CMGI Acquires PTS Electronics
02 Maggio 2008 - 3:08PM
Business Wire
CMGI�, Inc. (NASDAQ: CMGI), a global leader in supply chain
management services, today announced it has acquired PTS
Electronics (PTS), one of the largest independent
consumer-electronics service repair and reverse logistics
providers. The all cash transaction is valued at approximately $45
million. The transaction is expected to be cash flow positive, but
neutral to earnings in fiscal 2008, and accretive to earnings in
fiscal 2009 through a combination of planned revenue growth and
operational synergies. PTS is one of the nation's largest
remanufacturers of wireless and cellular phone products, and the
largest single source for remanufactured HDTV and digital main
boards and tuners. The variety of consumer electronics service
solutions offered by PTS will create a strategic extension of the
end-to-end supply chain solutions offered through ModusLink, CMGI�s
supply chain services business, enabling a more robust reverse
logistics solution for high-tech clients. PTS� capabilities add to
ModusLink�s current reverse logistics services that include service
parts management, contact center support, asset disposition
channels and Level 1 repair. The PTS acquisition will also tightly
integrate reverse and forward logistics operations, enabling a more
effective global supply chain service for ModusLink clients. �The
long-term demand for high-tech consumer electronics continues to
grow, especially for high-value, wireless communication devices,�
said Joseph C. Lawler, chairman, president and chief executive
officer of CMGI. �As more consumer electronics products proliferate
in the market and features continue to merge into a single device,
there is an increasing need to both accelerate and improve the
value recovery from the returns process. And fast, reliable,
economical service is essential. By acquiring PTS, we will be
positioned to meet our clients complete reverse logistics needs. We
view the aftermarket services space as a source of potential
revenue and earnings growth in the future, and expect PTS to form
the cornerstone of that service offering.� �We have built our
business on strong partnerships with the goal of continually
exceeding customer expectations,� said Jack D. Craig, chief
executive officer of PTS. �Rapid time-to-market requirements,
low-cost strategies and short product lifecycles demand that
manufacturers have a highly responsive and tightly integrated
supply chain, which we will now be able to offer as part of
ModusLink�s end-to-end supply chain solutions.� With four
facilities in Bloomington and Indianapolis, Indiana, PTS has
approximately 500 technical and support staff. Based on unaudited
financial statements, the PTS business generated 2007 revenue of
approximately $37.4 million. About CMGI CMGI, Inc. (NASDAQ: CMGI),
through its subsidiaries ModusLink, Open Channel Solutions and PTS
Electronics, provides industry-leading global supply chain
management services and solutions that help businesses market, sell
and distribute their products around the world. In addition, CMGI�s
venture capital business, @Ventures, invests in a variety of
technology ventures. For additional information, visit
www.cmgi.com. About ModusLink ModusLink Corporation is a leading
provider of global, end-to-end supply chain management solutions.
The company provides technology clients in the software, computing,
consumer electronics, storage and communications markets with
customized supply chain solutions that improve time-to-market,
productivity and customer satisfaction while reducing risk and
cost. ModusLink's services include consulting and planning,
sourcing and supply base management, manufacturing and product
configuration, fulfillment, logistics management, e-commerce and
the complete range of aftermarket services. ModusLink has more than
30 facilities in 13 countries, creating the largest global
footprint in the industry. With headquarters in Waltham,
Massachusetts, the company is a subsidiary of CMGI, Inc. (NASDAQ:
CMGI). For additional information, visit www.moduslink.com. About
PTS Electronics PTS Electronics (PTS) is one of the largest
consumer-electronics service repair and reverse logistics
providers, and the largest single source for remanufactured HDTV
and digital main boards and tuners. The company also services CATV
converters, set-top controls and automotive audio and telematic
systems. With more than 30 years of experience in the electronics
industry, a strong backbone of technical manpower and
state-of-the-art equipment, PTS provides unparalleled service
solutions and component-level rebuilds. The company maintains more
than 300 test stations for live air testing of all television
products and has more than 50,000 parts in stock for daily rebuild
demand. With headquarters in Bloomington, Indiana, PTS serves more
than 20,000 customers nationwide, including independent service
dealers, national retail chains, general line distributors, third
party maintenance companies and major corporations. PTS is a
subsidiary of CMGI, Inc. (NASDAQ: CMGI). For additional
information, visit www.ptscorp.com. This release contains
forward-looking statements, which address a variety of subjects
including, for example, the expected benefits of the transaction,
the expected financial contribution of PTS and the expansion of
capabilities expected to occur as a result of the transaction. The
following important factors and uncertainties, among others, could
cause actual results to differ materially from those described in
these forward-looking statements: There can be no assurance that
projected financial results will be attained; There can be no
assurance that other suitable acquisitions will be identified or
available on terms acceptable to CMGI; CMGI's success depends on
its ability to execute on its business strategy and the continued
and increased demand for and market acceptance of its solutions and
services; CMGI may not be able to expand its operations in
accordance with its business strategy; CMGI may experience
difficulties integrating technologies, operations and personnel in
accordance with its business strategy; CMGI derives a significant
portion of its revenue from a small number of customers and the
loss of any of those customers would significantly damage its
financial condition and results of operations; increased
competition and technological changes in the markets in which CMGI
competes; and risks associated with international operations.
ModusLink represents a significant percentage of CMGI's operations
and the occurrence of any of the foregoing factors with respect to
ModusLink�s business may have an adverse effect on CMGI�s results
of operations and financial results. For a detailed discussion of
cautionary statements that may affect CMGI's future results of
operations and financial results, please refer to CMGI's filings
with the Securities and Exchange Commission, including CMGI's most
recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q. Forward-looking statements represent management's current
expectations and are inherently uncertain. We do not undertake any
obligation to update forward-looking statements made by us. CMGI is
a registered trademark of CMGI, Inc. and ModusLink is a registered
trademark of ModusLink Corporation. All other company names and
products are trademarks or registered trademarks of their
respective companies.
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