PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations (A)
(In Thousands, Except Per Share Data)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2005 |
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2004 |
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2005 |
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2004 |
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Revenues: |
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Product revenue, net |
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$ |
62,284 |
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$ |
61,561 |
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$ |
189,352 |
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$ |
195,435 |
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Service fee revenue |
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14,891 |
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11,599 |
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45,274 |
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29,764 |
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Pass-through revenue |
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4,317 |
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3,857 |
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13,601 |
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9,323 |
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Total revenues |
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81,492 |
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77,017 |
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248,227 |
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234,522 |
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Costs of revenues: |
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Cost of product revenue |
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57,401 |
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58,126 |
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176,651 |
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184,302 |
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Cost of service fee revenue |
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10,990 |
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7,647 |
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33,860 |
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19,614 |
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Pass-through cost of revenue |
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4,317 |
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3,857 |
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13,601 |
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9,323 |
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Total costs of revenues |
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72,708 |
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69,630 |
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224,112 |
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213,239 |
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Gross profit |
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8,784 |
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7,387 |
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24,115 |
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21,283 |
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Selling, general and administrative expenses |
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8,441 |
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6,451 |
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23,359 |
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20,493 |
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Income from operations |
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343 |
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936 |
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756 |
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790 |
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Interest expense, net |
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532 |
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373 |
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1,325 |
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1,125 |
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Income (loss) from before income taxes |
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(189 |
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563 |
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(569 |
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(335 |
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Income tax provision |
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264 |
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143 |
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644 |
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533 |
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Net income (loss) |
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$ |
(453 |
) |
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$ |
420 |
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$ |
(1,213 |
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$ |
(868 |
) |
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Net income (loss) per share: |
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Basic |
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$ |
(0.02 |
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$ |
0.02 |
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$ |
(0.05 |
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$ |
(0.04 |
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Diluted |
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$ |
(0.02 |
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$ |
0.02 |
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$ |
(0.05 |
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$ |
(0.04 |
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Weighted average number of shares outstanding: |
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Basic |
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22,488 |
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21,386 |
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22,349 |
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21,270 |
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Diluted |
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22,488 |
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23,071 |
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22,349 |
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21,270 |
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EBITDA (B) |
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$ |
1,938 |
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$ |
2,109 |
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$ |
5,363 |
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$ |
4,299 |
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Pro Forma EBITDA (B) |
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$ |
3,125 |
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$ |
2,109 |
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$ |
6,744 |
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$ |
4,299 |
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| (A) |
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The financial data above should be read in conjunction with the audited
consolidated financial statements of PFSweb, Inc. included in its Form 10-K for the year ended
December 31, 2004. |
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| (B) |
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A reconciliation of Net income (loss) to EBITDA and Pro Forma EBITDA is as
follows: |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2005 |
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2004 |
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2005 |
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2004 |
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Net income (loss) |
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$ |
(453 |
) |
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$ |
420 |
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$ |
(1,213 |
) |
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$ |
(868 |
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Income tax provision |
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264 |
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143 |
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644 |
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533 |
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Interest expense, net |
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532 |
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373 |
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1,325 |
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1,125 |
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Depreciation and amortization |
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1,595 |
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1,173 |
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4,607 |
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3,509 |
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EBITDA |
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$ |
1,938 |
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$ |
2,109 |
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$ |
5,363 |
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$ |
4,299 |
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Relocation-related costs |
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1,187 |
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— |
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1,381 |
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— |
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Pro Forma EBITDA |
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$ |
3,125 |
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$ |
2,109 |
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$ |
6,744 |
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$ |
4,299 |
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