PFSweb, Inc. (Nasdaq: PFSW), an international provider of
end-to-end web commerce solutions, today announced its financial
results for the fourth quarter and year ended December 31,
2011.
“We are pleased to report that our Service Fee business segment
reported record revenue for the December 2011 quarter of $32.5
million, an increase of 50% compared to the prior year,” stated
Mark Layton, Chairman and Chief Executive Officer of PFSweb. “On a
year-to-date basis, service fee revenues were $95.3 million in
2011, an increase of 35% compared to the prior year. The strong
increases for the 2011 fourth quarter and yearly results were
attributable to organic growth of existing clients as well as new
client programs launched during the year, and included the benefit
of strong holiday season ecommerce activity of our clients.”
“Our Adjusted EBITDA for the December quarter was a record $3.9
million, resulting in Adjusted EBITDA of $6.1 million for calendar
2011, which was within our guidance for the year. Our gross margin
and SG&A results were impacted both during the fourth quarter
and during the full year by certain infrastructure investments and
expenses to support our growth, including incremental costs related
to promotional sales events on clients’ e-commerce sites,”
continued Mr. Layton.
Summary of consolidated results for the fourth quarter ended
December 31, 2011:
- Total revenue increased 15% to $87.5
million for the fourth quarter of 2011, compared to $76.3 million
for fourth quarter of 2010;
- Service Fee revenue increased 50% to
$32.5 million, compared to $21.7 million for the same period in
2010;
- Adjusted EBITDA (as defined) was $3.9
million for the fourth quarter of 2011, compared to $2.6 million
for the same period in 2010;
- Net income was $0.8 million, or $0.06
per basic and diluted share, compared to a net loss of $2.7
million, or $0.22 per basic and diluted share, for the fourth
quarter of 2010. Net income for the fourth quarter of 2011 included
approximately $0.2 million of relocation related costs. Net income
for the fourth quarter of 2011 also included a $0.3 million loss
from discontinued operations related to eCOST.com, compared to a
$3.2 million loss from discontinued operations related to eCOST.com
for the same period last year;
- Non-GAAP net income (as defined) was
$1.4 million, or $0.11 per basic and diluted share, compared to
Non-GAAP net income of $0.7 million, or $0.05 per basic and diluted
share, for the quarter ended December 31, 2010;
- Total cash, cash equivalents and
restricted cash was $18.5 million as of December 31, 2011, compared
to $20.3 million as of December 31, 2010.
Summary of consolidated results for the year ended December
31, 2011:
- Total revenue increased 9% to $298.8
million, compared to $274.5 million for the year ended December 31,
2010;
- Service Fee revenue increased 35% to
$95.3 million, compared to $70.6 million for the year ended
December 31, 2010;
- Service Fee equivalent revenue (as
defined) increased 29% to $107.1 million, compared to $82.8 million
for the year ended December 31, 2010;
- Adjusted EBITDA (as defined) was $6.1
million, compared to $5.5 million for the year ended December 31,
2010;
- Net loss was $4.6 million, or $0.36 per
basic and diluted share, compared to net loss of $7.4 million or
$0.65 per basic and diluted share, for the year ended December 31,
2010. Net loss for 2011 included approximately $0.5 million of
relocation related costs. Net loss for the year 2011 also included
a $0.9 million loss from discontinued operations related to
eCOST.com, compared to a $4.0 million loss from discontinued
operations related to eCOST.com in the same period last year;
- Non-GAAP net loss (as defined) was $2.3
million, or $0.18 per basic and diluted share, compared to a
Non-GAAP net loss of $1.9 million, or $0.17 per basic and diluted
share, for the year ended December 31, 2010.
“Our new business pipeline remains strong and we currently
anticipate continued service fee revenue growth in 2012. We are
currently targeting 10 to 15 new client programs to be implemented
or signed during the year, the growth from which will be partially
offset by approximately 3 to 6 client programs that we currently
expect will conclude or significantly reduce operations during
2012. Also, we expect further reductions in product revenue due to
the impact of a reorganization by our largest client relationship
in this segment. On an overall basis, we are currently targeting a
year-over-year increase in service fee equivalent revenue (as
defined) of approximately 20% in 2012. While we continue to make
investments to support our growth, we are targeting an improved
consolidated Adjusted EBITDA performance for 2012 to approximately
$8 million to $10 million,” Mr. Layton concluded.
Conference Call Information
Management will host a conference call at 11:00 am Eastern Time
(10:00 am Central Time) on Thursday, March 22, 2012, to discuss the
latest corporate developments and results. To listen to the call,
please dial (888) 562-3356 and enter the pin number 55437082 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 Company’s 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 April 22, 2012 at (855) 859-2056, pin number 55437082. The
replay also will be available at the Company’s 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”), Adjusted
EBITDA and Service Fee Equivalent Revenue.
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, income (loss) from
discontinued operations and executive disability benefits.
EBITDA represents earnings (or losses) before income (loss) from
discontinued operations, interest, income taxes, depreciation, and
amortization. Adjusted EBITDA further eliminates the effect of
stock-based compensation, executive disability benefits and certain
relocation related costs.
Service Fee Equivalent Revenue represents service fee revenue
plus the gross profit earned on product revenue.
Non-GAAP net income (loss), EBITDA, Adjusted EBITDA and Service
Fee Equivalent Revenue 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, income (loss) from discontinued
operations and executive disability benefits and EBITDA and
Adjusted EBITDA further eliminate the effect of financing, income
taxes, the accounting effects of capital spending and certain
relocation related costs, which items may vary from different
companies for reasons unrelated to overall operating performance.
Service Fee Equivalent Revenue allows client contracts with similar
operational support models but different financial models to be
combined as if all contracts were being operated on a service fee
revenue basis.
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.
Iconic brands engage PFSweb to enable their eCommerce
initiatives. PFSweb’s End2End eCommerce® solution includes
interactive marketing services, robust eCommerce technology, global
fulfillment and logistics, high-touch customer care, financial
services, and order management. PFSweb’s eCommerce solutions
provide international reach and expertise in both
direct-to-consumer and business-to-business initiatives, supporting
organizations across multiple industries including Procter &
Gamble, L’Oreal, LEGO, Columbia Sportswear, Sorel, Carter’s, Lucky
Brand Jeans, kate spade new york, Juicy Couture, AAFES, Riverbed,
Ricoh, Hawker Beechcraft Corp, Roots Canada Ltd. and Xerox. PFSweb
is headquartered in Plano, TX with additional locations in
Tennessee, Mississippi, Canada, Belgium, and the Philippines.
To find out more about PFSweb, Inc. (NASDAQ: PFSW), visit the
company’s 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. PFSweb's Annual Report on Form 10-K
for the year ended December 31, 2010 and Quarterly Report on Form
10-Q for the nine months ended September 30, 2011 identify 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.
PFSweb, Inc. and
SubsidiariesUnaudited Condensed Consolidated Statements
of Operations (A)(In Thousands, Except Per Share Data)
Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2011 2010 2011 2010 REVENUES:
Product revenue, net
$
40,442
$
46,021
$ 162,447 $ 174,613 Service fee revenue 32,526 21,688 95,345 70,636
Pass-thru revenue 14,530 8,605
40,974 29,267 Total revenues 87,498
76,314 298,766 274,516
COSTS OF REVENUES: Cost of product revenue 37,557
43,108 150,738 162,485 Cost of service fee revenue 24,510 15,722
71,751 51,144 Cost of pass-thru revenue 14,530
8,605 40,974 29,267 Total costs
of revenues 76,597 67,435
263,463 242,896 Gross profit 10,901 8,879
35,303 31,620 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
9,409 8,020 37,512 33,611
Loss from operations 1,492 859 (2,209 ) (1,991 ) INTEREST
EXPENSE, NET 316 202 1,085
940 Income (loss) before income taxes 1,176
657 (3,294 ) (2,931 ) INCOME TAX PROVISION 93
210 380 463 INCOME (LOSS) FROM
CONTINUING OPERATIONS 1,083 447 (3,674 ) (3,394 ) LOSS FROM
DISCONTINUED OPERATIONS, NET OF TAX (323 ) (3,192 )
(892 ) (3,975 ) NET INCOME (LOSS) $ 760 $
(2,745 ) $ (4,566 ) $ (7,369 ) NON-GAAP INCOME (LOSS) $ 1,430
$ 673 $ (2,272 ) $ (1,935 ) NET INCOME (LOSS)
PER SHARE: Basic $ 0.06 $ (0.22 ) $ (0.36 ) $ (0.65 )
Diluted $ 0.06 $ (0.22 ) $ (0.36 ) $ (0.65 ) WEIGHTED
AVERAGE NUMBER OF SHARES OUTSTANDING: Basic 12,764
12,237 12,574 11,310
Diluted 12,909 12,237 12,574
11,310 EBITDA $ 3,261 $ 2,326
$ 4,135 $ 4,069 ADJUSTED EBITDA $ 3,852
$ 2,552 $ 6,085 $ 5,528 (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
SubsidiariesReconciliation of certain Non-GAAP Items to
GAAP(In Thousands, Except Per Share Data)
Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2011 2010 2011 2010 NET INCOME (LOSS) $ 760 $ (2,745 ) $ (4,566 ) $
(7,369 ) Loss from discontinued operations, net of tax 323 3,192
892 3,975 Income tax expense 93 210 380 463 Interest expense 316
202 1,085 940 Depreciation and amortization 1,769
1,467 6,344 6,060 EBITDA
$ 3,261 $ 2,326 $ 4,135 $ 4,069 Stock-based compensation 347 226
1,402 809 Executive disability benefits - - - 650 Relocation
related costs 244 - 548
- ADJUSTED EBITDA $ 3,852 $ 2,552 $
6,085 $ 5,528
Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2011 2010 2011 2010 NET INCOME (LOSS) $ 760 $ (2,745 ) $
(4,566 ) $ (7,369 ) Loss from discontinued operations, net of tax
323 3,192 892 3,975 Stock-based compensation 347 226 1,402 809
Executive disability benefits - -
- 650 NON-GAAP INCOME (LOSS) $ 1,430
$ 673 $ (2,272 ) $ (1,935 ) NET INCOME (LOSS)
PER SHARE: Basic $ 0.06 $ (0.22 ) $ (0.36 ) $ (0.65 )
Diluted $ 0.06 $ (0.22 ) $ (0.36 ) $ (0.65 ) NON-GAAP
INCOME (LOSS) Per Share: Basic $ 0.11 $ 0.05 $ (0.18
) $ (0.17 ) Diluted $ 0.11 $ 0.05 $ (0.18 ) $ (0.17 )
Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2011 2010 2011 2010 TOTAL REVENUES $ 87,498 $ 76,314 $
298,766 $ 274,516 Pass-thru revenue (14,530 ) (8,605 ) (40,974 )
(29,267 ) Cost of product revenue (37,557 ) (43,108 )
(150,738 ) (162,485 ) SERVICE FEE REVENUE EQUIVALENT
$ 35,411 $ 24,601 $ 107,054 $ 82,764
PFSweb, Inc. and
Subsidiaries
Unaudited Condensed Consolidated Balance Sheets (In Thousands,
Except Share Data)
December 31,2011
December 31,2010
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 17,695 $ 18,430
Restricted cash 827 1,853
Accounts receivable, net of allowance for
doubtful accounts of $663 and $754 at December 31, 2011 and
December 31, 2010, respectively
52,679 41,438
Inventories, net of reserves of $1,555 and
$1,561 at December 31, 2011 and December 31, 2010,
respectively
30,487 35,161 Assets of discontinued operations - 2,776 Other
receivables 11,915 14,539 Prepaid expenses and other current assets
4,697 3,580 Total current assets
118,300 117,777 PROPERTY AND EQUIPMENT,
net 14,945 9,124 ASSETS OF DISCONTINUED OPERATIONS - 1,126 OTHER
ASSETS 3,127 2,203 Total assets
136,372 130,230
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 23,939 $ 18,320 Trade accounts payable 48,544
55,692 Deferred revenue 6,766 5,254 Accrued expenses 18,657
15,870 Total current liabilities 97,906 95,136
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current
portion 3,583 2,136 OTHER LIABILITIES 6,809
3,608 Total liabilities 108,298 100,880
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; 35,000,000
shares authorized;12,782,907 and 12,255,064 shares issued at
December 31, 2011 and December 31, 2010, respectively; and
12,764,546 and 12,236,703 outstanding as of December 31, 2011
and December 31, 2010, respectively
13 12 Additional paid-in capital 104,645 101,229 Accumulated
deficit (77,898 ) (73,332 ) Accumulated other comprehensive income
1,399 1,526 Treasury stock at cost, 18,361 shares (85 )
(85 ) Total shareholders' equity 28,074
29,350 Total liabilities and shareholders' equity $ 136,372
$ 130,230
PFSweb, Inc. and
SubsidiariesUnaudited Consolidating Statements of
OperationsFor the Three Months Ended December 31, 2011(In
Thousands)
PFSweb
Business &Retail Connect eCOST Eliminations Consolidated
REVENUES: Product revenue, net $ - $ 40,442 $ - $ - $ 40,442
Service fee revenue 32,526 - - - 32,526 Service fee revenue -
affiliate 1,732 - - (1,732 ) - Pass-thru revenue 14,530
- - - 14,530
Total revenues 48,788 40,442 -
(1,732 ) 87,498 COSTS OF
REVENUES: Cost of product revenue - 37,557 - - 37,557 Cost of
service fee revenue 25,463 - - (953 ) 24,510 Cost of pass-thru
revenue 14,530 - - -
14,530 Total costs of revenues 39,993
37,557 - (953 ) 76,597
Gross profit 8,795 2,885 - (779 ) 10,901 SELLING, GENERAL
AND ADMINISTRATIVE EXPENSES 7,918 2,270
- (779 ) 9,409 Income from operations
877 615 - - 1,492 INTEREST EXPENSE, NET 6 310
- - 316 Income before
income taxes 871 305 - - 1,176 INCOME TAX PROVISION (BENEFIT)
(51 ) 144 - - 93
INCOME FROM CONTINUING OPERATIONS 922 161 - - 1,083 LOSS
FROM DISCONTINUED OPERATIONS, NET OF TAX - -
(323 ) (323 ) NET INCOME (LOSS) $ 922 $
161 $ (323 ) $ - $ 760 NON-GAAP NET INCOME $ 1,269
$ 161 $ - $ - $ 1,430 EBITDA $
2,629 $ 632 $ - $ - $ 3,261 ADJUSTED
EBITDA $ 3,220 $ 632 $ - $ - $ 3,852
A reconciliation of NET INCOME (LOSS) to EBITDA and
ADJUSTED EBITDA follows: NET INCOME (LOSS) $ 922 $ 161 $
(323 ) $ - 760 Loss from discontinued operations, net of tax - -
323 - 323 Income tax expense (benefit) (51 ) 144 - - 93 Interest
expense , net 6 310 - - 316 Depreciation and amortization
1,752 17 - - 1,769
EBITDA $ 2,629 $ 632 $ - $ - $ 3,261 Stock-based
compensation 347 - - - 347 Move related costs 244
244 ADJUSTED EBITDA $ 3,220
$ 632 $ - $ - $ 3,852 A
reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME follows:
NET INCOME (LOSS) $ 922 $ 161 $ (323 ) $ - $ 760 Loss from
discontinued operations, net of tax - - 323 - 323 Stock-based
compensation 347 - - -
347 NON-GAAP NET INCOME $ 1,269 $ 161 $
- $ - $ 1,430
Note: Business and Retail Connect includes our Supplies
Distributors and PFSweb Retail Connect operations, which operate
similar financial models on behalf of our client relationships.
PFSweb and PFSweb Retail Connect include certain ongoing activity
formerly reported as eCOST.
PFSweb, Inc. and
SubsidiariesUnaudited Consolidating Statements of
OperationsFor the Twelve Months Ended December 31, 2011(In
Thousands)
PFSweb
Business &Retail Connect eCOST Eliminations Consolidated
REVENUES: Product revenue, net $ - $ 162,447 $ - $ - $ 162,447
Service fee revenue 95,345 - - - 95,345 Service fee revenue -
affiliate 6,501 - - (6,501 ) - Pass-thru revenue 40,976
- - (2 ) 40,974
Total revenues 142,822 162,447 -
(6,503 ) 298,766 COSTS OF REVENUES:
Cost of product revenue - 150,738 - - 150,738 Cost of service fee
revenue 74,367 - - (2,616 ) 71,751 Cost of pass-thru revenue
40,976 - - (2 ) 40,974
Total costs of revenues 115,343 150,738
- (2,618 ) 263,463 Gross profit
27,479 11,709 - (3,885 ) 35,303 SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 32,892 8,505 -
(3,885 ) 37,512 Income (loss) from operations (5,413
) 3,204 - - (2,209 ) INTEREST EXPENSE (INCOME), NET (140 )
1,225 - - 1,085
Income (loss) before income taxes (5,273 ) 1,979 - - (3,294 )
INCOME TAX PROVISION (BENEFIT) (401 ) 781 -
- 380 INCOME (LOSS) FROM
CONTINUING OPERATIONS (4,872 ) 1,198 - - (3,674 ) LOSS FROM
DISCONTINUED OPERATIONS, NET OF TAX - -
(892 ) (892 ) NET INCOME (LOSS) $ (4,872 ) $ 1,198 $
(892 ) $ - $ (4,566 ) NON-GAAP NET INCOME (LOSS) $ (3,470 )
$ 1,198 $ - $ - $ (2,272 ) EBITDA $ 892
$ 3,243 $ - $ - $ 4,135 ADJUSTED EBITDA $
2,842 $ 3,243 $ - $ - $ 6,085
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED
EBITDA follows: NET INCOME (LOSS) $ (4,872 ) $ 1,198 $ (892
) $ - (4,566 ) Loss from discontinued operations, net of tax - -
892 - 892 Income tax expense (benefit) (401 ) 781 - - 380 Interest
expense (income) (140 ) 1,225 - - 1,085 Depreciation and
amortization 6,305 39 - -
6,344 EBITDA $ 892 $ 3,243 $ - $ - $ 4,135
Stock-based compensation 1,402 - - - 1,402 Relocation related costs
548 548 ADJUSTED
EBITDA $ 2,842 $ 3,243 $ - $ - $ 6,085
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME
(LOSS) follows: NET INCOME (LOSS) $ (4,872 ) $ 1,198 $ (892
) $ - $ (4,566 ) Loss from discontinued operations, net of tax - -
892 - 892 Stock-based compensation 1,402 -
- - 1,402 NON-GAAP NET
INCOME (LOSS) $ (3,470 ) $ 1,198 $ - $ - $ (2,272 )
Note: Business and Retail Connect includes our Supplies
Distributors and PFSweb Retail Connect operations, which operate
similar financial models on behalf of our client relationships.
PFSweb and PFSweb Retail Connect include certain ongoing activity
formerly reported as eCOST.
PFSweb, Inc. and
SubsidiariesUnaudited Consolidating Statements of
OperationsFor the Twelve Months Ended December 31, 2011(In
Thousands)
PFSweb
Business &Retail Connect eCOST Eliminations Consolidated
REVENUES: Product revenue, net $ - $ 162,447 $ - $ - $ 162,447
Service fee revenue 95,345 - - - 95,345 Service fee revenue -
affiliate 6,501 - - (6,501 ) - Pass-thru revenue 40,976
- - (2 ) 40,974
Total revenues 142,822 162,447 -
(6,503 ) 298,766 COSTS OF REVENUES:
Cost of product revenue - 150,738 - - 150,738 Cost of service fee
revenue 74,367 - - (2,616 ) 71,751 Cost of pass-thru revenue
40,976 - - (2 ) 40,974
Total costs of revenues 115,343 150,738
- (2,618 ) 263,463 Gross profit
27,479 11,709 - (3,885 ) 35,303 SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 32,892 8,505 -
(3,885 ) 37,512 Income (loss) from operations (5,413
) 3,204 - - (2,209 ) INTEREST EXPENSE (INCOME), NET (140 )
1,225 - - 1,085
Income (loss) before income taxes (5,273 ) 1,979 - - (3,294 )
INCOME TAX PROVISION (BENEFIT) (401 ) 781 -
- 380 INCOME (LOSS) FROM
CONTINUING OPERATIONS (4,872 ) 1,198 - - (3,674 ) LOSS FROM
DISCONTINUED OPERATIONS, NET OF TAX - -
(892 ) (892 ) NET INCOME (LOSS) $ (4,872 ) $ 1,198 $
(892 ) $ - $ (4,566 ) NON-GAAP NET INCOME (LOSS) $ (3,470 )
$ 1,198 $ - $ - $ (2,272 ) EBITDA $ 892
$ 3,243 $ - $ - $ 4,135 ADJUSTED EBITDA $
2,842 $ 3,243 $ - $ - $ 6,085
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED
EBITDA follows: NET INCOME (LOSS) $ (4,872 ) $ 1,198 $ (892
) $ - (4,566 ) Loss from discontinued operations, net of tax - -
892 - 892 Income tax expense (benefit) (401 ) 781 - - 380 Interest
expense (income) (140 ) 1,225 - - 1,085 Depreciation and
amortization 6,305 39 - -
6,344 EBITDA $ 892 $ 3,243 $ - $ - $ 4,135
Stock-based compensation 1,402 - - - 1,402 Relocation related costs
548 548 ADJUSTED
EBITDA $ 2,842 $ 3,243 $ - $ - $ 6,085
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME
(LOSS) follows: NET INCOME (LOSS) $ (4,872 ) $ 1,198 $ (892
) $ - $ (4,566 ) Loss from discontinued operations, net of tax - -
892 - 892 Stock-based compensation 1,402 -
- - 1,402 NON-GAAP NET
INCOME (LOSS) $ (3,470 ) $ 1,198 $ - $ - $ (2,272 )
Note: Business and Retail Connect includes our Supplies
Distributors and PFSweb Retail Connect operations, which operate
similar financial models on behalf of our client relationships.
PFSweb and PFSweb Retail Connect include certain ongoing activity
formerly reported as eCOST.
PFSweb, Inc. and
SubsidiariesUnaudited Consolidating Statements of
OperationsFor the Three Months Ended December 31, 2010(In
Thousands)
PFSweb
Business &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 from operations 168 691 - - 859 INTEREST
EXPENSE (INCOME), NET (79 ) 281 -
- 202 Income before income taxes 247
410 - - 657 INCOME TAX PROVISION 51 159
- - 210 INCOME FROM CONTINUING
OPERATIONS 196 251 - - 447 LOSS FROM DISCONTINUED OPERATIONS, NET
OF TAX - - (3,192 )
(3,192 ) NET INCOME (LOSS) $ 196 $ 251 $ (3,192 ) $ -
$ (2,745 ) NON-GAAP NET INCOME $ 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 ) Loss from
discontinued operations, net of tax - - 3,192 - 3,192 Income tax
expense 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 follows:
NET INCOME (LOSS) $ 196 $ 251 $ (3,192 ) $ - $ (2,745 ) Loss
from discontinued operations, net of tax - - 3,192 - 3,192
Stock-based compensation 226 - -
- 226 NON-GAAP NET INCOME $ 422
$ 251 $ - $ - $ 673
Note: Business and Retail Connect includes our Supplies
Distributors and PFSweb Retail Connect operations, which operate
similar financial models on behalf of our client relationships.
PFSweb and PFSweb Retail Connect include certain ongoing activity
formerly reported as eCOST.
PFSweb, Inc. and
SubsidiariesUnaudited Consolidating Statements of
OperationsFor the Twelve Months Ended December 31, 2010(In
Thousands)
PFSweb
Business &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 ) 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 ) 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 benefit
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 ) Loss from discontinued operations, net of
tax - - 3,975 - 3,975 Stock-based compensation 809 - - - 809
Executive disability benefit 650 - -
- 650 NON-GAAP NET INCOME (LOSS)
$ (3,372 ) $ 1,437 $ - $ - $ (1,935 )
Note: Business and Retail Connect includes our Supplies
Distributors and PFSweb Retail Connect operations, which operate
similar financial models on behalf of our client relationships.
PFSweb and PFSweb Retail Connect include certain ongoing activity
formerly reported as eCOST.
PFSweb, Inc. and
SubsidiariesUnaudited Condensed Consolidating Balance
Sheetsas of December 31, 2011(In Thousands)
PFSweb
Business &Retail Connect Eliminations Consolidated
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 12,818 $ 4,877 $ - $
17,695 Restricted cash 138 689 - 827 Accounts receivable, net
35,881 17,133 (335 ) 52,679 Inventories, net - 30,487 - 30,487
Other receivables - 11,915 - 11,915 Prepaid expenses and other
current assets 3,273 1,424 -
4,697 Total current assets 52,110
66,525 (335 ) 118,300
PROPERTY AND EQUIPMENT, net 14,884 61 - 14,945
RECEIVABLE/INVESTMENT IN AFFILIATES 13,130 - (13,130 ) - OTHER
ASSETS 2,973 154 -
3,127 Total assets 83,097 66,740
(13,465 ) 136,372
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 13,918 $ 10,021 $ - $ 23,939 Trade accounts
payable 12,089 36,790 (335 ) 48,544 Accrued expenses 18,747
6,676 - 25,423
Total current liabilities 44,754 53,487 (335 ) 97,906
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion
3,513 70 - 3,583 PAYABLE TO AFFILIATES - 22,495 (22,495 ) - OTHER
LIABILITIES 6,809 - -
6,809 Total liabilities 55,076
76,052 (22,830 ) 108,298
COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Common
stock 13 19 (19 ) 13 Capital contributions - 1,000 (1,000 ) -
Additional paid-in capital 104,645 28,059 (28,059 ) 104,645
Retained earnings (accumulated deficit) (77,950 ) (40,446 ) 40,498
(77,898 ) Accumulated other comprehensive income 1,398 2,056 (2,055
) 1,399 Treasury stock (85 ) - -
(85 ) Total shareholders' equity 28,021
(9,312 ) 9,365 28,074 Total liabilities
and shareholders' equity $ 83,097 $ 66,740 $ (13,465
) $ 136,372
PFSweb, Inc. and
SubsidiariesUnaudited Condensed Consolidating Balance
Sheetsas of December 31, 2010(In Thousands)
PFSweb SuppliesDistributors 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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