PFSweb, Inc. (Nasdaq: PFSW), an international provider of
end-to-end web commerce solutions, today announced its financial
results for the third quarter ended September 30, 2012.
Mark Layton, Chairman and Chief Executive Officer of PFSweb,
stated, “Fueled by new clients as well as increases in certain
existing client activity, our Service Fee Equivalent Revenue
increased 18% to $30.2 million, as compared to the third quarter of
2011. This growth, coupled with an ongoing focus on operating costs
and efficiencies, resulted in an improved Adjusted EBITDA for the
third quarter of 2012 to $2.8 million, a 300% increase over the
same period last year. With these improved third quarter results
and our current expectations of client volumes during this upcoming
holiday season, we continue to target an annual increase in our
Service Fee Equivalent Revenue for 2012 of 20%, and we are
increasing our Adjusted EBITDA target to a range of $10 million to
$12 million for the year.”
“This past quarter we finalized two new client programs,
bringing our new client program count for 2012 to 10. In addition,
we continue to have a robust new business pipeline with more than
$50 million in average annual contract value based on client
projections. To support new clients and our existing clients’
activity anticipated for this upcoming holiday season, we continue
to make investments to bolster our overall capacity and reliability
across all phases of our business. These enhancements are designed
to provide our clients’ customers the outstanding shopping
experience they desire,” added Mr. Layton.
“We are continuing to develop new solutions to position PFSweb
as a leader in the eCommerce and omni-channel evolution through
PFSweb’s Infinite Commerce Initiative. Our goal is to act as the
global facilitator for all types of commerce for our clients across
all channels and customer touch points. At this stage, we are
extending our order management and eCommerce technology platforms
to include cross-channel capabilities that fully integrate
brick-and-mortar stores, client and third-party fulfillment
facilities. We are also working on new mobile commerce
capabilities, in-store customer support, kiosks and ‘clienteling’
apps,” continued Mr. Layton.
Summary of consolidated results for the third quarter ended
September 30, 2012:
- Service Fee revenue increased 23% to
$28.3 million, compared to $22.9 million for the same period in
2011; Service Fee Equivalent Revenue (as defined) increased 18% to
$30.2 million, compared to $25.6 million for the same period in
2011;
- Total revenue decreased 6% to $66.5
million, compared to $70.9 million for the third quarter of
2011;
- Adjusted EBITDA (as defined) increased
300% to $2.8 million, compared to $0.7 million for the same period
in 2011;
- Net loss was $0.4 million, or $0.03 per
basic and diluted share, compared to a net loss of $1.8 million, or
$0.14 per basic and diluted share, for the third quarter of
2011;
- Non-GAAP net loss (as defined) was
$62,000, or less than $0.01 per basic and diluted share, compared
to a non-GAAP net loss of $1.5 million, or $0.12 per basic and
diluted share, for the quarter ended September 30, 2011;
Summary of consolidated results for the nine months ended
September 30, 2012:
- Service Fee revenue increased 35% to
$85.0 million, compared with $62.8 million for the nine months
ended September 30, 2011; Service Fee Equivalent Revenue (as
defined) increased 28% to $92.0 million, compared to $71.6 million
for the same period in 2011;
- Total revenue decreased 1% to $209.8
million compared to $211.3 million for the nine months ended
September 30, 2011;
- Adjusted EBITDA (as defined) was $8.2
million compared to $2.2 million for the nine months ended
September 30, 2011;
- Net loss was $2.2 million, or $0.17 per
basic and diluted share, compared to a net loss of $5.3 million or
$0.43 per basic and diluted share, for the nine months ended
September 30, 2011. Net loss for the nine months ended September
30, 2012 included approximately $0.9 million of move related
expenses, and $0.5 million of lease termination costs that were
reflected in selling, general and administrative expenses. Net loss
for the first nine months of 2011 included approximately $0.3
million of relocation related costs. Net loss for the first nine
months of 2011 also included a $0.6 million net loss from
discontinued operations related to eCOST.com;
- Non-GAAP net income was $0.2 million,
or $0.01 per basic and diluted share, compared to a non-GAAP net
loss of $3.7 million, or $0.30 per basic and diluted share, for the
nine months ended September 30, 2011.
“I am very pleased with our performance in 2012 and believe we
have made the appropriate investments to finish 2012 strong. The
benefits of scale in our business are clearly reflected in the
improved Adjusted EBITDA results we have produced this year.
However, as previously discussed, we currently expect our Service
Fee Equivalent Revenue and profitability to be negatively impacted
in 2013 by the conclusion or anticipated reduction of operations of
several client programs, projected declines in product revenue due
to the impact of restructuring efforts by our largest client
relationship in our Business and Retail Connect Segment, and
further by the loss of certain scale and gross margin mix benefits
we achieved during 2012. While we continue to win new client
relationships and generate many new and exciting opportunities in
our sales pipeline, based on the client information and timing
estimates we currently have, we believe it is unlikely that
projected new client revenue will offset the impact of these
expected reductions in 2013. We remain optimistic about our growth
potential as we look towards 2014 and beyond, but our current focus
on large client programs can result in large fluctuations in client
activity levels as existing clients choose to move operations
in-house or to other solutions and as new clients implementations
begin. We expect to provide 2013 projections in the first quarter
of next year as we gather more information from all our clients on
their projected volumes,” concluded Mr. Layton.
Conference Call Information
Management will host a conference call at 11:00 am Eastern Time
(10:00 am Central Time) on Thursday, November 8, 2012, to discuss
the latest corporate developments and results. To listen to the
call, please dial (888) 562-3356 and enter the pin number 58992288
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 December 10, 2012 at (855) 859-2056, pin number 58992288.
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, certain
relocation related 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, 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 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 Quarterly Report on Form
10-Q for the three and six months ended June 30, 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 Nine Months Ended September 30, September 30, 2012 2011 2012
2011 REVENUES: Product revenue, net $ 27,619 $ 37,923 $ 91,901 $
122,005 Service fee revenue 28,260 22,949 85,022 62,819 Pass-thru
revenue 10,654 9,999 32,882
26,444
Total revenues
66,533 70,871 209,805
211,268 COSTS OF REVENUES: Cost of product
revenue 25,681 35,304 84,934 113,181 Cost of service fee revenue
20,397 17,663 61,996 47,241 Cost of pass-thru revenue 10,654
9,999 32,882 26,444
Total costs of revenues
56,732 62,966 179,812
186,866
Gross profit
9,801 7,905 29,993 24,402 SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 9,781 9,385 30,941
28,103 Income (loss) from operations 20 (1,480
) (948 ) (3,701 ) INTEREST EXPENSE, NET 236
308 758 769 Income (loss) before
income taxes (216 ) (1,788 ) (1,706 ) (4,470 ) INCOME TAX PROVISION
154 57 457 287
INCOME (LOSS) FROM CONTINUING OPERATIONS (370 ) (1,845 )
(2,163 ) (4,757 ) INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET
OF TAX - 20 - (569
) NET INCOME (LOSS) $ (370 ) $ (1,825 ) $ (2,163 ) $ (5,326 )
NON-GAAP INCOME (LOSS) $ (62 ) $ (1,499 ) $ 167 $ (3,702 )
NET INCOME (LOSS) PER SHARE: Basic $ (0.03 ) $ (0.14 ) $
(0.17 ) $ (0.43 ) Diluted $ (0.03 ) $ (0.14 ) $ (0.17 ) $ (0.43 )
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: Basic
12,783 12,688 12,777
12,509 Diluted 12,783 12,688
12,777 12,509 EBITDA $ 2,522
$ 57 $ 5,886 $ 874 ADJUSTED EBITDA $
2,830 $ 707 $ 8,216 $ 2,233
(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, 2011.
PFSweb, Inc. and
Subsidiaries
Reconciliation of certain Non-GAAP Items to GAAP (In Thousands,
Except Per Share Data) Three Months Ended Nine
Months Ended September 30, September 30, 2012 2011 2012 2011 NET
INCOME (LOSS) $ (370 ) $ (1,825 ) $ (2,163 ) $ (5,326 ) Loss
(income) from discontinued operations, net of tax - (20 ) - 569
Income tax expense 154 57 457 287 Interest expense 236 308 758 769
Depreciation and amortization 2,502 1,537
6,834 4,575 EBITDA $ 2,522 $ 57
$ 5,886 $ 874 Stock-based compensation 308 346 1,014 1,055 Lease
terminations costs - - 450 - Relocation related costs - 304 - 304
Move related expenses - - 866
- ADJUSTED EBITDA $ 2,830 $ 707
$ 8,216 $ 2,233 Three Months Ended Nine
Months Ended September 30, September 30, 2012 2011 2012 2011
NET INCOME (LOSS) $ (370 ) $ (1,825 ) $ (2,163 ) $ (5,326 ) Loss
(income) from discontinued operations, net of tax - (20 ) - 569
Stock-based compensation 308 346 1,014 1,055 Lease terminations
costs - - 450 - Move related expenses - -
866 - NON-GAAP INCOME (LOSS) $
(62 ) $ (1,499 ) $ 167 $ (3,702 ) NET INCOME (LOSS)
PER SHARE: Basic $ (0.03 ) $ (0.14 ) $ (0.17 ) $ (0.43 ) Diluted $
(0.03 ) $ (0.14 ) $ (0.17 ) $ (0.43 ) NON-GAAP INCOME (LOSS)
Per Share: Basic $ (0.00 ) $ (0.12 ) $ 0.01 $ (0.30 )
Diluted $ (0.00 ) $ (0.12 ) $ 0.01 $ (0.30 )
Three Months Ended Nine Months Ended September 30, September
30, 2012 2011 2012 2011 TOTAL REVENUES $ 66,533 $ 70,871 $
209,805 $ 211,268 Pass-thru revenue (10,654 ) (9,999 ) (32,882 )
(26,444 ) Cost of product revenue (25,681 ) (35,304 )
(84,934 ) (113,181 ) SERVICE FEE EQUIVALENT REVENUE $
30,198 $ 25,568 $ 91,989 $ 71,643
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets (In Thousands,
Except Share Data) September 30, December 31, 2012
2011
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 17,793 $ 17,695
Restricted cash 471 827 Accounts receivable, net of allowance for
doubtful accounts of $479 and $663 at September 30, 2012 and
December 31, 2011, respectively 38,057 52,679 Inventories, net of
reserves of $1,696 and $1,555 at September 30, 2012 and December
31, 2011, respectively 25,453 30,487 Other receivables 7,340 11,915
Prepaid expenses and other current assets 4,663
4,697 Total current assets 93,777
118,300 PROPERTY AND EQUIPMENT, net 25,539
14,945 OTHER ASSETS 3,928 3,127 Total
assets 123,244 136,372
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 19,073 $ 23,939 Trade accounts payable 33,437
48,544 Deferred revenue 6,808 6,766 Accrued expenses 19,353
18,657 Total current liabilities 78,671 97,906
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current
portion 5,771 3,583 DEFERRED REVENUE 6,190 5,908 DEFERRED RENT
5,661 901 Total liabilities
96,293 108,298 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; 12,807,086 and 12,782,907 shares issued at
September 30, 2012 and December 31, 2011, respectively; and
12,780,225 and 12,764,546 shares outstanding as of September 30,
2012 and December 31, 2011, respectively
13 13 Additional paid-in capital 105,707 104,645 Accumulated
deficit (80,061 ) (77,898 ) Accumulated other comprehensive income
1,413 1,399
Treasury stock at cost, 32,161 and 18,361
shares as of September 30, 2012 and December 31, 2011,
respectively
(121 ) (85 ) Total shareholders' equity 26,951
28,074 Total liabilities and shareholders'
equity $ 123,244 $ 136,372
PFSweb, Inc. and
Subsidiaries
Unaudited Consolidating Statements of Operations For the Three
Months Ended September 30, 2012 (In Thousands)
Business & PFSweb Retail Connect Eliminations
Consolidated REVENUES: Product revenue, net $ - $ 27,619 $ - $
27,619 Service fee revenue 28,260 - - 28,260 Service fee revenue -
affiliate 1,034 - (1,034 ) - Pass-thru revenue 10,654
- - 10,654 Total revenues
39,948 27,619 (1,034 ) 66,533
COSTS OF REVENUES: Cost of product revenue - 25,681 - 25,681
Cost of service fee revenue 21,099 - (702 ) 20,397 Cost of
pass-thru revenue 10,654 - -
10,654 Total costs of revenues 31,753
25,681 (702 ) 56,732 Gross profit 8,195
1,938 (332 ) 9,801 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
8,763 1,350 (332 ) 9,781
Income (loss) from operations (568 ) 588 - 20 INTEREST EXPENSE, NET
49 187 - 236
Income (loss) before income taxes (617 ) 401 - (216 ) INCOME TAX
PROVISION (BENEFIT) (23 ) 177 -
154 NET INCOME (LOSS) $ (594 ) $ 224 $ - $ (370 )
NON-GAAP NET INCOME (LOSS) $ (286 ) $ 224 $ - $ (62 )
EBITDA $ 1,908 $ 614 $ - $ 2,522 ADJUSTED
EBITDA $ 2,216 $ 614 $ - $ 2,830
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows: NET INCOME (LOSS) $ (594 ) $ 224 $ - (370 ) Income
tax expense (benefit) (23 ) 177 - 154 Interest expense , net 49 187
- 236 Depreciation and amortization 2,476 26
- 2,502 EBITDA $ 1,908 $ 614 $ - $
2,522 Stock-based compensation 308 - -
308 ADJUSTED EBITDA $ 2,216 $ 614 $ -
$ 2,830 A reconciliation of NET INCOME (LOSS)
to NON-GAAP NET INCOME (LOSS) follows: NET INCOME (LOSS) $
(594 ) $ 224 $ - $ (370 ) Stock-based compensation 308
- - 308 NON-GAAP NET
INCOME (LOSS) $ (286 ) $ 224 $ - $ (62 )
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 Nine
Months Ended September 30, 2012 (In Thousands)
Business & PFSweb Retail Connect Eliminations
Consolidated REVENUES: Product revenue, net $ - $ 91,901 $ - $
91,901 Service fee revenue 85,022 - - 85,022 Service fee revenue -
affiliate 3,620 - (3,620 ) - Pass-thru revenue 32,882
- - 32,882 Total revenues
121,524 91,901 (3,620 ) 209,805
COSTS OF REVENUES: Cost of product revenue - 84,934 - 84,934
Cost of service fee revenue 64,196 - (2,200 ) 61,996 Cost of
pass-thru revenue 32,882 - -
32,882 Total costs of revenues 97,078
84,934 (2,200 ) 179,812 Gross profit
24,446 6,967 (1,420 ) 29,993 SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 27,342 5,019 (1,420 )
30,941 Income (loss) from operations (2,896 ) 1,948 - (948 )
INTEREST EXPENSE (INCOME), NET 140 618
- 758 Income (loss) before income taxes (3,036
) 1,330 - (1,706 ) INCOME TAX PROVISION (BENEFIT) (92 )
549 - 457 NET INCOME (LOSS)
(2,944 ) 781 - (2,163 ) NON-GAAP
NET INCOME (LOSS) $ (614 ) $ 781 $ - $ 167
EBITDA $ 3,872 $ 2,014 $ - $ 5,886 ADJUSTED
EBITDA $ 6,202 $ 2,014 $ - $ 8,216
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED
EBITDA follows: NET INCOME (LOSS) $ (2,944 ) $ 781 $ -
(2,163 ) Income tax expense (benefit) (92 ) 549 - 457 Interest
expense (income) 140 618 - 758 Depreciation and amortization
6,768 66 - 6,834 EBITDA $
3,872 $ 2,014 $ - $ 5,886 Stock-based compensation 1,014 - - 1,014
Lease termination costs 450 - - 450 Move related costs 866
- - 866 ADJUSTED EBITDA $
6,202 $ 2,014 $ - $ 8,216 A
reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS)
follows: NET INCOME (LOSS) $ (2,944 ) $ 781 $ - $ (2,163 )
Stock-based compensation 1,014 - - 1,014 Lease termination costs
450 - - 450 Move related costs 866 - -
866 NON-GAAP NET INCOME (LOSS) $ (614 ) $ 781
$ - $ 167
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 September 30, 2011 (In Thousands)
Business & PFSweb Retail Connect eCOST
Eliminations Consolidated REVENUES: Product revenue, net $ - $
37,923 $ - $ - $ 37,923 Service fee revenue 22,949 - - - 22,949
Service fee revenue - affiliate 1,518 - - (1,518 ) - Pass-thru
revenue 9,999 - - -
9,999 Total revenues 34,466
37,923 - (1,518 ) 70,871
COSTS OF REVENUES: Cost of product revenue - 35,304 - -
35,304 Cost of service fee revenue 18,204 - - (541 ) 17,663 Cost of
pass-thru revenue 9,999 - -
- 9,999 Total costs of revenues
28,203 35,304 - (541 )
62,966 Gross profit 6,263 2,619 - (977 ) 7,905 SELLING,
GENERAL AND ADMINISTRATIVE EXPENSES 8,398
1,964 - (977 ) 9,385 Income
(loss) from operations (2,135 ) 655 - - (1,480 ) INTEREST EXPENSE
(INCOME), NET (30 ) 338 - -
308 Income (loss) before income taxes (2,105 )
317 - - (1,788 ) INCOME TAX PROVISION (BENEFIT) (74 )
131 - - 57 INCOME (LOSS)
FROM CONTINUING OPERATIONS (2,031 ) 186 - - (1,845 ) INCOME FROM
DISCONTINUED OPERATIONS, NET OF TAX - -
20 20 NET INCOME (LOSS) $ (2,031 ) $
186 $ 20 $ - $ (1,825 ) NON-GAAP NET INCOME (LOSS) $
(1,685 ) $ 186 $ - $ - $ (1,499 ) EBITDA $
(606 ) $ 663 $ - $ - $ 57 ADJUSTED EBITDA $ 44
$ 663 $ - $ - $ 707 A
reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows: NET INCOME (LOSS) $ (2,031 ) $ 186 $ 20 $ - (1,825
) Income from discontinued operations, net of tax - - (20 ) - (20 )
Income tax expense (benefit) (74 ) 131 - - 57 Interest expense
(income) (30 ) 338 - - 308 Depreciation and amortization
1,529 8 - - 1,537
EBITDA $ (606 ) $ 663 $ - $ - $ 57 Stock-based compensation
346 - - - 346 Relocation related costs 304
304 ADJUSTED EBITDA $ 44 $ 663 $
- $ - $ 707 A reconciliation of NET
INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows: NET
INCOME (LOSS) $ (2,031 ) $ 186 $ 20 $ - $ (1,825 ) Income from
discontinued operations, net of tax - - (20 ) - (20 ) Stock-based
compensation 346 - - -
346 NON-GAAP NET INCOME (LOSS) $ (1,685 ) $
186 $ - $ - $ (1,499 )
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 Nine
Months Ended September 30, 2011 (In Thousands)
Business & PFSweb Retail Connect eCOST
Eliminations Consolidated REVENUES: Product revenue, net $ - $
122,005 $ - $ - $ 122,005 Service fee revenue 62,819 - - - 62,819
Service fee revenue - affiliate 4,769 - - (4,769 ) - Pass-thru
revenue 26,446 - - (2 )
26,444 Total revenues 94,034
122,005 - (4,771 ) 211,268
COSTS OF REVENUES: Cost of product revenue - 113,181 - -
113,181 Cost of service fee revenue 48,904 - - (1,663 ) 47,241 Cost
of pass-thru revenue 26,446 - -
(2 ) 26,444 Total costs of revenues
75,350 113,181 - (1,665 )
186,866 Gross profit 18,684 8,824 - (3,106 ) 24,402 SELLING,
GENERAL AND ADMINISTRATIVE EXPENSES 24,974
6,235 - (3,106 ) 28,103 Income
(loss) from operations (6,290 ) 2,589 - - (3,701 ) INTEREST EXPENSE
(INCOME), NET (146 ) 915 - -
769 Income (loss) before income taxes (6,144 )
1,674 - - (4,470 ) INCOME TAX PROVISION (BENEFIT) (350 )
637 - - 287 INCOME
(LOSS) FROM CONTINUING OPERATIONS (5,794 ) 1,037 - - (4,757 ) LOSS
FROM DISCONTINUED OPERATIONS, NET OF TAX - -
(569 ) (569 ) NET INCOME (LOSS) $ (5,794 ) $
1,037 $ (569 ) $ - $ (5,326 ) NON-GAAP NET INCOME (LOSS) $
(4,739 ) $ 1,037 $ - $ - $ (3,702 ) EBITDA $
(1,737 ) $ 2,611 $ - $ - $ 874 ADJUSTED EBITDA
$ (378 ) $ 2,611 $ - $ - $ 2,233
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows: NET INCOME (LOSS) $ (5,794 ) $ 1,037 $ (569 ) $ -
(5,326 ) Loss from discontinued operations, net of tax - - 569 -
569 Income tax expense (benefit) (350 ) 637 - - 287 Interest
expense (income) (146 ) 915 - - 769 Depreciation and amortization
4,553 22 - -
4,575 EBITDA $ (1,737 ) $ 2,611 $ - $ - $ 874
Stock-based compensation 1,055 - - - 1,055 Relocation related costs
304 304 ADJUSTED
EBITDA $ (378 ) $ 2,611 $ - $ - $ 2,233
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS)
follows: NET INCOME (LOSS) $ (5,794 ) $ 1,037 $ (569 ) $ - $
(5,326 ) Loss from discontinued operations, net of tax - - 569 -
569 Stock-based compensation 1,055 - -
- 1,055 NON-GAAP NET INCOME
(LOSS) $ (4,739 ) $ 1,037 $ - $ - $ (3,702 )
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 September
30, 2012 (In Thousands) Business
& PFSweb Retail Connect Eliminations Consolidated
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 13,983 $ 3,810 $ - $
17,793 Restricted cash - 471 - 471 Accounts receivable, net 25,465
12,909 (317 ) 38,057 Inventories, net - 25,453 - 25,453 Other
receivables - 7,340 - 7,340 Prepaid expenses and other current
assets 3,182 1,481 -
4,663 Total current assets 42,630
51,464 (317 ) 93,777
PROPERTY AND EQUIPMENT, net 25,325 214 - 25,539
RECEIVABLE/INVESTMENT IN AFFILIATES 13,456 - (13,456 ) - OTHER
ASSETS 3,799 129 -
3,928 Total assets 85,210 51,807
(13,773 ) 123,244
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital
lease obligations $ 12,003 $ 7,070 $ - $ 19,073 Trade accounts
payable 8,461 25,293 (317 ) 33,437 Deferred revenue 6,781 27 -
6,808 Accrued expenses 13,336 6,017
- 19,353 Total current liabilities
40,581 38,407 (317 ) 78,671 LONG-TERM DEBT AND CAPITAL LEASE
OBLIGATIONS, less current portion 5,725 46 - 5,771 PAYABLE TO
AFFILIATES - 22,795 (22,795 ) - DEFERRED REVENUE 6,190 - - 6,190
DEFERRED RENT 5,629 32 -
5,661 Total liabilities 58,125
61,280 (23,112 ) 96,293
COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Common
stock 13 19 (19 ) 13 Capital contributions - 1,000 (1,000 ) -
Additional paid-in capital 105,707 28,059 (28,059 ) 105,707
Retained earnings (accumulated deficit) (79,920 ) (40,630 ) 40,489
(80,061 ) Accumulated other comprehensive income 1,406 2,079 (2,072
) 1,413 Treasury stock (121 ) - -
(121 ) Total shareholders' equity 27,085
(9,473 ) 9,339 26,951
Total liabilities and shareholders' equity $ 85,210 $ 51,807
$ (13,773 ) $ 123,244
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)
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