PC MALL INC - 10-Q Quarterly Report

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes [X ] No [ ]


	March 31, 2005 (unaudited)			December 31, 2004
Assets
Current assets:
Cash and cash equivalents	$	11,805		$	15,090
Short-term investments		4,875			7,000
Accounts receivable, net of allowance for doubtful accounts		90,357			94,432
Inventories, net		71,276			80,651
Prepaid expenses and other current assets		7,034			6,489
Deferred income taxes		4,087			4,087
Total current assets		189,434			207,749

Property and equipment, net		10,876			9,393
Goodwill		1,405			1,405
Deferred income taxes		15,130			12,162
Other assets		1,264			1,210
Total assets	$	218,109		$	231,919

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	65,589		$	69,526
Accrued expenses and other current liabilities		22,710			22,632
Deferred revenue		12,410			12,276
Line of credit		43,201			49,027
Notes payable - current		500			500
Total current liabilities		144,410			153,961
Notes payable		2,625			2,750
Total liabilities		147,035			156,711

Minority interest		3,960			4,297

Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued and outstanding		-			-
Common stock, $0.001 par value; 30,000,000 shares authorized; 11,892,241 and 11,851,115 shares issued and 11,598,041 and 11,556,915 shares outstanding, respectively		12			12
Additional paid-in capital		99,473			99,172
Deferred stock-based compensation		(1,208	)		(1,333	)
Treasury stock at cost; 294,200 shares		(1,015	)		(1,015	)
Accumulated other comprehensive income		142			198
Accumulated deficit		(30,290	)		(26,123	)
Total stockholders’ equity		67,114			70,911
Total liabilities and stockholders’ equity	$	218,109		$	231,919

	Three Months Ended March 31,
	2005			2004
Net sales	$	293,688		$	278,123
Cost of goods sold		262,143			242,866
Gross profit		31,545			35,257
Sellling, general and administrative expenses:
Selling, general and administrative expenses		31,327			26,972
Non-cash stock-based compensation expenses		169			69
Total selling, general and administrative expenses		31,496			27,041
Advertising expenses		6,780			7,594
Income (loss) from operations		(6,731	)		622
Interest expense, net		606			401
Income (loss) before income taxes		(7,337	)		221
Income tax provision (benefit)		(2,833	)		85
Minority interest, net of t


Delaware		95-4518700
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Stockholders' Equity
Condensed Consolidated Statement of Cash Flows
Notes to Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II - OTHER INFORMATION
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Signature