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PFSWEB, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
MARCH 31,
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2000 2001
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents................................. $24,896 $ 22,266
Accounts receivable, net of allowance for doubtful
accounts of $690 and $279 at March 31, 2000 and 2001,
respectively........................................... 8,892 7,294
Other receivables......................................... 3,482 4,972
Prepaid expenses and other current assets................. 1,052 3,848
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Total current assets.............................. 38,322 38,380
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PROPERTY AND EQUIPMENT, net................................. 21,555 20,253
OTHER ASSETS................................................ 528 104
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Total assets...................................... $60,405 $ 58,737
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of capital lease obligations.............. $ 274 $ 300
Trade accounts payable.................................... 6,549 11,051
Accrued expenses.......................................... 3,525 7,006
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Total current liabilities......................... 10,348 18,357
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CAPITAL LEASE OBLIGATIONS, less current portion............. 2,407 2,139
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OTHER LIABILITIES........................................... -- 1,240
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COMMITMENTS AND CONTINGENCIES (Notes 5 and 7)
SHAREHOLDERS' EQUITY:
Preferred stock, $1.00 par value; 1,000,000 shares
authorized; none issued and outstanding at March 31,
2000 and 2001.......................................... -- --
Common stock, $0.001 par value; 40,000,000 shares
authorized; 17,870,000 and 17,907,378 shares issued and
outstanding at March 31, 2000 and 2001, respectively... 18 18
Additional paid-in capital................................ 50,673 50,884
Accumulated deficit....................................... (2,836) (13,592)
Accumulated other comprehensive loss...................... (205) (309)
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Total shareholders' equity........................ 47,650 37,001
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Total liabilities and shareholders' equity........ $60,405 $ 58,737
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The accompanying notes are an integral part of these consolidated financial
statements.
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