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Previous: CONTROLLED ENVIRONMENTAL AQUACULTURE TECHNOLOGY INC, 10KSB/A, 2000-05-17 |
Next: FEDERATED US GOVERNMENT SECURITIES FUND 5 10 YEARS, 24F-2NT, 2000-05-17 |
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to _____________
COMMISSION FILE NUMBER 1-13792
Systemax Inc.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
11-3262067 |
|
22 Harbor Park Drive
Port Washington, New York 11050
(Address of registrant's principal executive offices)
(516) 608-7000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[X] Yes [ ] No
The number of shares outstanding of the registrant's Common Stock as of May 4, 2000 was 34,246,590.
Item 1 of Part I is amended to read as follows:
Item 1. Financial Statements
Systemax Inc.
Condensed Consolidated Balance Sheets
(In Thousands)
March 31, December 31,
2000 1999
------------ --------------
(Unaudited)
ASSETS
------
CURRENT ASSETS:
Cash and cash equivalents $ 8,291 $ 17,470
Accounts receivable, net 227,349 200,082
Inventories 148,596 173,966
Prepaid expenses and other current assets 33,320 35,259
--------- ----------
Total current assets 417,556 426,777
PROPERTY, PLANT AND EQUIPMENT, net 61,273 46,839
GOODWILL, net 72,934 73,684
OTHER ASSETS 5,321 2,662
--------- ----------
TOTAL $ 557,084 $ 549,962
========= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Notes payable to banks $ 34,000 $ 9,000
Current portion of long term debt 634
Accounts payable and accrued expenses 221,627 230,252
--------- ----------
Total current liabilities 255,627 239,886
--------- ----------
LONG-TERM DEBT 1,740
--------- ----------
STOCKHOLDERS' EQUITY:
Preferred stock
Common stock, par value $.01 per share, issued
38,231,990 shares, outstanding 34,287,990 and
35,237,790 shares 382 382
Additional paid-in capital 176,743 176,743
Accumulated other comprehensive income (7,082) (4,598)
Retained earnings 178,538 174,468
--------- ----------
348,581 346,995
--------- ----------
Less: Common stock in treasury at cost - 3,449,000 and
2,499,200 shares 47,124 38,659
--------- ----------
Total stockholders' equity 301,457 308,336
--------- ----------
TOTAL $ 557,084 $ 549,962
========= ==========
See notes to condensed consolidated financial statements.
Systemax Inc.
Condensed Consolidated Statements of Income
(In Thousands, except per share amounts)
Three Month
Periods ended
March 31,
-------------------
2000 1999
---- ----
(Unaudited)
NET SALES $ 452,987 $ 421,651
COST OF SALES 375,430 342,339
--------- ----------
GROSS PROFIT 77,557 79,312
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 70,211 62,141
--------- ----------
INCOME FROM OPERATIONS 7,346 17,171
INTEREST AND OTHER INCOME (EXPENSE) - Net (564) 330
---------- ----------
INCOME BEFORE INCOME TAXES 6,782 17,501
PROVISION FOR INCOME TAXES 2,712 6,738
---------- ----------
NET INCOME $ 4,070 $ 10,763
=========== ==========
Net income per common share:
Basic $ .12 $ .30
=========== ==========
Diluted $ .12 $ .30
=========== ==========
Common and common equivalent shares outstanding:
Basic 35,021 36,064
=========== ==========
Diluted 35,124 36,117
=========== ==========
notes to condensed consolidated financial statements
Systemax Inc.
Condensed Statement of Consolidated Stockholders’ Equity
(In Thousands)
Common Stock Accumulated
-------------------- Additional Other Treasury
Number of Paid-in Retained Comprehensive Stock
Shares Amount Capital Earnings Income at Cost
---------- --------- ---------- -------- ---------- ----------
Balances, December 31, 1999 35,238 $ 382 $ 176,743 $ 174,468 $ (4,598) $ (38,659)
Change in cumulative translation
adjustment (2,484)
Purchase of treasury shares (950) (8,465)
Net income 4,070
-------- ------- --------- ---------- ---------- -----------
Balances, March 31, 2000 34,288 $ 382 $ 176,743 $ 178,538 $( 7,082) $ (47,124)
======== ======= ========= ========== ========== ==========
See notes to condensed consolidated financial statements.
Systemax Inc.
Condensed Statements of Consolidated Cash Flows
(In Thousands)
Three-Month Period
Ended March 31,
2000 1999
--------- -------
(Unaudited)
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net income $ 4,070 $ 10,763
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization, net 2,987 2,393
Provision for returns and doubtful accounts 2,194 1,820
Changes in certain assets and liabilities:
Accounts receivable (25,123) (19,506)
Inventories 24,530 (654)
Prepaid expenses and other current assets 1,776 (1,078)
Accounts payable and accrued expenses (14,785) 19,634
--------- -------
Net cash (used in) provided by operating activities (4,351) 13,372
--------- -------
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Investments in property, plant and equipment (17,269) (2,443)
Net change in short-term investments 4,252
Acquisitions, net of cash acquired (8,398)
--------- --------
Net cash used in investing activities (17,269) (6,589)
---------- -------
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Purchase of treasury shares (8,465) (4,089)
Proceeds from short-term borrowings from banks 25,000
Repayments of long-term borrowings (2,399) (160)
---------- ---------
Net cash provided by (used in) financing activities 14,136 (4,249)
--------- ------------
EFFECTS OF EXCHANGE RATES ON CASH (1,695) 1,104
--------- -----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (9,179) 3,638
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 17,470 42,029
---------- --------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 8,291 $ 45,667
========== ========
See notes to condensed consolidated financial statements.
Systemax Inc.
Notes to Condensed Consolidated Financial Statements
| The accompanying consolidated financial statements include the accounts of Systemax Inc. and its wholly-owned subsidiaries (collectively, the “Company” or “Systemax”). The Company is a corporate supplier of personal computers (PCs), notebook computers, computer related products and industrial products in North America and Europe. Systemax markets these products through an integrated system of distinctively branded full-color direct mail catalogs, proprietary “e-commerce” Internet sites and personalized “relationship marketing” to business customers. |
|
Net
income per common share - basic was calculated based upon the weighted average
number of common shares outstanding during the respective periods presented. Net
income per common share – diluted was calculated based upon the weighted
average number of common shares outstanding and included the equivalent shares
for dilutive options outstanding during the respective periods. All intercompany accounts have been eliminated in consolidation. |
| In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the financial position of the Company as of March 31, 2000 and the results of operations for the three month periods ended March 31, 2000 and 1999, cash flows for the three months ended March 31, 2000 and 1999 and changes in stockholders’ equity for the three months ended March 31, 2000. The December 31, 1999 condensed consolidated balance sheet has been extracted from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 1999. |
| These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 1999 and for the period then ended. The results for the three months ended March 31, 2000 are not necessarily indicative of the results for an entire year. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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SYSTEMAX INC. |
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