SEC Filings Section 16 Filings Only
 
PFSWEB INC filed this 8-K on 03/28/2011.
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But the other facilities we expect to maintain is relatively similar renewal amount with. And at this point in time, we feel like we’ve got the right facilities and the right subsidiaries. We will continue to take a look at whether or not presenting a consolidated especially U.S. facility makes sense for us going forward.
<Q — George Walsh>: Okay. Also I noticed that the Mississippi Finance Corp bonds of $1.6 million that matures in April of 2011. Is that something that you just pay off or is that something that can be renewed or what do you think is going?
<A — Thomas J. Madden>: That facility we’ve had annual payments on that of about $800,000 per year, in fact, early January of each year. So that $1.6 million at the end of December has already been reduced on to $800,000 and that is supported by a letter of credit that has already been renewed and expanded or extended until 2012.
<Q — George Walsh>: Okay. So you don’t have to pay off that balance?
<A — Thomas J. Madden>: Not the remaining amount. Again, we did pay off $800,000 of it in January as we have historically.
<Q — George Walsh>: Okay. And with Q4 for the Services business, did seasonality play a big effect in helping or was it just the new customers ramping up and just hitting that quarter?
<A — Mark C. Layton>: Yeah, I will take that — sorry. The nature of our new — a lot of our new clients is a heavier fourth quarter component than we have had in the past. So there is clearly a seasonal component in that and that’s going to continue.
<Q — George Walsh>: Okay. And is that the fashion apparel because I was thinking that maybe some of that would — maybe have some of the opposite effect than would the CPG in particular?
<A — Mark C. Layton>: No, it’s pretty much all of them have a fourth quarter peak. We’ve got some clients that have a little bit of midsummer peak as well, but nothing related in contrast to the fourth quarter. So you will continue to see a fourth quarter bubble.
<Q — George Walsh>: Okay. So the seasonality would be pretty much, I guess, the quarter — the fourth quarter will be the best. Now this first quarter will probably be the weakest and then it kind of ramps up through the year?
<A — Thomas J. Madden>: That’s correct.
<Q — George Walsh>: Okay, very good. And what else was there? In the Services, what is the breakdown in terms of the percentage relative to revenues of the business-to-consumer and business-to-business?
<A — Thomas J. Madden>: For 2010 in rough numbers, business-to-business represented about 30% of our activity and business-to-consumer was the remainder. Those are rough numbers, so about a one-third and two-thirds in 2010.
<A — Mark C. Layton>: I don’t think that’s what he is asking. Are you asking about our, basically that new segment that I talked about, George?
<Q — George Walsh>: No, no, that was it, just in the services division, how that broke down. The other is also, could you clarify once again just to be clear the — what was the name of that — the new...
<A — Thomas J. Madden>: Retail Connect.

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