PFSweb Reports First Quarter 2016 Results
Service Fee Equivalent Revenue up 33% to a Q1 Record $50.0 Million
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ALLEN, TX -- (Marketwired) -- 05/09/16 -- PFSweb, Inc. (NASDAQ: PFSW), a global commerce service provider, reported results for the first quarter ended March 31, 2016.
First Quarter 2016 Highlights vs. Same Year-Ago Quarter
- Total revenues increased 18% to $75.1 million
- Service fee equivalent revenue (a non-GAAP measure defined below) increased 33% to a Q1 record $50.0 million
- Service fee gross margin increased 310 basis points to 34.6%
- Adjusted EBITDA (a non-GAAP measure defined below) increased to $3.8 million
Management Commentary "The momentum from our record 2015 has carried into the first quarter of 2016," said Mike Willoughby, CEO of PFSweb. "Our Q1 record revenue was driven by growth across all of our core service offerings -- agency, technology and omni-channel operations-, including the benefit from last year's acquisitions of CrossView and Moda. We also continued to leverage our newly launched consulting practice during the quarter, which enhances our positioning earlier in the client sales cycle.
"Our incremental investments in sales, marketing and infrastructure resources in 2016 are beginning to yield results. We continue to believe that our full end-to-end service offering, with integration and support capabilities across all five major enterprise level technology platforms, is a differentiator for us in the marketplace and positions us well to be a valued, strategic partner for our clients.
"For the remainder of 2016, we are targeting to continue to drive growth across our operations and professional service offerings to capitalize on our large and growing addressable market. We also remain in the early innings of leveraging our B2B capabilities, and we continue to believe this underserved portion of the market is a sizeable opportunity for our company. Most importantly, we plan to continue executing for our clients and enabling them to maximize online sales, which we believe will drive the most enhanced value for our stockholders."
First Quarter 2016 Financial Results
Total revenues in the first quarter of 2016 increased 18% to $75.1 million compared to $63.8 million in the same period of 2015. Service fee revenue in the first quarter increased 34% to $49.3 million compared to $36.7 million last year. Product revenue was $13.6 million compared to $16.7 million in the same period of 2015 due to ongoing restructuring activities by the company's last remaining client in this segment and their discontinuation of certain product lines.
Service fee equivalent revenue increased 33% to a first quarter record $50.0 million compared to $37.7 million in the year-ago quarter, driven by both new and expanded client relationships, as well as approximately $8.2 million of service fees generated in the first quarter of 2016 by the company's CrossView and Moda subsidiaries which were acquired midyear 2015.
Service fee gross margin in the first quarter of 2016 increased 310 basis points to 34.6% compared to 31.5% in the same period of 2015. The increase was due to a higher proportion of agency and technology services in the first quarter of 2016, in part due to the benefit from the Moda and CrossView acquisitions.
Adjusted EBITDA increased slightly to $3.8 million compared to $3.7 million in the same period of 2015. As a percentage of service fee equivalent revenue, adjusted EBITDA was 7.5% compared to 9.9% in the year-ago quarter. The decline in adjusted EBITDA margin was anticipated and driven by increased investment in sales, marketing and infrastructure resources to support our targeted future growth.
Net loss in the first quarter of 2016 improved to $0.8 million or $(0.04) per share, compared to a net loss of $1.7 million or $(0.10) per share in the same period of 2015. Net loss in the first quarter of 2016 included $0.8 million in amortization of acquisition-related intangible assets, $0.8 million in stock-based compensation expense, and a $0.8 million benefit from acquisition-related, restructuring and other income. This compares to $0.2 million in amortization of acquisition-related intangible assets, $0.8 million in stock-based compensation expense and $0.8 million in acquisition-related, restructuring and other costs in the same period of 2015.
Non-GAAP net income (a non-GAAP measure defined below) in the first quarter of 2016 was $41,000 or $0.00 per diluted share, compared to $130,000 or $0.01 per diluted share in the first quarter of 2015.
At March 31, 2016, cash and cash equivalents was $15.6 million compared to $21.8 million at December 31, 2015. Total debt was $37.0 million compared to $35.4 million at December 31, 2015.
2016 Outlook
PFSweb is reiterating its target for 2016 service fee equivalent revenue to range between $220 million and $230 million, reflecting growth of 19% to 24% from 2015. The company is also reiterating its target for adjusted EBITDA to range between $23 million to $25 million, up 11% to 21% from 2015. This adjusted EBITDA target includes the expected impact of incremental sales and marketing expenditures as well as other infrastructure expenditures to support the company's targeted future growth.
Conference Call
PFSweb will conduct a conference call today at 5:00 p.m. Eastern time to discuss its results for the first quarter ended March 31, 2016.
CEO Michael Willoughby and CFO Tom Madden will host the conference call, followed by a question and answer period.
Date: Monday, May 9, 2016 Time: 5:00 p.m. Eastern Time (4:00 p.m. Central time) Toll-free dial-in number: 1-888-503-8169 International dial-in number: 1-719-325-2354 Conference ID: 8424190
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at 1-949-574-3860.
The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=119472 and via the investor relations section of the company's website at www.pfsweb.com.
A replay of the conference call will be available after 8:00 p.m. Eastern Time on the same day through May 23, 2016.
Toll-free replay number: 1-877-870-5176 International replay number: 1-858-384-5517 Replay ID: 8424190
About PFSweb, Inc. PFSweb (NASDAQ: PFSW) is a global commerce service provider of solutions including digital strategy consulting, digital agency and marketing services, technology development services, business process outsourcing services, and a complete omni-channel technology ecosystem. The company provides these solutions and services to major brand names and other companies seeking to optimize every customer experience and enhance their traditional and online business channels. PFSweb supports organizations across various industries, including Procter & Gamble, L'Oreal, LEGO, Columbia Sportswear, ASICS, Roots Canada Ltd., PANDORA, Diageo, BCBGMAXAZRIA, ROKA Sports, T.J. Maxx, the United States Mint, and many more. PFSweb is headquartered in Allen, TX with additional locations in Tennessee, Mississippi, Minnesota, Washington, New York, Ohio, North Carolina, Canada, Belgium, London, Munich, and India. For more information, please visit www.pfsweb.com or download the free PFSweb IR App on your iPhone, iPad, or Android device.
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, acquisition related, restructuring and other costs and the amortization of acquisition-related intangible assets.
EBITDA represents earnings (or losses) before interest, income taxes, depreciation, and amortization. Adjusted EBITDA further eliminates the effect of stock-based compensation, acquisition related, restructuring and other 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, acquisition related, restructuring and other costs and amortization of acquisition-related intangible assets 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 focusing on certain operational metrics and excluding certain expenses in order to present its core operating performance and 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.
Forward-Looking Statements 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, 2015 identifies 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 Report of the Company 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 Subsidiaries
Condensed Consolidated Balance Sheets (A)
(In Thousands, Except Share Data)
(Unaudited)
March 31, December 31,
2016 2015
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 15,636 $ 21,781
Restricted cash 224 275
Accounts receivable, net of allowance for
doubtful accounts of $558 and $600 at March
31, 2016 and December 31, 2015, respectively 59,971 70,700
Inventories, net of reserves of $599 and $739
at March 31, 2016 and December 31, 2015,
respectively 8,433 9,262
Other receivables 6,615 8,704
Prepaid expenses and other current assets 5,997 5,662
------------ ------------
Total current assets 96,876 116,384
PROPERTY AND EQUIPMENT, net 23,670 24,093
INTANGIBLE ASSETS, net 7,962 8,810
GOODWILL 39,829 39,829
OTHER ASSETS 2,199 2,174
------------ ------------
Total assets 170,536 191,290
============ ============
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and capital
lease obligations $ 6,267 $ 3,153
Trade accounts payable 35,214 51,170
Deferred revenue 6,499 7,390
Performance-based contingent payments 11,440 11,679
Accrued expenses 26,174 30,563
------------ ------------
Total current liabilities 85,594 103,955
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS,
less current portion 30,683 32,238
DEFERRED REVENUE 4,496 4,499
DEFERRED RENT 4,343 4,362
OTHER LONG-TERM LIABILITIES 1,570 2,478
------------ ------------
Total liabilities 126,686 147,532
------------ ------------
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; 18,345,243 and 18,136,218
shares issued at March 31, 2016 and December
31, 2015, respectively; and 18,311,776 and
18,012,751 shares outstanding as of March 31,
2016 and December 31, 2015, respectively 18 18
Additional paid-in capital 142,149 141,948
Accumulated deficit (98,539) (97,787)
Accumulated other comprehensive income 347 (296)
Treasury stock at cost, 33,467 shares (125) (125)
------------ ------------
Total shareholders' equity 43,850 43,758
------------ ------------
Total liabilities and shareholders' equity $ 170,536 $ 191,290
============ ============
(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, 2015.
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations (A)
(In Thousands, Except Per Share Data)
Three Months Ended
March 31,
--------------------------
2016 2015
------------ ------------
REVENUES:
Service fee revenue $ 49,318 $ 36,708
Product revenue, net 13,607 16,654
Pass-thru revenue 12,155 10,484
------------ ------------
Total revenues 75,080 63,846
------------ ------------
COSTS OF REVENUES:
Cost of service fee revenue 32,274 25,155
Cost of product revenue 12,903 15,708
Cost of pass-thru revenue 12,155 10,484
------------ ------------
Total costs of revenues 57,332 51,347
------------ ------------
Gross profit 17,748 12,499
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 17,550 13,614
------------ ------------
Income (loss) from operations 198 (1,115)
INTEREST EXPENSE (INCOME), NET 484 318
------------ ------------
Income (loss) before income taxes (286) (1,433)
INCOME TAX PROVISION (BENEFIT) 466 260
------------ ------------
NET INCOME (LOSS) $ (752) $ (1,693)
============ ============
NON-GAAP NET INCOME (LOSS) $ 41 $ 130
============ ============
NET INCOME (LOSS) PER SHARE:
Basic $ (0.04) $ (0.10)
============ ============
Diluted $ (0.04) $ (0.10)
============ ============
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
Basic 18,325 17,144
============ ============
Diluted 18,325 17,144
============ ============
EBITDA $ 3,801 $ 2,140
============ ============
ADJUSTED EBITDA $ 3,750 $ 3,723
============ ============
(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, 2015.
PFSweb, Inc. and Subsidiaries
Unaudited Reconciliation of Certain Non-GAAP Items to GAAP
(In Thousands, Except Per Share Data)
Three Months Ended
March 31,
--------------------------
2016 2015
------------ ------------
NET INCOME (LOSS) $ (752) $ (1,693)
Income tax expense (benefit) 466 260
Interest expense, net 484 318
Depreciation and amortization 3,603 3,255
------------ ------------
EBITDA $ 3,801 $ 2,140
Stock-based compensation 766 804
Acquisition related, restructuring and other
(income) costs (817) 779
------------ ------------
ADJUSTED EBITDA $ 3,750 $ 3,723
============ ============
Three Months Ended
March 31,
--------------------------
2016 2015
------------ ------------
NET INCOME (LOSS) $ (752) $ (1,693)
Stock-based compensation 766 804
Amortization of acquisition-related
intangible assets 844 240
Acquisition related, restructuring and other
(income) costs (817) 779
------------ ------------
NON-GAAP NET INCOME (LOSS) $ 41 $ 130
============ ============
NET INCOME (LOSS) PER SHARE:
Basic $ (0.04) $ (0.10)
============ ============
Diluted $ (0.04) $ (0.10)
============ ============
NON-GAAP NET INCOME (LOSS) Per Share:
Basic $ 0.00 $ 0.01
============ ============
Diluted $ 0.00 $ 0.01
============ ============
Three Months Ended
March 31,
--------------------------
2016 2015
------------ ------------
TOTAL REVENUES $ 75,080 $ 63,846
Pass-thru revenue (12,155) (10,484)
Cost of product revenue (12,905) (15,708)
------------ ------------
SERVICE FEE EQUIVALENT REVENUE $ 50,020 $ 37,654
============ ============
PFSweb, Inc. and Subsidiaries
Unaudited Consolidating Statements of Operations
For the Three Months Ended March 31, 2016
(In Thousands)
Business
&
Retail
PFSweb Connect Eliminations Consolidated
------- --------- ------------- -------------
REVENUES:
Service fee revenue $45,216 $ 4,102 $ - $ 49,318
Service fee revenue -
affiliate 3,617 235 (3,852) -
Product revenue, net - 13,607 - 13,607
Pass-thru revenue 12,155 - - 12,155
------- --------- ------------- -------------
Total revenues 60,988 17,944 (3,852) 75,080
------- --------- ------------- -------------
COSTS OF REVENUES:
Cost of service fee
revenue 31,467 3,986 (3,179) 32,274
Cost of product revenue - 12,903 - 12,903
Cost of pass-thru revenue 12,155 - - 12,155
------- --------- ------------- -------------
Total costs of
revenues 43,622 16,889 (3,179) 57,332
------- --------- ------------- -------------
Gross profit 17,366 1,055 (673) 17,748
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 17,663 560 (673) 17,550
------- --------- ------------- -------------
Income (loss) from
operations (297) 495 - 198
INTEREST EXPENSE (INCOME),
NET 394 90 - 484
------- --------- ------------- -------------
Income (loss) before
income taxes (691) 405 - (286)
INCOME TAX PROVISION
(BENEFIT) 326 140 - 466
------- --------- ------------- -------------
NET INCOME (LOSS) $(1,017) $ 265 $ - $ (752)
======= ========= ============= =============
NON-GAAP NET INCOME (LOSS) $ (224) $ 265 $ - $ 41
======= ========= ============= =============
EBITDA $ 3,300 $ 501 $ - $ 3,801
======= ========= ============= =============
ADJUSTED EBITDA $ 3,249 $ 501 $ - $ 3,750
======= ========= ============= =============
A reconciliation of NET INCOME (LOSS) to
EBITDA and ADJUSTED EBITDA follows:
NET INCOME (LOSS) $(1,017) $ 265 $ - (752)
Income tax expense
(benefit) 326 140 - 466
Interest expense
(income), net 394 90 - 484
Depreciation and
amortization 2,753 6 - 2,759
Amortization of
acquisition-related
intangible assets 844 - - 844
------- --------- ------------- -------------
EBITDA $ 3,300 $ 501 $ - $ 3,801
Stock-based
compensation 766 - - 766
Acquisition related,
restructuring and
other income (817) - - (817)
------- --------- ------------- -------------
ADJUSTED EBITDA $ 3,249 $ 501 $ - $ 3,750
======= ========= ============= =============
A reconciliation of NET INCOME (LOSS) to NON-
GAAP NET INCOME (LOSS) follows:
NET INCOME (LOSS) $(1,017) $ 265 $ - $ (752)
Stock-based
compensation 766 - - 766
Amortization of
acquisition-related
intangible assets 844 - - 844
Acquisition related,
restructuring and
other income (817) - - (817)
------- --------- ------------- -------------
NON-GAAP NET INCOME (LOSS) $ (224) $ 265 $ - $ 41
======= ========= ============= =============
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 Three Months Ended March 31, 2015
(In Thousands)
Business
&
Retail
PFSweb Connect Eliminations Consolidated
------- --------- ------------- -------------
REVENUES:
Service fee revenue $32,732 $ 3,976 $ - $ 36,708
Service fee revenue -
affiliate 3,493 204 (3,697) -
Product revenue, net - 16,654 - 16,654
Pass-thru revenue 10,484 - - 10,484
------- --------- ------------- -------------
Total revenues 46,709 20,834 (3,697) 63,846
------- --------- ------------- -------------
COSTS OF REVENUES:
Cost of service fee
revenue 24,657 3,946 (3,448) 25,155
Cost of product revenue - 15,708 - 15,708
Cost of pass-thru revenue 10,484 - - 10,484
------- --------- ------------- -------------
Total costs of
revenues 35,141 19,654 (3,448) 51,347
------- --------- ------------- -------------
Gross profit 11,568 1,180 (249) 12,499
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 13,230 633 (249) 13,614
------- --------- ------------- -------------
Income (loss) from
operations (1,662) 547 - (1,115)
INTEREST EXPENSE (INCOME),
NET 206 112 - 318
------- --------- ------------- -------------
Income (loss) before
income taxes (1,868) 435 - (1,433)
INCOME TAX PROVISION
(BENEFIT) 106 154 - 260
------- --------- ------------- -------------
NET INCOME (LOSS) $(1,974) $ 281 $ - $ (1,693)
======= ========= ============= =============
NON-GAAP NET INCOME (LOSS) $ (151) $ 281 $ - $ 130
======= ========= ============= =============
EBITDA $ 1,569 $ 571 $ - $ 2,140
======= ========= ============= =============
ADJUSTED EBITDA $ 3,152 $ 571 $ - $ 3,723
======= ========= ============= =============
A reconciliation of NET INCOME (LOSS) to
EBITDA and ADJUSTED EBITDA follows:
NET INCOME (LOSS) $(1,974) $ 281 $ - (1,693)
Income tax expense
(benefit) 106 154 - 260
Interest expense
(income), net 206 112 - 318
Depreciation and
amortization 2,991 24 - 3,015
Amortization of
acquisition-related
intangible assets 240 - - 240
------- --------- ------------- -------------
EBITDA $ 1,569 $ 571 $ - $ 2,140
Stock-based
compensation 804 - - 804
Acquisition related,
restructuring and
other costs 779 - - 779
------- --------- ------------- -------------
ADJUSTED EBITDA $ 3,152 $ 571 $ - $ 3,723
======= ========= ============= =============
A reconciliation of NET INCOME (LOSS) to NON-
GAAP NET INCOME (LOSS) follows:
NET INCOME (LOSS) $(1,974) $ 281 $ - $ (1,693)
Stock-based
compensation 804 - - 804
Amortization of
acquisition-related
intangible assets 240 - - 240
Acquisition related,
restructuring and
other costs 779 - - 779
------- --------- ------------- -------------
NON-GAAP NET INCOME (LOSS) $ (151) $ 281 $ - $ 130
======= ========= ============= =============
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 Condensed Consolidating Balance Sheets
as of March 31, 2016
(In Thousands)
Business
&
Retail
PFSweb Connect Eliminations Consolidated
-------- --------- ------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash
equivalents $ 8,481 $ 7,155 $ - $ 15,636
Restricted cash - 224 - 224
Accounts receivable,
net 42,928 17,795 (752) 59,971
Inventories, net - 8,433 - 8,433
Other receivables 662 5,953 - 6,615
Prepaid expenses and
other current assets 5,152 845 - 5,997
-------- --------- ------------- -------------
Total current assets 57,223 40,405 (752) 96,876
PROPERTY AND EQUIPMENT,
net 23,648 22 - 23,670
RECEIVABLE/INVESTMENT IN
AFFILIATES 10,906 - (10,906) -
INTANGIBLE ASSETS, net 7,962 - - 7,962
GOODWILL 39,829 - - 39,829
OTHER ASSETS 2,199 - - 2,199
-------- --------- ------------- -------------
Total assets 141,767 40,427 (11,658) 170,536
======== ========= ============= =============
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of
long-term debt and
capital lease
obligations $ 6,267 $ - $ - $ 6,267
Trade accounts payable 9,027 26,939 (752) 35,214
Deferred revenue 6,499 - - 6,499
Performance-based
contingent payments 11,440 - - 11,440
Accrued expenses 23,389 2,785 - 26,174
-------- --------- ------------- -------------
Total current
liabilities 56,622 29,724 (752) 85,594
LONG-TERM DEBT AND
CAPITAL LEASE
OBLIGATIONS, less
current portion 30,683 - - 30,683
PAYABLE TO AFFILIATES - 23,545 (23,545) -
DEFERRED REVENUE 4,496 - - 4,496
DEFERRED RENT 4,343 - - 4,343
OTHER LONG-TERM
LIABILITIES 1,570 - - 1,570
-------- --------- ------------- -------------
Total liabilities 97,714 53,269 (24,297) 126,686
-------- --------- ------------- -------------
COMMITMENTS AND
CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock 18 19 (19) 18
Capital contributions - 1,000 (1,000) -
Additional paid-in
capital 142,149 28,060 (28,060) 142,149
Retained earnings
(accumulated deficit) (98,359) (43,250) 43,070 (98,539)
Accumulated other
comprehensive income 370 1,329 (1,352) 347
Treasury stock (125) - - (125)
-------- --------- ------------- -------------
Total shareholders'
equity 44,053 (12,842) 12,639 43,850
-------- --------- ------------- -------------
Total liabilities and
shareholders' equity $141,767 $ 40,427 $ (11,658) $ 170,536
======== ========= ============= =============
(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, 2015.
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of December 31, 2015
(In Thousands)
Business
&
Retail
PFSweb Connect Eliminations Consolidated
-------- --------- ------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash
equivalents $ 7,962 $ 13,819 $ - $ 21,781
Restricted cash 51 224 - 275
Accounts receivable,
net 51,231 20,348 (879) 70,700
Inventories, net - 9,262 - 9,262
Other receivables 2,621 6,083 - 8,704
Prepaid expenses and
other current assets 4,744 918 - 5,662
-------- --------- ------------- -------------
Total current assets 66,609 50,654 (879) 116,384
PROPERTY AND EQUIPMENT,
net 24,065 28 - 24,093
RECEIVABLE/INVESTMENT IN
AFFILIATES 9,577 - (9,577) -
INTANGIBLE ASSETS, net 8,810 - - 8,810
GOODWILL 39,829 - - 39,829
OTHER ASSETS 2,174 - - 2,174
-------- --------- ------------- -------------
Total assets 151,064 50,682 (10,456) 191,290
======== ========= ============= =============
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of
long-term debt and
capital lease
obligations $ 3,153 $ - $ - $ 3,153
Trade accounts payable 15,329 36,710 (869) 51,170
Deferred revenue 7,390 - - 7,390
Performance-based
contingent payments 11,679 - - 11,679
Accrued expenses 26,015 4,558 (10) 30,563
-------- --------- ------------- -------------
Total current
liabilities 63,566 41,268 (879) 103,955
LONG-TERM DEBT AND
CAPITAL LEASE
OBLIGATIONS, less
current portion 32,238 - - 32,238
PAYABLE TO AFFILIATES - 22,056 (22,056) -
DEFERRED REVENUE 4,499 - - 4,499
DEFERRED RENT 4,362 - - 4,362
OTHER LONG-TERM
LIABILITIES 2,478 - - 2,478
-------- --------- ------------- -------------
Total liabilities 107,143 63,324 (22,935) 147,532
-------- --------- ------------- -------------
COMMITMENTS AND
CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock 18 19 (19) 18
Capital contributions - 1,000 (1,000) -
Additional paid-in
capital 141,948 28,060 (28,060) 141,948
Retained earnings
(accumulated deficit) (97,616) (42,827) 42,656 (97,787)
Accumulated other
comprehensive income (304) 1,106 (1,098) (296)
Treasury stock (125) - - (125)
-------- --------- ------------- -------------
Total shareholders'
equity 43,921 (12,642) 12,479 43,758
-------- --------- ------------- -------------
Total liabilities and
shareholders' equity $151,064 $ 50,682 $ (10,456) $ 191,290
======== ========= ============= =============
(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, 2015.
Company Contact: Michael C. Willoughby Chief Executive Officer or Thomas J. Madden Chief Financial Officer Tel 972-881-2900 Investor Relations: Liolios Scott Liolios or Sean Mansouri Tel 949-574-3860 Email Contact
Source: PFSweb, Inc.
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