UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10–Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2005
Commission File Number: 0–19394
GTSI CORP.
(Exact name of registrant as specified in its charter)
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Delaware |
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54–1248422 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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incorporation or organization) |
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Identification No.) |
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3901 Stonecroft Boulevard, Chantilly, VA |
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20151-1010 |
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(Address of principal executive offices) |
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(Zip Code) |
703–502–2000
(Registrant’s telephone number, including area code)
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 ý NO o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). YES ý NO o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
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Class |
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Shares Outstanding at April 30, 2005 |
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Common Stock, $0.005 par value |
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9,049,393 |
GTSI CORP.
Form 10–Q for the Quarter Ended March 31, 2005
INDEX
1
GTSI CORP.
(In thousands, except share data)
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(Unaudited) |
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March 31, |
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December 31, |
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ASSETS |
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Current assets: |
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Cash |
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$ |
23,972 |
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$ |
397 |
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Accounts receivable, net |
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126,942 |
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202,742 |
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Leases receivable, net |
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4,505 |
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7,864 |
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Merchandise inventories |
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42,170 |
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59,184 |
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Other current assets |
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14,340 |
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9,616 |
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Total current assets |
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211,929 |
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279,803 |
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Property and equipment, net |
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15,511 |
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15,183 |
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Other assets |
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1,172 |
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1,400 |
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Total assets |
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$ |
228,612 |
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$ |
296,386 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Notes payable to banks |
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$ |
— |
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$ |
1,179 |
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Accounts payable |
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117,019 |
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173,218 |
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Accrued liabilities |
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13,182 |
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14,734 |
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Deferred revenue |
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6,253 |
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9,216 |
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Accrued warranty liabilities |
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2,015 |
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2,429 |
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Total current liabilities |
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138,469 |
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200,776 |
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Other liabilities |
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3,373 |
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3,473 |
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Total liabilities |
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141,842 |
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204,249 |
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Commitments and contingencies |
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Stockholders’ equity |
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Common stock - $0.005 par value, 20,000,000 shares authorized; 9,806,084 issued and 9,046,893 outstanding at March 31, 2005; and 9,806,084 issued and 8,987,643 outstanding at December 31, 2004 |
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49 |
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49 |
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Capital in excess of par value |
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46,890 |
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46,817 |
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Retained earnings |
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44,584 |
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50,395 |
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Treasury stock, 759,191 shares at March 31, 2005 and 818,441 shares at December 31, 2004, at cost |
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(4,753 |
) |
(5,124 |
) |
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Total stockholders’ equity |
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86,770 |
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92,137 |
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Total liabilities and stockholders’ equity |
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$ |
228,612 |
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$ |
296,386 |
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The accompanying notes are an integral part of these financial statements.
2
GTSI CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
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Three months ended |
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2005 |
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2004 |
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SALES |
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$ |
157,001 |
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$ |
178,623 |
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COST OF SALES |
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138,922 |
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160,541 |
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GROSS MARGIN |
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18,079 |
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18,082 |
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SELLING, GENERAL & ADMINISTRATIVE EXPENSES |
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28,291 |
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21,697 |
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