We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pfsweb Inc | NASDAQ:PFSW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.49 | 7.49 | 7.51 | 0 | 01:00:00 |
PFSweb, Inc. (Nasdaq: PFSW), an international provider of end-to-end web commerce solutions, today announced its financial results for the second quarter and six months ended June 30, 2011.
“Our financial results for the second quarter were driven by growing momentum in our Service Fee business, as several new End2End eCommerce programs have ramped up,” stated Mark Layton, Chairman and Chief Executive Officer of PFSweb. “We are trending ahead of our previously targeted 20% service fee revenue growth for the year as we continue to see exciting new opportunities emerge from both new client agreements as well as existing programs. Most recently, we implemented a customized End2End solution for Starbucks’ new, state-of-the-art eCommerce site, which was launched the last week of July. We continue to have success in winning further new contracts and are currently in the process of implementing many new relationships that will launch either later in CY2011 or early 2012.”
Summary of consolidated results for the Second quarter ended June 30, 2011:
Summary of consolidated results for the six months ended June 30, 2011:
“With the momentum we are experiencing in our service fee business, we have elected to make incremental investments in personnel, facilities, sales and marketing and technology in an effort to capture this exciting market opportunity. We are focused on striking a careful balance between investing to embrace growth and improving our overall financial performance. As such, while we expect to continue to make investments in our future, resulting in higher SG&A costs, we also continue to target adjusted EBITDA of between $6.0 million and $7.0 million for CY2011.
“Looking ahead, we remain excited by our potential to continue to build upon our successes as the overall eCommerce market is flush with opportunities, including both new client agreements as well as organic growth through existing programs. This is partially being driven by the ever evolving Manufacturer Direct to Consumer web commerce channel where we continue to see opportunities from well-known fashion and cosmetic brands as well as consumer packaged goods companies,” 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, August 11, 2011, to discuss the latest corporate developments and results. To listen to the call, please dial (888) 562-3356 and enter the pin number 85084423 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 September 11, 2011 at (855) 859-2056, pin number 85084423. 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”) and Adjusted EBITDA.
Non-GAAP net income (loss) represents net income (loss) calculated in accordance with U.S. GAAP as adjusted for the impact of non-cash stock-based compensation expense and income (loss) from discontinued operations.
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.
Non-GAAP net income (loss), EBITDA and Adjusted EBITDA are used by management, analysts, investors and other interested parties in evaluating our operating performance compared to that of other companies in our industry. The calculation of non-GAAP net income (loss) eliminates the effect of stock-based compensation and income (loss) from discontinued operations and EBITDA and Adjusted EBITDA further eliminate the effect of financing, income taxes, and the accounting effects of capital spending, which items may vary from different companies for reasons unrelated to overall operating performance.
PFSweb believes these non-GAAP measures provide useful information to both management and investors by excluding certain expenses that may not be indicative of its core operating results. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The non-GAAP measures included in this press release have been reconciled to the GAAP results in the attached tables.
About PFSweb, Inc.
PFSweb develops and deploys comprehensive end-to-end eCommerce solutions for Fortune 1000, Global 2000 and brand name companies, including interactive marketing services, global fulfillment and logistics and high-touch customer care. The company serves a multitude of industries and company types, including such clients as Starbucks, P&G, LEGO, Carter's, Lucky Brand Jeans, Juicy Couture, Kensie, kate spade new york, AAFES, Riverbed, InfoPrint Solutions Company, Hawker Beechcraft Corp., Roots Canada Ltd. and Xerox.
To find out more about PFSweb, Inc. (NASDAQ: PFSW), visit the 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 three months ended March 31, 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.
(Tables Follow)
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, 2011 2010 2011 2010 REVENUES: Product revenue, net $ 38,799 $ 43,654 $ 84,082 $ 89,276 Service fee revenue 20,970 16,567 39,870 32,546 Pass-thru revenue 8,239 6,186 16,445 12,820 Total revenues 68,008 66,407 140,397 134,642 COSTS OF REVENUES: Cost of product revenue 35,411 40,623 77,877 82,985 Cost of service fee revenue 15,795 11,987 29,578 23,441 Cost of pass-thru revenue 8,239 6,186 16,445 12,820 Total costs of revenues 59,445 58,796 123,900 119,246 Gross profit 8,563 7,611 16,497 15,396 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 9,430 8,378 18,718 16,986 Loss from operations (867 ) (767 ) (2,221 ) (1,590 ) INTEREST EXPENSE, NET 270 234 461 488 Loss before income taxes (1,137 ) (1,001 ) (2,682 ) (2,078 ) INCOME TAX PROVISION 95 54 230 180 LOSS FROM CONTINUING OPERATIONS (1,232 ) (1,055 ) (2,912 ) (2,258 ) INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX 14 (440 ) (589 ) (446 ) NET LOSS $ (1,218 ) $ (1,495 ) $ (3,501 ) $ (2,704 ) NON-GAAP LOSS $ (833 ) $ (793 ) $ (2,203 ) $ (1,900 ) NET LOSS PER SHARE: Basic and Diluted $ (0.10 ) $ (0.14 ) $ (0.28 ) $ (0.26 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: Basic and Diluted 12,567 10,796 12,418 10,369 EBITDA $ 676 $ 813 $ 817 $ 1,544 ADJUSTED EBITDA $ 1,075 $ 1,075 $ 1,526 $ 1,902 (A) The financial data above should be read in conjunction with the audited consolidated financial statements of PFSweb, Inc. included in its Form 10-K for the year ended December 31, 2010.PFSweb, Inc. and Subsidiaries
Reconciliation of certain Non-GAAP Items to GAAP (In Thousands, Except Per Share Data) Three Months Ended Six Months Ended June 30, June 30, 2011 2010 2011 2010 NET LOSS $ (1,218 ) $ (1,495 ) $ (3,501 ) $ (2,704 ) (Income) loss from discontinued operations, net of tax (14 ) 440 589 446 Income tax expense 95 54 230 180 Interest expense270
234 461 488 Depreciation and amortization 1,543 1,580 3,038 3,134 EBITDA $ 676 $ 813 $ 817 $ 1,544 Stock-based compensation 399 262 709 358 ADJUSTED EBITDA $ 1,075 $ 1,075 $ 1,526 $ 1,902 Three Months Ended Three Months Ended June 30, June 30, 2011 2010 2011 2010 NET LOSS $ (1,218 ) $ (1,495 ) $ (3,501 ) $ (2,704 ) (Income) loss from discontinued operations, net of tax (14 ) 440 589 446 Stock-based compensation 399 262 709 358 NON-GAAP LOSS $ (833 ) $ (793 ) $ (2,203 ) $ (1,900 ) NET LOSS PER SHARE:Basic and Diluted
$ (0.10 ) $ (0.14 ) $ (0.28 ) $ (0.26 ) NON-GAAP LOSS Per Share: Basic and Diluted $ (0.07 ) $ (0.07 ) $ (0.18 ) $ (0.18 )PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets (In Thousands, Except Share Data) June 30, December 31, 2011 2010ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 18,959 $ 18,430 Restricted cash 1,267 1,853 Accounts receivable, net of allowance for doubtful accounts of $718 and $754 at June 30, 2011 and December 31, 2010, respectively 37,225 41,438 Inventories, net of reserves of $1,582 and $1,561 at June 30, 2011 and December 31, 2010, respectively 38,985 35,161Assets of discontinued operations - 2,776 Other receivables 12,779 14,539 Prepaid expenses and other current assets 4,405 3,580 Total current assets 113,620 117,777 PROPERTY AND EQUIPMENT, net 10,775 9,124 ASSETS OF DISCONTINUED OPERATIONS - 1,126 OTHER ASSETS 2,216 2,203 Total assets 126,611 130,230
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital lease obligations $ 19,191 $ 18,320 Trade accounts payable 49,134 55,692 Deferred revenue 5,470 5,254 Accrued expenses 18,690 15,870 Total current liabilities 92,485 95,136 LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion 1,135 2,136 OTHER LIABILITIES 4,074 3,608 Total liabilities 97,694 100,880 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; 12,667,150 and 12,255,064 shares issued at June 30, 2011 and December 31, 2010, respectively; and 12,648,789 and 12,236,703 outstanding as of June 30, 2011 and December 31, 2010, respectively
13 12 Additional paid-in capital 103,511 101,229 Accumulated deficit (76,833 ) (73,332 ) Accumulated other comprehensive income 2,311 1,526 Treasury stock at cost, 18,361 shares (85 ) (85 ) Total shareholders' equity 28,917 29,350 Total liabilities and shareholders' equity $ 126,611 $ 130,230PFSweb, 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 ) INCOME 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 ) Income 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 ) Income 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 Consolidating Statements of Operations For the Three Months Ended June 30, 2010 (In Thousands) Business & PFSweb Retail Connect eCOST Eliminations Consolidated REVENUES: Product revenue, net $ - $ 43,654 $ - $ - $ 43,654 Service fee revenue 16,567 - - - 16,567 Service fee revenue - affiliate 1,738 - - (1,738 ) - Pass-thru revenue 6,202 - - (16 ) 6,186 Total revenues 24,507 43,654 - (1,754 ) 66,407 COSTS OF REVENUES: Cost of product revenue - 40,623 - - 40,623 Cost of service fee revenue 12,572 - - (585 ) 11,987 Cost of pass-thru revenue 6,202 - - (16 ) 6,186 Total costs of revenues 18,774 40,623 - (601 ) 58,796 Gross profit 5,733 3,031 - (1,153 ) 7,611 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 7,310 2,221 - (1,153 ) 8,378 Income (loss) from operations (1,577 ) 810 - - (767 ) INTEREST EXPENSE (INCOME), NET (59 ) 293 - - 234 Income (loss) before income taxes (1,518 ) 517 - - (1,001 ) INCOME TAX PROVISION (BENEFIT) (142 ) 196 - - 54 INCOME (LOSS) FROM CONTINUING OPERATIONS (1,376 ) 321 - - (1,055 ) LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX - - (440 ) (440 ) NET INCOME (LOSS) $ (1,376 ) $ 321 $ (440 ) $ - $ (1,495 ) NON-GAAP NET INCOME (LOSS) $ (1,114 ) $ 321 $ - $ - $ (793 ) EBITDA $ (4 ) $ 817 $ - $ - $ 813 ADJUSTED EBITDA $ 258 $ 817 $ - $ - $ 1,075 A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows: NET INCOME (LOSS) $ (1,376 ) $ 321 $ (440 ) $ - (1,495 ) Loss from discontinued operations, net of tax - - 440 - 440 Income tax expense (benefit) (142 ) 196 - - 54 Interest expense (income) (59 ) 293 - - 234 Depreciation and amortization 1,573 7 - - 1,580 EBITDA $ (4 ) $ 817 $ - $ - $ 813 Stock-based compensation 262 - - - 262 ADJUSTED EBITDA $ 258 $ 817 $ - $ - $ 1,075 A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows: NET INCOME (LOSS) $ (1,376 ) $ 321 $ (440 ) $ - $ (1,495 ) Loss from discontinued operations, net of tax - - 440 - 440 Stock-based compensation 262 - - - 262 NON-GAAP NET INCOME (LOSS) $ (1,114 ) $ 321 $ - $ - $ (793 ) 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, 2010 (In Thousands) Business & PFSweb Retail Connect eCOST Eliminations Consolidated REVENUES: Product revenue, net $ - $ 89,276 $ - $ - $ 89,276 Service fee revenue 32,546 - - - 32,546 Service fee revenue - affiliate 3,438 - - (3,438 ) - Pass-thru revenue 12,838 - - (18 ) 12,820 Total revenues 48,822 89,276 - (3,456 ) 134,642 COSTS OF REVENUES: Cost of product revenue - 82,985 - - 82,985 Cost of service fee revenue 24,673 - - (1,232 ) 23,441 Cost of pass-thru revenue 12,838 - - (18 ) 12,820 Total costs of revenues 37,511 82,985 - (1,250 ) 119,246 Gross profit 11,311 6,291 - (2,206 ) 15,396 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 14,710 4,482 - (2,206 ) 16,986 Income (loss) from operations (3,399 ) 1,809 - - (1,590 ) INTEREST EXPENSE (INCOME), NET (115 ) 603 - - 488 Income (loss) before income taxes (3,284 ) 1,206 - - (2,078 ) INCOME TAX PROVISION (BENEFIT) (272 ) 452 - - 180 INCOME (LOSS) FROM CONTINUING OPERATIONS (3,012 ) 754 - - (2,258 ) LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX - - (446 ) (446 ) NET INCOME (LOSS) $ (3,012 ) $ 754 $ (446 ) $ - $ (2,704 ) NON-GAAP NET INCOME (LOSS) $ (2,654 ) $ 754 $ - $ - $ (1,900 ) EBITDA $ (280 ) $ 1,824 $ - $ - $ 1,544 ADJUSTED EBITDA $ 78 $ 1,824 $ - $ - $ 1,902 A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows: NET INCOME (LOSS) $ (3,012 ) $ 754 $ (446 ) $ - (2,704 ) Loss from discontinued operations, net of tax - - 446 - 446 Income tax expense (benefit) (272 ) 452 - - 180 Interest expense (income) (115 ) 603 - - 488 Depreciation and amortization 3,119 15 - - 3,134 EBITDA $ (280 ) $ 1,824 $ - $ - $ 1,544 Stock-based compensation 358 - - - 358 ADJUSTED EBITDA $ 78 $ 1,824 $ - $ - $ 1,902 A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows: NET INCOME (LOSS) $ (3,012 ) $ 754 $ (446 ) $ - $ (2,704 ) Loss from discontinued operations, net of tax - - 446 - 446 Stock-based compensation 358 - - - 358 NON-GAAP NET INCOME (LOSS) $ (2,654 ) $ 754 $ - $ - $ (1,900 ) 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, 2011 (In Thousands) Business & PFSweb Retail Connect Eliminations ConsolidatedASSETS
CURRENT ASSETS: Cash and cash equivalents $ 14,987 $ 3,972 $ - $ 18,959 Restricted cash 138 1,129 - 1,267 Accounts receivable, net 19,851 17,667 (293 ) 37,225 Inventories, net - 38,985 - 38,985 Assets of discontinued operations - - - - Other receivables - 12,779 - 12,779 Prepaid expenses and other current assets 2,769 1,636 - 4,405 Total current assets 37,745 76,168 (293 ) 113,620 PROPERTY AND EQUIPMENT, net 10,671 104 - 10,775 RECEIVABLE/INVESTMENT IN AFFILIATES 15,729 - (15,729 ) - ASSETS OF DISCONTINUED OPERATIONS - - - - OTHER ASSETS 1,999 217 - 2,216 Total assets 66,144 76,489 (16,022 ) 126,611LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES: Current portion of long-term debt and capital lease obligations $ 8,166 $ 11,025 $ - $ 19,191 Trade accounts payable 5,594 43,833 (293 ) 49,134 Accrued expenses 17,324 6,836 - 24,160 Total current liabilities 31,084 61,694 (293 ) 92,485 LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion 1,065 70 - 1,135 PAYABLE TO AFFILIATES - 22,745 (22,745 ) - OTHER LIABILITIES 4,074 - - 4,074 Total liabilities 36,223 84,509 (23,038 ) 97,694 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Common stock 13 19 (19 ) 13 Capital contributions - 1,000 (1,000 ) - Additional paid-in capital 103,511 28,059 (28,059 ) 103,511 Retained earnings (accumulated deficit) (75,836 ) (39,807 ) 38,810 (76,833 ) Accumulated other comprehensive income 2,318 2,709 (2,716 ) 2,311 Treasury stock (85 ) - - (85 ) Total shareholders' equity 29,921 (8,020 ) 7,016 28,917 Total liabilities and shareholders' equity $ 66,144 $ 76,489 $ (16,022 ) $ 126,611PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets as of December 31, 2010 (In Thousands) Supplies PFSweb Distributors eCOST Eliminations ConsolidatedASSETS
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 ) 130,230LIABILITIES 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
1 Year Pfsweb Chart |
1 Month Pfsweb Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions