PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(In Thousands, Except Share Data)
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September 30, |
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December 31, |
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2009 |
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2008 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
15,824 |
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$ |
16,050 |
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Restricted cash |
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2,021 |
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2,008 |
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Accounts receivable, net of allowance for doubtful accounts of $629 and
$980 at September 30, 2009 and December 31, 2008, respectively |
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34,790 |
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44,546 |
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Inventories, net of reserves of $2,016 and $2,124 at September 30, 2009 and
December 31, 2008, respectively |
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36,461 |
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47,186 |
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Other receivables |
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14,076 |
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13,072 |
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Prepaid expenses and other current assets |
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4,532 |
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3,802 |
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Total current assets |
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107,704 |
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126,664 |
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PROPERTY AND EQUIPMENT, net |
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10,988 |
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12,106 |
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IDENTIFIABLE INTANGIBLES |
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843 |
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961 |
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GOODWILL |
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3,602 |
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3,602 |
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OTHER ASSETS |
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1,524 |
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1,188 |
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Total assets |
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124,661 |
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144,521 |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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CURRENT LIABILITIES: |
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Current portion of long-term debt and capital lease obligations |
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$ |
20,191 |
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$ |
22,251 |
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Trade accounts payable |
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50,481 |
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61,988 |
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Accrued expenses |
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20,123 |
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21,054 |
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Total current liabilities |
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90,795 |
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105,293 |
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LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
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1,910 |
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4,951 |
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OTHER LIABILITIES |
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1,621 |
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1,192 |
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Total liabilities |
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94,326 |
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111,436 |
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COMMITMENTS AND CONTINGENCIES |
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SHAREHOLDERS’ EQUITY: |
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Preferred stock, $1.00 par value; 1,000,000 shares authorized; none issued
and outstanding |
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— |
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— |
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Common stock, $.001 par value; 35,000,000 shares authorized;
9,949,551 and 9,935,095 shares issued at September 30, 2009 and
December 31, 2008, respectively; and 9,931,190 and 9,916,734
outstanding as of September 30, 2009 and December 31, 2008, respectively |
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10 |
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10 |
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Additional paid-in capital |
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93,050 |
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92,728 |
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Accumulated deficit |
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(65,016 |
) |
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(61,393 |
) |
Accumulated other comprehensive income |
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2,376 |
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1,825 |
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Treasury stock at cost, 18,361 shares |
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(85 |
) |
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(85 |
) |
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Total shareholders’ equity |
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30,335 |
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33,085 |
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Total liabilities and shareholders’ equity |
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$ |
124,661 |
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$ |
144,521 |
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