Exhibit 99.1
FOR IMMEDIATE RELEASE
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Contact: |
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Mark C. Layton
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Todd Fromer / Garth Russell |
Senior Partner and Chief Executive Officer
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Investor Relations |
or Thomas J. Madden
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KCSA Strategic Communications |
Senior Partner and Chief Financial Officer
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(212) 896-1215 / (212) 896-1250 |
(972) 881-2900
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tfromer@kcsa.com / grussell@kcsa.com |
PFSweb Reports First Quarter 2010 Results
Fashion & Consumer Packaged Goods new client business pipeline remains strong
PLANO, Texas, May 13, 2010 PFSweb, Inc. (Nasdaq: PFSW), an international business process
outsourcing services provider of end-to-end web commerce solutions and an online discount retailer,
today announced its financial results for the three months ended March 31, 2010.
Summary of consolidated results for the quarter ended March 31, 2010:
PFSwebs first quarter 2010 results were favorably impacted by new service fee client activity,
incremental project activity with existing client relationships and continued cost management.
While revenue and Adjusted EBITDA results reflect a decrease as compared to the prior year period,
this is primarily due to changes to the companys client mix, including the impact of the
non-renewal of its previously
largest Service Fee business client agreement in 2009, and the global
economic environment. PFSwebs momentum remains strong and the company continues to experience
solid new business activity in its Service Fee segment, particularly with branded Fashion and
Consumer Packaged Goods clients.
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Total revenue was $88.3 million compared to $88.9 million for the first quarter of
2009; |
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Adjusted EBITDA (as defined) was $0.9 million versus $2.7 million for the first quarter
of 2009; |
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Net loss was $1.2 million, or $0.12 per basic and diluted share, compared to net loss
of $248,000 or $0.02 per basic and diluted share, for the first quarter of 2009; |
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Non-GAAP net loss (as defined) was $1.1 million, or $0.11 per basic and diluted share,
compared to non-GAAP net loss of $119,000 or $0.02 per basic and diluted share, for the
first quarter of 2009; |
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Total cash, cash equivalents and restricted cash equaled $16.4 million as of March 31,
2010 compared to $16.9 million as of December 31, 2009. |
Mark C. Layton, Chief Executive Officer of PFSweb, stated, We continue to execute our strategy in
the Service Fee segment, as indicated by our signing, launching and/or ramping up of several new
client programs in the U.S. and Europe through our End2End eCommerce solution, including the
agreement with Procter & Gamble for the eStore. Most recently, we signed a new End2End eCommerce
agreement with a leading fragrance and beauty company. The momentum we are experiencing with this
new eCommerce solution is exciting, particularly in several rapidly evolving