Moderator: Garth Russell
08-09-12/11:00 a.m. ET
Confirmation # 11911131
After considering all these items our consolidated adjusted EBITDA
which excludes the impact of the incremental SG&A costs applicable to the facility moves was $2.8 million in the second quarter of 2012. This reflects a significant increase from the $1.1 million reported in the same period of the prior year.
In addition, for now the third straight quarter, we have also reported positive non-GAAP net income
results. Our non-GAAP net income was $0.2 million as compared to a loss of 0.8 million for the second quarter last year.
One a year to date basis, we are seeing the same general trends as what we saw in this second quarter. Year to date service fee revenue through the six months ended June 30, 2012 is up 42 percent as
compared to the prior year.
Service fee equivalent revenue is up 34 percent.
Adjusted EBITDA has increased to $5.4 million as compared to $1.5 million for the same period last year and non-GAAP
net income was $0.2 million compared to a loss of $2.2 million in the prior year.
Overall, as Mark
indicated, we are very pleased with our improved financial performance so far this year. We believe this is indicative of the financial leverage that we can obtain through growth in our service fee business activity.
We continue to maintain a solid financial position with total cash and restricted cash as of June 30, 2012 of
approximately $17.8 million and our financing relationships remain strong.
As you may recall in December
2011, we issued a press release regarding the PFSweb share repurchase program which authorized the company to repurchase up to $1 million worth of shares in the open market.
Note that while we have significant restrictions on the amount of shares we can purchase on any given day, this is
primarily related to our daily trading volumes, we have been somewhat active in repurchasing shares in the open market and through the end of July, weve purchased approximately 12,000 shares.