PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations (A)
(In Thousands, Except Per Share Data)

		Three Months Ended
		March 31,
		2011				2010
REVENUES:
Product revenue, net		$	45,283			$	45,622
Service fee revenue			18,900				15,979
Pass-thru revenue			8,206				6,634
Total revenues			72,389				68,235
COSTS OF REVENUES:
Cost of product revenue			42,466				42,362
Cost of service fee revenue			13,783				11,454
Cost of pass-thru revenue			8,206				6,634
Total costs of revenues			64,455				60,450
Gross profit			7,934				7,785
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES			9,288				8,608
Loss from operations			(1,354	)			(823	)
INTEREST EXPENSE, NET			191				254
Loss before income taxes			(1,545	)			(1,077	)
INCOME TAX PROVISION			135				126
LOSS FROM CONTINUING OPERATIONS			(1,680	)			(1,203	)
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX			(603	)			(6	)
NET LOSS		$	(2,283	)		$	(1,209	)
NON-GAAP LOSS		$	(1,370	)		$	(1,107	)
NET LOSS PER SHARE:
Basic and Diluted		$	(0.19	)		$	(0.12	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
Basic and Diluted			12,268				9,936
EBITDA		$	141			$	731
ADJUSTED EBITDA		$	451			$	827