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Company
Contact:
Kevin
Scull
Wayside
Technology Group, Inc.
Vice
President and Chief Accounting Officer
(732)
389-0932
kevin.scull@waysidetechnology.com
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WAYSIDE
TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
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CONDENSED
CONSOLIDATED BALANCE SHEETS
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(In
thousands, except share and per share amounts)
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March
31, 2009
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December
31, 2008
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(Unaudited)
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ASSETS
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Current
assets
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Cash
and cash equivalents
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$ | 7,216 | $ | 9,349 | ||||
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Marketable
securities
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9,758 | 9,367 | ||||||
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Accounts
receivable, net
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21,266 | 16,940 | ||||||
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Inventory
- finished goods
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811 | 1,058 | ||||||
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Prepaid
expenses and other current assets
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564 | 776 | ||||||
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Deferred
income taxes
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672 | 712 | ||||||
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Total
current assets
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40,287 | 38,202 | ||||||
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Equipment
and leasehold improvements, net
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527 | 549 | ||||||
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Accounts
Receivable Long-Term
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6,064 | 7,860 | ||||||
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Other
assets
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39 | 66 | ||||||
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Deferred
income taxes
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735 | 808 | ||||||
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Total
assets
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$ | 47,652 | $ | 47,485 | ||||
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LIABILITIES
AND STOCKHOLDERS' EQUITY
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Current
liabilities
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Accounts
payable and accrued expenses
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23,747 | 23,396 | ||||||
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Total
current liabilities
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23,747 | 23,396 | ||||||
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Other
liabilities
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78 | 205 | ||||||
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Total
liabilities
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23,825 | 23,601 | ||||||
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Commitments
and contingencies
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Stockholders'
equity
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Common
stock, $.01 par value; 10,000,000 shares authorized, 5,284,500
shares issued, and
4,639,786 and 4,643,662 shares outstanding,
respectively
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53 | 53 | ||||||
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Additional
paid-in capital
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26,108 | 26,636 | ||||||
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Treasury
stock, at cost, 644,714 shares and 640,838
shares,
respectively
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(3,410 | ) | (3,383 | ) | ||||
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Retained
Earnings
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1,145 | 567 | ||||||
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Accumulated
other comprehensive income (loss)
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(69 | ) | 11 | |||||
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Total
stockholders' equity
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23,827 | 23,884 | ||||||
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Total
liabilities and stockholders' equity
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$ | 47,652 | $ | 47,485 | ||||
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WAYSIDE
TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
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CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE
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INCOME
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(Unaudited)
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(In
thousands, except per share data)
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Three
months ended
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March
31,
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2009
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2008
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Net
Sales
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$ | 31,750 | $ | 40,506 | ||||
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Cost
of sales
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28,283 | 36,761 | ||||||
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Gross
profit
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3,467 | 3,745 | ||||||
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Selling,
general and administrative expenses
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2,651 | 2,942 | ||||||
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Income
from operations
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816 | 803 | ||||||
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Interest
income, net
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148 | 234 | ||||||
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Realized
foreign exchange gain (loss)
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(1 | ) | 3 | |||||
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Income
before income tax provision
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963 | 1,040 | ||||||
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Provision
for income taxes
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385 | 411 | ||||||
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Net
income
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$ | 578 | $ | 629 | ||||
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Net
income per common share - Basic
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$ | 0.13 | $ | 0.14 | ||||
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Net
income per common share - Diluted
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$ | 0.13 | $ | 0.14 | ||||
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Weighted
average common shares outstanding - Basic
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4,386 | 4,441 | ||||||
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Weighted
average common shares outstanding - Diluted
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4,413 | 4,533 | ||||||
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Reconciliation to
comprehensive income:
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Net
income
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$ | 578 | $ | 629 | ||||
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Other
comprehensive income (loss), net of tax:
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Unrealized
loss on marketable securities
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(33 | ) | (8 | ) | ||||
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Foreign
currency translation adjustments
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(47 | ) | (87 | ) | ||||
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Total
comprehensive income
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$ | 498 | $ | 534 | ||||