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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PFSWEB, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
ASSETS
June 30, March 31,
2001 2001
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(unaudited)
CURRENT ASSETS:
Cash and cash equivalents ............................................................ $ 23,152 $ 22,266
Accounts receivable, net of allowance for doubtful accounts of $321 and $279
at June 30, 2001 and March 31, 2001, respectively ................................ 6,226 7,294
Other receivables .................................................................... 7,257 4,972
Prepaid expenses and other current assets ............................................ 3,629 3,848
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Total current assets ................................................... 40,264 38,380
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PROPERTY AND EQUIPMENT, net .............................................................. 14,688 20,253
OTHER ASSETS (including $574 of restricted cash as of June 30, 2001) ..................... 646 104
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Total assets ........................................................... $ 55,598 $ 58,737
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of capital lease obligations ......................................... $ 499 $ 300
Trade accounts payable ............................................................... 5,746 11,051
Accrued expenses ..................................................................... 7,013 7,006
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Total current liabilities .............................................. 13,258 18,357
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CAPITAL LEASE OBLIGATIONS, less current portion .......................................... 2,401 2,139
OTHER LIABILITIES ........................................................................ 1,125 1,240
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COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock, $1.00 par value; 1,000,000 shares authorized; none issued and
outstanding ...................................................................... -- --
Common stock, $0.001 par value; 40,000,000 shares authorized;
17,970,429 and 17,907,378 shares issued and outstanding at June 30, 2001
and March 31, 2001, respectively ................................................ 18
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Additional paid-in capital ........................................................... 51,794 50,884
Accumulated deficit .................................................................. (11,689) (13,592)
Accumulated other comprehensive loss ................................................. (1,309) (309)
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Total shareholders' equity ............................................. 38,814 37,001
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Total liabilities and shareholders' equity ............................. $ 55,598 $ 58,737
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The accompanying notes are an integral part of these unaudited interim condensed
consolidated financial statements.
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