SOURCE: PFSweb, Inc.

PFSweb, Inc.

May 07, 2014 08:30 ET

PFSweb Reports First Quarter 2014 Results

Q1 Service Fee Equivalent Revenue of $28.8 Million; Adjusted EBITDA of $2.2 Million

ALLEN, TX--(Marketwired - May 7, 2014) - 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 &            
    PFSweb     Retail 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 &            
    PFSweb     Retail 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 &              
  PFSweb     Retail 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 &              
  PFSweb     Retail 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  
                               

Contact Information

  • 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