PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of September 30, 2009
(In Thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Supplies |
|
|
|
|
|
|
|
|
|
|
| |
|
PFSweb |
|
|
Distributors |
|
|
eCOST |
|
|
Eliminations |
|
|
Consolidated |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
11,037 |
|
|
$ |
1,878 |
|
|
$ |
2,909 |
|
|
$ |
— |
|
|
$ |
15,824 |
|
Restricted cash |
|
|
1,550 |
|
|
|
249 |
|
|
|
222 |
|
|
|
— |
|
|
|
2,021 |
|
Accounts receivable, net |
|
|
14,241 |
|
|
|
18,990 |
|
|
|
1,670 |
|
|
|
(110 |
) |
|
|
34,791 |
|
Inventories, net |
|
|
— |
|
|
|
32,439 |
|
|
|
4,022 |
|
|
|
— |
|
|
|
36,461 |
|
Other receivables |
|
|
— |
|
|
|
14,076 |
|
|
|
— |
|
|
|
— |
|
|
|
14,076 |
|
Prepaid expenses and other current assets |
|
|
2,823 |
|
|
|
1,550 |
|
|
|
158 |
|
|
|
— |
|
|
|
4,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
29,651 |
|
|
|
69,182 |
|
|
|
8,981 |
|
|
|
(110 |
) |
|
|
107,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, net |
|
|
10,510 |
|
|
|
63 |
|
|
|
415 |
|
|
|
— |
|
|
|
10,988 |
|
NOTES RECEIVABLE FROM AFFILIATES |
|
|
20,845 |
|
|
|
— |
|
|
|
— |
|
|
|
(20,845 |
) |
|
|
— |
|
INVESTMENT IN AFFILIATES |
|
|
(381 |
) |
|
|
— |
|
|
|
— |
|
|
|
381 |
|
|
|
— |
|
IDENTIFIABLE INTANGIBLES |
|
|
395 |
|
|
|
— |
|
|
|
448 |
|
|
|
— |
|
|
|
843 |
|
GOODWILL |
|
|
— |
|
|
|
— |
|
|
|
3,602 |
|
|
|
— |
|
|
|
3,602 |
|
OTHER ASSETS |
|
|
1,385 |
|
|
|
— |
|
|
|
139 |
|
|
|
— |
|
|
|
1,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
62,405 |
|
|
|
69,245 |
|
|
|
13,585 |
|
|
|
(20,574 |
) |
|
|
124,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt and capital lease obligations |
|
$ |
8,017 |
|
|
$ |
12,174 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20,191 |
|
Trade accounts payable |
|
|
6,869 |
|
|
|
36,681 |
|
|
|
7,040 |
|
|
|
(110 |
) |
|
|
50,480 |
|
Accrued expenses |
|
|
12,551 |
|
|
|
5,159 |
|
|
|
2,414 |
|
|
|
— |
|
|
|
20,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
27,437 |
|
|
|
54,014 |
|
|
|
9,454 |
|
|
|
(110 |
) |
|
|
90,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion |
|
|
1,910 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,910 |
|
NOTES PAYABLE TO AFFILIATES |
|
|
— |
|
|
|
5,005 |
|
|
|
15,840 |
|
|
|
(20,845 |
) |
|
|
— |
|
OTHER LIABILITIES |
|
|
1,563 |
|
|
|
— |
|
|
|
58 |
|
|
|
— |
|
|
|
1,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
30,910 |
|
|
|
59,019 |
|
|
|
25,352 |
|
|
|
(20,955 |
) |
|
|
94,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
10 |
|
|
|
— |
|
|
|
19 |
|
|
|
(19 |
) |
|
|
10 |
|
Capital contributions |
|
|
|
|
|
|
1,000 |
|
|
|
|
|
|
|
(1,000 |
) |
|
|
— |
|
Additional paid-in capital |
|
|
93,050 |
|
|
|
— |
|
|
|
28,059 |
|
|
|
(28,059 |
) |
|
|
93,050 |
|
Retained earnings (accumulated deficit) |
|
|
(63,844 |
) |
|
|
6,458 |
|
|
|
(39,838 |
) |
|
|
32,208 |
|
|
|
(65,016 |
) |
Accumulated other comprehensive income |
|
|
2,364 |
|
|
|
2,768 |
|
|
|
(7 |
) |
|
|
(2,749 |
) |
|
|
2,376 |
|
Treasury stock |
|
|
(85 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(85 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
|
31,495 |
|
|
|
10,226 |
|
|
|
(11,767 |
) |
|
|
381 |
|
|
|
30,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
62,405 |
|
|
$ |
69,245 |
|
|
$ |
13,585 |
|
|
$ |
(20,574 |
) |
|
$ |
124,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|