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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Six Months Ended |
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June 30, |
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June 30, |
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2006 |
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2005 |
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2006 |
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2005 |
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Revenues: |
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Product revenue, net |
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$ |
89,650 |
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$ |
63,438 |
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$ |
179,854 |
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$ |
127,068 |
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Service fee revenue |
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16,209 |
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16,298 |
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32,128 |
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30,383 |
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Pass-through revenue |
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3,445 |
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5,134 |
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7,990 |
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9,284 |
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Total revenues |
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109,304 |
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84,870 |
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219,972 |
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166,735 |
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Costs of revenues: |
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Cost of product revenue |
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84,486 |
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59,613 |
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168,809 |
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119,250 |
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Cost of service fee revenue |
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11,366 |
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12,102 |
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22,745 |
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22,870 |
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Pass-through cost of revenue |
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3,445 |
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5,134 |
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7,990 |
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9,284 |
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Total costs of revenues |
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99,297 |
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76,849 |
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199,544 |
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151,404 |
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Gross profit |
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10,007 |
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8,021 |
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20,428 |
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15,331 |
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Selling, general and administrative expenses |
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12,531 |
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7,952 |
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23,892 |
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14,918 |
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Income (loss) from operations |
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(2,524 |
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69 |
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(3,464 |
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413 |
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Interest expense, net |
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517 |
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474 |
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948 |
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793 |
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Loss before income taxes |
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(3,041 |
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(405 |
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(4,412 |
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(380 |
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Income tax provision |
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143 |
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141 |
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359 |
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380 |
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Net loss |
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$ |
(3,184 |
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$ |
(546 |
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$ |
(4,771 |
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$ |
(760 |
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Net loss per share: |
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Basic |
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$ |
(0.07 |
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$ |
(0.02 |
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$ |
(0.12 |
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$ |
(0.03 |
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Diluted |
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$ |
(0.07 |
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$ |
(0.02 |
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$ |
(0.12 |
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$ |
(0.03 |
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Weighted average number of shares outstanding: |
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Basic |
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43,072 |
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22,419 |
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39,011 |
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22,278 |
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Diluted |
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43,072 |
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22,419 |
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39,011 |
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22,278 |
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EBITDA (B) |
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$ |
(687 |
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$ |
1,579 |
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$ |
125 |
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$ |
3,425 |
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Adjusted EBITDA (B) |
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$ |
3 |
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$ |
1,579 |
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$ |
1,636 |
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$ |
3,425 |
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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 and 10-K/A for the
year ended December 31, 2005. |
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| (B) |
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A reconciliation of Net loss to EBITDA and Adjusted EBITDA is as follows: |
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Three Months Ended |
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Six Months Ended |
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june 30, |
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june 30, |
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2006 |
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2005 |
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2006 |
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2005 |
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Net loss |
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$ |
(3,184 |
) |
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$ |
(546 |
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$ |
(4,771 |
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$ |
(760 |
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Income tax provision |
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143 |
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141 |
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359 |
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380 |
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Interest expense, net |
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517 |
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474 |
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948 |
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793 |
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Depreciation and amortization |
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1,837 |
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1,510 |
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3,589 |
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3,012 |
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EBITDA |
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$ |
(687 |
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$ |
1,579 |
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$ |
125 |
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$ |
3,425 |
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Stock-based compensation |
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241 |
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— |
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480 |
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— |
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Loss on sales transaction to former eCOST customer |
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— |
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— |
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389 |
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— |
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Merger related integration expenses |
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449 |
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— |
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642 |
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— |
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Adjusted EBITDA |
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$ |
3 |
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$ |
1,579 |
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$ |
1,636 |
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$ |
3,425 |
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