PFSWEB, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
| |
|
December 31,
2011 |
|
|
December 31,
2010 |
|
| ASSETS |
|
|
|
|
|
|
|
|
| CURRENT ASSETS: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
17,695 |
|
|
$ |
18,430 |
|
| Restricted cash |
|
|
827 |
|
|
|
1,853 |
|
| Accounts receivable, net of allowance for doubtful accounts of $663 and $754 at December 31, 2011 and 2010,
respectively |
|
|
52,679 |
|
|
|
41,438 |
|
| Inventories, net of reserves of $1,555 and $1,561 at December 31, 2011 and 2010, respectively |
|
|
30,487 |
|
|
|
35,161 |
|
| Assets of discontinued operations |
|
|
— |
|
|
|
2,776 |
|
| Other receivables |
|
|
11,915 |
|
|
|
14,539 |
|
| Prepaid expenses and other current assets |
|
|
4,697 |
|
|
|
3,580 |
|
|
|
|
|
|
|
|
|
|
| Total current assets |
|
|
118,300 |
|
|
|
117,777 |
|
|
|
|
| PROPERTY AND EQUIPMENT, net |
|
|
14,945 |
|
|
|
9,124 |
|
| ASSETS OF DISCONTINUED OPERATIONS |
|
|
— |
|
|
|
1,126 |
|
| OTHER ASSETS |
|
|
3,127 |
|
|
|
2,203 |
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
136,372 |
|
|
$ |
130,230 |
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
| CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
| Current portion of long-term debt and capital lease obligations |
|
$ |
23,939 |
|
|
$ |
18,320 |
|
| Trade accounts payable |
|
|
48,544 |
|
|
|
55,692 |
|
| Deferred revenue |
|
|
6,766 |
|
|
|
5,254 |
|
| Accrued expenses |
|
|
18,657 |
|
|
|
15,870 |
|
|
|
|
|
|
|
|
|
|
| Total current liabilities |
|
|
97,906 |
|
|
|
95,136 |
|
|
|
|
| LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
|
|
3,583 |
|
|
|
2,136 |
|
| OTHER LIABILITIES |
|
|
6,809 |
|
|
|
3,608 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
108,298 |
|
|
|
100,880 |
|
|
|
|
|
|
|
|
|
|
| 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; 35,000,000 shares authorized;
12,782,907 and 12,255,064 shares issued at December 31, 2011 and 2010, respectively; and 12,764,546 and
12,236,703 outstanding at December 31, 2011 and 2010, respectively |
|
|
13 |
|
|
|
12 |
|
| Additional paid-in capital |
|
|
104,645 |
|
|
|
101,229 |
|
| Accumulated deficit |
|
|
(77,898 |
) |
|
|
(73,332 |
) |
| Accumulated other comprehensive income |
|
|
1,399 |
|
|
|
1,526 |
|
| Treasury stock at cost, 18,361 shares |
|
|
(85 |
) |
|
|
(85 |
) |
|
|
|
|
|
|
|
|
|
| Total shareholders’ equity |
|
|
28,074 |
|
|
|
29,350 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities and shareholders’ equity |
|
$ |
136,372 |
|
|
$ |
130,230 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
40
|