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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2007 |
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2006 |
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2007 |
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2006 |
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REVENUES: |
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Product revenue, net |
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$ |
85,263 |
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$ |
72,593 |
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$ |
250,398 |
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$ |
252,447 |
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Service fee revenue |
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18,398 |
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15,553 |
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53,006 |
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47,681 |
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Pass-thru revenue |
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8,334 |
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6,138 |
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21,398 |
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14,128 |
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Total revenues |
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111,995 |
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94,284 |
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324,802 |
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314,256 |
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COSTS OF REVENUES: |
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Cost of product revenue |
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78,874 |
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66,889 |
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231,443 |
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235,698 |
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Cost of service fee revenue |
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12,912 |
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11,768 |
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38,211 |
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34,513 |
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Cost of pass-thru revenue |
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8,334 |
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6,138 |
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21,398 |
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14,128 |
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Total costs of revenues |
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100,120 |
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84,795 |
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291,052 |
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284,339 |
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Gross profit |
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11,875 |
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9,489 |
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33,750 |
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29,917 |
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SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
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10,678 |
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11,330 |
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32,493 |
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34,238 |
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MERGER INTEGRATION EXPENSE |
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— |
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486 |
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150 |
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1,129 |
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AMORTIZATION OF IDENTIFIABLE INTANGIBLES |
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204 |
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204 |
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612 |
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545 |
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Total operating expenses |
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10,882 |
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12,020 |
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33,255 |
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35,912 |
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Income (loss) from operations |
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993 |
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(2,531 |
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495 |
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(5,995 |
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INTEREST EXPENSE, NET |
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615 |
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557 |
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1,857 |
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1,505 |
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Income (loss) before income taxes |
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378 |
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(3,088 |
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(1,362 |
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(7,500 |
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INCOME TAX PROVISION |
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216 |
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221 |
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683 |
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580 |
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NET INCOME (LOSS) |
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$ |
162 |
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$ |
(3,309 |
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$ |
(2,045 |
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$ |
(8,080 |
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NET INCOME (LOSS) PER SHARE: |
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Basic |
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$ |
0.00 |
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$ |
(0.07 |
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$ |
(0.04 |
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$ |
(0.19 |
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Diluted |
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$ |
0.00 |
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$ |
(0.07 |
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$ |
(0.04 |
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$ |
(0.19 |
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WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: |
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Basic |
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46,479 |
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46,499 |
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46,477 |
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41,557 |
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Diluted |
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47,533 |
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46,499 |
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46,477 |
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41,557 |
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EBITDA (B) |
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$ |
3,014 |
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$ |
(687 |
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$ |
6,603 |
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$ |
(562 |
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Adjusted EBITDA (B) |
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$ |
3,186 |
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$ |
5 |
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$ |
7,323 |
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$ |
1,642 |
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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, 2006. |
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| (B) |
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A reconciliation of net income (loss) to EBITDA and Adjusted EBITDA 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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2007 |
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2006 |
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2007 |
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2006 |
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Net income (loss) |
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$ |
162 |
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$ |
(3,309 |
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$ |
(2,045 |
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$ |
(8,080 |
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Income tax expense |
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216 |
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221 |
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683 |
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580 |
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Interest expense |
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615 |
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557 |
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1,857 |
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1,505 |
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Depreciation and amortization |
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2,021 |
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1,844 |
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6,108 |
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5,433 |
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EBITDA |
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$ |
3,014 |
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$ |
(687 |
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$ |
6,603 |
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$ |
(562 |
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Stock-based compensation |
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172 |
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206 |
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570 |
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686 |
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Merger integration related expenses |
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— |
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486 |
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150 |
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1,129 |
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Loss on sales transaction to former eCOST customer |
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— |
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— |
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— |
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389 |
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Adjusted EBITDA |
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$ |
3,186 |
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$ |
5 |
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$ |
7,323 |
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$ |
1,642 |
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