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11/11/09 - Systemax Reports Third Quarter 2009 Results
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PORT WASHINGTON, N.Y. - Systemax Inc. (NYSE:SYX) announced financial results for the third quarter and nine months ended September 30, 2009.
Financial highlights for the quarter ended September 30, 2009:
Consolidated sales grew 2% to $753.9 million in U.S. dollars. On a constant currency basis, sales grew 6%.
Consumer sales grew 10% to $426.2 million in U.S. dollars. On a constant currency basis, sales grew 12%.
“Same store” consumer sales grew 6%.
Business to business sales were $327.7 million in U.S. dollars, a 7% decline. On a constant currency basis, sales declined 1%.
One-time pre-tax charges were $1.0 million, or approximately $0.02 per diluted share after tax, for costs related to the WStore acquisition and exiting the Hosted Software business.
Diluted earnings per share grew 13% to $0.34.
3Comprised of revenue at retail stores, websites and call centers operating for at least 14 full months. The calculation of the comparable store sales percentage change excludes the effect of fluctuations in foreign currency exchange rates. The method of calculating comparable store and channel sales varies across the retail and direct marketing industry. As a result, Systemax’s method of calculating comparable sales may not be the same as other companies’ methods.
Working capital as of September 30, 2009 was $256.8 million, including cash and cash equivalents of $102.1 million. The Company has an undrawn credit facility of $120.0 million and total cash and available liquidity of approximately $199.0 million. Short term debt totaled approximately $18.8 million at September 30, 2009 and included approximately $17.1 million in revolving debt assumed as part of the WStore acquisition as well as capitalized lease obligations. Cash flow provided by operations for the first nine months of 2009 was approximately $14.2 million and capital expenditures were $13.7 million. The Company’s effective tax rate for the first nine months of 2009 was 36.3%, down from 37.3% last year. Included in the 2009 rate is a reversal of tax reserves of approximately $1.0 million as the result of statute expirations. Excluding this reserve reversal, the Company’s effective tax rate in 2009 was 38.7%. This higher effective tax rate this year is primarily the result of a higher percentage of taxable income in the U.S. where corporate tax rates for the Company are typically highest.
About Systemax Inc.: Systemax Inc. (http://www.systemax.com), a Fortune 1000 company, sells personal computers, computer supplies, consumer electronics and industrial products through a system of branded e-Commerce web sites, retail stores, relationship marketers and direct mail catalogs in North America and Europe. The primary brands are TigerDirect, CompUSA, Circuit City, MISCO, WStore and Global Industrial.
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