PFSWEB, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31 (In thousands, except per share data)
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2011 |
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2010 |
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| REVENUES: |
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| Product revenue, net |
|
$ |
162,447 |
|
|
$ |
174,613 |
|
| Service fee revenue |
|
|
95,345 |
|
|
|
70,636 |
|
| Pass-through revenue |
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|
40,974 |
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|
|
29,267 |
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| Total revenues |
|
|
298,766 |
|
|
|
274,516 |
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| COSTS OF REVENUES: |
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| Cost of product revenue |
|
|
150,738 |
|
|
|
162,485 |
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| Cost of service fee revenue |
|
|
71,751 |
|
|
|
51,144 |
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| Cost of pass-through revenue |
|
|
40,974 |
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|
|
29,267 |
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| Total costs of revenues |
|
|
263,463 |
|
|
|
242,896 |
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| Gross profit |
|
|
35,303 |
|
|
|
31,620 |
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| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES, including stock based compensation expense of $1,402 and $809 in the years ended
December 31, 2011 and 2010, respectively |
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|
37,512 |
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|
33,611 |
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| Loss from operations |
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|
(2,209 |
) |
|
|
(1,991 |
) |
| INTEREST EXPENSE, net |
|
|
1,085 |
|
|
|
940 |
|
|
|
|
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|
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| Loss from continuing operations before income taxes |
|
|
(3,294 |
) |
|
|
(2,931 |
) |
| INCOME TAX EXPENSE |
|
|
380 |
|
|
|
463 |
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| LOSS FROM CONTINUING OPERATIONS |
|
|
(3,674 |
) |
|
|
(3,394 |
) |
| LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX |
|
|
(892 |
) |
|
|
(3,975 |
) |
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| NET LOSS |
|
$ |
(4,566 |
) |
|
$ |
(7,369 |
) |
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| LOSS PER SHARE FROM CONTINUING OPERATIONS: |
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| Basic |
|
$ |
(0.29 |
) |
|
$ |
(0.30 |
) |
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| Diluted |
|
$ |
(0.29 |
) |
|
$ |
(0.30 |
) |
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| LOSS PER SHARE FROM DISCONTINUED OPERATIONS: |
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| Basic |
|
$ |
(0.07 |
) |
|
$ |
(0.35 |
) |
|
|
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|
|
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|
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| Diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.35 |
) |
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| NET LOSS PER SHARE: |
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|
|
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|
| Basic |
|
$ |
(0.36 |
) |
|
$ |
(0.65 |
) |
|
|
|
|
|
|
|
|
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| Diluted |
|
$ |
(0.36 |
) |
|
$ |
(0.65 |
) |
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| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: |
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|
|
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|
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| Basic |
|
|
12,574 |
|
|
|
11,310 |
|
|
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| Diluted |
|
|
12,574 |
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|
11,310 |
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The accompanying notes are an integral part of these consolidated financial statements.
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