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PFSweb, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA)
ACCUMULATED
DAISYTEK'S OTHER
COMMON STOCK ADDITIONAL NET COMPREHENSIVE TOTAL
-------------------- PAID-IN RETAINED EQUITY INCOME SHAREHOLDERS'
SHARES AMOUNT CAPITAL DEFICIT INVESTMENT (LOSS) EQUITY
---------- ------- ---------- -------- ---------- ------------- -------------
Balance, March 31, 1997............. -- $ -- $ -- $ -- $ (25) $ 17 $ (8)
Net loss............................ -- -- -- -- (75) -- (75)
Other comprehensive loss -- foreign
currency translation adjustment... -- -- -- -- -- (72) (72)
---------- ------- ------- ------- ------- ------- -------
Comprehensive loss..................
Balance, March 31, 1998............. -- -- -- -- (100) (55) (155)
Net income.......................... -- -- -- -- 292 -- 292
Contributed capital................. -- -- -- -- 520 -- 520
Other comprehensive loss -- foreign
currency translation adjustment... -- -- -- -- -- (76) (76)
---------- ------- ------- ------- ------- ------- -------
Comprehensive income................
Balance, March 31, 1999............. -- -- -- -- 712 (131) 581
Net loss prior to initial public
offering.......................... -- -- -- -- (3,103) -- (3,103)
Contribution of Daisytek's net
equity investment................. -- -- (2,391) -- 2,391 -- --
Net loss subsequent to initial
public offering................... -- -- -- (2,836) -- -- (2,836)
Issuance of common stock to
Daisytek.......................... 14,305,000 14 6 -- -- -- 20
Initial public offering, net of
issuance costs.................... 3,565,000 4 53,010 -- -- -- 53,014
Stock based compensation expense.... -- -- 48 -- -- -- 48
Other comprehensive loss -- foreign
currency translation adjustment... -- -- -- -- -- (74) (74)
---------- ------- ------- ------- ------- ------- -------
Comprehensive loss..................
Balance, March 31, 2000............. 17,870,000 $ 18 $50,673 $(2,836) $ -- $ (205) $47,650
========== ======= ======= ======= ======= ======= =======
COMPREHENSIVE
INCOME
(LOSS)
-------------
Balance, March 31, 1997.............
Net loss............................ $ (75)
Other comprehensive loss -- foreign
currency translation adjustment... (72)
-------
Comprehensive loss.................. $ (147)
=======
Balance, March 31, 1998.............
Net income.......................... $ 292
Contributed capital.................
Other comprehensive loss -- foreign
currency translation adjustment... (76)
-------
Comprehensive income................ $ 216
=======
Balance, March 31, 1999.............
Net loss prior to initial public
offering.......................... $(3,103)
Contribution of Daisytek's net
equity investment.................
Net loss subsequent to initial
public offering................... (2,836)
Issuance of common stock to
Daisytek..........................
Initial public offering, net of
issuance costs....................
Stock based compensation expense....
Other comprehensive loss -- foreign
currency translation adjustment... (74)
-------
Comprehensive loss.................. $(6,013)
=======
Balance, March 31, 2000.............
The accompanying notes are an integral part of these consolidated statements.
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