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PFSWEB, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
MARCH 31,
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1999 2000
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ASSETS
CURRENT ASSETS:
Cash...................................................... $ 587 $24,896
Accounts receivable, net of allowance for doubtful
accounts of $635 and $690 at March 31, 1999 and 2000,
respectively........................................... 22,190 8,892
Other receivables......................................... -- 7,917
Inventories, net.......................................... 29,856 --
Prepaid expenses and other current assets................. 997 1,052
Deferred tax asset, net................................... 453 --
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Total current assets.............................. 54,083 42,757
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PROPERTY AND EQUIPMENT, net................................. 2,711 21,555
OTHER ASSETS................................................ 12,263 528
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Total assets...................................... $69,057 $64,840
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of capital lease obligations.............. $ -- $ 274
Trade accounts payable.................................... 38,329 6,277
Payable to Daisytek....................................... -- 4,707
Accrued expenses.......................................... 1,118 3,525
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Total current liabilities......................... 39,447 14,783
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PAYABLE TO DAISYTEK......................................... 29,029 --
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CAPITAL LEASE OBLIGATIONS, less current portion............. -- 2,407
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COMMITMENTS AND CONTINGENCIES (Notes 6 and 8)
SHAREHOLDERS' EQUITY (Note 1):
Preferred stock, $1.00 par value; 1,000,000 shares
authorized; none issued and outstanding at March 31,
2000................................................... -- --
Common stock, $0.001 par value; 40,000,000 shares
authorized; 17,870,000 shares issued and outstanding at
March 31, 2000......................................... -- 18
Additional paid-in capital................................ -- 50,673
Retained deficit.......................................... -- (2,836)
Daisytek's net equity investment.......................... 712 --
Accumulated other comprehensive loss...................... (131) (205)
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Total shareholders' equity........................ 581 47,650
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Total liabilities and shareholders' equity........ $69,057 $64,840
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The accompanying notes are an integral part of these consolidated statements.
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