SOURCE: PFSweb, Inc.

PFSweb, Inc.

May 09, 2016 16:05 ET

PFSweb Reports First Quarter 2016 Results

Service Fee Equivalent Revenue up 33% to a Q1 Record $50.0 Million

ALLEN, TX--(Marketwired - May 9, 2016) - 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)  
   
   
PFSweb
    Business &
Retail 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)  
   
   
PFSweb
    Business &
Retail 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)  
   
   
PFSweb
    Business &
Retail 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)  
   
   
PFSweb
    Business &
Retail 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.
     
     
     

 

Contact Information

  • 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