97
PFSWEB, INC.
PRO FORMA COMBINED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE YEAR ENDED MARCH 31, 1999
(IN THOUSANDS, EXCEPT PER SHARE DATA)
PRO FORMA
HISTORICAL ADJUSTMENTS PRO FORMA
---------- ----------- ---------
REVENUES:
Product revenue...................................... $ 93,702 $ -- $ 93,702
Service fee revenue.................................. 7,547 -- 7,547
-------- ------- --------
Total revenues.................................... 101,249 -- 101,249
-------- ------- --------
COSTS OF REVENUES:
Cost of product revenue.............................. 88,335 -- 88,335
Cost of service fee revenue.......................... 5,323 -- 5,323
-------- ------- --------
Total costs of revenues........................... 93,658 -- 93,658
-------- ------- --------
Gross profit........................................... 7,591 -- 7,591
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES........... 6,711 -- 6,711
-------- ------- --------
Income from operations................................. 880 -- 880
INTEREST EXPENSE (INCOME), net......................... 374 (1,039)(2) (665)
-------- ------- --------
Income before income taxes............................. 506 1,039 1,545
PROVISION FOR INCOME TAXES(4).......................... 214 405 619
-------- ------- --------
NET INCOME............................................. $ 292 $ 634 $ 926
======== ======= ========
NET INCOME PER COMMON SHARE(5):
Basic and diluted.................................... $ 0.02 $ 0.04 $ 0.05
======== ======= ========
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic and diluted.................................... 14,305 17,405 17,405
The accompanying notes are an integral part of these unaudited pro forma
combined statements.
F-23