PFSweb Reports First Quarter 2015 Results
Q1 Service Fee Equivalent Revenue up 31% to $37.7 Million; Adjusted EBITDA up 66% to $3.7 Million
Tweet
Share
E-mailGet Alerts PFSW Hot Sheet
Join SI Premium – FREE
ALLEN, TX -- (Marketwired) -- 05/11/15 -- PFSweb, Inc. (NASDAQ: PFSW), a global provider of end-to-end eCommerce solutions, reported results for the first quarter ended March 31, 2015.
First Quarter 2015 Highlights vs. Year-Ago Quarter
- Service fee equivalent revenue (a non-GAAP measure defined below) increased 31% to a Q1 record $37.7 million compared to $28.8 million in the same period of 2014
- Service fee gross margin increased 110 basis points to 31.5%
- Adjusted EBITDA (a non-GAAP measure defined below) increased 66% to a Q1 record $3.7 million compared to $2.2 million in the same period of 2014
First Quarter 2015 Financial Results
Total revenues in the first quarter of 2015 increased 12% to $63.8 million compared to $57.2 million in the same period of 2014. Service fee revenue in the first quarter of 2015 increased 33% to $36.7 million compared to $27.6 million last year. Product revenue was $16.7 million compared to $21.7 million in the same period of 2014, primarily due to ongoing restructuring activities by the company's largest client in this segment.
Service fee equivalent revenue in the first quarter of 2015 increased 31% to a record $37.7 million compared to $28.8 million in the same period of 2014. The increase was primarily due to new and expanded client relationships, as well as service fee revenues generated by the company's newly acquired subsidiaries, REV Solutions and LiveAreaLabs, both of which were acquired in September 2014.
Service fee gross margin in the first quarter increased 110 basis points to 31.5% compared to 30.4% in the same period in 2014. The 2015 quarter included a higher proportion of professional and technology services, including the impact from our acquisitions of REV Solutions and LiveAreaLabs.
Adjusted EBITDA increased 66% to a record $3.7 million in the first quarter of 2015 compared to $2.2 million in the same period of 2014. As a percentage of service fee equivalent revenue, adjusted EBITDA increased 210 basis points to 9.9% compared to 7.8% in the year-ago quarter.
Net loss in the first quarter was $1.7 million or $(0.10) per diluted share, compared to a net loss of $1.8 million or $(0.11) per diluted share in the same period of 2014. Net loss in the first quarter of 2015 included $0.8 million in stock-based compensation expense and $0.8 million in acquisition related and restructuring costs. This compares to $0.8 million in stock-based compensation expense and no acquisition related and restructuring costs in the same period of 2014.
Non-GAAP net income (a non-GAAP measure defined below) in the first quarter of 2015 was $0.1 million or $0.01 per diluted share, compared to non-GAAP net loss of $1.0 million or $(0.06) per diluted share in the first quarter of 2014.
At March 31, 2015, cash and cash equivalents was $14.8 million compared to $18.1 million at December 31, 2014. Total debt was $14.1 million compared to $10.9 million at December 31, 2014.
Management Commentary
"Following a strong finish to 2014, we experienced a Q1 record performance in service fee equivalent revenue and adjusted EBITDA performance," said Michael Willoughby, CEO of PFSweb. "These results were driven by our consistent execution for our existing and new clients, including the continued momentum in our digital agency and technology services businesses. Our top and bottom-lines were supplemented by new project wins that were significantly aided by our two acquisitions last year, both of which greatly enhanced our higher-margin professional services capabilities.
"As we look to continue to drive growth and take market share in 2015, we plan to build upon these acquisitions through both our end-to-end offering as well as our a la carte options, which entails contracting with clients in an initial service offering, and then working to expand those engagements with additional offerings in the future. We also plan to continue further investing in our sales and marketing efforts while we target acquisitions that support our geographic growth initiatives and enhance our end-to-end solution offering, especially within professional services.
"In addition, we will continue to focus on further enhancing the strong channel partnerships we've developed over the last several years. In fact, just last month, we were named Demandware's 2014 Sales Partner of the Year, which further validates the success of our various go-to-market strategies. Given our multiple growth initiatives and plan for consistent execution, we continue to seek another record year of performance in 2015."
2015 Outlook
PFSweb reaffirmed its 2015 service fee equivalent revenue guidance to range between $160 million and $170 million, which reflects growth of 15% to 23% from 2014. The company also reaffirmed its adjusted EBITDA target to range between $16 million and $18 million, which reflects growth of 17% to 32% from 2014. This guidance excludes the impact of potential future acquisitions.
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, 2015.
The company's CEO Mike Willoughby and CFO Tom Madden will host the conference call, followed by a question and answer period.
Date: Monday, May 11, 2015 Time: 5:00 p.m. Eastern time (4:00 p.m. Central time) Toll-free dial-in number: 1-888-395-3227 International dial-in number: 1-719-325-2458 Conference ID: 3028565
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 Group at 1-949-574-3860.
The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=114124 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 25, 2015.
Toll-free replay number: 1-877-870-5176 International replay number: 1-858-384-5517 Replay ID: 3028565
About PFSweb Inc.
PFSweb (NASDAQ: PFSW) is a global provider of end-to-end eCommerce solutions including 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, Ricoh, Roots Canada Ltd., Diageo, BCBGMAXAZRIA, 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, 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 costs and restructuring and other charges.
EBITDA represents earnings (or losses) before interest, income taxes, depreciation, and amortization. Adjusted EBITDA further eliminates the effect of stock-based compensation, acquisition related costs and restructuring and other charges.
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 costs and restructuring and other charges 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, 2014 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)
March 31, December 31,
2015 2014
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 14,770 $ 18,128
Restricted cash 293 521
Accounts receivable, net of allowance for
doubtful accounts of $445 and $447 at March
31, 2015 and December 31, 2014, respectively 50,424 59,126
Inventories, net of reserves of $639 and $768
at March 31, 2015 and December 31, 2014,
respectively 9,852 10,534
Other receivables 5,419 5,638
Prepaid expenses and other current assets 5,633 7,103
------------ ------------
Total current assets 86,391 101,050
PROPERTY AND EQUIPMENT, net 25,066 26,604
INTANGIBLE ASSETS, net 1,940 2,170
GOODWILL 8,366 8,366
OTHER ASSETS 2,243 2,556
------------ ------------
Total assets 124,006 140,746
============ ============
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and capital
lease obligations $ 10,153 $ 6,850
Trade accounts payable 28,396 38,842
Deferred revenue 7,880 9,098
Accrued expenses 26,084 28,473
------------ ------------
Total current liabilities 72,513 83,263
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS,
less current portion 3,949 4,062
DEFERRED REVENUE 4,504 5,355
DEFERRED RENT 4,720 4,870
OTHER LONG-TERM LIABILITIES 38 3,091
------------ ------------
Total liabilities 85,724 100,641
------------ ------------
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; 17,266,523 and 17,047,093
shares issued at March 31, 2015 and December
31, 2014, respectively; and 17,233,056 and
17,013,626 shares outstanding as of March 31,
2015 and December 31, 2014, respectively 17 17
Additional paid-in capital 130,233 129,457
Accumulated deficit (91,619) (89,926)
Accumulated other comprehensive income (224) 682
Treasury stock at cost, 33,467 shares (125) (125)
------------ ------------
Total shareholders' equity 38,282 40,105
------------ ------------
Total liabilities and shareholders' equity $ 124,006 $ 140,746
============ ============
(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, 2014.
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations (A)
(In Thousands, Except Per Share Data)
Three Months Ended
March 31,
------------------------
2015 2014
----------- -----------
REVENUES:
Product revenue, net $ 16,654 $ 21,722
Service fee revenue 36,708 27,598
Pass-thru revenue 10,484 7,909
----------- -----------
Total revenues 63,846 57,229
----------- -----------
COSTS OF REVENUES:
Cost of product revenue 15,708 20,516
Cost of service fee revenue 25,155 19,220
Cost of pass-thru revenue 10,484 7,909
----------- -----------
Total costs of revenues 51,347 47,645
----------- -----------
Gross profit 12,499 9,584
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 13,614 11,022
----------- -----------
Income (loss) from operations (1,115) (1,438)
INTEREST EXPENSE (INCOME), NET 318 143
----------- -----------
Income (loss) before income taxes (1,433) (1,581)
INCOME TAX PROVISION (BENEFIT) 260 229
----------- -----------
NET INCOME (LOSS) $ (1,693) $ (1,810)
=========== ===========
NON-GAAP NET INCOME (LOSS) $ 130 $ (1,016)
=========== ===========
NET INCOME (LOSS) PER SHARE:
Basic $ (0.10) $ (0.11)
=========== ===========
Diluted $ (0.10) $ (0.11)
=========== ===========
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
Basic 17,144 16,522
=========== ===========
Diluted 17,144 16,522
=========== ===========
EBITDA $ 2,140 $ 1,452
=========== ===========
ADJUSTED EBITDA $ 3,723 $ 2,246
=========== ===========
(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, 2014.
PFSweb, Inc. and Subsidiaries
Reconciliation of certain Non-GAAP Items to GAAP
(In Thousands, Except Per Share Data)
Three Months Ended
March 31,
------------------------
2015 2014
----------- -----------
NET INCOME (LOSS) $ (1,693) $ (1,810)
Income tax expense (benefit) 260 229
Interest expense, net 318 143
Depreciation and amortization 3,255 2,890
----------- -----------
EBITDA $ 2,140 $ 1,452
Stock-based compensation 804 794
Acquisition related and restructuring costs 779 -
----------- -----------
ADJUSTED EBITDA $ 3,723 $ 2,246
=========== ===========
Three Months Ended
March 31,
------------------------
2015 2014
----------- -----------
NET INCOME (LOSS) $ (1,693) $ (1,810)
Stock-based compensation 804 794
Amortization of intangible assets 240 -
Acquisition related and restructuring costs 779 -
----------- -----------
NON-GAAP NET INCOME (LOSS) $ 130 $ (1,016)
=========== ===========
NET INCOME (LOSS) PER SHARE:
Basic $ (0.10) $ (0.11)
=========== ===========
Diluted $ (0.10) $ (0.11)
=========== ===========
NON-GAAP NET INCOME (LOSS) Per Share:
Basic $ 0.01 $ (0.06)
=========== ===========
Diluted $ 0.01 $ (0.06)
=========== ===========
Three Months Ended
March 31,
------------------------
2015 2014
----------- -----------
TOTAL REVENUES $ 63,846 $ 57,229
Pass-thru revenue (10,484) (7,909)
Cost of product revenue (15,708) (20,516)
----------- -----------
SERVICE FEE EQUIVALENT REVENUE $ 37,654 $ 28,804
=========== ===========
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:
Product revenue, net $ - $ 16,654 $ - $ 16,654
Service fee revenue 32,732 3,976 - 36,708
Service fee revenue -
affiliate 3,493 204 (3,697) -
Pass-thru revenue 10,484 - - 10,484
---------- ----------- ------------ ------------
Total revenues 46,709 20,834 (3,697) 63,846
---------- ----------- ------------ ------------
COSTS OF REVENUES:
Cost of product revenue - 15,708 - 15,708
Cost of service fee
revenue 24,657 3,946 (3,448) 25,155
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 3,231 24 - 3,255
---------- ----------- ------------ ------------
EBITDA $ 1,569 $ 571 $ - $ 2,140
Stock-based
compensation 804 - - 804
Acquisition related
and restructuring
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
intangible assets 240 - - 240
Acquisition related
and restructuring
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 Consolidating Statements of Operations
For the Three Months Ended March 31, 2014
(In Thousands)
Business &
Retail
PFSweb Connect Eliminations Consolidated
---------- ----------- ------------ ------------
REVENUES:
Product revenue, net $ - $ 21,722 $ - $ 21,722
Service fee revenue 24,153 3,445 - 27,598
Service fee revenue -
affiliate 3,690 615 (4,305) -
Pass-thru revenue 7,909 - - 7,909
---------- ----------- ------------ ------------
Total revenues 35,752 25,782 (4,305) 57,229
---------- ----------- ------------ ------------
COSTS OF REVENUES:
Cost of product revenue - 20,516 - 20,516
Cost of service fee
revenue 19,520 3,615 (3,915) 19,220
Cost of pass-thru
revenue 7,909 - - 7,909
---------- ----------- ------------ ------------
Total costs of
revenues 27,429 24,131 (3,915) 47,645
---------- ----------- ------------ ------------
Gross profit 8,323 1,651 (390) 9,584
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 10,176 1,236 (390) 11,022
---------- ----------- ------------ ------------
Income (loss) from
operations (1,853) 415 - (1,438)
INTEREST EXPENSE
(INCOME), NET (2) 145 - 143
---------- ----------- ------------ ------------
Income (loss) before
income taxes (1,851) 270 - (1,581)
INCOME TAX PROVISION
(BENEFIT) 132 97 - 229
---------- ----------- ------------ ------------
NET INCOME (LOSS) $ (1,983) $ 173 $ - $ (1,810)
========== =========== ============ ============
NON-GAAP NET INCOME
(LOSS) $ (1,189) $ 173 $ - $ (1,016)
========== =========== ============ ============
EBITDA $ 994 $ 458 $ - $ 1,452
========== =========== ============ ============
ADJUSTED EBITDA $ 1,788 $ 458 $ - $ 2,246
========== =========== ============ ============
A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows:
NET INCOME (LOSS) $ (1,983) $ 173 $ - (1,810)
Income tax expense
(benefit) 132 97 - 229
Interest expense
(income), net (2) 145 - 143
Depreciation and
amortization 2,847 43 - 2,890
---------- ----------- ------------ ------------
EBITDA $ 994 $ 458 $ - $ 1,452
Stock-based
compensation 794 - - 794
---------- ----------- ------------ ------------
ADJUSTED EBITDA $ 1,788 $ 458 $ - $ 2,246
========== =========== ============ ============
A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS)
follows:
NET INCOME (LOSS) $ (1,983) $ 173 $ - $ (1,810)
Stock-based
compensation 794 - - 794
---------- ----------- ------------ ------------
NON-GAAP NET INCOME
(LOSS) $ (1,189) $ 173 $ - $ (1,016)
========== =========== ============ ============
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, 2015
(In Thousands)
Business &
Retail
PFSweb Connect Eliminations Consolidated
---------- ----------- ------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash
equivalents $ 8,319 $ 6,451 $ - $ 14,770
Restricted cash - 293 - 293
Accounts receivable,
net 34,385 16,390 (351) 50,424
Inventories, net - 9,852 - 9,852
Other receivables 3 5,416 - 5,419
Prepaid expenses and
other current assets 4,755 878 - 5,633
---------- ----------- ------------ ------------
Total current assets 47,462 39,280 (351) 86,391
PROPERTY AND EQUIPMENT,
net 24,996 70 - 25,066
RECEIVABLE/INVESTMENT IN
AFFILIATES 9,533 - (9,533) -
INTANGIBLE ASSETS, net 1,940 - - 1,940
GOODWILL 8,366 - - 8,366
OTHER ASSETS 2,236 7 - 2,243
---------- ----------- ------------ ------------
Total assets 94,533 39,357 (9,884) 124,006
========== =========== ============ ============
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of
long-term debt and
capital lease
obligations $ 6,520 $ 3,633 $ - $ 10,153
Trade accounts payable 7,027 21,720 (351) 28,396
Deferred revenue 7,880 - - 7,880
Accrued expenses 21,756 4,328 - 26,084
---------- ----------- ------------ ------------
Total current
liabilities 43,183 29,681 (351) 72,513
LONG-TERM DEBT AND
CAPITAL LEASE
OBLIGATIONS, less
current portion 3,949 - - 3,949
PAYABLE TO AFFILIATES - 22,045 (22,045) -
DEFERRED REVENUE 4,504 - - 4,504
DEFERRED RENT 4,720 - - 4,720
OTHER LONG-TERM
LIABILITIES 38 - - 38
---------- ----------- ------------ ------------
Total liabilities 56,394 51,726 (22,396) 85,724
---------- ----------- ------------ ------------
COMMITMENTS AND
CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock 17 19 (19) 17
Capital contributions - 1,000 (1,000) -
Additional paid-in
capital 130,233 28,060 (28,060) 130,233
Retained earnings
(accumulated deficit) (91,753) (42,531) 42,665 (91,619)
Accumulated other
comprehensive income (233) 1,083 (1,074) (224)
Treasury stock (125) - - (125)
---------- ----------- ------------ ------------
Total shareholders'
equity 38,139 (12,369) 12,512 38,282
---------- ----------- ------------ ------------
Total liabilities
and shareholders'
equity $ 94,533 $ 39,357 $ (9,884) $ 124,006
========== =========== ============ ============
(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, 2014.
PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of December 31, 2014
(In Thousands)
Business &
Retail
PFSweb Connect Eliminations Consolidated
---------- ----------- ------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash
equivalents $ 6,671 $ 11,457 $ - $ 18,128
Restricted cash - 521 - 521
Accounts receivable,
net 42,081 18,415 (1,370) 59,126
Inventories, net - 10,534 - 10,534
Other receivables - 5,638 - 5,638
Prepaid expenses and
other current assets 6,141 962 - 7,103
---------- ----------- ------------ ------------
Total current assets 54,893 47,527 (1,370) 101,050
PROPERTY AND EQUIPMENT,
net 26,478 126 - 26,604
RECEIVABLE/INVESTMENT IN
AFFILIATES 9,938 - (9,938) -
INTANGIBLE ASSETS, net 2,170 - - 2,170
GOODWILL 8,366 - - 8,366
OTHER ASSETS 2,527 29 - 2,556
---------- ----------- ------------ ------------
Total assets 104,372 47,682 (11,308) 140,746
========== =========== ============ ============
LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of
long-term debt and
capital lease
obligations $ 3,583 $ 3,267 $ - $ 6,850
Trade accounts payable 13,001 27,211 (1,370) 38,842
Deferred revenue 9,098 - - 9,098
Accrued expenses 21,338 7,135 - 28,473
---------- ----------- ------------ ------------
Total current
liabilities 47,020 37,613 (1,370) 83,263
LONG-TERM DEBT AND
CAPITAL LEASE
OBLIGATIONS, less
current portion 4,062 - - 4,062
PAYABLE TO AFFILIATES - 22,045 (22,045) -
DEFERRED REVENUE 5,355 - - 5,355
DEFERRED RENT 4,870 - - 4,870
OTHER LONG-TERM
LIABILITIES 3,091 - - 3,091
---------- ----------- ------------ ------------
Total liabilities 64,398 59,658 (23,415) 100,641
---------- ----------- ------------ ------------
COMMITMENTS AND
CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock 17 19 (19) 17
Capital contributions - 1,000 (1,000) -
Additional paid-in
capital 129,457 28,060 (28,060) 129,457
Retained earnings
(accumulated deficit) (90,061) (42,711) 42,846 (89,926)
Accumulated other
comprehensive income 686 1,656 (1,660) 682
Treasury stock (125) - - (125)
---------- ----------- ------------ ------------
Total shareholders'
equity 39,974 (11,976) 12,107 40,105
---------- ----------- ------------ ------------
Total liabilities
and shareholders'
equity $ 104,372 $ 47,682 $ (11,308) $ 140,746
========== =========== ============ ============
(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, 2014.
Company Contact: Michael C. Willoughby Chief Executive Officer or Thomas J. Madden Chief Financial Officer Tel 972-881-2900 Investor Relations: Liolios Group Inc. Scott Liolios or Sean Mansouri Tel 949-574-3860 Email Contact
Source: PFSweb, Inc.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
- New Memecoin News: MemeToro’s Automated BNB Chain Memecoin Deployment Explained
- STRATUM Launches Strategic Asset Intelligence Platform for African Mining and EV Battery Minerals
Create E-mail Alert Related Categories
Press ReleasesRelated Entities
Earnings, Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
