PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
PFSWEB, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Data)
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September 30, |
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December 31, |
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2010 |
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2009 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
18,784 |
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$ |
14,812 |
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Restricted cash |
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1,656 |
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2,096 |
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Accounts receivable, net of allowance for doubtful accounts of $914
and $973 at September 30, 2010 and December 31, 2009, respectively |
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33,947 |
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39,861 |
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Inventories, net of reserves of $1,812 and $2,016 at September 30,
2010 and December 31, 2009,
respectively |
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37,638 |
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37,949 |
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Other receivables |
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12,847 |
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11,605 |
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Prepaid expenses and other current assets |
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4,067 |
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4,170 |
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Total current assets |
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108,939 |
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110,493 |
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PROPERTY AND EQUIPMENT, net |
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9,300 |
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10,314 |
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IDENTIFIABLE INTANGIBLES |
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687 |
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805 |
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GOODWILL |
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3,602 |
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3,602 |
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OTHER ASSETS |
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1,962 |
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2,555 |
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Total assets |
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$ |
124,490 |
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$ |
127,769 |
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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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$ |
18,452 |
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$ |
19,179 |
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Trade accounts payable |
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47,778 |
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53,642 |
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Deferred revenue |
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5,313 |
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5,164 |
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Accrued expenses |
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16,165 |
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13,180 |
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Total current liabilities |
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87,708 |
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91,165 |
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LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current
portion |
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1,219 |
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3,348 |
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OTHER LIABILITIES |
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3,549 |
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3,903 |
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Total liabilities |
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92,476 |
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98,416 |
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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, $0.001 par value; 37,300,000 shares authorized;
12,255,064 and 9,952,164 shares issued at September 30, 2010
and December 31, 2009, respectively; and 12,236,703 and
9,933,803 outstanding at September 30, 2010 and December 31,
2009, respectively |
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12 |
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10 |
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Additional paid-in capital |
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101,004 |
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93,152 |
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Accumulated deficit |
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(70,587 |
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(65,963 |
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Accumulated other comprehensive income |
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1,670 |
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2,239 |
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Treasury stock at cost, 18,361 shares |
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(85 |
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(85 |
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Total shareholders’ equity |
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32,014 |
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29,353 |
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Total liabilities and shareholders’ equity. |
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$ |
124,490 |
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$ |
127,769 |
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The accompanying notes are an integral part of these unaudited interim condensed consolidated
financial statements.
3
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