PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(In Thousands, Except Share Data)
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March 31, |
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December 31, |
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2008 |
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2007 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
13,721 |
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$ |
14,272 |
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Restricted cash |
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4,166 |
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2,021 |
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Accounts receivable, net of allowance for doubtful accounts of $1,205 and
$1,483 at March 31, 2008 and December 31, 2007, respectively |
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43,666 |
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48,493 |
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Inventories, net of reserves of $2,278 and $2,080 at March 31, 2008 and
December 31, 2007, respectively |
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50,539 |
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46,392 |
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Other receivables |
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14,901 |
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10,372 |
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Prepaid expenses and other current assets |
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3,356 |
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2,608 |
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Total current assets |
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130,349 |
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124,158 |
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PROPERTY AND EQUIPMENT, net |
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11,412 |
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11,918 |
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IDENTIFIABLE INTANGIBLES |
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5,623 |
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5,824 |
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GOODWILL |
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15,362 |
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15,362 |
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OTHER ASSETS |
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845 |
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911 |
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Total assets |
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163,591 |
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158,173 |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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CURRENT LIABILITIES: |
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Current portion of long-term debt and capital lease obligations |
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$ |
13,683 |
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$ |
22,238 |
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Trade accounts payable |
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72,560 |
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56,975 |
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Accrued expenses |
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20,727 |
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22,438 |
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Total current liabilities |
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106,970 |
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101,651 |
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LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
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5,313 |
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6,378 |
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OTHER LIABILITIES |
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1,167 |
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1,302 |
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Total liabilities |
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113,450 |
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109,331 |
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COMMITMENTS AND CONTINGENCIES |
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SHAREHOLDERS’ EQUITY: |
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Preferred stock, $1.00 par value; 1,000,000 shares authorized; none issued
and outstanding |
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— |
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— |
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Common stock, $.001 par value; 75,000,000 shares authorized;
46,579,564 and 46,574,189 shares issued at March 31, 2008 and
December 31, 2007, respectively; and 46,493,264 and 46,487,889
outstanding as of March 31, 2008 and December 31, 2007, respectively |
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47 |
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47 |
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Additional paid-in capital |
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92,292 |
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92,084 |
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Accumulated deficit |
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(45,324 |
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(45,738 |
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Accumulated other comprehensive income |
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3,211 |
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2,534 |
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Treasury stock at cost, 86,300 shares |
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(85 |
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(85 |
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Total shareholders’ equity |
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50,141 |
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48,842 |
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Total liabilities and shareholders’ equity |
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$ |
163,591 |
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$ |
158,173 |
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