Exhibit 99.1
Company Contact:
Bill Willett
Programmer's ParadiseÒ , Inc.
Chairman and Chief Executive Officer
(732)-389-8950
bill.willett@programmers.com
PROGRAMMER'S PARADISEÒ , INC. REPORTS 2003 SECOND QUARTER
FINANCIAL RESULTS
SHREWSBURY, NJ, July 31, 2003 - Programmer's ParadiseÒ , Inc. (NASDAQ: PROG) today reported financial results for the second quarter ended June 30, 2003. The results will be discussed in a conference call to be held on Friday, August 1, 2003 at 10:00 AM Eastern time. The dial-in telephone number is (303) 224-6997 and the pass code is "PROG".
Revenue for the quarter ended June 30, 2003 was $16.1 million compared with $16.9 million for the quarter ended June 30, 2002. The decrease in year-over-year sales reflects the continued difficult IT spending environment. However, sales increased 6% over the immediately preceding quarter.
Bill Willett, Chairman and Chief Executive Officer, stated, "We continue to focus on sales productivity and expense control, and as a result we have had a profitable quarter."
Earnings per share for the quarter were $.05.
Programmer's Paradise, Inc. is a marketer of technical software and hardware for microcomputers, servers and networks in the United States and Canada. Programmer's Paradise offers a wide variety of technical and general business application software, PC hardware and components from a broad range of publishers and manufacturers. Additional information can be found by visiting www.programmersparadise.com.
Contact Programmer's Paradise, Inc. via Bill Willett, CEO of Programmer's Paradise, Inc. at (732) 389-8950 or bill.willett@programmers.com.
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 include the continued acceptance of the Company's distribution channel by vendors and customers, the timely availability and acceptance of new products, and contribution of key vendor relationships and support programs.
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PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) |
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June 30, 2003 (Unaudited) |
December 31, 2002 (Audited) |
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ASSETS |
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Current assets Cash and cash equivalents Marketable Securities Accounts receivable, net Inventory - finished goods Prepaid expenses and other current assets Total current assets
Equipment and leasehold improvements, net Other assets Total assets |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities Accounts payable and accrued expenses Dividend payable Total current liabilities
Commitments and contingencies
Stockholders' equity Common stock, $.01 par value; authorized, 10,000,000 shares; issued 5,250,250 shares and 5,230,250 shares, respectively Additional paid-in capital Treasury stock, at cost, 1,560,645 shares and 1,389,576 shares, respectively Accumulated deficit Accumulated other comprehensive income (loss) Total stockholders' equity Total liabilities and stockholders' equity |
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PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
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(Unaudited) |
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(In thousands, except per share data) |
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Six months ended |
Three months ended |
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June 30, |
June 30, |
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2003 |
2002 |
2003 |
2002 |
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Net sales Cost of sales Gross profit Selling, general and administrative expenses Income from operations Interest income, net Realized foreign exchange gain (loss) Income before income taxes Provision (benefit) for income taxes Net income Net income per common share - Basic Net income per common share - Diluted Weighted average number of common shares outstanding Basic Diluted Reconciliation of net income to comprehensive income): Net income Other comprehensive income, net of tax: Unrealized gain on available-for-sale securities Foreign currency translation adjustments Total comprehensive income |
$31,249 27,138 4,111 3,939 172 50 80 302 58 $ 244 ===== $ 0.07 ===== $ 0.06 ===== 3,736 ===== 3,802 ===== $ 244 14 210 $ 468 ==== |
$34,473 29,953 4,520 4,366 154 130 (7) 277 (252) $529 ===== $0.11 ===== $0.11 ===== 4,852 ===== 4,861 ===== $529 100 394 $1,023 ===== |
$16,051 13,928 2,123 1,961 162 19 58 239 36 $ 203 ==== $ 0.05 ==== $ 0.05 ===== 3,727 ===== 3,792 ===== $ 203 19 86 $ 308 ==== |
$16,926 14,678 2,248 2,197 51 78 2 131 (300) $ 431 ==== $ 0.09 ===== $ 0.09 ===== 4,784 ===== 4,794 ===== $ 431 100 437 $ 968 ==== |