in the first quarter of 2015 increased 33% to $36.7 million compared to $27.6 million last year. Product revenue was $16.7 million compared to $21.7 million in the same period of 2014, primarily due to ongoing restructuring activities by the company's largest client in this segment.

Service fee equivalent revenue in the first quarter of 2015 increased 31% to a record $37.7 million compared to $28.8 million in the same period of 2014. The increase was primarily due to new and expanded client relationships, as well as service fee revenues generated by the company's newly acquired subsidiaries, REV Solutions and LiveAreaLabs, both of which were acquired in September 2014.

Service fee gross margin in the first quarter increased 110 basis points to 31.5% compared to 30.4% in the same period in 2014. The 2015 quarter included a higher proportion of professional and technology services, including the impact from our acquisitions of REV Solutions and LiveAreaLabs.

Adjusted EBITDA increased 66% to a record $3.7 million in the first quarter of 2015 compared to $2.2 million in the same period of 2014. As a percentage of service fee equivalent revenue, adjusted EBITDA increased 210 basis points to 9.9% compared to 7.8% in the year-ago quarter.

Net loss in the first quarter was $1.7 million or $(0.10) per diluted share, compared to a net loss of $1.8 million or $(0.11) per diluted share in the same period of 2014. Net loss in the first quarter of 2015 included $0.8 million in stock-based compensation expense and $0.8 million in acquisition related and restructuring costs. This compares to $0.8 million in stock-based compensation expense and no acquisition related and restructuring costs in the same period of 2014.

Non-GAAP net income (a non-GAAP measure defined below) in the first quarter of 2015 was $0.1 million or $0.01 per diluted share, compared to non-GAAP net loss of $1.0 million or $(0.06) per diluted share in the first quarter of 2014.

At March 31, 2015, cash and cash equivalents was $14.8 million compared to $18.1 million at December 31, 2014. Total debt was $14.1 million compared to $10.9 million at December 31, 2014.

Management Commentary

"Following a strong finish to 2014, we experienced a Q1 record performance in service fee equivalent revenue and adjusted EBITDA performance," said Michael Willoughby, CEO of PFSweb. "These results were driven by our consistent execution for our existing and new clients, including the continued momentum in our digital agency and technology services businesses. Our top and bottom-lines were supplemented by new project wins that were significantly aided by our two acquisitions last year, both of which greatly enhanced our higher-margin professional services capabilities.

"As we look to continue to drive growth and take market share in 2015, we plan to build upon these acquisitions through both our end-to-end offering as well as our a la carte options, which entails contracting with clients in an initial service offering, and then working to expand those engagements with additional offerings in the future. We also plan to continue further investing in our sales and marketing efforts while we target acquisitions that support our geographic growth initiatives and enhance our end-to-end solution offering, especially within professional services.

"In addition, we will continue to focus on further enhancing the strong channel partnerships we've developed over the last several years. In fact, just last month, we were named Demandware's 2014 Sales Partner of the Year, which further validates the success of our various go-to-market strategies. Given our multiple growth initiatives and plan for consistent execution, we continue to seek another record year of performance in 2015."

2015 Outlook

PFSweb reaffirmed its 2015 service fee equivalent revenue guidance to range between $160 million and $170 million, which reflects growth of 15% to 23% from 2014. The company also reaffirmed its adjusted EBITDA target to range between $16 million and $18 million, which reflects growth of 17% to 32% from 2014. This guidance excludes the impact of potential future acquisitions.

Conference Call

PFSweb will conduct a conference call today at 5:00 p.m. Eastern time to discuss its results for the first quarter ended March 31, 2015.

The company's CEO Mike Willoughby and CFO Tom Madden will host the conference call, followed by a question and answer period.

Date: Monday, May 11, 2015
Time: 5:00 p.m. Eastern time (4:00 p.m. Central time)
Toll-free dial-in number: 1-888-395-3227
International dial-in number: 1-719-325-2458
Conference ID: 3028565

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.

The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=114124 and via the investor relations section of the company's website at www.pfsweb.com.

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through May 25, 2015.

Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 3028565

About PFSweb Inc.

PFSweb (NASDAQ: PFSW) is a global provider of end-to-end eCommerce solutions including digital agency and marketing services, technology development services, business process outsourcing services and a complete omni-channel technology ecosystem. The company provides these solutions and services to major brand names and other companies seeking to optimize every customer experience and enhance their traditional and online business channels. PFSweb supports organizations across various industries, including Procter & Gamble, L'Oreal, LEGO, Columbia Sportswear, Ricoh, Roots Canada Ltd., Diageo, BCBGMAXAZRIA, T.J. Maxx, the United States Mint, and many more. PFSweb is headquartered in Allen, TX with additional locations in Tennessee, Mississippi, Minnesota, Washington, New York, Canada, Belgium, London, Munich, and India. For more information, please visit www.pfsweb.com or download the free PFSweb IR App on your iPhone, iPad or Android device.

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), Adjusted EBITDA and service fee equivalent revenue.

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, acquisition related costs and restructuring and other charges.

EBITDA represents earnings (or losses) before interest, income taxes, depreciation, and amortization. Adjusted EBITDA further eliminates the effect of stock-based compensation, acquisition related costs and restructuring and other charges.

Service fee equivalent revenue represents service fee revenue plus the gross profit earned on product revenue.

Non-GAAP net income (loss), EBITDA, Adjusted EBITDA and service fee equivalent revenue 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, acquisition related costs and restructuring and other charges 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. Service fee equivalent revenue allows client contracts with similar operational support models but different financial models to be combined as if all contracts were being operated on a service fee revenue basis.

PFSweb believes these non-GAAP measures provide useful information to both management and investors by focusing on certain operational metrics and excluding certain expenses in order to present its core operating performance and 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.

Forward-Looking Statements

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, 2014 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 of the Company 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
Condensed Consolidated Balance Sheets (A)
(In Thousands, Except Share Data)


			March 31,			December 31,
			2015			2014

ASSETS
CURRENT ASSETS:
	Cash and cash equivalents		$	14,770		$	18,128
	Restricted cash			293			521
	Accounts receivable, net of allowance for doubtful accounts of $445 and $447 at March 31, 2015 and December 31, 2014, respectively			50,424			59,126
	Inventories, net of reserves of $639 and $768 at March 31, 2015 and December 31, 2014, respectively			9,852			10,534
	Other receivables			5,419			5,638
	Prepaid expenses and other current assets			5,633			7,103
		Total current assets		86,391			101,050

PROPERTY AND EQUIPMENT, net				25,066			26,604
INTANGIBLE ASSETS, net				1,940			2,170
GOODWILL				8,366			8,366
OTHER ASSETS				2,243			2,556
		Total assets		124,006			140,746

LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
	Current portion of long-term debt and capital lease obligations		$	10,153		$	6,850
	Trade accounts payable			28,396			38,842
	Deferred revenue			7,880			9,098
	Accrued expenses			26,084			28,473
		Total current liabilities		72,513			83,263

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion				3,949			4,062
DEFERRED REVENUE				4,504			5,355
DEFERRED RENT				4,720			4,870
OTHER LONG-TERM LIABILITIES				38			3,091
		Total liabilities		85,724			100,641


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; 17,266,523 and 17,047,093 shares issued at March 31, 2015 and December 31, 2014, respectively; and 17,233,056 and 17,013,626 shares outstanding as of March 31, 2015 and December 31, 2014, respectively			17			17
	Additional paid-in capital			130,233			129,457
	Accumulated deficit			(91,619	)		(89,926	)
	Accumulated other comprehensive income			(224	)		682
	Treasury stock at cost, 33,467 shares			(125	)		(125	)
		Total shareholders' equity		38,282			40,105
		Total liabilities and shareholders' equity	$	124,006		$	140,746

(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, 2014.

PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations (A)
(In Thousands, Except Per Share Data)

				Three Months Ended
				March 31,
				2015			2014
REVENUES:
	Product revenue, net			$	16,654		$	21,722
	Service fee revenue				36,708			27,598
	Pass-thru revenue				10,484			7,909
			Total revenues		63,846			57,229

COSTS OF REVENUES:
	Cost of product revenue				15,708			20,516
	Cost of service fee revenue				25,155			19,220
	Cost of pass-thru revenue				10,484			7,909
			Total costs of revenues		51,347			47,645
			Gross profit		12,499			9,584
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES					13,614			11,022
		Income (loss) from operations			(1,115	)		(1,438	)
INTEREST EXPENSE (INCOME), NET					318			143
		Income (loss) before income taxes			(1,433	)		(1,581	)
INCOME TAX PROVISION (BENEFIT)					260			229
NET INCOME (LOSS)				$	(1,693	)	$	(1,810	)
NON-GAAP NET INCOME (LOSS)				$	130		$	(1,016	)

NET INCOME (LOSS) PER SHARE:
	Basic			$	(0.10	)	$	(0.11	)
	Diluted			$	(0.10	)	$	(0.11	)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
	Basic				17,144			16,522
	Diluted				17,144			16,522

EBITDA				$	2,140		$	1,452
ADJUSTED EBITDA				$	3,723		$	2,246

(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, 2014.

PFSweb, Inc. and Subsidiaries
Reconciliation of certain Non-GAAP Items to GAAP
(In Thousands, Except Per Share Data)

				Three Months Ended
				March 31,
				2015			2014

NET INCOME (LOSS)				$	(1,693	)	$	(1,810	)
			Income tax expense (benefit)		260			229
			Interest expense, net		318			143
			Depreciation and amortization		3,255			2,890
EBITDA				$	2,140		$	1,452
			Stock-based compensation		804			794
			Acquisition related and restructuring costs		779			-
ADJUSTED EBITDA				$	3,723		$	2,246



				Three Months Ended
				March 31,
				2015			2014

NET INCOME (LOSS)				$	(1,693	)	$	(1,810	)
		Stock-based compensation			804			794
		Amortization of intangible assets			240			-
		Acquisition related and restructuring costs			779			-
NON-GAAP NET INCOME (LOSS)				$	130		$	(1,016	)

NET INCOME (LOSS) PER SHARE:
	Basic			$	(0.10	)	$	(0.11	)
	Diluted			$	(0.10	)	$	(0.11	)

NON-GAAP NET INCOME (LOSS) Per Share:
	Basic			$	0.01		$	(0.06	)
	Diluted			$	0.01		$	(0.06	)




				Three Months Ended
				March 31,
				2015			2014

TOTAL REVENUES				$	63,846		$	57,229
	Pass-thru revenue				(10,484	)		(7,909	)
	Cost of product revenue				(15,708	)		(20,516	)
SERVICE FEE EQUIVALENT REVENUE				$	37,654		$	28,804

PFSweb, Inc. and Subsidiaries
Unaudited Consolidating Statements of Operations
For the Three Months Ended March 31, 2015
(In Thousands)

							Business &
				PFSweb			Retail Connect		Eliminations			Consolidated
REVENUES:
	Product revenue, net			$	-		$	16,654	$	-		$	16,654
	Service fee revenue				32,732			3,976		-			36,708
	Service fee revenue - affiliate				3,493			204		(3,697	)		-
	Pass-thru revenue				10,484			-		-			10,484
			Total revenues		46,709			20,834		(3,697	)		63,846

COSTS OF REVENUES:
	Cost of product revenue				-			15,708		-			15,708
	Cost of service fee revenue				24,657			3,946		(3,448	)		25,155
	Cost of pass-thru revenue				10,484			-		-			10,484
			Total costs of revenues		35,141			19,654		(3,448	)		51,347
			Gross profit		11,568			1,180		(249	)		12,499
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES					13,230			633		(249	)		13,614
		Income (loss) from operations			(1,662	)		547		-			(1,115	)
INTEREST EXPENSE (INCOME), NET					206			112		-			318
		Income (loss) before income taxes			(1,868	)		435		-			(1,433	)
INCOME TAX PROVISION (BENEFIT)					106			154		-			260
NET INCOME (LOSS)				$	(1,974	)	$	281	$	-		$	(1,693	)
NON-GAAP NET INCOME (LOSS)				$	(151	)	$	281	$	-		$	130

EBITDA				$	1,569		$	571	$	-		$	2,140
ADJUSTED EBITDA				$	3,152		$	571	$	-		$	3,723



A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows:

NET INCOME (LOSS)				$	(1,974	)	$	281	$	-			(1,693	)
		Income tax expense (benefit)			106			154		-			260
		Interest expense (income), net			206			112		-			318
		Depreciation and amortization			3,231			24		-			3,255
EBITDA				$	1,569		$	571	$	-		$	2,140
		Stock-based compensation			804			-		-			804
		Acquisition related and restructuring costs			779			-		-			779
ADJUSTED EBITDA				$	3,152		$	571	$	-		$	3,723

A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows:

NET INCOME (LOSS)				$	(1,974	)	$	281	$	-		$	(1,693	)
		Stock-based compensation			804			-		-			804
		Amortization of intangible assets			240			-		-			240
		Acquisition related and restructuring costs			779			-		-			779
NON-GAAP NET INCOME (LOSS)				$	(151	)	$	281	$	-		$	130

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, Inc. and Subsidiaries
Unaudited Consolidating Statements of Operations
For the Three Months Ended March 31, 2014
(In Thousands)

							Business &
				PFSweb			Retail Connect		Eliminations			Consolidated
REVENUES:
	Product revenue, net			$	-		$	21,722	$	-		$	21,722
	Service fee revenue				24,153			3,445		-			27,598
	Service fee revenue - affiliate				3,690			615		(4,305	)		-
	Pass-thru revenue				7,909			-		-			7,909
			Total revenues		35,752			25,782		(4,305	)		57,229

COSTS OF REVENUES:
	Cost of product revenue				-			20,516		-			20,516
	Cost of service fee revenue				19,520			3,615		(3,915	)		19,220
	Cost of pass-thru revenue				7,909			-		-			7,909
			Total costs of revenues		27,429			24,131		(3,915	)		47,645
			Gross profit		8,323			1,651		(390	)		9,584
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES					10,176			1,236		(390	)		11,022
		Income (loss) from operations			(1,853	)		415		-			(1,438	)
INTEREST EXPENSE (INCOME), NET					(2	)		145		-			143
		Income (loss) before income taxes			(1,851	)		270		-			(1,581	)
INCOME TAX PROVISION (BENEFIT)					132			97		-			229
NET INCOME (LOSS)				$	(1,983	)	$	173	$	-		$	(1,810	)
NON-GAAP NET INCOME (LOSS)				$	(1,189	)	$	173	$	-		$	(1,016	)

EBITDA				$	994		$	458	$	-		$	1,452
ADJUSTED EBITDA				$	1,788		$	458	$	-		$	2,246



A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows:

NET INCOME (LOSS)				$	(1,983	)	$	173	$	-			(1,810	)
	Income tax expense (benefit)				132			97		-			229
	Interest expense (income), net				(2	)		145		-			143
	Depreciation and amortization				2,847			43		-			2,890
EBITDA				$	994		$	458	$	-		$	1,452
	Stock-based compensation				794			-		-			794
ADJUSTED EBITDA				$	1,788		$	458	$	-		$	2,246

A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows:

NET INCOME (LOSS)				$	(1,983	)	$	173	$	-		$	(1,810	)
	Stock-based compensation				794			-		-			794
NON-GAAP NET INCOME (LOSS)				$	(1,189	)	$	173	$	-		$	(1,016	)

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, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of March 31, 2015
(In Thousands)

						Business &
			PFSweb			Retail Connect			Eliminations			Consolidated

ASSETS
CURRENT ASSETS:
	Cash and cash equivalents		$	8,319		$	6,451		$	-		$	14,770
	Restricted cash			-			293			-			293
	Accounts receivable, net			34,385			16,390			(351	)		50,424
	Inventories, net			-			9,852			-			9,852
	Other receivables			3			5,416			-			5,419
	Prepaid expenses and other current assets			4,755			878			-			5,633
		Total current assets		47,462			39,280			(351	)		86,391

PROPERTY AND EQUIPMENT, net				24,996			70			-			25,066
RECEIVABLE/INVESTMENT IN AFFILIATES				9,533			-			(9,533	)		-
INTANGIBLE ASSETS, net				1,940			-			-			1,940
GOODWILL				8,366			-			-			8,366
OTHER ASSETS				2,236			7			-			2,243
		Total assets		94,533			39,357			(9,884	)		124,006

LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
	Current portion of long-term debt and capital lease obligations		$	6,520		$	3,633		$	-		$	10,153
	Trade accounts payable			7,027			21,720			(351	)		28,396
	Deferred revenue			7,880			-			-			7,880
	Accrued expenses			21,756			4,328			-			26,084
		Total current liabilities		43,183			29,681			(351	)		72,513

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion				3,949			-			-			3,949
PAYABLE TO AFFILIATES				-			22,045			(22,045	)		-
DEFERRED REVENUE				4,504			-			-			4,504
DEFERRED RENT				4,720			-			-			4,720
OTHER LONG-TERM LIABILITIES				38			-			-			38
		Total liabilities		56,394			51,726			(22,396	)		85,724


COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
	Common stock			17			19			(19	)		17
	Capital contributions			-			1,000			(1,000	)		-
	Additional paid-in capital			130,233			28,060			(28,060	)		130,233
	Retained earnings (accumulated deficit)			(91,753	)		(42,531	)		42,665			(91,619	)
	Accumulated other comprehensive income			(233	)		1,083			(1,074	)		(224	)
	Treasury stock			(125	)		-			-			(125	)
		Total shareholders' equity		38,139			(12,369	)		12,512			38,282
		Total liabilities and shareholders' equity	$	94,533		$	39,357		$	(9,884	)	$	124,006

(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, 2014.

PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of December 31, 2014
(In Thousands)

						Business &
			PFSweb			Retail Connect			Eliminations			Consolidated

ASSETS
CURRENT ASSETS:
	Cash and cash equivalents		$	6,671		$	11,457		$	-		$	18,128
	Restricted cash			-			521			-			521
	Accounts receivable, net			42,081			18,415			(1,370	)		59,126
	Inventories, net			-			10,534			-			10,534
	Other receivables			-			5,638			-			5,638
	Prepaid expenses and other current assets			6,141			962			-			7,103
		Total current assets		54,893			47,527			(1,370	)		101,050

PROPERTY AND EQUIPMENT, net				26,478			126			-			26,604
RECEIVABLE/INVESTMENT IN AFFILIATES				9,938			-			(9,938	)		-
INTANGIBLE ASSETS, net				2,170			-			-			2,170
GOODWILL				8,366			-			-			8,366
OTHER ASSETS				2,527			29			-			2,556
		Total assets		104,372			47,682			(11,308	)		140,746

LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
	Current portion of long-term debt and capital lease obligations		$	3,583		$	3,267		$	-		$	6,850
	Trade accounts payable			13,001			27,211			(1,370	)		38,842
	Deferred revenue			9,098			-			-			9,098
	Accrued expenses			21,338			7,135			-			28,473
		Total current liabilities		47,020			37,613			(1,370	)		83,263

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion				4,062			-			-			4,062
PAYABLE TO AFFILIATES				-			22,045			(22,045	)		-
DEFERRED REVENUE				5,355			-			-			5,355
DEFERRED RENT				4,870			-			-			4,870
OTHER LONG-TERM LIABILITIES				3,091			-			-			3,091
		Total liabilities		64,398			59,658			(23,415	)		100,641


COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
	Common stock			17			19			(19	)		17
	Capital contributions			-			1,000			(1,000	)		-
	Additional paid-in capital			129,457			28,060			(28,060	)		129,457
	Retained earnings (accumulated deficit)			(90,061	)		(42,711	)		42,846			(89,926	)
	Accumulated other comprehensive income			686			1,656			(1,660	)		682
	Treasury stock			(125	)		-			-			(125	)
		Total shareholders' equity		39,974			(11,976	)		12,107			40,105
		Total liabilities and shareholders' equity	$	104,372		$	47,682		$	(11,308	)	$	140,746

(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, 2014.

Company Contact:

Michael C. Willoughby
Chief Executive Officer
or
Thomas J. Madden
Chief Financial Officer
Tel 972-881-2900

Investor Relations:
Liolios Group Inc.
Scott Liolios or Sean Mansouri
Tel 949-574-3860
Email Contact

Source: PFSweb, Inc.

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