EXHIBIT B
PFSWEB, INC. AND
SUBSIDIARIES
UNAUDITED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2003
(In Thousands)
Business
Supplies
Distributors
PFSweb, Inc. Holdings, LLC Eliminations Consolidated
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REVENUES:
Gross product revenue .......................................... $ -- $ 60,300 $ -- $ 60,300
Gross service fee revenue ...................................... 8,918 -- -- 8,918
Gross service fee revenue, affiliate ........................... 2,062 -- (2,062) --
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Total gross revenues ....................................... 10,980 60,300 (2,062) 69,218
Less pass-through charges ...................................... 901 -- (43) 858
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Net revenues ............................................... 10,079 60,300 (2,019) 68,360
COSTS OF REVENUES:
Cost of product revenue ........................................ -- 56,988 -- 56,988
Cost of service fee revenue .................................... 6,282 -- (591) 5,691
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Total costs of revenues .................................... 6,282 56,988 (591) 62,679
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Gross profit ............................................... 3,797 3,312 (1,428) 5,681
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES ...................................................... 5,500 2,211 (1,436) 6,275
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Income (loss) from operations .............................. (1,703) 1,101 8 (594)
EQUITY IN EARNINGS OF AFFILIATE .................................... 350 -- (350) --
INTEREST EXPENSE (INCOME), NET ..................................... (115) 590 -- 475
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Income (loss) before income taxes ......................... (1,238) 511 (342) (1,069)
INCOME TAX PROVISION (BENEFIT) ..................................... (89) 161 -- 72
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NET INCOME (LOSS) .................................................. $ (1,149) $ 350 $ (342) $ (1,141)
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A reconciliation of Net income (loss) to EBITDA (LBITDA) follows:
Net income (loss) .................................................. $ (1,149) $ 350 $ (342) $ (1,141)
Income tax expense (benefit) ................................... (89) 161 -- 72
Interest expense (income) ...................................... (115) 590 -- 475
Equity in earnings of affiliate ................................ (350) -- 350 --
Depreciation and amortization .................................. 1,136 14 (8) 1,142
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EBITDA (LBITDA) .................................................... $ (567) $ 1,115 $ -- $ 548
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