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PFSweb Reports First Quarter 2014 Results


May 7, 2014 - Allen, TX

PFSweb, Inc. (NASDAQ: PFSW), a global provider of end-to-end eCommerce solutions, reported financial results for the first quarter ended March 31, 2014.

First Quarter 2014 Financial Summary

Increased project activity and operating efficiencies resulted in stronger service fee revenue and operating margin during the first quarter of 2014 than originally anticipated, although lower than the year-ago quarter due to impact of the previously announced client transitions.

  • Service fee equivalent revenue (a non-GAAP measure defined and discussed below) was $28.8 million compared to $30.0 million during the same period in 2013

  • Service fee gross margin was 30.4% compared to 31.8% during the same period in 2013

  • Adjusted EBITDA (a non-GAAP measure defined and discussed below) was $2.2 million compared to $2.9 million during the same period in 2013

  • Cash and cash equivalents totaled $23.8 million compared to $22.4 million as of December 31, 2013

  • Debt totaled $11.0 million compared to $11.1 million as of December 31, 2013

First Quarter 2014 Financial Results

Total revenues in the first quarter of 2014 were $57.2 million compared to $63.1 million in the same period in 2013. Service fee revenue in the first quarter of 2014 totaled $27.6 million compared to $28.2 million in the same period in 2013. This decrease, which was primarily due to client transitions in 2013, was partially offset by revenues generated from higher than expected project activity as well as new and expanded client relationships. Product revenue decreased to $21.7 million compared to $25.3 million in the same period in 2013, primarily due to ongoing restructuring activities by the company's largest client in this segment.

Service fee equivalent revenue in the first quarter of 2014 was $28.8 million compared to $30.0 million in the same period in 2013.

Service fee gross margin in the first quarter decreased to 30.4% compared to 31.8% in the same period in 2013. This decrease was primarily due to the impact of client transition related activity in 2013, partially offset by operating efficiencies with existing clients and an increased level of higher margin project activity in the first quarter of 2014.

Adjusted EBITDA was $2.2 million in the first quarter of 2014 compared to $2.9 million in the same period in 2013.

Net loss in the first quarter of 2014 was $1.8 million, or $(0.11) per diluted share, compared to a net loss of $2.6 million, or $(0.20) per diluted share, in the same period in 2013. Net loss in the first quarter of 2014 included approximately $0.8 million in stock-based compensation expense compared to approximately $0.3 million in stock-based compensation expense and $2.3 million in restructuring and other charges in the same period in 2013.

Non-GAAP net loss (a non-GAAP measure defined and discussed below) in the first quarter of 2014 was $1.0 million, or $(0.06) per diluted share, compared to non-GAAP net income of $21,000, or $0.00 per diluted share, in the first quarter of 2013.

Management Commentary

"The momentum in our business that we reestablished in 2013 has carried into the first quarter of 2014," said Michael Willoughby, CEO of PFSweb. "Higher project activity and operating efficiencies with existing clients helped us achieve stronger service fee revenue and operating margin during the quarter than originally anticipated; however, the previously announced client transitions and expected decline in lower-margin product revenue continued to weigh on our top and bottom lines.

"Excluding the impact of these client transitions, our service fee equivalent revenue increased 22% in the first quarter of 2014 as compared to the prior year. Given the expected benefit from our recent client wins, such as the United States Mint that is anticipated to rollout later this year, and our steady pipeline of opportunities from both current and prospective clients, we believe we are well positioned to strengthen our financial performance as we exit 2014 and look ahead into 2015.

"In addition to the healthy U.S. e-commerce market, we continue to experience increased traction from international markets, particularly in Canada and Europe. We also see further opportunities applicable to Asia in conjunction with our strategic relationship with transcosmos. We expect our proven ability to continuously improve our clients' sales channels through technology, agency and infrastructure services will ultimately define our company as a leading omni-channel commerce and business outsourcing provider."

2014 Outlook

PFSweb reiterates its 2014 service fee equivalent revenue guidance to range between $127 million to $133 million, increasing 7% to 12% as compared to 2013. The company also reiterates its outlook for 2014 adjusted EBITDA target to range between $12 million and $14 million, representing an increase of 12% to 31% as compared to 2013.

Conference Call

PFSweb will conduct a conference call today at 11:00 a.m. Eastern time to discuss its results for the first quarter ended March 31, 2014.

The company's CEO Mike Willoughby and CFO Tom Madden will host the conference call, followed by a question and answer period.

Date: Wednesday, May 7, 2014
Time: 11:00 a.m. Eastern time (10:00 a.m. Central time)
Dial-in number: 1-877-941-8416
International number: 1-480-629-9808
Conference ID: 4681043

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=108924 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 2:00 p.m. Eastern time on the same day through May 21, 2014.

Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 4681043

About PFSweb Inc.

PFSweb (NASDAQ: PFSW) is a global business process outsourcing provider of end-to-end eCommerce solutions. The company provides these solutions and services to major brand names and other companies seeking to optimize their supply chain and enhance their traditional and online business channels, which include both direct-to-consumer and business-to-business sales channels. PFSweb supports organizations across various industries, including Procter & Gamble, L'Oreal, LEGO, Columbia Sportswear, Riverbed, 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, Canada, Belgium, and the Philippines. For more information, please visit www.pfsweb.com.

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 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 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, 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, 2013 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
Preliminary Unaudited Condensed Consolidated Balance Sheets (A)
(In Thousands, Except Share Data)


March 31, December 31,
2014 2013
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 23,753 $ 22,418
Restricted cash 169 130
Accounts receivable, net of allowance for
doubtful accounts of $410 and $382 at March
31, 2014 and December 31, 2013,
respectively 46,098 55,292
Inventories, net of reserves of $947 and
$962 at March 31, 2014 and December 31,
2013, respectively 11,372 14,169
Other receivables 5,481 5,241
Prepaid expenses and other current assets 4,585 4,713
------------ ------------
Total current assets 91,458 101,963

PROPERTY AND EQUIPMENT, net 26,379 27,190
OTHER ASSETS 3,021 2,883
------------ ------------
Total assets 120,858 132,036
============ ============

LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and
capital lease obligations $ 8,579 $ 8,231
Trade accounts payable 27,472 34,096
Deferred revenue 8,813 8,181
Accrued expenses 21,525 25,045
------------ ------------
Total current liabilities 66,389 75,553

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS,
less current portion 2,440 2,876
DEFERRED REVENUE 6,948 7,491
DEFERRED RENT 5,041 5,191
------------ ------------
Total liabilities 80,818 91,111
------------ ------------


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; 16,653,008 and
16,540,904 shares issued at March 31, 2014
and December 31, 2013, respectively; and
16,619,541 and 16,507,437 shares
outstanding as of March 31, 2014 and
December 31, 2013, respectively 17 17
Additional paid-in capital 125,505 124,522
Accumulated deficit (87,110) (85,300)
Accumulated other comprehensive income 1,753 1,811
Treasury stock at cost, 33,467 shares (125) (125)
------------ ------------
Total shareholders' equity 40,040 40,925
------------ ------------
Total liabilities and shareholders'
equity $ 120,858 $ 132,036
============ ============

(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, 2013.



PFSweb, Inc. and Subsidiaries
Preliminary Unaudited Condensed Consolidated Statements of Operations (A)
(In Thousands, Except Per Share Data)

Three Months Ended
March 31,
--------------------------
2014 2013
------------ ------------
REVENUES:
Product revenue, net $ 21,722 $ 25,267
Service fee revenue 27,598 28,217
Pass-thru revenue 7,909 9,657
------------ ------------
Total revenues 57,229 63,141
------------ ------------

COSTS OF REVENUES:
Cost of product revenue 20,516 23,515
Cost of service fee revenue 19,220 19,258
Cost of pass-thru revenue 7,909 9,657
------------ ------------
Total costs of revenues 47,645 52,430
------------ ------------
Gross profit 9,584 10,711
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 11,022 12,801
Income (loss) from operations (1,438) (2,090)
INTEREST EXPENSE (INCOME), NET 143 218
------------ ------------
Income (loss) before income taxes (1,581) (2,308)
INCOME TAX PROVISION (BENEFIT) 229 267
------------ ------------
NET INCOME (LOSS) $ (1,810) $ (2,575)
============ ============
NON-GAAP NET INCOME (LOSS) $ (1,016) $ 21
============ ============

NET INCOME (LOSS) PER SHARE:
Basic $ (0.11) $ (0.20)
============ ============
Diluted $ (0.11) $ (0.20)
============ ============

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
Basic 16,522 12,786
============ ============
Diluted 16,522 12,786
============ ============

EBITDA $ 1,452 $ 318
============ ============
ADJUSTED EBITDA $ 2,246 $ 2,914
============ ============

(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, 2013.



PFSweb, Inc. and Subsidiaries
Reconciliation of certain Non-GAAP Items to GAAP
(In Thousands, Except Per Share Data)

Three Months Ended
March 31,
--------------------------
2014 2013
------------ ------------
NET INCOME (LOSS) $ (1,810) $ (2,575)
Income tax expense 229 267
Interest expense, net 143 218
Depreciation and amortization 2,890 2,408
------------ ------------
EBITDA $ 1,452 $ 318
Stock-based compensation 794 303
Restructuring and other charges - 2,293
------------ ------------
ADJUSTED EBITDA $ 2,246 $ 2,914
============ ============


Three Months Ended
March 31,
--------------------------
2014 2013
------------ ------------

NET INCOME (LOSS) $ (1,810) $ (2,575)
Stock-based compensation 794 303
Restructuring and other charges - 2,293
------------ ------------
NON-GAAP NET INCOME (LOSS) $ (1,016) $ 21
============ ============

NET INCOME (LOSS) PER SHARE:
Basic $ (0.11) $ (0.20)
============ ============
Diluted $ (0.11) $ (0.20)
============ ============

NON-GAAP NET INCOME (LOSS) Per Share:
Basic $ (0.06) $ 0.00
============ ============
Diluted $ (0.06) $ 0.00
============ ============



Three Months Ended
March 31,
--------------------------
2014 2013
------------ ------------

TOTAL REVENUES $ 57,229 $ 63,141
Pass-thru revenue (7,909) (9,657)
Cost of product revenue (20,516) (23,515)
------------ ------------
SERVICE FEE EQUIVALENT REVENUE $ 28,804 $ 29,969
============ ============



PFSweb, Inc. and Subsidiaries
Preliminary 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 Consolidating Statements of Operations
For the Three Months Ended March 31, 2013
(In Thousands)

Business &
Retail
PFSweb Connect Eliminations Consolidated
---------- ----------- ------------ ------------
REVENUES:
Product revenue,
net $ - $ 25,267 $ - $ 25,267
Service fee revenue 26,441 1,776 - 28,217
Service fee revenue
- affiliate 2,355 362 (2,717) -
Pass-thru revenue 9,657 - - 9,657
---------- ----------- ------------ ------------
Total
revenues 38,453 27,405 (2,717) 63,141
---------- ----------- ------------ ------------

COSTS OF REVENUES:
Cost of product
revenue - 23,515 - 23,515
Cost of service fee
revenue 19,780 1,798 (2,320) 19,258
Cost of pass-thru
revenue 9,657 - - 9,657
---------- ----------- ------------ ------------
Total costs
of revenues 29,437 25,313 (2,320) 52,430
---------- ----------- ------------ ------------
Gross profit 9,016 2,092 (397) 10,711
SELLING, GENERAL AND
ADMINISTRATIVE
EXPENSES 11,563 1,635 (397) 12,801
Income (loss)
from operations (2,547) 457 - (2,090)
INTEREST EXPENSE
(INCOME), NET 67 151 - 218
---------- ----------- ------------ ------------
Income (loss)
before income
taxes (2,614) 306 - (2,308)
INCOME TAX PROVISION
(BENEFIT) 120 147 - 267
---------- ----------- ------------ ------------
NET INCOME (LOSS) $ (2,734) $ 159 $ - $ (2,575)
========== =========== ============ ============
NON-GAAP NET INCOME
(LOSS) $ (138) $ 159 $ - $ 21
========== =========== ============ ============

EBITDA $ (178) $ 496 $ - $ 318
========== =========== ============ ============
ADJUSTED EBITDA $ 2,418 $ 496 $ - $ 2,914
========== =========== ============ ============


A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA
follows:

NET INCOME (LOSS) $ (2,734) $ 159 $ - (2,575)
Income tax
expense
(benefit) 120 147 - 267
Interest expense
(income), net 67 151 - 218
Depreciation and
amortization 2,369 39 - 2,408
---------- ----------- ------------ ------------
EBITDA $ (178) $ 496 $ - $ 318
Stock-based
compensation 303 - - 303
Restructuring and
other charges 2,293 - - 2,293
---------- ----------- ------------ ------------
ADJUSTED EBITDA $ 2,418 $ 496 $ - $ 2,914
========== =========== ============ ============

A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS)
follows:

NET INCOME (LOSS) $ (2,734) $ 159 $ - $ (2,575)
Stock-based
compensation 303 - - 303
Restructuring and
other charges 2,293 - - 2,293
---------- ----------- ------------ ------------
NON-GAAP NET INCOME
(LOSS) $ (138) $ 159 $ - $ 21
========== =========== ============ ============

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, 2014
(In Thousands)


Business &
Retail
PFSweb Connect Eliminations Consolidated
---------- ----------- ------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash
equivalents $ 17,701 $ 6,052 $ - $ 23,753
Restricted cash - 169 - 169
Accounts receivable,
net 29,678 17,732 (1,312) 46,098
Inventories, net - 11,372 - 11,372
Other receivables - 5,481 - 5,481
Prepaid expenses and
other current
assets 3,472 1,113 - 4,585
---------- ----------- ------------ ------------
Total current
assets 50,851 41,919 (1,312) 91,458
---------- ----------- ------------ ------------

PROPERTY AND EQUIPMENT,
net 26,162 217 - 26,379
RECEIVABLE/INVESTMENT IN
AFFILIATES 10,891 - (10,891) -
OTHER ASSETS 2,946 75 - 3,021
---------- ----------- ------------ ------------
Total assets 90,850 42,211 (12,203) 120,858
========== =========== ============ ============

LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of
long-term debt and
capital lease
obligations $ 4,156 $ 4,423 $ - $ 8,579
Trade accounts
payable 7,249 21,535 (1,312) 27,472
Deferred revenue 8,813 - - 8,813
Accrued expenses 16,211 5,314 - 21,525
---------- ----------- ------------ ------------
Total current
liabilities 36,429 31,272 (1,312) 66,389

LONG-TERM DEBT AND
CAPITAL LEASE
OBLIGATIONS, less
current portion 2,440 - - 2,440
PAYABLE TO AFFILIATES - 23,045 (23,045) -
DEFERRED REVENUE 6,948 - - 6,948
DEFERRED RENT 5,041 - - 5,041
---------- ----------- ------------ ------------
Total
liabilities 50,858 54,317 (24,357) 80,818
---------- ----------- ------------ ------------

COMMITMENTS AND
CONTINGENCIES

SHAREHOLDERS' EQUITY:
Common stock 17 19 (19) 17
Capital
contributions - 1,000 (1,000) -
Additional paid-in
capital 125,505 28,060 (28,060) 125,505
Retained earnings
(accumulated
deficit) (87,158) (43,503) 43,551 (87,110)
Accumulated other
comprehensive
income 1,753 2,318 (2,318) 1,753
Treasury stock (125) - - (125)
---------- ----------- ------------ ------------
Total
shareholders'
equity 39,992 (12,106) 12,154 40,040
---------- ----------- ------------ ------------
Total
liabilities and
shareholders'
equity $ 90,850 $ 42,211 $ (12,203) $ 120,858
========== =========== ============ ============



PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of December 31, 2013
(In Thousands)


Business &
Retail
PFSweb Connect Eliminations Consolidated
---------- ----------- ------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash
equivalents $ 15,028 $ 7,390 $ - $ 22,418
Restricted cash - 130 - 130
Accounts receivable,
net 37,857 18,697 (1,262) 55,292
Inventories, net - 14,169 - 14,169
Other receivables - 5,241 - 5,241
Prepaid expenses and
other current
assets 3,552 1,161 - 4,713
---------- ----------- ------------ ------------
Total current
assets 56,437 46,788 (1,262) 101,963

PROPERTY AND EQUIPMENT,
net 26,945 245 - 27,190
RECEIVABLE/INVESTMENT IN
AFFILIATES 12,777 - (12,777) -
OTHER ASSETS 2,800 83 - 2,883
---------- ----------- ------------ ------------
Total assets 98,959 47,116 (14,039) 132,036
========== =========== ============ ============

LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of
long-term debt and
capital lease
obligations $ 4,419 $ 3,812 $ - $ 8,231
Trade accounts
payable 11,602 23,756 (1,262) 34,096
Deferred revenue 8,181 - - 8,181
Accrued expenses 18,114 6,931 - 25,045
---------- ----------- ------------ ------------
Total current
liabilities 42,316 34,499 (1,262) 75,553

LONG-TERM DEBT AND
CAPITAL LEASE
OBLIGATIONS, less
current portion 2,876 - - 2,876
PAYABLE TO AFFILIATES - 23,045 (23,045) -
DEFERRED REVENUE 7,491 - - 7,491
DEFERRED RENT 5,191 - - 5,191
---------- ----------- ------------ ------------
Total
liabilities 57,874 57,544 (24,307) 91,111
---------- ----------- ------------ ------------

COMMITMENTS AND
CONTINGENCIES

SHAREHOLDERS' EQUITY:
Common stock 17 19 (19) 17
Capital
contributions - 1,000 (1,000) -
Additional paid-in
capital 124,522 28,060 (28,060) 124,522
Retained earnings
(accumulated
deficit) (85,146) (41,850) 41,696 (85,300)
Accumulated other
comprehensive
income 1,817 2,343 (2,349) 1,811
Treasury stock (125) - - (125)
---------- ----------- ------------ ------------
Total
shareholders'
equity 41,085 (10,428) 10,268 40,925
---------- ----------- ------------ ------------
Total
liabilities and
shareholders'
equity $ 98,959 $ 47,116 $ (14,039) $ 132,036
========== =========== ============ ============

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Company Contact:

Michael C. Willoughby
Chief Executive Officer
or
Thomas J. Madden
Chief Financial Officer
Tel 972-881-2900

Investor Relations:

Liolios Group Inc.
Cody Slach or Greg Falesnik
Tel 949-574-3860
Email Contact

MarketWire

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