The statements in this release concerning the Company's future prospects are forward-looking statements that involve certain risks and uncertainties. Such risks and uncertainties could cause actual results to differ materially from those indicated by such forward-looking statements, and include, without limitation, the continued acceptance of the Company's distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, contribution of key vendor relationships and support programs, as well as factors that affect the software industry in general and other factors. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in our filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company undertakes no obligation to update or revise these forward-looking statements.
-Tables Follow -
WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share amounts) December 31, December 31, 2012 2011 ------------ ------------ (unaudited) ASSETSCurrent assets Cash and cash equivalents $ 9,835 $ 9,202 Marketable securities 4,411 5,375 Accounts receivable, net 61,388 47,066 Inventory - finished goods 1,717 1,240 Prepaid expenses and other current assets 1,281 1,997 Deferred income taxes 280 329 ------------ ------------Total current assets 78,912 65,209Equipment and leasehold improvements, net 375 458Accounts receivable long-term 11,851 8,889Other assets 71 54Deferred income taxes 236 251 ------------ ------------Total assets $ 91,445 $ 74,861 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities Accounts payable and accrued expenses $ 59,265 $ 45,796 Current portion- capital lease obligation 55 76 ------------ ------------Total current liabilities 59,320 45,872Long term portion- capital lease obligation - 55 ------------ ------------Total liabilities 59,320 45,927 ------------ ------------Commitments and contingenciesStockholders' equity Common stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares issued, and 4,740,873 and 4,679,878 shares outstanding, respectively 53 53 Additional paid-in capital 27,712 26,725 Treasury stock, at cost, 543,627 and 604,622 shares, respectively (5,373) (4,991) Retained earnings 9,316 6,818 Accumulated other comprehensive income 417 329 ------------ ------------Total stockholders' equity 32,125 28,934 ------------ ------------Total liabilities and stockholders' equity $ 91,445 $ 74,861 ============ ============ WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in thousands, except per share data) Year ended Three months ended December 31, December 31, 2012 2011 2012 2011 ----------- ----------- ----------- ----------- (Unaudited) (Unaudited)Revenues Lifeboat segment $ 217,342 $ 192,720 $ 58,504 $ 55,099 TechXtend segment 79,715 57,449 26,943 19,119 ----------- ----------- ----------- ----------- Total Revenue 297,057 250,169 85,447 74,218Cost of sales Lifeboat segment 201,524 175,916 54,022 50,112 TechXtend segment 71,641 51,012 24,388 17,048 ----------- ----------- ----------- ----------- Total Cost of sales 273,165 226,928 78,410 67,160 ----------- ----------- ----------- -----------Gross Profit 23,892 23,241 7,037 7,058Operating expenses Selling costs 8,079 7,774 2,222 2,179 Stock based compensation 1,071 1,059 328 235 Other general and administrative expenses 6,227 5,790 1,679 1,573 ----------- ----------- ----------- -----------Total Selling, general and administrative expenses 15,377 14,623 4,229 3,987 ----------- ----------- ----------- -----------Income from operations 8,515 8,618 2,808 3,071Interest income, net 557 368 163 104Realized foreign exchange gain 17 1 4 - ----------- ----------- ----------- -----------Income before income tax provision 9,089 8,987 2,975 3,175Provision for income taxes 3,600 3,448 1,172 1,200 ----------- ----------- ----------- -----------Net income $ 5,489 $ 5,539 $ 1,803 $ 1,975 =========== =========== =========== ===========Net income per common share - Basic $ 1.23 $ 1.26 $ 0.40 $ 0.45 =========== =========== =========== ===========Net income per common share - Diluted $ 1.19 $ 1.20 $ 0.39 $ 0.43 =========== =========== =========== ===========Weighted average common shares outstanding - Basic 4,476 4,412 4,502 4,412 =========== =========== =========== ===========Weighted average common shares outstanding - Diluted 4,628 4,606 4,622 4,570 =========== =========== =========== ===========
