PFSweb Reports First Quarter 2016 Results

<< Back

PFSweb Reports First Quarter 2016 Results

PFSweb Reports First Quarter 2016 Results 70.7 KB

ALLEN, TX -- (Marketwired) -- 05/09/16 -- PFSweb, Inc. (NASDAQ: PFSW), a global commerce service provider, reported results for the first quarter ended March 31, 2016.

First Quarter 2016 Highlights vs. Same Year-Ago Quarter

Total revenues increased 18% to $75.1 million
Service fee equivalent revenue (a non-GAAP measure defined below) increased 33% to a Q1 record $50.0 million
Service fee gross margin increased 310 basis points to 34.6%
Adjusted EBITDA (a non-GAAP measure defined below) increased to $3.8 million

Management Commentary
"The momentum from our record 2015 has carried into the first quarter of 2016," said Mike Willoughby, CEO of PFSweb. "Our Q1 record revenue was driven by growth across all of our core service offerings -- agency, technology and omni-channel operations-, including the benefit from last year's acquisitions of CrossView and Moda. We also continued to leverage our newly launched consulting practice during the quarter, which enhances our positioning earlier in the client sales cycle.

"Our incremental investments in sales, marketing and infrastructure resources in 2016 are beginning to yield results. We continue to believe that our full end-to-end service offering, with integration and support capabilities across all five major enterprise level technology platforms, is a differentiator for us in the marketplace and positions us well to be a valued, strategic partner for our clients.

"For the remainder of 2016, we are targeting to continue to drive growth across our operations and professional service offerings to capitalize on our large and growing addressable market. We also remain in the early innings of leveraging our B2B capabilities, and we continue to believe this underserved portion of the market is a sizeable opportunity for our company. Most importantly, we plan to continue executing for our clients and enabling them to maximize online sales, which we believe will drive the most enhanced value for our stockholders."

First Quarter 2016 Financial Results

Total revenues in the first quarter of 2016 increased 18% to $75.1 million compared to $63.8 million in the same period of 2015. Service fee revenue in the first quarter increased 34% to $49.3 million compared to $36.7 million last year. Product revenue was $13.6 million compared to $16.7 million in the same period of 2015 due to ongoing restructuring activities by the company's last remaining client in this segment and their discontinuation of certain product lines.

Service fee equivalent revenue increased 33% to a first quarter record $50.0 million compared to $37.7 million in the year-ago quarter, driven by both new and expanded client relationships, as well as approximately $8.2 million of service fees generated in the first quarter of 2016 by the company's CrossView and Moda subsidiaries which were acquired midyear 2015.

Service fee gross margin in the first quarter of 2016 increased 310 basis points to 34.6% compared to 31.5% in the same period of 2015. The increase was due to a higher proportion of agency and technology services in the first quarter of 2016, in part due to the benefit from the Moda and CrossView acquisitions.

Adjusted EBITDA increased slightly to $3.8 million compared to $3.7 million in the same period of 2015. As a percentage of service fee equivalent revenue, adjusted EBITDA was 7.5% compared to 9.9% in the year-ago quarter. The decline in adjusted EBITDA margin was anticipated and driven by increased investment in sales, marketing and infrastructure resources to support our targeted future growth.

Net loss in the first quarter of 2016 improved to $0.8 million or $(0.04) per share, compared to a net loss of $1.7 million or $(0.10) per share in the same period of 2015. Net loss in the first quarter of 2016 included $0.8 million in amortization of acquisition-related intangible assets, $0.8 million in stock-based compensation expense, and a $0.8 million benefit from acquisition-related, restructuring and other income. This compares to $0.2 million in amortization of acquisition-related intangible assets, $0.8 million in stock-based compensation expense and $0.8 million in acquisition-related, restructuring and other costs in the same period of 2015.

Non-GAAP net income (a non-GAAP measure defined below) in the first quarter of 2016 was $41,000 or $0.00 per diluted share, compared to $130,000 or $0.01 per diluted share in the first quarter of 2015.

At March 31, 2016, cash and cash equivalents was $15.6 million compared to $21.8 million at December 31, 2015. Total debt was $37.0 million compared to $35.4 million at December 31, 2015.

2016 Outlook

PFSweb is reiterating its target for 2016 service fee equivalent revenue to range between $220 million and $230 million, reflecting growth of 19% to 24% from 2015. The company is also reiterating its target for adjusted EBITDA to range between $23 million to $25 million, up 11% to 21% from 2015. This adjusted EBITDA target includes the expected impact of incremental sales and marketing expenditures as well as other infrastructure expenditures to support the company's targeted future growth.

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, 2016.

CEO Michael Willoughby and CFO Tom Madden will host the conference call, followed by a question and answer period.

Date: Monday, May 9, 2016
Time: 5:00 p.m. Eastern Time (4:00 p.m. Central time)
Toll-free dial-in number: 1-888-503-8169
International dial-in number: 1-719-325-2354
Conference ID: 8424190

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 at 1-949-574-3860.

The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=119472 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 23, 2016.

Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 8424190

About PFSweb, Inc.
PFSweb (NASDAQ: PFSW) is a global commerce service provider of solutions including digital strategy consulting, 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, ASICS, Roots Canada Ltd., PANDORA, Diageo, BCBGMAXAZRIA, ROKA Sports, 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, Ohio, North Carolina, 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, restructuring and other costs and the amortization of acquisition-related intangible assets.

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

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, restructuring and other costs and amortization of acquisition-related intangible assets 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, 2015 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)

			(Unaudited)
			March 31,			December 31,
			2016			2015

ASSETS
CURRENT ASSETS:
	Cash and cash equivalents		$	15,636		$	21,781
	Restricted cash			224			275
	Accounts receivable, net of allowance for doubtful accounts of $558 and $600 at March 31, 2016 and December 31, 2015, respectively			59,971			70,700
	Inventories, net of reserves of $599 and $739 at March 31, 2016 and December 31, 2015, respectively			8,433			9,262
	Other receivables			6,615			8,704
	Prepaid expenses and other current assets			5,997			5,662
		Total current assets		96,876			116,384

PROPERTY AND EQUIPMENT, net				23,670			24,093
INTANGIBLE ASSETS, net				7,962			8,810
GOODWILL				39,829			39,829
OTHER ASSETS				2,199			2,174
		Total assets		170,536			191,290

LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
	Current portion of long-term debt and capital lease obligations		$	6,267		$	3,153
	Trade accounts payable			35,214			51,170
	Deferred revenue			6,499			7,390
	Performance-based contingent payments			11,440			11,679
	Accrued expenses			26,174			30,563
		Total current liabilities		85,594			103,955

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion				30,683			32,238
DEFERRED REVENUE				4,496			4,499
DEFERRED RENT				4,343			4,362
OTHER LONG-TERM LIABILITIES				1,570			2,478
		Total liabilities		126,686			147,532


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; 18,345,243 and 18,136,218 shares issued at March 31, 2016 and December 31, 2015, respectively; and 18,311,776 and 18,012,751 shares outstanding as of March 31, 2016 and December 31, 2015, respectively			18			18
	Additional paid-in capital			142,149			141,948
	Accumulated deficit			(98,539	)		(97,787	)
	Accumulated other comprehensive income			347			(296	)
	Treasury stock at cost, 33,467 shares			(125	)		(125	)
		Total shareholders' equity		43,850			43,758
		Total liabilities and shareholders' equity	$	170,536		$	191,290


(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, 2015.



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

				Three Months Ended
				March 31,
				2016			2015
REVENUES:
	Service fee revenue			$	49,318		$	36,708
	Product revenue, net				13,607			16,654
	Pass-thru revenue				12,155			10,484
			Total revenues		75,080			63,846

COSTS OF REVENUES:
	Cost of service fee revenue				32,274			25,155
	Cost of product revenue				12,903			15,708
	Cost of pass-thru revenue				12,155			10,484
			Total costs of revenues		57,332			51,347
			Gross profit		17,748			12,499
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES					17,550			13,614
		Income (loss) from operations			198			(1,115	)
INTEREST EXPENSE (INCOME), NET					484			318
		Income (loss) before income taxes			(286	)		(1,433	)
INCOME TAX PROVISION (BENEFIT)					466			260
NET INCOME (LOSS)				$	(752	)	$	(1,693	)
NON-GAAP NET INCOME (LOSS)				$	41		$	130

NET INCOME (LOSS) PER SHARE:
	Basic			$	(0.04	)	$	(0.10	)
	Diluted			$	(0.04	)	$	(0.10	)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
	Basic				18,325			17,144
	Diluted				18,325			17,144

EBITDA				$	3,801		$	2,140
ADJUSTED EBITDA				$	3,750		$	3,723


(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, 2015.



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

			Three Months Ended
			March 31,
			2016			2015

NET INCOME (LOSS)			$	(752	)	$	(1,693	)
		Income tax expense (benefit)		466			260
		Interest expense, net		484			318
		Depreciation and amortization		3,603			3,255
EBITDA			$	3,801		$	2,140
		Stock-based compensation		766			804
		Acquisition related, restructuring and other (income) costs		(817	)		779
ADJUSTED EBITDA			$	3,750		$	3,723


			Three Months Ended
			March 31,
			2016			2015

NET INCOME (LOSS)			$	(752	)	$	(1,693	)
		Stock-based compensation		766			804
		Amortization of acquisition-related intangible assets		844			240
		Acquisition related, restructuring and other (income) costs		(817	)		779
NON-GAAP NET INCOME (LOSS)			$	41		$	130

NET INCOME (LOSS) PER SHARE:
	Basic		$	(0.04	)	$	(0.10	)
	Diluted		$	(0.04	)	$	(0.10	)

NON-GAAP NET INCOME (LOSS) Per Share:
	Basic		$	0.00		$	0.01
	Diluted		$	0.00		$	0.01


			Three Months Ended
			March 31,
			2016			2015

TOTAL REVENUES			$	75,080		$	63,846
	Pass-thru revenue			(12,155	)		(10,484	)
	Cost of product revenue			(12,905	)		(15,708	)
SERVICE FEE EQUIVALENT REVENUE			$	50,020		$	37,654




PFSweb, Inc. and Subsidiaries
Unaudited Consolidating Statements of Operations
For the Three Months Ended March 31, 2016
(In Thousands)

				PFSweb			Business & Retail Connect		Eliminations			Consolidated
REVENUES:
	Service fee revenue			$	45,216		$	4,102	$	-		$	49,318
	Service fee revenue - affiliate				3,617			235		(3,852	)		-
	Product revenue, net				-			13,607		-			13,607
	Pass-thru revenue				12,155			-		-			12,155
			Total revenues		60,988			17,944		(3,852	)		75,080

COSTS OF REVENUES:
	Cost of service fee revenue				31,467			3,986		(3,179	)		32,274
	Cost of product revenue				-			12,903		-			12,903
	Cost of pass-thru revenue				12,155			-		-			12,155
			Total costs of revenues		43,622			16,889		(3,179	)		57,332
			Gross profit		17,366			1,055		(673	)		17,748
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES					17,663			560		(673	)		17,550
		Income (loss) from operations			(297	)		495		-			198
INTEREST EXPENSE (INCOME), NET					394			90		-			484
		Income (loss) before income taxes			(691	)		405		-			(286	)
INCOME TAX PROVISION (BENEFIT)					326			140		-			466
NET INCOME (LOSS)				$	(1,017	)	$	265	$	-		$	(752	)
NON-GAAP NET INCOME (LOSS)				$	(224	)	$	265	$	-		$	41

EBITDA				$	3,300		$	501	$	-		$	3,801
ADJUSTED EBITDA				$	3,249		$	501	$	-		$	3,750


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

NET INCOME (LOSS)				$	(1,017	)	$	265	$	-			(752	)
		Income tax expense (benefit)			326			140		-			466
		Interest expense (income), net			394			90		-			484
		Depreciation and amortization			2,753			6		-			2,759
		Amortization of acquisition-related intangible assets			844			-		-			844
EBITDA				$	3,300		$	501	$	-		$	3,801
		Stock-based compensation			766			-		-			766
		Acquisition related, restructuring and other income			(817	)		-		-			(817	)
ADJUSTED EBITDA				$	3,249		$	501	$	-		$	3,750

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

NET INCOME (LOSS)				$	(1,017	)	$	265	$	-		$	(752	)
		Stock-based compensation			766			-		-			766
		Amortization of acquisition-related intangible assets			844			-		-			844
		Acquisition related, restructuring and other income			(817	)		-		-			(817	)
NON-GAAP NET INCOME (LOSS)				$	(224	)	$	265	$	-		$	41

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, 2015
(In Thousands)

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

COSTS OF REVENUES:
	Cost of service fee revenue				24,657			3,946		(3,448	)		25,155
	Cost of product revenue				-			15,708		-			15,708
	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			2,991			24		-			3,015
		Amortization of acquisition-related intangible assets			240			-		-			240
EBITDA				$	1,569		$	571	$	-		$	2,140
		Stock-based compensation			804			-		-			804
		Acquisition related, restructuring and other 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 acquisition-related intangible assets			240			-		-			240
		Acquisition related, restructuring and other 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 Condensed Consolidating Balance Sheets
as of March 31, 2016
(In Thousands)

			PFSweb			Business & Retail Connect			Eliminations			Consolidated
ASSETS
CURRENT ASSETS:
	Cash and cash equivalents		$	8,481		$	7,155		$	-		$	15,636
	Restricted cash			-			224			-			224
	Accounts receivable, net			42,928			17,795			(752	)		59,971
	Inventories, net			-			8,433			-			8,433
	Other receivables			662			5,953			-			6,615
	Prepaid expenses and other current assets			5,152			845			-			5,997
		Total current assets		57,223			40,405			(752	)		96,876

PROPERTY AND EQUIPMENT, net				23,648			22			-			23,670
RECEIVABLE/INVESTMENT IN AFFILIATES				10,906			-			(10,906	)		-
INTANGIBLE ASSETS, net				7,962			-			-			7,962
GOODWILL				39,829			-			-			39,829
OTHER ASSETS				2,199			-			-			2,199
		Total assets		141,767			40,427			(11,658	)		170,536

LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
	Current portion of long-term debt and capital lease obligations		$	6,267		$	-		$	-		$	6,267
	Trade accounts payable			9,027			26,939			(752	)		35,214
	Deferred revenue			6,499			-			-			6,499
	Performance-based contingent payments			11,440			-			-			11,440
	Accrued expenses			23,389			2,785			-			26,174
		Total current liabilities		56,622			29,724			(752	)		85,594

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion				30,683			-			-			30,683
PAYABLE TO AFFILIATES				-			23,545			(23,545	)		-
DEFERRED REVENUE				4,496			-			-			4,496
DEFERRED RENT				4,343			-			-			4,343
OTHER LONG-TERM LIABILITIES				1,570			-			-			1,570
		Total liabilities		97,714			53,269			(24,297	)		126,686


COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
	Common stock			18			19			(19	)		18
	Capital contributions			-			1,000			(1,000	)		-
	Additional paid-in capital			142,149			28,060			(28,060	)		142,149
	Retained earnings (accumulated deficit)			(98,359	)		(43,250	)		43,070			(98,539	)
	Accumulated other comprehensive income			370			1,329			(1,352	)		347
	Treasury stock			(125	)		-			-			(125	)
		Total shareholders' equity		44,053			(12,842	)		12,639			43,850
		Total liabilities and shareholders' equity	$	141,767		$	40,427		$	(11,658	)	$	170,536


(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, 2015.


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

			PFSweb			Business & Retail Connect			Eliminations			Consolidated
ASSETS
CURRENT ASSETS:
	Cash and cash equivalents		$	7,962		$	13,819		$	-		$	21,781
	Restricted cash			51			224			-			275
	Accounts receivable, net			51,231			20,348			(879	)		70,700
	Inventories, net			-			9,262			-			9,262
	Other receivables			2,621			6,083			-			8,704
	Prepaid expenses and other current assets			4,744			918			-			5,662
		Total current assets		66,609			50,654			(879	)		116,384

PROPERTY AND EQUIPMENT, net				24,065			28			-			24,093
RECEIVABLE/INVESTMENT IN AFFILIATES				9,577			-			(9,577	)		-
INTANGIBLE ASSETS, net				8,810			-			-			8,810
GOODWILL				39,829			-			-			39,829
OTHER ASSETS				2,174			-			-			2,174
		Total assets		151,064			50,682			(10,456	)		191,290

LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
	Current portion of long-term debt and capital lease obligations		$	3,153		$	-		$	-		$	3,153
	Trade accounts payable			15,329			36,710			(869	)		51,170
	Deferred revenue			7,390			-			-			7,390
	Performance-based contingent payments			11,679			-			-			11,679
	Accrued expenses			26,015			4,558			(10	)		30,563
		Total current liabilities		63,566			41,268			(879	)		103,955

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion				32,238			-			-			32,238
PAYABLE TO AFFILIATES				-			22,056			(22,056	)		-
DEFERRED REVENUE				4,499			-			-			4,499
DEFERRED RENT				4,362			-			-			4,362
OTHER LONG-TERM LIABILITIES				2,478			-			-			2,478
		Total liabilities		107,143			63,324			(22,935	)		147,532


COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
	Common stock			18			19			(19	)		18
	Capital contributions			-			1,000			(1,000	)		-
	Additional paid-in capital			141,948			28,060			(28,060	)		141,948
	Retained earnings (accumulated deficit)			(97,616	)		(42,827	)		42,656			(97,787	)
	Accumulated other comprehensive income			(304	)		1,106			(1,098	)		(296	)
	Treasury stock			(125	)		-			-			(125	)
		Total shareholders' equity		43,921			(12,642	)		12,479			43,758
		Total liabilities and shareholders' equity	$	151,064		$	50,682		$	(10,456	)	$	191,290


(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, 2015.

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

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

Source: PFSweb, Inc.

News Provided by Acquire Media

Press Release

PFSweb Reports First Quarter 2016 Results

Search Investor Relations