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SUMMARY FINANCIAL INFORMATION
The following table presents summary combined financial data for PFSweb.
The data presented in this table are derived from the historical combined
financial statements and notes thereto that are included elsewhere in this
prospectus. You should read those sections for a further explanation of the
financial data summarized here.
Our historical financial information may not necessarily reflect our
results of operations or financial position in the future or what our results of
operations and financial position would have been had we operated as a separate,
stand-alone entity during the periods presented.
Our historical financial statements are only of limited use in making an
investment decision. This is because the financial presentation of our
operations in the future will be different from what they have been
historically. Specifically:
- we have new agreements with IBM, one of our major clients;
- we will have a new agreement with Daisytek; and
- we will acquire various assets and liabilities from Daisytek upon
completion of this offering.
See "Management's Discussion and Analysis of Financial Condition and
Results of Operations -- Future Financial Presentation" for a complete
discussion of the change in our business model and its effect on our financial
presentation.
UNAUDITED SIX MONTHS
FISCAL YEARS ENDED MARCH 31, ENDED SEPTEMBER 30,
------------------------------------------ ---------------------------------------
1999 1999
---------------------- -----------------------
1997 1998 ACTUAL PRO FORMA 1998 ACTUAL PRO FORMA
------- ------- -------- ----------- ------------- --------- -----------
(IN THOUSANDS, EXCEPT PER SHARE DATA) (IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
COMBINED STATEMENT OF OPERATIONS
DATA:
Revenues:
Product revenue............. $16,543 $45,804 $ 93,702 $ 93,702 $41,327 $55,778 $55,778
Service fee revenue......... 1,034 3,539 7,547 7,547 2,761 7,004 7,004
------- ------- -------- -------- ------- ------- -------
Total revenues........... 17,577 49,343 101,249 101,249 44,088 62,782 62,782
------- ------- -------- -------- ------- ------- -------
Gross profit.................. 1,213 3,743 7,591 7,591 2,690 5,245 5,245
Income (loss) from
operations.................. 139 38 880 880 114 (626) (626)
Net income (loss)............. $ 24 $ (75) $ 292 $ 926 $ (16) $ (773) $ (122)
======= ======= ======== ======== ======= ======= =======
PER SHARE DATA:
Net income (loss) per share:
Basic and diluted........... $ 0.00 $ (0.01) $ 0.02 $ 0.05 $ (0.00) $ (0.05) $ (0.01)
======= ======= ======== ======== ======= ======= =======
Weighted average number of
shares outstanding:
Basic and diluted........... 14,305 14,305 14,305 17,405 14,305 14,305 17,405
SEPTEMBER 30, 1999
-------------------
ACTUAL PRO FORMA
------- ---------
(IN THOUSANDS)
(UNAUDITED)
COMBINED BALANCE SHEET DATA:
Working capital........................................ $ 1,161 $19,207
Total assets........................................... 29,988 48,034
Long-term obligations.................................. 22,319 --
Shareholders' equity (deficit)......................... (238) 40,127
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