PFSWEB, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (continued)
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Year Ended December 31, 2004 |
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1st Qtr. |
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2nd Qtr. |
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3rd Qtr. |
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4th Qtr. |
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Total revenues |
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$ |
77,485 |
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$ |
80,020 |
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$ |
77,017 |
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$ |
87,143 |
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Total cost of revenues |
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71,490 |
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72,119 |
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69,630 |
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78,915 |
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Gross profit |
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5,995 |
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7,901 |
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7,387 |
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8,228 |
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Selling, general and administrative expenses |
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7,132 |
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6,910 |
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6,451 |
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6,598 |
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Income (loss) from operations |
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(1,137 |
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991 |
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936 |
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1,630 |
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Net income (loss) |
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(1,767 |
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479 |
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420 |
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1,094 |
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Basic net income (loss) per share |
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(0.08 |
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0.02 |
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0.02 |
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0.05 |
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Diluted net income (loss) per share |
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(0.08 |
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0.02 |
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0.02 |
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0.05 |
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Year Ended December 31, 2003 |
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1st Qtr. |
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2nd Qtr. |
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3rd Qtr. |
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4th Qtr. |
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Total revenues |
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$ |
67,091 |
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$ |
74,573 |
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$ |
69,400 |
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$ |
75,372 |
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Total cost of revenues |
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62,019 |
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66,881 |
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63,658 |
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69,353 |
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Gross profit |
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5,072 |
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7,692 |
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5,742 |
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6,019 |
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Selling, general and administrative expenses |
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6,177 |
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6,516 |
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6,336 |
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6,413 |
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Asset and lease impairments |
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— |
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— |
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— |
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257 |
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Income (loss) from operations |
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(1,105 |
) |
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1,176 |
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(594 |
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(651 |
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Net income (loss) |
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(1,774 |
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467 |
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(1,141 |
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(1,298 |
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Basic and diluted net income (loss) per share |
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(0.10 |
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0.03 |
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(0.06 |
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(0.06 |
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The seasonality of the Company’s business is dependent upon the seasonality of its clients’
business and their sale of products. Management believes that with the Company’s current client mix
and their clients’ business volumes, the Company’s service fee revenue business activity is
expected to be at its lowest in the quarter ended March 31. Due to anticipated product release
schedule changes from certain clients, the Company does not believe this seasonal impact will be as
significant in 2005 as it has been in prior years. The Company’s product revenue business activity
is expected to be at its highest in the quarter ended December 31.
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