PFSWEB, INC. AND SUBSIDIARIES
UNAUDITED INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2011 |
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2010 |
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2011 |
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2010 |
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REVENUES: |
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Product revenue, net |
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$ |
37,923 |
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$ |
39,316 |
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$ |
122,005 |
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$ |
128,592 |
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Service fee revenue |
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22,949 |
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16,402 |
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62,819 |
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48,948 |
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Pass-through revenue |
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9,999 |
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7,842 |
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26,444 |
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20,662 |
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Total revenues |
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70,871 |
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63,560 |
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211,268 |
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198,202 |
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COSTS OF REVENUES: |
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Cost of product revenue |
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35,304 |
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36,392 |
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113,181 |
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119,377 |
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Cost of service fee revenue |
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17,663 |
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11,981 |
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47,241 |
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35,422 |
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Cost of pass-through revenue |
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9,999 |
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7,842 |
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26,444 |
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20,662 |
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Total costs of revenues |
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62,966 |
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56,215 |
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186,866 |
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175,461 |
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Gross profit |
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7,905 |
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7,345 |
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24,402 |
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22,741 |
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SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES,
including stock based
compensation expense of $346
and $225 in the three months
ended September 30, 2011 and
2010, respectively and $1,055
and $583 in the nine months
ended September 30, 2011 and
2010, respectively |
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9,385 |
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8,605 |
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28,103 |
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25,591 |
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Loss from operations |
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(1,480 |
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(1,260 |
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(3,701 |
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(2,850 |
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INTEREST EXPENSE, net |
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308 |
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250 |
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769 |
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738 |
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Loss from continuing
operations
before income taxes |
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(1,788 |
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(1,510 |
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(4,470 |
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(3,588 |
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INCOME TAX EXPENSE |
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57 |
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73 |
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287 |
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253 |
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LOSS FROM CONTINUING OPERATIONS |
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(1,845 |
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(1,583 |
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(4,757 |
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(3,841 |
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INCOME (LOSS) FROM DISCONTINUED
OPERATIONS, NET OF TAX |
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20 |
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(337 |
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(569 |
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(783 |
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NET LOSS |
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$ |
(1,825 |
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$ |
(1,920 |
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$ |
(5,326 |
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$ |
(4,624 |
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LOSS PER SHARE FROM CONTINUING
OPERATIONS: |
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Basic |
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$ |
(0.15 |
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$ |
(0.13 |
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$ |
(0.38 |
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$ |
(0.35 |
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Diluted |
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$ |
(0.15 |
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$ |
(0.13 |
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$ |
(0.38 |
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$ |
(0.35 |
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LOSS PER SHARE INCLUDING
DISCONTINUED OPERATIONS: |
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Basic |
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$ |
(0.14 |
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$ |
(0.16 |
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$ |
(0.43 |
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$ |
(0.42 |
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Diluted |
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$ |
(0.14 |
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$ |
(0.16 |
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$ |
(0.43 |
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$ |
(0.42 |
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WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING: |
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Basic |
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12,688 |
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12,237 |
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12,509 |
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10,998 |
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Diluted |
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12,688 |
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12,237 |
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12,509 |
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10,998 |
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The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
4
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