PART I. FINANCIAL INFORMATION
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| ITEM 1. Financial Statements |
PFSWEB, INC. AND SUBSIDIARIES
UNAUDITED
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Data)
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September 30, |
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December 31, |
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2011 |
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2010 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
19,538 |
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$ |
18,430 |
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Restricted cash |
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468 |
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1,853 |
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Accounts receivable, net of allowance for doubtful accounts of $670
and $754 at September 30, 2011 and December 31, 2010, respectively |
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38,906 |
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41,438 |
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Inventories, net of reserves of $1,453 and $1,561 at September 30,
2011 and December 31, 2010, respectively |
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41,292 |
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35,161 |
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Assets of discontinued operations |
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— |
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2,776 |
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Other receivables |
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11,034 |
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14,539 |
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Prepaid expenses and other current assets |
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4,710 |
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3,580 |
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Total current assets |
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115,948 |
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117,777 |
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PROPERTY AND EQUIPMENT, net |
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13,059 |
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9,124 |
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ASSETS OF DISCONTINUED OPERATIONS |
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— |
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1,126 |
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OTHER ASSETS |
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2,200 |
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2,203 |
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Total assets |
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$ |
131,207 |
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$ |
130,230 |
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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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$ |
18,259 |
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$ |
18,320 |
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Trade accounts payable |
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55,007 |
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55,692 |
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Deferred revenue |
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6,481 |
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5,254 |
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Accrued expenses |
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17,987 |
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15,870 |
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Total current liabilities |
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97,734 |
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95,136 |
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LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current
portion |
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1,806 |
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2,136 |
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OTHER LIABILITIES |
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4,410 |
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3,608 |
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Total liabilities |
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103,950 |
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100,880 |
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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, $0.001 par value; 35,000,000 shares authorized;
12,782,712 and 12,255,064 shares issued at September 30,
2011 and December 31, 2010, respectively; and 12,764,351 and
12,236,703 outstanding at September 30, 2011 and December
31, 2010, respectively |
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13 |
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12 |
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Additional paid-in capital |
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104,298 |
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101,229 |
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Accumulated deficit |
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(78,658 |
) |
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(73,332 |
) |
Accumulated other comprehensive income |
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1,689 |
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1,526 |
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Treasury stock at cost, 18,361 shares |
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(85 |
) |
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(85 |
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Total shareholders’ equity |
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27,257 |
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29,350 |
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Total liabilities and shareholders’ equity |
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$ |
131,207 |
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$ |
130,230 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
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