PFSW - SEC Filings

PFSWEB INC filed this 8-K on 03/27/2012.
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PFSweb, Inc. and Subsidiaries

Unaudited Consolidating Statements of Operations

For the Twelve Months Ended December 31, 2010

(In Thousands)


	PFSweb			Business & Retail Connect		eCOST			Eliminations			Consolidated
REVENUES:
Product revenue, net	$	—		$	174,613	$	—		$	—		$	174,613
Service fee revenue		70,636			—		—			—			70,636
Service fee revenue - affiliate		6,622			—		—			(6,622	)		—
Pass-thru revenue		29,294			—		—			(27	)		29,267

Total revenues		106,552			174,613		—			(6,649	)		274,516

COSTS OF REVENUES:
Cost of product revenue		—			162,485		—			—			162,485
Cost of service fee revenue		53,543			—		—			(2,399	)		51,144
Cost of pass-thru revenue		29,294			—		—			(27	)		29,267

Total costs of revenues		82,837			162,485		—			(2,426	)		242,896

Gross profit		23,715			12,128		—			(4,223	)		31,620
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		29,158			8,676		—			(4,223	)		33,611

Income (loss) from operations		(5,443	)		3,452		—			—			(1,991	)
INTEREST EXPENSE (INCOME), NET		(257	)		1,197		—			—			940

Income (loss) before income taxes		(5,186	)		2,255		—			—			(2,931	)
INCOME TAX PROVISION (BENEFIT)		(355	)		818		—			—			463

INCOME (LOSS) FROM CONTINUING OPERATIONS		(4,831	)		1,437		—			—			(3,394	)
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX		—			—		(3,975	)					(3,975	)

NET INCOME (LOSS)	$	(4,831	)	$	1,437	$	(3,975	)	$	—		$	(7,369	)

NON-GAAP NET INCOME (LOSS)	$	(3,372	)	$	1,437	$	—		$	—		$	(1,935	)

EBITDA	$	589		$	3,480	$	—		$	—		$	4,069

ADJUSTED EBITDA	$	2,048		$	3,480	$	—		$	—		$	5,528


A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows:

NET INCOME (LOSS)	$	(4,831	)	$	1,437	$	(3,975	)	$	—			(7,369	)
Loss from discontinued operations, net of tax		—			—		3,975			—			3,975
Income tax expense (benefit)		(355	)		818		—			—			463
Interest expense (income)		(257	)		1,197		—			—			940
Depreciation and amortization		6,032			28		—			—			6,060

EBITDA	$	589		$	3,480	$	—		$	—		$	4,069
Stock-based compensation		809			—		—			—			809
Executive disability benefit		650											650

ADJUSTED EBITDA	$	2,048		$	3,480	$	—		$	—		$	5,528


A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows:

NET INCOME (LOSS)	$	(4,831	)	$	1,437	$	(3,975	)	$	—		$	(7,369	)
Loss from discontinued operations, net of tax		—			—		3,975			—			3,975
Stock-based compensation		809			—		—			—			809
Executive disability benefit		650			—		—			—			650

NON-GAAP NET INCOME (LOSS)	$	(3,372	)	$	1,437	$	—		$	—		$	(1,935	)

Note:

Business and Retail Connect includes our Supplies Distributors and PFSweb Retail Connect operations, which operate similar financial models on behalf of our client relationships. PFSweb and PFSweb Retail Connect include certain ongoing activity formerly reported as eCOST.