![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Systemax Inc | NYSE:SYX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.16 | 0 | 01:00:00 |
Systemax Inc. (NYSE: SYX) today announced financial results for the second quarter and six months ended June 30, 2011.
Performance Summary
(U.S. dollars in millions, except per share data)
Highlights Quarter EndedJune 30, Six Months EndedJune 30,
2011 2010 2011 2010 Sales $872.2 $805.9 $1,802.1 $1,721.1 Gross Profit $128.9 $113.4 $259.4 $238.0 Gross Margin 14.8% 14.1% 14.4% 13.8% Operating Income $21.8 $16.1 $40.5 $36.5 Operating Margin 2.5% 2.0% 2.2% 2.1% Diluted earnings per share $0.42 $0.25 $0.78 $0.56 Special (gains) charges, net $(7.1) $0.3 $(6.6) $0.3 Special (gains) charges, net, per diluted share, after tax $(0.13) $0.01 $(0.12) $0.01Second Quarter 2011 Financial Highlights:
Six Months 2011 Financial Highlights:
Richard Leeds, Chairman and Chief Executive Officer, said, “We delivered solid top line growth in the quarter. Our business to business operations continue to perform well and once again led our performance as customers update their IT infrastructure. In addition, the Industrial Products group had another outstanding quarter, delivering 27% revenue growth as we continue to execute on our growth initiatives in this segment. Consumer channel sales were flat, reflecting a very competitive consumer technology market, particularly on the web. However, our retail stores once again showed solid growth.”
“Our bottom-line remains a key area of focus as we work to improve our gross and operating margins. Our European Technology businesses are showing improved margin performance, particularly in France, as we deliver on the benefits of a fully integrated operating platform. Our Industrial Products business continues to demonstrate its ability to leverage its business model. In our North American technology business our efforts to drive additional efficiencies from our Georgia distribution center and mitigate the impact of discounted freight are showing progress but overall margins in this business remain disappointing. Our senior management team recently completed an extensive review of our North American technology business and is implementing a number of operating changes and best management practices, which we believe will improve its operating performance. It will be a number of quarters before the full impact of these efforts are evident but we are confident that these steps will allow us to better capitalize on the scale of our technology business. Finally, we recorded special gains in the quarter related to an investigation and settlement with a former officer and director of the company.”
Supplemental Channel Sales Summary(in millions)
Channel Quarter EndedJune 30,
Six Months EndedJune 30,
2011 2010 2011 2010Business to business1
$482.5 $417.4 $963.0 $862.6Consumer2
$389.7 $388.5 $839.1 $858.5 Consolidated Sales $872.2 $805.9 $1,802.1 $1,721.11
Includes sales from managed business relationships, including outbound call centers and extranets, and the entire Industrial Products and Corporate segments2
Includes sales from retail stores, consumer websites, inbound call centers and television shopping Supplemental “Same Store” Channel Growth1 – Q2 2011 vs. Q2 2010 Channel Change Business to business 7% Consumer -4% Consolidated Sales 2%1
Comprised of revenue at retail stores, websites and call centers operating for at least 14 full months as of the beginning of the current comparison period and computed on a constant currency basis. The method of calculating comparable store and channel sales varies across the retail and direct marketing industry. As a result, Systemax’s method of calculating comparable sales may not be the same as other companies’ methods. Supplemental Product Category Sales Summary(in millions)
Product CategoryQuarter EndedJune 30,
Six Months EndedJune 30,
2011 2010 2011 2010 Computer accessories & software $251.0 $224.6 $521.6 $481.3 Computers $243.0 $201.3 $461.7 $428.9 Consumer electronics $170.8 $179.0 $376.4 $384.7 Computer components $106.5 $123.2 $249.0 $270.4 Industrial products $78.8 $62.2 $149.6 $116.8 Other $22.1 $15.6 $43.8 $39.0 Consolidated sales $872.2 $805.9 $1,802.1 $1,721.1 Supplemental Business Unit Sales Summary(in millions)
Business Unit Quarter EndedJune 30,
Six Months EndedJune 30,
2011 2010 2011 2010 Technology Products $792.7 $743.1 $1,651.1 $1,603.2 Industrial Products $78.8 $62.2 $149.6 $116.8 Corporate and Other $0.7 $0.6 $1.4 $1.1 Consolidated sales $872.2 $805.9 $1,802.1 $1,721.1Working capital grew by $28.8 million to $329.7 million and cash and cash equivalents grew by $7.7 million to $99.8 million as of June 30, 2011. The Company had availability under its credit facility of approximately $115.8 million and total cash and available liquidity of approximately $215.6 million as of June 30, 2011. Short and long-term debt totaled approximately $12.1 million at June 30, 2011.
The Company’s effective tax rate for the first six months of 2011 was 30.5%, compared to 37.3% last year. The lower effective tax rate was primarily due to a higher mix of taxable income in countries with lower tax rates.
Earnings Conference Call Details
Systemax Inc. will host a teleconference to discuss its second quarter 2011 results today, August 3, 2011 at 5:00 p.m. Eastern Time. To access the teleconference, please dial 877-881-2609 (U.S. callers) or 970-315-0463 (Int’l callers) and reference passcode 86420105 ten minutes prior to the start time. The teleconferencing will also be available via live webcast on the Company’s website at www.systemax.com. A replay of the conference call will be available through August 10, 2011. It can be accessed by dialing 855-859-2056 (U.S. callers) or 404-537-3406 (Int’l callers), passcode 86420105. The webcast will also be archived on www.systemax.com for approximately 90 days.
About Systemax Inc.
Systemax Inc. (http://www.systemax.com), a Fortune 1000 company, sells personal computers, computer components and supplies, consumer electronics and industrial products through a system of branded e-Commerce websites, retail stores, relationship marketers and direct mail catalogs in North America and Europe. The primary brands are TigerDirect, CompUSA, Circuit City, MISCO, WStore and Global Industrial.
Forward-Looking Statements
This press release contains forward-looking statements about the Company’s performance. These statements are based on management’s estimates, assumptions and projections and are not guarantees of future performance. The Company assumes no obligation to update these statements. Actual results may differ materially from results expressed or implied in these statements as the result of risks, uncertainties and other factors including, but not limited to: (a) unanticipated variations in sales volume, (b) economic conditions and exchange rates, (c) actions by competitors, (d) the continuation of key vendor relationships, (e) the ability to maintain satisfactory loan agreements with lenders, (f) risks associated with the delivery of merchandise to customers utilizing common carriers, (g) the operation of the Company’s management information systems, and (h) unanticipated legal and administrative proceedings. Please refer to “Risk Factors” and the Forward Looking Statements sections contained in the Company’s Form 10-K for a more detailed explanation of the inherent limitations in such forward-looking statements.
SYSTEMAX INC.
Condensed Consolidated Statements of Operations – Unaudited (In thousands, except per share amounts) Quarter Ended Six Months Ended June 30* June 30* 2011 2010 2011 2010 Net sales $872,222 $805,875 $1,802,089 $1,721,112 Cost of sales 743,279 692,474 1,542,648 1,483,110 Gross profit 128,943 113,401 259,441 238,002 Gross margin 14.8% 14.1% 14.4% 13.8%Selling, general and administrativeexpenses
114,265 96,966 225,634 201,154 Special (gains) charges, net (7,150) 343 (6,646) 343 Operating income 21,828 16,092 40,453 36,505 Operating margin 2.5% 2.0% 2.2% 2.1% Interest and other (income) expense, net (475) 1,074 (1,454) 2,690 Income before income taxes 22,303 15,018 41,907 33,815 Provision for income taxes 6,744 5,568 12,782 12,614 Effective tax rate 30.2% 37.1% 30.5% 37.3% Net income 15,559 $9,450 29,125 $21,201 Net margin 1.8% 1.2% 1.6% 1.2% Net income per common share: Basic $0.42 $0.26 $0.79 $0.57 Diluted $0.42 $0.25 $0.78 $0.56Weighted average common andcommon equivalent shares:
Basic 36,833 36,967 36,996 36,876 Diluted 37,101 37,726 37,405 37,570SYSTEMAX INC.
Condensed Consolidated Balance Sheets (In thousands) (Unaudited) June 30 December 31 2011 2010 Current assets: Cash and cash equivalents $99,792 $92,077 Accounts receivable, net 265,915 276,344 Inventories 358,469 370,375 Prepaid expenses and other current assets 20,702 26,441 Total current assets 744,878 765,237 Property, plant and equipment, net 73,352 73,765 Goodwill, intangibles and other assets 54,359 55,098 Total assets $872,589 $894,100Current liabilities: Short-term debt $5,265 $2,655 Accounts payable and accrued expenses 409,885 461,710 Total current liabilities 415,150 464,365 Long-term debt 6,818 7,386 Other liabilities 14,480 13,081 Shareholders’ equity 436,141 409,268 Total liabilities and shareholders’ equity $872,589 $894,100 * Systemax manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation, fiscal years and quarters are described as if they ended on the last day of the respective calendar month. The actual fiscal quarter ended on July 2, 2011. The second quarters of both 2011 and 2010 included 13 weeks. The first six months of both 2011 and 2010 included 26 weeks.
1 Year Systemax Chart |
1 Month Systemax 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