PFSweb, Inc. (Nasdaq: PFSW), an international provider of
end-to-end web commerce solutions, today announced its financial
results for the second quarter ended June 30, 2012.
“We believe PFSweb is now widely considered one of the leading
experts in the eCommerce market and has become an integral part of
the growth and success of some of the world's leading consumer
brands,” stated Mark Layton, Chairman and Chief Executive Officer
of PFSweb. “Our growth proves our ability to both attract new
clients and become a significant part of their eCommerce strategy.
In addition to offering global reach and a scalable platform that
is able to support our clients’ brands, we expect to enhance our
positioning within the market even further through the rollout of
an expanded multi-platform service offering. This expansion of our
End2End eCommerce solution provides the opportunity for PFSweb to
generate higher margin revenue streams as we enter a whole new
level of services for our clients and expand our reach across all
channels and customer touch points.”
“We increased Service Fee revenue for the second quarter of 2012
by 35% to $28.4 million as compared to same period in 2011,”
continued Mr. Layton. “This growth was driven by increased activity
among our approximately 65 eCommerce client programs including new
and existing client brands. During the past several months, we
launched and ramped up several new client End2End eCommerce
solutions, for leading brands such as Gerber Childrenswear,
Elizabeth Arden and Gore.”
Summary of consolidated results for the second quarter ended
June 30, 2012:
- Service Fee revenue increased 35% to
$28.4 million, compared to $21.0 million for the same period in
2011; Service Fee Equivalent revenue (as defined) increased 25% to
$30.5 million, compared to $24.4 million for the same period in
2011;
- Total revenue increased to $68.8
million, compared to $68.0 million for the second quarter of
2011;
- Adjusted EBITDA (as defined) increased
160% to $2.8 million, compared to $1.1 million for the same period
in 2011;
- Net loss was $0.5 million, or $0.04 per
basic and diluted share, compared to a net loss of $1.2 million, or
$0.10 per basic and diluted share, for the second quarter of 2011.
Net loss for the second quarter of 2012 included approximately $0.3
million of relocation related costs, which were reflected in
selling, general and administrative expenses;
- Non-GAAP net income (as defined) was
$0.2 million, or $0.01 per basic and diluted share, compared to a
non-GAAP net loss of $0.8 million, or $0.07 per basic and diluted
share, for the quarter ended June 30, 2011;
Summary of consolidated results for the six months ended June
30, 2012:
- Service Fee revenue increased 42% to
$56.8 million, compared with $39.9 million for the six months ended
June 30, 2011. Service Fee Equivalent revenue (as defined)
increased 34% to $61.8 million, compared to $46.1 million for the
same period in 2011;
- Total revenue was $143.3 million
compared to $140.4 million for the six months ended June 30,
2011;
- Adjusted EBITDA (as defined) was $5.4
million compared to $1.5 million for the six months ended June 30,
2011;
- Net loss was $1.8 million, or $0.14 per
basic and diluted share, compared to a net loss of $3.5 million or
$0.28 per basic and diluted share, for the six months ended June
30, 2011. Net loss for the six months ended June 30, 2012 included
approximately $0.9 million of relocation related costs, and $0.5
million of lease termination costs that were reflected in selling,
general and administrative expenses. Net loss for the first six
months of 2011 included a $0.6 million loss from discontinued
operations related to eCOST.com;
- Non-GAAP net income was $0.2 million,
or $0.02 per basic and diluted share, compared to a non-GAAP net
loss of $2.2 million, or $0.18 per basic and diluted share, for the
six months ended June 30, 2011.
“The strong Service Fee revenue growth for the second quarter of
2012, combined with an ongoing focus on costs, resulted in a 160%
increase in Adjusted EBITDA to $2.8 million,” Mr. Layton continued.
“In addition, several of the client programs that we expected to
conclude or significantly reduce operations in 2012, have extended
their programs into late-2012 and 2013. As a result of these
extensions and other client activity, we are increasing our 2012
guidance for consolidated Adjusted EBITDA to approximately $9
million to $11 million. While we are pleased with these extensions,
we still expect that approximately $5 million of this quarter’s
service fee revenue will not continue after this year. We continue
to target growth from new clients and are focusing on operational
efficiencies to mitigate this impact.”
Conference Call Information
Management will host a conference call at 11:00 am Eastern Time
(10:00 am Central Time) on Thursday, August 9, 2012, to discuss the
latest corporate developments and results. To listen to the call,
please dial (888) 562-3356 and enter the pin number 11911131 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 or www.kcsa.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 September 9, 2012 at (855) 859-2056, pin number 11911131.
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, lease termination costs and certain move
related expenses.
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, lease termination costs and certain move
related expenses.
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, lease termination costs and certain move related
expenses 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. 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 Allen, 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, 2011 and 10-Q for the period ended
March 31, 2012 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.
(Financial Tables Below)
PFSweb, Inc. and
Subsidiaries
Unaudited Condensed Consolidated Statements of Operations (A) (In
Thousands, Except Per Share Data)
Three Months Ended Six Months Ended June 30, June 30,
2012 2011 2012 2011 REVENUES: Product revenue, net $ 29,557 $
38,799 $ 64,282 $ 84,082 Service fee revenue 28,384 20,970 56,762
39,870 Pass-thru revenue 10,819 8,239
22,228 16,445 Total revenues
68,760 68,008 143,272
140,397 COSTS OF REVENUES: Cost of product revenue
27,397 35,411 59,253 77,877 Cost of service fee revenue 20,340
15,795 41,599 29,578 Cost of pass-thru revenue 10,819
8,239 22,228 16,445 Total
costs of revenues 58,556 59,445
123,080 123,900 Gross profit 10,204 8,563
20,192 16,497 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
10,260 9,430 21,160
18,718 Loss from operations (56 ) (867 ) (968 ) (2,221 )
INTEREST EXPENSE, NET 258 270
522 461 Loss before income taxes (314 ) (1,137
) (1,490 ) (2,682 ) INCOME TAX PROVISION 194
95 303 230 LOSS FROM CONTINUING
OPERATIONS (508 ) (1,232 ) (1,793 ) (2,912 ) INCOME (LOSS) FROM
DISCONTINUED OPERATIONS, NET OF TAX - 14
- (589 ) NET LOSS $ (508 ) $ (1,218 ) $
(1,793 ) $ (3,501 ) NON-GAAP INCOME (LOSS) $ 152 $ (833 ) $
229 $ (2,203 ) NET LOSS PER SHARE: Basic $ (0.04 ) $
(0.10 ) $ (0.14 ) $ (0.28 ) Diluted $ (0.04 ) $ (0.10 ) $ (0.14 ) $
(0.28 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: Basic
12,783 12,567 12,774
12,418 Diluted 12,783 12,567
12,774 12,418 EBITDA $
2,134 $ 676 $ 3,364 $ 817 ADJUSTED
EBITDA $ 2,794 $ 1,075 $ 5,386 $ 1,526
(A) The financial data above should be read in conjunction
with the audited consolidated financial statements ofPFSweb, Inc.
included in its Form 10-K for the year ended December 31, 2011.
PFSweb, Inc. and
Subsidiaries
Reconciliation of certain Non-GAAP Items to GAAP (In Thousands,
Except Per Share Data) Three Months
Ended Six Months Ended June 30, June 30, 2012 2011 2012 2011 NET
LOSS $ (508 ) $ (1,218 ) $ (1,793 ) $ (3,501 ) Loss (income) from
discontinued operations, net of tax - (14 ) - 589 Income tax
expense 194 95 303 230 Interest expense 258 270 522 461
Depreciation and amortization 2,190 1,543
4,332 3,038 EBITDA $ 2,134 $ 676
$ 3,364 $ 817 Stock-based compensation 366 399 706 709 Lease
terminations costs - - 450 - Move related expenses 294
- 866 - ADJUSTED
EBITDA $ 2,794 $ 1,075 $ 5,386 $ 1,526
Three Months Ended Six Months Ended June 30, June 30,
2012 2011 2012 2011 NET LOSS $ (508 ) $ (1,218 ) $ (1,793 )
$ (3,501 ) Loss (Income) from discontinued operations, net of tax -
(14 ) - 589 Stock-based compensation 366 399 706 709 Lease
terminations costs - - 450 - Move related expenses 294
- 866 - NON-GAAP
INCOME (LOSS) $ 152 $ (833 ) $ 229 $ (2,203 )
NET LOSS PER SHARE: Basic $ (0.04 ) $ (0.10 ) $ (0.14 ) $ (0.28 )
Diluted $ (0.04 ) $ (0.10 ) $ (0.14 ) $ (0.28 ) NON-GAAP
INCOME (LOSS) Per Share: Basic $ 0.01 $ (0.07 ) $ 0.02
$ (0.18 ) Diluted $ 0.01 $ (0.07 ) $ 0.02 $
(0.18 ) Three Months Ended Six Months Ended
June 30, June 30, 2012 2011 2012 2011 TOTAL REVENUES $
68,760 $ 68,008 $ 143,272 $ 140,397 Pass-thru revenue (10,819 )
(8,239 ) (22,228 ) (16,445 ) Cost of product revenue (27,397
) (35,411 ) (59,253 ) (77,877 ) SERVICE FEE
EQUIVALENT REVENUE $ 30,544 $ 24,358 $ 61,791
$ 46,075
PFSweb, Inc. and
Subsidiaries
Unaudited Condensed Consolidated Balance
Sheets(In Thousands, Except Share Data)
June 30, December 31,
2012 2011
ASSETS CURRENT ASSETS: Cash and cash
equivalents $ 17,107 $ 17,695 Restricted cash 728 827 Accounts
receivable, net of allowance for doubtful accounts of $656 and $663
at June 30, 2012 and December 31, 2011, respectively 39,172 52,679
Inventories, net of reserves of $1,677 and $1,555 at June 30, 2012
and December 31, 2011, respectively 27,060 30,487 Other receivables
7,983 11,915 Prepaid expenses and other current assets 4,335 4,697
Total current assets 96,385 118,300 PROPERTY AND EQUIPMENT,
net 25,574 14,945 OTHER ASSETS 3,052 3,127 Total assets 125,011
136,372
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 19,196 $ 23,939 Trade accounts payable 35,658
48,544 Deferred revenue 7,365 6,766 Accrued expenses 19,023 18,657
Total current liabilities 81,242 97,906 LONG-TERM DEBT AND
CAPITAL LEASE OBLIGATIONS, less current portion 6,284 3,583
DEFERRED REVENUE 5,112 5,908 DEFERRED RENT 5,571 901 Total
liabilities 98,209 108,298 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; 12,812,386 and 12,782,907 shares issued at June
30, 2012 and December 31, 2011, respectively; and 12,789,325 and
12,764,546 shares outstanding as of June 30, 2012 and December 31,
2011, respectively
13 13 Additional paid-in capital 105,399 104,645 Accumulated
deficit (79,691) (77,898) Accumulated other comprehensive income
1,178 1,399 Treasury stock at cost, 23,061 and 18,361 shares as of
June 30, 2012 and December 31, 2011, respectively (97) (85) Total
shareholders' equity 26,802 28,074 Total liabilities and
shareholders' equity $ 125,011 $ 136,372
PFSweb, Inc. and
Subsidiaries
Unaudited Consolidating Statements of Operations For the Three
Months Ended June 30, 2012 (In Thousands)
PFSweb
Business &Retail Connect
Eliminations Consolidated REVENUES: Product revenue, net $ - $
29,557 $ - $ 29,557 Service fee revenue 28,384 - - 28,384 Service
fee revenue - affiliate 1,124 - (1,124 ) - Pass-thru revenue
10,819
-
- 10,819 Total revenues 40,327
29,557 (1,124 ) 68,760
COSTS OF REVENUES: Cost of product revenue - 27,397 - 27,397 Cost
of service fee revenue 21,049 - (709 ) 20,340 Cost of pass-thru
revenue 10,819 - - 10,819
Total costs of revenues 31,868 27,397
(709 ) 58,556 Gross profit 8,459 2,160 (415 )
10,204 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 9,047
1,628 (415 ) 10,260 Income from
operations (588 ) 532 - (56 ) INTEREST EXPENSE, NET 57
201 - 258 Income before
income taxes (645 ) 331 - (314 ) INCOME TAX PROVISION (BENEFIT)
55 139 - 194 NET
INCOME (LOSS) $ (700 ) $ 192 $ - $ (508 ) NON-GAAP NET
INCOME $ (40 ) $ 192 $ - $ 152 EBITDA $ 1,578
$ 556 $ - $ 2,134 ADJUSTED EBITDA $ 2,238
$ 556 $ - $ 2,794 A
reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows: NET INCOME (LOSS) $ (700 ) $ 192 $ - (508 ) Income
tax expense (benefit) 55 139 - 194 Interest expense , net 57 201 -
258 Depreciation and amortization 2,166 24
- 2,190 EBITDA $ 1,578 $ 556 $ - $
2,134 Stock-based compensation 366 - - 366 Move related costs
294 - - 294
ADJUSTED EBITDA $ 2,238 $ 556 $ - $ 2,794
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME
follows: NET INCOME (LOSS) $ (700 ) $ 192 $ - $ (508 )
Stock-based compensation 366 - - 366 Move related costs 294
- - 294 NON-GAAP NET
INCOME $ (40 ) $ 192 $ - $ 152 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, Inc. and
Subsidiaries
Unaudited Consolidating Statements of Operations For the Six Months
Ended June 30, 2012 (In Thousands)
Business & PFSweb Retail Connect Eliminations
Consolidated REVENUES: Product revenue, net $ - $ 64,282 $ - $
64,282 Service fee revenue 56,762 - - 56,762 Service fee revenue -
affiliate 2,586 - (2,586 ) - Pass-thru revenue 22,228
- - 22,228 Total revenues
81,576 64,282 (2,586 ) 143,272
COSTS OF REVENUES: Cost of product revenue - 59,253 - 59,253
Cost of service fee revenue 43,097 - (1,498 ) 41,599 Cost of
pass-thru revenue 22,228 - -
22,228 Total costs of revenues 65,325
59,253 (1,498 ) 123,080 Gross profit
16,251 5,029 (1,088 ) 20,192 SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 18,579 3,669 (1,088 )
21,160 Income (loss) from operations (2,328 ) 1,360 - (968 )
INTEREST EXPENSE (INCOME), NET 91 431 -
522 Income (loss) before income taxes (2,419 )
929 - (1,490 ) INCOME TAX PROVISION (BENEFIT) (69 )
372 - 303 NET INCOME (LOSS)
(2,350 ) 557 - (1,793 ) NON-GAAP NET
INCOME (LOSS) $ (328 ) $ 557 $ - $ 229 EBITDA
$ 1,964 $ 1,400 $ - $ 3,364 ADJUSTED EBITDA $
3,986 $ 1,400 $ - $ 5,386 A
reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows: NET INCOME (LOSS) $ (2,350 ) $ 557 $ - (1,793 )
Income tax expense (benefit) (69 ) 372 - 303 Interest expense
(income) 91 431 - 522 Depreciation and amortization 4,292
40 - 4,332 EBITDA $ 1,964
$ 1,400 $ - $ 3,364 Stock-based compensation 706 - - 706 Lease
termination costs 450 - - 450 Move related costs 866
- - 866 ADJUSTED EBITDA $ 3,986
$ 1,400 $ - $ 5,386 A reconciliation of
NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows: NET
INCOME (LOSS) $ (2,350 ) $ 557 $ - $ (1,793 ) Stock-based
compensation 706 - - 706 Lease termination costs 450 - - 450 Move
related costs 866 - - 866
NON-GAAP NET INCOME (LOSS) $ (328 ) $ 557 $ - $ 229
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
Subsidiaries
Unaudited Consolidating Statements of Operations For the Three
Months Ended June 30, 2011 (In Thousands)
Business & PFSweb Retail Connect eCOST Eliminations
Consolidated REVENUES: Product revenue, net $ - $ 38,799 $ - $ - $
38,799 Service fee revenue 20,970 - - - 20,970 Service fee revenue
- affiliate 1,588 - - (1,588) - Pass-thru revenue 8,240 - - (1)
8,239 Total revenues 30,798 38,799 - (1,589) 68,008 COSTS OF
REVENUES: Cost of product revenue - 35,411 - - 35,411 Cost of
service fee revenue 16,354 - - (559) 15,795 Cost of pass-thru
revenue 8,240 - - (1) 8,239 Total costs of revenues 24,594 35,411 -
(560) 59,445 Gross profit 6,204 3,388 - (1,029) 8,563 SELLING,
GENERAL AND ADMINISTRATIVE EXPENSES 8,245 2,214 - (1,029) 9,430
Income (loss) from operations (2,041) 1,174 - - (867) INTEREST
EXPENSE (INCOME), NET (61) 331 - - 270 Income (loss) before income
taxes (1,980) 843 - - (1,137) INCOME TAX PROVISION (BENEFIT) (251)
346 - - 95 INCOME (LOSS) FROM CONTINUING OPERATIONS (1,729) 497 - -
(1,232) LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX - - 14
14 NET INCOME (LOSS) $ (1,729) $ 497 $ 14 $ - $ (1,218) NON-GAAP
NET INCOME (LOSS) $ (1,330) $ 497 $ - $ - $ (833) EBITDA $
(505) $ 1,181 $ - $ - $ 676 ADJUSTED EBITDA $ (106) $ 1,181 $ - $ -
$ 1,075 A reconciliation of NET INCOME (LOSS) to
EBITDA and ADJUSTED EBITDA follows: NET INCOME (LOSS) $
(1,729) $ 497 $ 14 $ - (1,218) Loss from discontinued operations,
net of tax - - (14) - (14) Income tax expense (benefit) (251) 346 -
- 95 Interest expense (income) (61) 331 - - 270 Depreciation and
amortization 1,536 7 - - 1,543 EBITDA $ (505) $ 1,181 $ - $ - $ 676
Stock-based compensation 399 - - - 399 ADJUSTED EBITDA $ (106) $
1,181 $ - $ - $ 1,075 A reconciliation of NET INCOME (LOSS)
to NON-GAAP NET INCOME (LOSS) follows: NET INCOME (LOSS) $
(1,729) $ 497 $ 14 $ - $ (1,218) Loss from discontinued operations,
net of tax - - (14) - (14) Stock-based compensation 399 - - - 399
NON-GAAP NET INCOME (LOSS) $ (1,330) $ 497 $ - $ - $ (833)
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
Subsidiaries
Unaudited Consolidating Statements of Operations For the Six Months
Ended June 30, 2011 (In Thousands)
Business & PFSweb Retail Connect eCOST
Eliminations Consolidated REVENUES: Product revenue, net $ - $
84,082 $ - $ - $ 84,082 Service fee revenue 39,870 - - - 39,870
Service fee revenue - affiliate 3,252 - - (3,252) - Pass-thru
revenue 16,446 - - (1) 16,445 Total revenues 59,568 84,082 -
(3,253) 140,397 COSTS OF REVENUES: Cost of product revenue -
77,877 - - 77,877 Cost of service fee revenue 30,702 - - (1,124)
29,578 Cost of pass-thru revenue 16,446 - - (1) 16,445 Total costs
of revenues 47,148 77,877 - (1,125) 123,900 Gross profit 12,420
6,205 - (2,128) 16,497 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
16,460 4,386 - (2,128) 18,718 Income (loss) from operations (4,040)
1,819 - - (2,221) INTEREST EXPENSE (INCOME), NET (116) 577 - - 461
Income (loss) before income taxes (3,924) 1,242 - - (2,682) INCOME
TAX PROVISION (BENEFIT) (276) 506 - - 230 INCOME (LOSS) FROM
CONTINUING OPERATIONS (3,648) 736 - - (2,912) LOSS FROM
DISCONTINUED OPERATIONS, NET OF TAX - - (589) (589) NET
INCOME (LOSS) $ (3,648) $ 736 $ (589) $ - $ (3,501) NON-GAAP NET
INCOME (LOSS) $ (2,939) $ 736 $ - $ - $ (2,203) EBITDA $
(1,016) $ 1,833 $ - $ - $ 817 ADJUSTED EBITDA $ (307) $ 1,833 $ - $
- $ 1,526 A reconciliation of NET INCOME (LOSS) to
EBITDA and ADJUSTED EBITDA follows: NET INCOME (LOSS) $
(3,648) $ 736 $ (589) $ - (3,501) Loss from discontinued
operations, net of tax - - 589 - 589 Income tax expense (benefit)
(276) 506 - - 230 Interest expense (income) (116) 577 - - 461
Depreciation and amortization 3,024 14 - - 3,038 EBITDA $ (1,016) $
1,833 $ - $ - $ 817 Stock-based compensation 709 - - - 709 ADJUSTED
EBITDA $ (307) $ 1,833 $ - $ - $ 1,526 A reconciliation of
NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows: NET
INCOME (LOSS) $ (3,648) $ 736 $ (589) $ - $ (3,501) Loss from
discontinued operations, net of tax - - 589 - 589 Stock-based
compensation 709 - - - 709 NON-GAAP NET INCOME (LOSS) $ (2,939)
$ 736 $ - $ - $ (2,203) 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
Subsidiaries
Unaudited Condensed Consolidating Balance Sheets as of June 30,
2012 (In Thousands)
Business & PFSweb Retail Connect Eliminations
Consolidated
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 13,977 $ 3,130 $ - $
17,107 Restricted cash - 728 - 728 Accounts receivable, net 26,180
13,073 (81 ) 39,172 Inventories, net - 27,060 - 27,060 Other
receivables - 7,983 - 7,983 Prepaid expenses and other current
assets 2,853 1,482 -
4,335 Total current assets 43,010
53,456 (81 ) 96,385
PROPERTY AND EQUIPMENT, net 25,448 126 - 25,574
RECEIVABLE/INVESTMENT IN AFFILIATES 12,857 - (12,857 ) - OTHER
ASSETS 2,913 139 -
3,052 Total assets 84,228 53,721
(12,938 ) 125,011
LIABILITIES AND
SHAREHOLDERS EQUITY CURRENT LIABILITIES: Current portion of
long-term debt and capital lease obligations $ 12,685 $ 6,511 $ - $
19,196 Trade accounts payable 8,024 27,715 (81 ) 35,658 Deferred
revenue 7,328 37 - 7,365 Accrued expenses 12,449
6,574 - 19,023 Total
current liabilities 40,486 40,837
(81 ) 81,242 LONG-TERM DEBT AND CAPITAL
LEASE OBLIGATIONS, less current portion 6,249 35 - 6,284 PAYABLE TO
AFFILIATES - 22,695 (22,695 ) - DEFERRED REVENUE 5,112 - - 5,112
DEFERRED RENT 5,539 32 -
5,571 Total liabilities 57,386
63,599 (22,776 ) 98,209
COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Common
stock 13 19 (19 ) 13 Capital contributions - 1,000 (1,000 ) -
Additional paid-in capital 105,399 28,059 (28,059 ) 105,399
Retained earnings (accumulated deficit) (79,643 ) (40,854 ) 40,806
(79,691 ) Accumulated other comprehensive income 1,170 1,898 (1,890
) 1,178 Treasury stock (97 ) - -
(97 ) Total shareholders' equity 26,842
(9,878 ) 9,838 26,802 Total liabilities
and shareholders' equity $ 84,228 $ 53,721 $ (12,938
) $ 125,011
PFSweb, Inc. and
Subsidiaries
Unaudited Condensed Consolidating Balance Sheets as of December 31,
2011 (In Thousands)
Business & PFSweb 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
Deferred revenue 6,749 17 - 6,766 Accrued expenses 11,998
6,659 - 18,657
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 ) - DEFERRED REVENUE 5,908 -
- 5,908 DEFERRED RENT 901 - -
901 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
Grafico Azioni Pfsweb (NASDAQ:PFSW)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Pfsweb (NASDAQ:PFSW)
Storico
Da Lug 2023 a Lug 2024