Delaware | 000-28275 | 75-2837058 | ||
(STATE OR OTHER JURISDICTION | (COMMISSION FILE NUMBER) | (IRS EMPLOYER | ||
OF INCORPORATION) | IDENTIFICATION NO.) |
Exhibit No. | Description | |
99.1
|
Press Release Issued March 23, 2011 |
PFSweb, Inc. |
||||
Dated: March 24, 2011 | By: | /s/ Thomas J. Madden | ||
Thomas J. Madden | ||||
Executive Vice President, Chief Financial and Accounting Officer | ||||
Contact: |
||
Mark C. Layton
|
Todd Fromer / Garth Russell | |
Chief Executive Officer
|
Investor Relations | |
or Thomas J. Madden
|
KCSA Strategic Communications | |
Chief Financial Officer
|
(212) 896-1215 / (212) 896-1250 | |
(972) 881-2900
|
tfromer@kcsa.com / grussell@kcsa.com |
| Total revenue increased to $76.3 million for the fourth quarter of 2010 compared to $72.8 million for fourth quarter of 2009; | ||
| Service Fee revenue increased more than 35% to $21.7 million, compared with $16.0 million for the same period in 2009; |
| Adjusted EBITDA (as defined) was $2.6 million versus $0.6 million for the fourth quarter of 2009; | ||
| Net loss was $2.7 million, or $0.22 per basic and diluted share, compared to net loss of $0.9 million, or $0.10 per basic and diluted share, for the fourth quarter of 2009. Net loss for the fourth quarter of 2010 included a $3.2 million loss from discontinued operations related to eCOST.com. Net loss for the fourth quarter of 2009 included $0.4 million income from discontinued operations related to eCOST.com; | ||
| Non-GAAP net income (as defined) was $0.7 million, or $0.05 per basic and diluted share, compared to a non-GAAP net loss of $1.3 million, or $0.13 per basic and diluted share, for the fourth quarter of 2009; | ||
| Total cash, cash equivalents and restricted cash was $20.3 million as of December 31, 2010 compared to $16.9 million as of December 31, 2009. |
| Total reported revenue was $274.5 million compared to $267.9 million for the year ended December 31, 2009; | ||
| Service Fee revenue increased 20.5% to $70.6 million, compared with $58.6 million for the same period in 2009; | ||
| Adjusted EBITDA (as defined) was $5.5 million compared to $3.5 million for the year ended December 31, 2009; | ||
| Net loss was $7.4 million, or $0.65 per basic and diluted share, compared to net loss of $4.6 million, or $0.46 per basic and diluted share, for the year ended December 31, 2009. Net loss for 2010 included a $4.0 million loss from discontinued operations related to eCOST.com. Net loss for 2009 included $0.3 million income from discontinued operations applicable to eCOST.com; | ||
| Non-GAAP net loss was $1.9 million, or $0.17 per basic and diluted share, compared to non-GAAP net loss of $4.5 million, or $0.45 per basic and diluted share, for the year ended December 31, 2009. |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
REVENUES: |
||||||||||||||||
Product revenue, net |
$ | 46,021 | $ | 47,288 | $ | 174,613 | $ | 183,008 | ||||||||
Service fee revenue |
21,688 | 16,015 | 70,636 | 58,619 | ||||||||||||
Pass-thru revenue |
8,605 | 9,517 | 29,267 | 26,265 | ||||||||||||
Total revenues |
76,314 | 72,820 | 274,516 | 267,892 | ||||||||||||
COSTS OF REVENUES: |
||||||||||||||||
Cost of product revenue |
43,108 | 44,048 | 162,485 | 168,864 | ||||||||||||
Cost of service fee revenue |
15,722 | 11,492 | 51,144 | 41,898 | ||||||||||||
Cost of pass-thru revenue |
8,605 | 9,517 | 29,267 | 26,265 | ||||||||||||
Total costs of revenues |
67,435 | 65,057 | 242,896 | 237,027 | ||||||||||||
Gross profit |
8,879 | 7,763 | 31,620 | 30,865 | ||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
8,020 | 8,844 | 33,611 | 34,270 | ||||||||||||
Income (loss) from operations |
859 | (1,081 | ) | (1,991 | ) | (3,405 | ) | |||||||||
INTEREST EXPENSE, NET |
202 | 233 | 940 | 1,186 | ||||||||||||
Income (loss) before income taxes |
657 | (1,314 | ) | (2,931 | ) | (4,591 | ) | |||||||||
INCOME TAX PROVISION (BENEFIT) |
210 | 60 | 463 | 321 | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS |
447 | (1,374 | ) | (3,394 | ) | (4,912 | ) | |||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX |
(3,192 | ) | 427 | (3,975 | ) | 342 | ||||||||||
NET LOSS |
$ | (2,745 | ) | $ | (947 | ) | $ | (7,369 | ) | $ | (4,570 | ) | ||||
NON-GAAP INCOME (LOSS) |
$ | 673 | $ | (1,276 | ) | $ | (1,935 | ) | $ | (4,505 | ) | |||||
NET LOSS PER SHARE: |
||||||||||||||||
Basic and Diluted |
$ | (0.22 | ) | $ | (0.10 | ) | $ | (0.65 | ) | $ | (0.46 | ) | ||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: |
||||||||||||||||
Basic and Diluted |
12,237 | 9,934 | 11,310 | 9,929 | ||||||||||||
EBITDA |
$ | 2,326 | $ | 497 | $ | 4,069 | $ | 3,139 | ||||||||
ADJUSTED EBITDA |
$ | 2,552 | $ | 595 | $ | 5,528 | $ | 3,546 | ||||||||
(A) | The financial data above should be read in conjunction with the audited consolidated financial statements of PFSweb, Inc. included in its Form 10-K for the year ended December 31, 2009. |
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
NET LOSS |
$ | (2,745 | ) | $ | (947 | ) | $ | (7,369 | ) | $ | (4,570 | ) | ||||
(Income) loss from discontinued operations, net of tax |
3,192 | (427 | ) | 3,975 | (342 | ) | ||||||||||
Income tax expense (benefit) |
210 | 60 | 463 | 321 | ||||||||||||
Interest expense |
202 | 233 | 940 | 1,186 | ||||||||||||
Depreciation and amortization |
1,467 | 1,578 | 6,060 | 6,544 | ||||||||||||
EBITDA |
$ | 2,326 | $ | 497 | $ | 4,069 | $ | 3,139 | ||||||||
Stock-based compensation |
226 | 98 | 809 | 407 | ||||||||||||
Executive disability benefits |
| | 650 | | ||||||||||||
ADJUSTED EBITDA |
$ | 2,552 | $ | 595 | $ | 5,528 | $ | 3,546 | ||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
NET LOSS |
$ | (2,745 | ) | $ | (947 | ) | $ | (7,369 | ) | $ | (4,570 | ) | ||||
(Income) loss from discontinued operations, net of tax |
3,192 | (427 | ) | 3,975 | (342 | ) | ||||||||||
Stock-based compensation |
226 | 98 | 809 | 407 | ||||||||||||
Executive disability benefits |
| | 650 | | ||||||||||||
NON-GAAP INCOME (LOSS) |
$ | 673 | $ | (1,276 | ) | $ | (1,935 | ) | $ | (4,505 | ) | |||||
NET LOSS PER SHARE: |
||||||||||||||||
Basic and Diluted |
$ | (0.22 | ) | $ | (0.10 | ) | $ | (0.65 | ) | $ | (0.46 | ) | ||||
NON-GAAP INCOME (LOSS) Per Share: |
||||||||||||||||
Basic and Diluted |
$ | 0.05 | $ | (0.13 | ) | $ | (0.17 | ) | $ | (0.45 | ) | |||||
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ | 18,430 | $ | 14,812 | ||||
Restricted cash |
1,853 | 2,096 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $754 and
$973 at December 31, 2010 and December 31, 2009, respectively |
41,438 | 39,861 | ||||||
Inventories, net of reserves of $1,561 and $1,760 at December 31, 2010 and
December 31, 2009, respectively |
35,161 | 33,577 | ||||||
Assets of discontinued operations |
2,776 | 4,372 | ||||||
Other receivables |
14,539 | 11,605 | ||||||
Prepaid expenses and other current assets |
3,580 | 4,170 | ||||||
Total current assets |
117,777 | 110,493 | ||||||
PROPERTY AND EQUIPMENT, net |
9,124 | 10,314 | ||||||
ASSETS OF DISCONTINUED OPERATIONS |
1,126 | 4,024 | ||||||
OTHER ASSETS |
2,203 | 2,938 | ||||||
Total assets |
130,230 | 127,769 | ||||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Current portion of long-term debt and capital lease obligations |
$ | 18,320 | $ | 19,179 | ||||
Trade accounts payable |
55,692 | 53,642 | ||||||
Deferred revenue |
5,254 | 5,164 | ||||||
Accrued expenses |
15,870 | 13,180 | ||||||
Total current liabilities |
95,136 | 91,165 | ||||||
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
2,136 | 3,348 | ||||||
OTHER LIABILITIES |
3,608 | 3,903 | ||||||
Total liabilities |
100,880 | 98,416 | ||||||
COMMITMENTS AND CONTINGENCIES |
||||||||
SHAREHOLDERS EQUITY: |
||||||||
Preferred stock, $1.00 par value; 1,000,000 shares authorized; none issued
and outstanding |
| | ||||||
Common stock, $.001 par value; 35,000,000 shares authorized;
12,255,064 and 9,952,164 shares issued at December 31, 2010 and
December 31, 2009, respectively; and 12,236,703 and 9,933,803
outstanding as of December 31, 2010 and December 31, 2009, respectively |
12 | 10 | ||||||
Additional paid-in capital |
101,229 | 93,152 | ||||||
Accumulated deficit |
(73,332 | ) | (65,963 | ) | ||||
Accumulated other comprehensive income |
1,526 | 2,239 | ||||||
Treasury stock at cost, 18,361 shares |
(85 | ) | (85 | ) | ||||
Total shareholders equity |
29,350 | 29,353 | ||||||
Total liabilities and shareholders equity |
$ | 130,230 | $ | 127,769 | ||||
Business & | ||||||||||||||||||||
PFSweb | Retail Connect | eCOST | Eliminations | Consolidated | ||||||||||||||||
REVENUES: |
||||||||||||||||||||
Product revenue, net |
$ | | $ | 45,622 | $ | | $ | | $ | 45,622 | ||||||||||
Service fee revenue |
15,979 | | | | 15,979 | |||||||||||||||
Service fee revenue affiliate |
1,700 | | | (1,700 | ) | | ||||||||||||||
Pass-thru revenue |
6,637 | | | (3 | ) | 6,634 | ||||||||||||||
Total revenues |
24,316 | 45,622 | | (1,703 | ) | 68,235 | ||||||||||||||
COSTS OF REVENUES: |
||||||||||||||||||||
Cost of product revenue |
| 42,362 | | | 42,362 | |||||||||||||||
Cost of service fee revenue |
12,101 | | | (647 | ) | 11,454 | ||||||||||||||
Cost of pass-thru revenue |
6,637 | | | (3 | ) | 6,634 | ||||||||||||||
Total costs of revenues |
18,738 | 42,362 | | (650 | ) | 60,450 | ||||||||||||||
Gross profit |
5,578 | 3,260 | | (1,053 | ) | 7,785 | ||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
7,400 | 2,261 | | (1,053 | ) | 8,608 | ||||||||||||||
Income (loss) from operations |
(1,822 | ) | 999 | | | (823 | ) | |||||||||||||
INTEREST EXPENSE (INCOME), NET |
(56 | ) | 310 | | | 254 | ||||||||||||||
Income (loss) before income taxes |
(1,766 | ) | 689 | | | (1,077 | ) | |||||||||||||
INCOME TAX PROVISION (BENEFIT) |
(130 | ) | 256 | | | 126 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS |
(1,636 | ) | 433 | | | (1,203 | ) | |||||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX |
| | (6 | ) | (6 | ) | ||||||||||||||
NET INCOME (LOSS) |
$ | (1,636 | ) | $ | 433 | $ | (6 | ) | $ | | $ | (1,209 | ) | |||||||
NON-GAAP NET INCOME (LOSS) |
$ | (1,540 | ) | $ | 433 | $ | | $ | | $ | (1,107 | ) | ||||||||
EBITDA |
$ | (276 | ) | $ | 1,007 | $ | | $ | | $ | 731 | |||||||||
ADJUSTED EBITDA |
$ | (180 | ) | $ | 1,007 | $ | | $ | | $ | 827 | |||||||||
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows: |
||||||||||||||||||||
NET INCOME (LOSS) |
$ | (1,636 | ) | $ | 433 | $ | (6 | ) | $ | | (1,209 | ) | ||||||||
(Income) loss from discontinued operations, net of tax |
| | 6 | | 6 | |||||||||||||||
Income tax expense (benefit) |
(130 | ) | 256 | | | 126 | ||||||||||||||
Interest expense (income) |
(56 | ) | 310 | | | 254 | ||||||||||||||
Depreciation and amortization |
1,546 | 8 | | | 1,554 | |||||||||||||||
EBITDA |
$ | (276 | ) | $ | 1,007 | $ | | $ | | $ | 731 | |||||||||
Stock-based compensation |
96 | | | | 96 | |||||||||||||||
ADJUSTED EBITDA |
$ | (180 | ) | $ | 1,007 | $ | | $ | | $ | 827 | |||||||||
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows: |
||||||||||||||||||||
NET INCOME (LOSS) |
$ | (1,636 | ) | $ | 433 | $ | (6 | ) | $ | | $ | (1,209 | ) | |||||||
(Income) loss from discontinued operations, net of tax |
| | 6 | | 6 | |||||||||||||||
Stock-based compensation |
96 | | | | 96 | |||||||||||||||
NON-GAAP NET INCOME (LOSS) |
$ | (1,540 | ) | $ | 433 | $ | | $ | | $ | (1,107 | ) | ||||||||
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 | ) | |||||||||||||
INCOME (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 | ) | ||||||||
(Income) 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 | ) | |||||||
(Income) loss from discontinued operations, net of tax |
| | 440 | | 440 | |||||||||||||||
Stock-based compensation |
262 | | | | 262 | |||||||||||||||
NON-GAAP NET INCOME (LOSS) |
$ | (1,114 | ) | $ | 321 | $ | | $ | | $ | (793 | ) | ||||||||
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 | ) | |||||||||||||
INCOME (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 | ) | ||||||||
(Income) 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 | ) | |||||||
(Income) 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 | ) | ||||||||
Business & | ||||||||||||||||||||
PFSweb | Retail Connect | eCOST | Eliminations | Consolidated | ||||||||||||||||
REVENUES: |
||||||||||||||||||||
Product revenue, net |
$ | | $ | 46,021 | $ | | $ | | $ | 46,021 | ||||||||||
Service fee revenue |
21,688 | | | | 21,688 | |||||||||||||||
Service fee revenue affiliate |
1,701 | | | (1,701 | ) | | ||||||||||||||
Pass-thru revenue |
8,612 | | | (7 | ) | 8,605 | ||||||||||||||
Total revenues |
32,001 | 46,021 | | (1,708 | ) | 76,314 | ||||||||||||||
COSTS OF REVENUES: |
||||||||||||||||||||
Cost of product revenue |
| 43,108 | | | 43,108 | |||||||||||||||
Cost of service fee revenue |
16,328 | | | (606 | ) | 15,722 | ||||||||||||||
Cost of pass-thru revenue |
8,612 | | | (7 | ) | 8,605 | ||||||||||||||
Total costs of revenues |
24,940 | 43,108 | | (613 | ) | 67,435 | ||||||||||||||
Gross profit |
7,061 | 2,913 | | (1,095 | ) | 8,879 | ||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
6,893 | 2,222 | | (1,095 | ) | 8,020 | ||||||||||||||
Income (loss) from operations |
168 | 691 | | | 859 | |||||||||||||||
INTEREST EXPENSE (INCOME), NET |
(79 | ) | 281 | | | 202 | ||||||||||||||
Income (loss) before income taxes |
247 | 410 | | | 657 | |||||||||||||||
INCOME TAX PROVISION (BENEFIT) |
51 | 159 | | | 210 | |||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS |
196 | 251 | | | 447 | |||||||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX |
| | (3,192 | ) | (3,192 | ) | ||||||||||||||
NET INCOME (LOSS) |
$ | 196 | $ | 251 | $ | (3,192 | ) | $ | | $ | (2,745 | ) | ||||||||
NON-GAAP NET INCOME (LOSS) |
$ | 422 | $ | 251 | $ | | $ | | $ | 673 | ||||||||||
EBITDA |
$ | 1,628 | $ | 698 | $ | | $ | | $ | 2,326 | ||||||||||
ADJUSTED EBITDA |
$ | 1,854 | $ | 698 | $ | | $ | | $ | 2,552 | ||||||||||
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows: |
||||||||||||||||||||
NET INCOME (LOSS) |
$ | 196 | $ | 251 | $ | (3,192 | ) | $ | | (2,745 | ) | |||||||||
(Income) loss from discontinued operations, net of tax |
| | 3,192 | | 3,192 | |||||||||||||||
Income tax expense (benefit) |
51 | 159 | | | 210 | |||||||||||||||
Interest expense (income) |
(79 | ) | 281 | | | 202 | ||||||||||||||
Depreciation and amortization |
1,460 | 7 | | 1,467 | ||||||||||||||||
EBITDA |
$ | 1,628 | $ | 698 | $ | | $ | | $ | 2,326 | ||||||||||
Stock-based compensation |
226 | | | | 226 | |||||||||||||||
ADJUSTED EBITDA |
$ | 1,854 | $ | 698 | $ | | $ | | $ | 2,552 | ||||||||||
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS)
follows: |
||||||||||||||||||||
NET INCOME (LOSS) |
$ | 196 | $ | 251 | $ | (3,192 | ) | $ | | $ | (2,745 | ) | ||||||||
(Income) loss from discontinued operations, net of tax |
| | 3,192 | | 3,192 | |||||||||||||||
Stock-based compensation |
226 | | | | 226 | |||||||||||||||
NON-GAAP NET INCOME (LOSS) |
$ | 422 | $ | 251 | $ | | $ | | $ | 673 | ||||||||||
Business & | ||||||||||||||||||||
PFSweb | Retail Connect | eCOST | Eliminations | Consolidated | ||||||||||||||||
REVENUES: |
||||||||||||||||||||
Product revenue, net |
$ | | $ | 174,613 | $ | | $ | | $ | 174,613 | ||||||||||
Service fee revenue |
70,636 | | | | 70,636 | |||||||||||||||
Service fee revenue affiliate |
6,622 | | | (6,622 | ) | | ||||||||||||||
Pass-thru revenue |
29,294 | | | (27 | ) | 29,267 | ||||||||||||||
Total revenues |
106,552 | 174,613 | | (6,649 | ) | 274,516 | ||||||||||||||
COSTS OF REVENUES: |
||||||||||||||||||||
Cost of product revenue |
| 162,485 | | | 162,485 | |||||||||||||||
Cost of service fee revenue |
53,543 | | | (2,399 | ) | 51,144 | ||||||||||||||
Cost of pass-thru revenue |
29,294 | | | (27 | ) | 29,267 | ||||||||||||||
Total costs of revenues |
82,837 | 162,485 | | (2,426 | ) | 242,896 | ||||||||||||||
Gross profit |
23,715 | 12,128 | | (4,223 | ) | 31,620 | ||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
29,158 | 8,676 | | (4,223 | ) | 33,611 | ||||||||||||||
Income (loss) from operations |
(5,443 | ) | 3,452 | | | (1,991 | ) | |||||||||||||
INTEREST EXPENSE (INCOME), NET |
(257 | ) | 1,197 | | | 940 | ||||||||||||||
Income (loss) before income taxes |
(5,186 | ) | 2,255 | | | (2,931 | ) | |||||||||||||
INCOME TAX PROVISION (BENEFIT) |
(355 | ) | 818 | | | 463 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS |
(4,831 | ) | 1,437 | | | (3,394 | ) | |||||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX |
| | (3,975 | ) | (3,975 | ) | ||||||||||||||
NET INCOME (LOSS) |
$ | (4,831 | ) | $ | 1,437 | $ | (3,975 | ) | $ | | $ | (7,369 | ) | |||||||
NON-GAAP NET INCOME (LOSS) |
$ | (3,372 | ) | $ | 1,437 | $ | | $ | | $ | (1,935 | ) | ||||||||
EBITDA |
$ | 589 | $ | 3,480 | $ | | $ | | $ | 4,069 | ||||||||||
ADJUSTED EBITDA |
$ | 2,048 | $ | 3,480 | $ | | $ | | $ | 5,528 | ||||||||||
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows: |
||||||||||||||||||||
NET INCOME (LOSS) |
$ | (4,831 | ) | $ | 1,437 | $ | (3,975 | ) | $ | | $ | (7,369 | ) | |||||||
(Income) loss from discontinued operations, net of tax |
| | 3,975 | | 3,975 | |||||||||||||||
Income tax expense (benefit) |
(355 | ) | 818 | | | 463 | ||||||||||||||
Interest expense (income) |
(257 | ) | 1,197 | | | 940 | ||||||||||||||
Depreciation and amortization |
6,032 | 28 | | 6,060 | ||||||||||||||||
EBITDA |
$ | 589 | $ | 3,480 | $ | | $ | | $ | 4,069 | ||||||||||
Stock-based compensation |
809 | | | 809 | ||||||||||||||||
Executive disability benefits |
650 | | | 650 | ||||||||||||||||
ADJUSTED EBITDA |
$ | 2,048 | $ | 3,480 | $ | | $ | | $ | 5,528 | ||||||||||
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS)
follows: |
||||||||||||||||||||
NET INCOME (LOSS) |
$ | (4,831 | ) | $ | 1,437 | $ | (3,975 | ) | $ | | $ | (7,369 | ) | |||||||
(Income) loss from discontinued operations, net of tax |
| | 3,975 | | 3,975 | |||||||||||||||
Stock-based compensation |
809 | | | | 809 | |||||||||||||||
Executive disability benefits |
650 | | | | 650 | |||||||||||||||
NON-GAAP NET INCOME (LOSS) |
$ | (3,372 | ) | $ | 1,437 | $ | | $ | | $ | (1,935 | ) | ||||||||
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 | 95 | | 8,978 | |||||||||||||||
RECEIVABLE/INVESTMENT IN AFFILIATES |
14,255 | | | (14,255 | ) | | ||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS |
| | 1,272 | | 1,272 | |||||||||||||||
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 | |||||||||
Business & | ||||||||||||||||||||
PFSweb | Retail Connect | eCOST | Eliminations | Consolidated | ||||||||||||||||
REVENUES: |
||||||||||||||||||||
Product revenue, net |
$ | | $ | 47,288 | $ | | $ | | $ | 47,288 | ||||||||||
Service fee revenue |
16,015 | | | | 16,015 | |||||||||||||||
Service fee revenue affiliate |
1,700 | | | (1,700 | ) | | ||||||||||||||
Pass-thru revenue |
9,520 | | | (3 | ) | 9,517 | ||||||||||||||
Total revenues |
27,235 | 47,288 | | (1,703 | ) | 72,820 | ||||||||||||||
COSTS OF REVENUES: |
||||||||||||||||||||
Cost of product revenue |
| 44,048 | | | 44,048 | |||||||||||||||
Cost of service fee revenue |
12,143 | | | (651 | ) | 11,492 | ||||||||||||||
Cost of pass-thru revenue |
9,520 | | | (3 | ) | 9,517 | ||||||||||||||
Total costs of revenues |
21,663 | 44,048 | | (654 | ) | 65,057 | ||||||||||||||
Gross profit |
5,572 | 3,240 | | (1,049 | ) | 7,763 | ||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
7,459 | 2,434 | | (1,049 | ) | 8,844 | ||||||||||||||
Income (loss) from operations |
(1,887 | ) | 806 | | | (1,081 | ) | |||||||||||||
INTEREST EXPENSE (INCOME), NET |
(68 | ) | 301 | | | 233 | ||||||||||||||
Income (loss) before income taxes |
(1,819 | ) | 505 | | | (1,314 | ) | |||||||||||||
INCOME TAX PROVISION (BENEFIT) |
(122 | ) | 182 | | | 60 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS |
(1,697 | ) | 323 | | | (1,374 | ) | |||||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX |
| | 427 | 427 | ||||||||||||||||
NET INCOME (LOSS) |
$ | (1,697 | ) | $ | 323 | $ | 427 | $ | | $ | (947 | ) | ||||||||
NON-GAAP NET INCOME (LOSS) |
$ | (1,599 | ) | $ | 323 | $ | | $ | | $ | (1,276 | ) | ||||||||
EBITDA |
$ | (318 | ) | $ | 815 | $ | | $ | | $ | 497 | |||||||||
ADJUSTED EBITDA |
$ | (220 | ) | $ | 815 | $ | | $ | | $ | 595 | |||||||||
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows: |
||||||||||||||||||||
NET INCOME (LOSS) |
$ | (1,697 | ) | $ | 323 | $ | 427 | $ | | $ | (947 | ) | ||||||||
(Income) loss from discontinued operations, net of tax |
| | (427 | ) | | (427 | ) | |||||||||||||
Income tax expense (benefit) |
(122 | ) | 182 | | | 60 | ||||||||||||||
Interest expense (income) |
(68 | ) | 301 | | | 233 | ||||||||||||||
Depreciation and amortization |
1,569 | 9 | | | 1,578 | |||||||||||||||
EBITDA |
$ | (318 | ) | $ | 815 | $ | | $ | | $ | 497 | |||||||||
Stock-based compensation |
98 | | | | 98 | |||||||||||||||
ADJUSTED EBITDA |
$ | (220 | ) | $ | 815 | $ | | $ | | $ | 595 | |||||||||
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows: |
||||||||||||||||||||
NET INCOME (LOSS) |
$ | (1,697 | ) | $ | 323 | $ | 427 | $ | | $ | (947 | ) | ||||||||
(Income) loss from discontinued operations, net of tax |
| | (427 | ) | | (427 | ) | |||||||||||||
Stock-based compensation |
98 | | | | 98 | |||||||||||||||
NON-GAAP NET INCOME (LOSS) |
$ | (1,599 | ) | $ | 323 | $ | | $ | | $ | (1,276 | ) | ||||||||
Business & | ||||||||||||||||||||
PFSweb | Retail Connect | eCOST | Eliminations | Consolidated | ||||||||||||||||
REVENUES: |
||||||||||||||||||||
Product revenue, net |
$ | | $ | 183,008 | $ | | $ | | $ | 183,008 | ||||||||||
Service fee revenue |
58,619 | | | | 58,619 | |||||||||||||||
Service fee revenue affiliate |
7,093 | | | (7,093 | ) | | ||||||||||||||
Pass-thru revenue |
26,335 | | | (70 | ) | 26,265 | ||||||||||||||
Total revenues |
92,047 | 183,008 | | (7,163 | ) | 267,892 | ||||||||||||||
COSTS OF REVENUES: |
||||||||||||||||||||
Cost of product revenue |
| 168,864 | | | 168,864 | |||||||||||||||
Cost of service fee revenue |
44,453 | | | (2,555 | ) | 41,898 | ||||||||||||||
Cost of pass-thru revenue |
26,335 | | | (70 | ) | 26,265 | ||||||||||||||
Total costs of revenues |
70,788 | 168,864 | | (2,625 | ) | 237,027 | ||||||||||||||
Gross profit |
21,259 | 14,144 | | (4,538 | ) | 30,865 | ||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
30,029 | 8,779 | | (4,538 | ) | 34,270 | ||||||||||||||
Income (loss) from operations |
(8,770 | ) | 5,365 | | | (3,405 | ) | |||||||||||||
INTEREST EXPENSE (INCOME), NET |
(202 | ) | 1,388 | | | 1,186 | ||||||||||||||
Income (loss) before income taxes |
(8,568 | ) | 3,977 | | | (4,591 | ) | |||||||||||||
INCOME TAX PROVISION (BENEFIT) |
(734 | ) | 1,055 | | | 321 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS |
(7,834 | ) | 2,922 | | | (4,912 | ) | |||||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX |
| | 342 | 342 | ||||||||||||||||
NET INCOME (LOSS) |
$ | (7,834 | ) | $ | 2,922 | $ | 342 | $ | | $ | (4,570 | ) | ||||||||
NON-GAAP NET INCOME (LOSS) |
$ | (7,427 | ) | $ | 2,922 | $ | | $ | | $ | (4,505 | ) | ||||||||
EBITDA |
$ | (2,261 | ) | $ | 5,400 | $ | | $ | | $ | 3,139 | |||||||||
ADJUSTED EBITDA |
$ | (1,854 | ) | $ | 5,400 | $ | | $ | | $ | 3,546 | |||||||||
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows: |
||||||||||||||||||||
NET INCOME (LOSS) |
$ | (7,834 | ) | $ | 2,922 | $ | 342 | $ | | $ | (4,570 | ) | ||||||||
(Income) loss from discontinued operations, net
of tax |
| | (342 | ) | | (342 | ) | |||||||||||||
Income tax expense (benefit) |
(734 | ) | 1,055 | | | 321 | ||||||||||||||
Interest expense (income) |
(202 | ) | 1,388 | | | 1,186 | ||||||||||||||
Depreciation and amortization |
6,509 | 35 | | | 6,544 | |||||||||||||||
EBITDA |
$ | (2,261 | ) | $ | 5,400 | $ | | $ | | $ | 3,139 | |||||||||
Stock-based compensation |
407 | | | | 407 | |||||||||||||||
ADJUSTED EBITDA |
$ | (1,854 | ) | $ | 5,400 | $ | | $ | | $ | 3,546 | |||||||||
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS)
follows: |
||||||||||||||||||||
NET INCOME (LOSS) |
$ | (7,834 | ) | $ | 2,922 | $ | 342 | $ | | $ | (4,570 | ) | ||||||||
(Income) loss from discontinued operations, net
of tax |
| | (342 | ) | | (342 | ) | |||||||||||||
Stock-based compensation |
407 | | | | 407 | |||||||||||||||
NON-GAAP NET INCOME (LOSS) |
$ | (7,427 | ) | $ | 2,922 | $ | | $ | | $ | (4,505 | ) | ||||||||
Supplies | ||||||||||||||||||||
PFSweb | Distributors | eCOST | Eliminations | Consolidated | ||||||||||||||||
ASSETS |
||||||||||||||||||||
CURRENT ASSETS: |
||||||||||||||||||||
Cash and cash equivalents |
$ | 9,698 | $ | 2,628 | $ | 2,486 | $ | | $ | 14,812 | ||||||||||
Restricted cash |
732 | 1,137 | 227 | | 2,096 | |||||||||||||||
Accounts receivable, net |
19,499 | 18,764 | 1,719 | (121 | ) | 39,861 | ||||||||||||||
Inventories, net |
| 33,577 | | | 33,577 | |||||||||||||||
Assets of discontinued operations |
| | 4,372 | | 4,372 | |||||||||||||||
Other receivables |
49 | 11,556 | | | 11,605 | |||||||||||||||
Prepaid expenses and other current assets |
2,515 | 1,575 | 80 | | 4,170 | |||||||||||||||
Total current assets |
32,493 | 69,237 | 8,884 | (121 | ) | 110,493 | ||||||||||||||
PROPERTY AND EQUIPMENT, net |
9,900 | 54 | 31 | | 9,985 | |||||||||||||||
RECEIVABLE/INVESTMENT IN AFFILIATES |
20,696 | | | (20,696 | ) | | ||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS |
| | 4,353 | | 4,353 | |||||||||||||||
OTHER ASSETS |
2,627 | | 311 | | 2,938 | |||||||||||||||
Total assets |
65,716 | 69,291 | 13,579 | (20,817 | ) | 127,769 | ||||||||||||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||||||||||||||
CURRENT LIABILITIES: |
||||||||||||||||||||
Current portion of long-term debt and capital lease obligations |
$ | 8,770 | $ | 10,374 | $ | 35 | $ | | $ | 19,179 | ||||||||||
Trade accounts payable |
8,396 | 38,753 | 6,614 | (121 | ) | 53,642 | ||||||||||||||
Accrued expenses |
10,994 | 4,701 | 2,649 | | 18,344 | |||||||||||||||
Total current liabilities |
28,160 | 53,828 | 9,298 | (121 | ) | 91,165 | ||||||||||||||
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
3,208 | | 140 | | 3,348 | |||||||||||||||
PAYABLE TO AFFILIATES |
| 5,005 | 15,840 | (20,845 | ) | | ||||||||||||||
OTHER LIABILITIES |
3,880 | | 23 | | 3,903 | |||||||||||||||
Total liabilities |
35,248 | 58,833 | 25,301 | (20,966 | ) | 98,416 | ||||||||||||||
COMMITMENTS AND CONTINGENCIES |
||||||||||||||||||||
SHAREHOLDERS EQUITY: |
||||||||||||||||||||
Common stock |
10 | | 19 | (19 | ) | 10 | ||||||||||||||
Capital contributions |
| 1,000 | | (1,000 | ) | | ||||||||||||||
Additional paid-in capital |
93,152 | | 28,059 | (28,059 | ) | 93,152 | ||||||||||||||
Retained earnings (accumulated deficit) |
(64,828 | ) | 6,781 | (39,805 | ) | 31,889 | (65,963 | ) | ||||||||||||
Accumulated other comprehensive income |
2,219 | 2,677 | 5 | (2,662 | ) | 2,239 | ||||||||||||||
Treasury stock |
(85 | ) | | | | (85 | ) | |||||||||||||
Total shareholders equity |
30,468 | 10,458 | (11,722 | ) | 149 | 29,353 | ||||||||||||||
Total liabilities and shareholders equity |
$ | 65,716 | $ | 69,291 | $ | 13,579 | $ | (20,817 | ) | $ | 127,769 | |||||||||