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8-K - FORM 8-K - PFSWEB INC | d82267e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
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 |
PFSweb Reports Strong Growth in its First Quarter 2011 Results
First Quarter Service Fee Revenue Increases 18% Year-over-year
First Quarter Service Fee Revenue Increases 18% Year-over-year
PLANO, Texas, May 11, 2011 PFSweb, Inc. (Nasdaq: PFSW), an international business process
outsourcing services provider of end-to-end web commerce solutions, today announced its financial
results for the three months ended March 31, 2011.
Mark Layton, Chairman and Chief Executive Officer of PFSweb, stated, We are off to a strong start
in 2011, building positive momentum with new and existing client programs. This is reflected in our
year-over-year revenue growth for the first quarter of 2011, including an 18% increase in Service
Fee revenue, which is primarily attributable to the ongoing ramp up of new client relationships
implemented in 2010 and 2011.
We have also remained busy marketing our services to new clients, signing three new or expanded
client agreements thus far in 2011, which, along with several other clients signed in late 2010,
are targeted to be fully implemented later this year. We are also nearing execution on several
additional new client contracts. These recent client wins primarily operate in three industries
where the manufacturer focus has increasingly been shifting towards direct-to-consumer web
commerce, including the exciting trends in consumer packaged goods (CPG), fashion and health and
beauty industries. We continue to see strong demand for PFSwebs End2End eCommerce® solution. Our
pipeline for potential new service fee business continues to exceed $50 million in annual service
fee revenue, based on current client projections.
Summary of consolidated results for the first quarter ended March 31, 2011:
| Total revenue increased 6.1% to $72.4 million for the first quarter of 2011 compared to $68.2 million for first quarter of 2010; | ||
| Service Fee revenue increased more than 18% to $18.9 million, compared with $16.0 million for the same period in 2010; | ||
| Adjusted EBITDA (as defined) was $0.5 million versus $0.8 million for the first quarter of 2010; | ||
| Net loss was $2.3 million, or $0.19 per basic and diluted share, compared to net loss of $1.2 million, or $0.12 per basic and diluted share, for the first quarter of 2010. Net loss for the first quarter of 2011 included a $0.6 million loss from discontinued operations related to eCOST.com (including certain costs associated with exiting the business), compared to a |
$6,000 net loss from discontinued operations related to eCOST.com for the same period last year; | |||
| Non-GAAP net loss (as defined) was $1.4 million, or $0.11 per basic and diluted share, compared to a non-GAAP net loss of $1.1 million, or $0.11 per basic and diluted share, for the first quarter of 2010; | ||
| Total cash, cash equivalents and restricted cash was $19.8 million as of March 31, 2011 compared to $20.3 million as of December 31, 2010. |
Our bottom-line results for the first quarter of 2011 reflect an increase in costs associated with
strategic investments to support our targeted growth of our business, including investments in
technology development, operational and support management and sales and marketing expenses.
Additionally, we have recently made further investments with the addition of a new Food Grade
distribution facility in Memphis to support specific facility requirements for certain new clients
in the CPG industry. We also plan to expand our distribution operations in Belgium to support
current and potential growth across Europe, and to make additions to certain of our call centers,
which will provide us with better flexibility to react to changes in client demands. We continue to
target service fee revenue growth of 20% and an Adjusted EBITDA of $6 million to $7 million in
2011, concluded Mr. Layton.
As previously reported, in February 2011, the Company made the strategic decision to divest the
eCOST.com business. As a result of this divestiture, the Company has reported certain financial
results as discontinued operations in the periods presented.
Conference Call Information
Management will host a conference call at 11:00 am Eastern Time (10:00 am Central Time) on
Wednesday, May 11, 2011, to discuss the latest corporate developments and results. To listen to the
call, please dial (888) 562-3356 and enter the pin number 62638305 at least five minutes
before the scheduled start time. Investors can also access the call in a listen only mode via the
Internet at the Companys website, www.pfsweb.com. Please allow extra time prior to the call to
visit the site and download any necessary audio software.
A digital replay of the conference call will be available through June 11, 2011 at (800) 642-1687,
pin number 62638305. The replay also will be available at the Companys website for a limited time.
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) and Adjusted
EBITDA.
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 and loss from discontinued
operations.
EBITDA represents earnings (or losses) before loss from discontinued operations, interest, income
taxes, depreciation, and amortization. Adjusted EBITDA further eliminates the effect of
stock-based compensation.
Non-GAAP net income (loss), EBITDA and Adjusted EBITDA 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 and loss from discontinued operations 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.
PFSweb believes these non-GAAP measures provide useful information to both management and investors
by excluding certain expenses that may not be indicative of its core operating 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.
About PFSweb, Inc.
PFSweb develops and deploys comprehensive end-to-end eCommerce solutions for Fortune 1000, Global
2000 and brand name companies, including interactive marketing services, global fulfillment and
logistics and high-touch customer care. The company serves a multitude of industries and company
types, including such clients as P&G, LEGO, Carters, Lucky Brand Jeans, Juicy Couture, Kensie,
Monet, kate spade new york, AAFES, Riverbed, InfoPrint Solutions Company, Hawker Beechcraft Corp.,
Roots Canada Ltd. and Xerox.
To find out more about PFSweb, Inc. (NASDAQ: PFSW), visit the companys website at
http://www.pfsweb.com.
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. PFSwebs Annual
Report on Form 10-K for the year ended December 31, 2010 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 and Quarterly Reports 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.
(Tables Follow)
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations (A)
(In Thousands, Except Per Share Data)
Unaudited Condensed Consolidated Statements of Operations (A)
(In Thousands, Except Per Share Data)
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
REVENUES: |
||||||||
Product revenue, net |
$ | 45,283 | $ | 45,622 | ||||
Service fee revenue |
18,900 | 15,979 | ||||||
Pass-thru revenue |
8,206 | 6,634 | ||||||
Total revenues |
72,389 | 68,235 | ||||||
COSTS OF REVENUES: |
||||||||
Cost of product revenue |
42,466 | 42,362 | ||||||
Cost of service fee revenue |
13,783 | 11,454 | ||||||
Cost of pass-thru revenue |
8,206 | 6,634 | ||||||
Total costs of revenues |
64,455 | 60,450 | ||||||
Gross profit |
7,934 | 7,785 | ||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
9,288 | 8,608 | ||||||
Loss from operations |
(1,354 | ) | (823 | ) | ||||
INTEREST EXPENSE, NET |
191 | 254 | ||||||
Loss before income taxes |
(1,545 | ) | (1,077 | ) | ||||
INCOME TAX PROVISION |
135 | 126 | ||||||
LOSS FROM CONTINUING OPERATIONS |
(1,680 | ) | (1,203 | ) | ||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX |
(603 | ) | (6 | ) | ||||
NET LOSS |
$ | (2,283 | ) | $ | (1,209 | ) | ||
NON-GAAP LOSS |
$ | (1,370 | ) | $ | (1,107 | ) | ||
NET LOSS PER SHARE: |
||||||||
Basic and Diluted |
$ | (0.19 | ) | $ | (0.12 | ) | ||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: |
||||||||
Basic and Diluted |
12,268 | 9,936 | ||||||
EBITDA |
$ | 141 | $ | 731 | ||||
ADJUSTED EBITDA |
$ | 451 | $ | 827 | ||||
(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, 2010. |
PFSweb, Inc. and Subsidiaries
Reconciliation of certain Non-GAAP Items to GAAP
(In Thousands, Except Per Share Data)
Reconciliation of certain Non-GAAP Items to GAAP
(In Thousands, Except Per Share Data)
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
NET LOSS |
$ | (2,283 | ) | $ | (1,209 | ) | ||
Loss from discontinued
operations, net of tax |
603 | 6 | ||||||
Income tax expense |
135 | 126 | ||||||
Interest expense |
191 | 254 | ||||||
Depreciation and amortization |
1,495 | 1,554 | ||||||
EBITDA |
$ | 141 | $ | 731 | ||||
Stock-based compensation |
310 | 96 | ||||||
ADJUSTED EBITDA |
$ | 451 | $ | 827 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
NET LOSS |
$ | (2,283 | ) | $ | (1,209 | ) | ||
Loss from discontinued
operations, net of tax |
603 | 6 | ||||||
Stock-based compensation |
310 | 96 | ||||||
NON-GAAP LOSS |
$ | (1,370 | ) | $ | (1,107 | ) | ||
NET LOSS PER SHARE: |
||||||||
Basic and Diluted |
$ | (0.19 | ) | $ | (0.12 | ) | ||
NON-GAAP LOSS Per Share: |
||||||||
Basic and Diluted |
$ | (0.11 | ) | $ | (0.11 | ) | ||
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(In Thousands, Except Share Data)
Unaudited Condensed Consolidated Balance Sheets
(In Thousands, Except Share Data)
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ | 18,830 | $ | 18,430 | ||||
Restricted cash |
947 | 1,853 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $752 and
$754 at March 31, 2011 and December 31, 2010, respectively |
41,336 | 41,438 | ||||||
Inventories, net of reserves of $1,618 and $1,561 at March 31, 2011 and
December 31, 2010, respectively |
32,511 | 35,161 | ||||||
Assets of discontinued operations |
| 2,776 | ||||||
Other receivables |
13,732 | 14,539 | ||||||
Prepaid expenses and other current assets |
3,801 | 3,580 | ||||||
Total current assets |
111,157 | 117,777 | ||||||
PROPERTY AND EQUIPMENT, net |
9,432 | 9,124 | ||||||
ASSETS OF DISCONTINUED OPERATIONS |
| 1,126 | ||||||
OTHER ASSETS |
2,080 | 2,203 | ||||||
Total assets |
122,669 | 130,230 | ||||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Current portion of long-term debt and capital lease obligations |
$ | 20,404 | $ | 18,320 | ||||
Trade accounts payable |
46,698 | 55,692 | ||||||
Deferred revenue |
4,979 | 5,254 | ||||||
Accrued expenses |
17,313 | 15,870 | ||||||
Total current liabilities |
89,394 | 95,136 | ||||||
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
1,249 | 2,136 | ||||||
OTHER LIABILITIES |
3,991 | 3,608 | ||||||
Total liabilities |
94,634 | 100,880 | ||||||
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; 37,300,000 shares authorized;
12,299,243 and 12,255,064 shares issued at March 31, 2011 and
December 31, 2010, respectively; and 12,280,882 and 12,236,703
outstanding as of December 31, 2010 and December 31, 2009, respectively |
12 | 12 | ||||||
Additional paid-in capital |
101,602 | 101,229 | ||||||
Accumulated deficit |
(75,615 | ) | (73,332 | ) | ||||
Accumulated other comprehensive income |
2,121 | 1,526 | ||||||
Treasury stock at cost, 18,361 shares |
(85 | ) | (85 | ) | ||||
Total shareholders equity |
28,035 | 29,350 | ||||||
Total liabilities and shareholders equity |
$ | 122,669 | $ | 130,230 | ||||
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Statements of Operations
For the Three Months Ended March 31, 2011
(In Thousands)
Unaudited Condensed Consolidating Statements of Operations
For the Three Months Ended March 31, 2011
(In Thousands)
Business & | ||||||||||||||||||||
PFSweb | Retail Connect | eCOST | Eliminations | Consolidated | ||||||||||||||||
REVENUES: |
||||||||||||||||||||
Product revenue, net |
$ | | $ | 45,283 | $ | | $ | | $ | 45,283 | ||||||||||
Service fee revenue |
18,900 | | | | 18,900 | |||||||||||||||
Service fee revenue affiliate |
1,664 | | | (1,664 | ) | | ||||||||||||||
Pass-thru revenue |
8,206 | | | 8,206 | ||||||||||||||||
Total revenues |
28,770 | 45,283 | | (1,664 | ) | 72,389 | ||||||||||||||
COSTS OF REVENUES: |
||||||||||||||||||||
Cost of product revenue |
| 42,466 | | | 42,466 | |||||||||||||||
Cost of service fee revenue |
14,348 | | | (565 | ) | 13,783 | ||||||||||||||
Cost of pass-thru revenue |
8,206 | | | | 8,206 | |||||||||||||||
Total costs of revenues |
22,554 | 42,466 | | (565 | ) | 64,455 | ||||||||||||||
Gross profit |
6,216 | 2,817 | | (1,099 | ) | 7,934 | ||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
8,215 | 2,172 | | (1,099 | ) | 9,288 | ||||||||||||||
Income (loss) from operations |
(1,999 | ) | 645 | | | (1,354 | ) | |||||||||||||
INTEREST EXPENSE (INCOME), NET |
(55 | ) | 246 | | | 191 | ||||||||||||||
Income (loss) before income taxes |
(1,944 | ) | 399 | | | (1,545 | ) | |||||||||||||
INCOME TAX PROVISION (BENEFIT) |
(25 | ) | 160 | | | 135 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS |
(1,919 | ) | 239 | | | (1,680 | ) | |||||||||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX |
| | (603 | ) | (603 | ) | ||||||||||||||
NET INCOME (LOSS) |
$ | (1,919 | ) | $ | 239 | $ | (603 | ) | $ | | $ | (2,283 | ) | |||||||
NON-GAAP NET INCOME (LOSS) |
$ | (1,609 | ) | $ | 239 | $ | | $ | | $ | (1,370 | ) | ||||||||
EBITDA |
$ | (511 | ) | $ | 652 | $ | | $ | | $ | 141 | |||||||||
ADJUSTED EBITDA |
$ | (201 | ) | $ | 652 | $ | | $ | | $ | 451 | |||||||||
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED
EBITDA follows: |
||||||||||||||||||||
NET INCOME (LOSS) |
$ | (1,919 | ) | $ | 239 | $ | (603 | ) | $ | | (2,283 | ) | ||||||||
Loss from discontinued operations, net of tax |
| | 603 | | 603 | |||||||||||||||
Income tax expense (benefit) |
(25 | ) | 160 | | | 135 | ||||||||||||||
Interest expense (income) |
(55 | ) | 246 | | | 191 | ||||||||||||||
Depreciation and amortization |
1,488 | 7 | | | 1,495 | |||||||||||||||
EBITDA |
$ | (511 | ) | $ | 652 | $ | | $ | | $ | 141 | |||||||||
Stock-based compensation |
310 | | | | 310 | |||||||||||||||
ADJUSTED EBITDA |
$ | (201 | ) | $ | 652 | $ | | $ | | $ | 451 | |||||||||
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME
(LOSS) follows: |
||||||||||||||||||||
NET INCOME (LOSS) |
$ | (1,919 | ) | $ | 239 | $ | (603 | ) | $ | | $ | (2,283 | ) | |||||||
Loss from discontinued operations, net of tax |
| | 603 | | 603 | |||||||||||||||
Stock-based compensation |
310 | | | | 310 | |||||||||||||||
NON-GAAP NET INCOME (LOSS) |
$ | (1,609 | ) | $ | 239 | $ | | $ | | $ | (1,370 | ) | ||||||||
Note: Business and Retail Connect includes our Supplies Distributors and PFS Retail Connect operations, which operate similar financial models on behalf of our
client relationships. PFSweb and PFS Retail Connect include certain ongoing activity formerly reported as eCOST.
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Statements of Operations
For the Three Months Ended March 31, 2010
(In Thousands)
Unaudited Condensed Consolidating Statements of Operations
For the Three Months Ended March 31, 2010
(In Thousands)
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 | ) | |||||||||||||
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 | ) | ||||||||
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 | ) | |||||||
Loss from discontinued operations, net of tax |
| | 6 | | 6 | |||||||||||||||
Stock-based compensation |
96 | | | | 96 | |||||||||||||||
NON-GAAP NET INCOME (LOSS) |
$ | (1,540 | ) | $ | 433 | $ | | $ | | $ | (1,107 | ) | ||||||||
Note: Business and Retail Connect includes our Supplies Distributors and PFS Retail Connect operations, which operate similar financial models on behalf of our
client relationships. PFSweb and PFS Retail Connect include certain ongoing activity formerly reported as eCOST.
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of March 31, 2011
(In Thousands)
Unaudited Condensed Consolidating Balance Sheets
as of March 31, 2011
(In Thousands)
Business & | ||||||||||||||||
PFSweb | Retail Connect | Eliminations | Consolidated | |||||||||||||
ASSETS |
||||||||||||||||
CURRENT ASSETS: |
||||||||||||||||
Cash and cash equivalents |
$ | 14,034 | $ | 4,796 | $ | | $ | 18,830 | ||||||||
Restricted cash |
138 | 809 | | 947 | ||||||||||||
Accounts receivable, net |
20,179 | 21,488 | (331 | ) | 41,336 | |||||||||||
Inventories, net |
| 32,511 | | 32,511 | ||||||||||||
Other receivables |
| 13,732 | | 13,732 | ||||||||||||
Prepaid expenses and other current assets |
2,151 | 1,650 | | 3,801 | ||||||||||||
Total current assets |
36,502 | 74,986 | (331 | ) | 111,157 | |||||||||||
PROPERTY AND EQUIPMENT, net |
9,303 | 129 | | 9,432 | ||||||||||||
RECEIVABLE/INVESTMENT IN AFFILIATES |
14,960 | | (14,960 | ) | | |||||||||||
OTHER ASSETS |
1,903 | 177 | | 2,080 | ||||||||||||
Total assets |
62,668 | 75,292 | (15,291 | ) | 122,669 | |||||||||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||||||||||
CURRENT LIABILITIES: |
||||||||||||||||
Current portion of long-term debt and capital lease obligations |
$ | 8,781 | $ | 11,623 | $ | | $ | 20,404 | ||||||||
Trade accounts payable |
5,123 | 41,906 | (331 | ) | 46,698 | |||||||||||
Accrued expenses |
14,703 | 7,589 | | 22,292 | ||||||||||||
Total current liabilities |
28,607 | 61,118 | (331 | ) | 89,394 | |||||||||||
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
1,179 | 70 | | 1,249 | ||||||||||||
PAYABLE TO AFFILIATES |
| 22,745 | (22,745 | ) | | |||||||||||
OTHER LIABILITIES |
3,991 | | | 3,991 | ||||||||||||
Total liabilities |
33,777 | 83,933 | (23,076 | ) | 94,634 | |||||||||||
COMMITMENTS AND CONTINGENCIES |
||||||||||||||||
SHAREHOLDERS EQUITY: |
||||||||||||||||
Common stock |
12 | 19 | (19 | ) | 12 | |||||||||||
Capital contributions |
| 1,000 | (1,000 | ) | | |||||||||||
Additional paid-in capital |
101,602 | 28,059 | (28,059 | ) | 101,602 | |||||||||||
Retained earnings (accumulated deficit) |
(74,766 | ) | (40,314 | ) | 39,465 | (75,615 | ) | |||||||||
Accumulated other comprehensive income |
2,128 | 2,595 | (2,602 | ) | 2,121 | |||||||||||
Treasury stock |
(85 | ) | | | (85 | ) | ||||||||||
Total shareholders equity |
28,891 | (8,641 | ) | 7,785 | 28,035 | |||||||||||
Total liabilities and shareholders equity |
$ | 62,668 | $ | 75,292 | $ | (15,291 | ) | $ | 122,669 | |||||||
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of December 31, 2010
(In Thousands)
Unaudited Condensed Consolidating Balance Sheets
as of December 31, 2010
(In Thousands)
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 | 241 | | 9,124 | |||||||||||||||
RECEIVABLE/INVESTMENT IN AFFILIATES |
14,255 | | | (14,255 | ) | | ||||||||||||||
ASSETS OF DISCONTINUED OPERATIONS |
| | 1,126 | | 1,126 | |||||||||||||||
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 | |||||||||
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