PFSweb Reports Fourth Quarter and Year-End 2012 Results

PFSweb, Inc. (Nasdaq: PFSW), an international provider of end-to-end eCommerce solutions, today announced its financial results for the fourth quarter and year ended December 31, 2012.

Mike Willoughby, Chief Executive Officer of PFSweb, stated, “Driven by strong overall eCommerce activity with our existing and new client relationships, PFSweb reported record Service Fee Equivalent Revenue for both the December quarter and calendar year 2012. Meanwhile, we continued to execute on our strategy to achieve scale in our business while increasing operational efficiencies. Those efforts paid off, resulting in the Company nearly doubling its Adjusted EBITDA to $12.0 million for the year ended December 31, 2012, compared to $6.1 million in the year prior.

“During the past four months, we launched six End2End programs for new clients, including sites for BCBGMAXAZRIA, BCBGENERATION, HERVÉ LÉGER BY MAX AZRIA, Pandora and Diageo. We also launched new fulfillment programs for two health and beauty brands under a new master contract with a major consumer packaged goods company. In addition, we continue to have a strong business pipeline with more than $45 million in average annual contract value based on client projections. As a result of the capital investments we made in 2012 to improve the scalability and efficiency of our warehouse, distribution and technology capabilities to handle holiday peak seasons, our operational performance during our fourth quarter was very strong. With our recent holiday success behind us, we are poised to not just meet, but exceed, our clients’ expectations while demonstrating that we can deploy best-in-class eCommerce solutions for our clients and drive value for shareholders,” added Mr. Willoughby.

Summary of consolidated results for the fourth quarter ended December 31, 2012:

Service Fee revenue increased 9% to a record level of $35.4 million, compared to $32.5 million for the same period in 2011; Service Fee Equivalent Revenue (as defined) increased 7% to a record level of $38.0 million, compared to $35.4 million for the same period in 2011;
Total revenue decreased 12% to $77.0 million, compared to $87.5 million for the fourth quarter of 2011;
Adjusted EBITDA (as defined) decreased 2% to $3.8 million, compared to $3.9 million for the same period in 2011;
Net income was $0.7 million, or $0.05 per basic and diluted share, compared to net income of $0.8 million, or $0.06 per basic and diluted share, for the fourth quarter of 2011;
Non-GAAP net income (as defined) was $1.0 million, or $0.08 and $0.07 per basic and diluted share, respectively, compared to non-GAAP net income of $1.7 million, or $0.13 per basic and diluted share, for the quarter ended December 31, 2011.

Summary of consolidated results for the year ended December 31, 2012:

Service Fee revenue increased 26% to a record level of $120.4 million, compared to $95.3 million for the year ended December 31, 2011; Service Fee Equivalent Revenue (as defined) increased 21% to a record level of $130.0 million, compared to $107.1 million for the year ended December 31, 2011;
Total revenue decreased 6% to $281.6 million compared to $298.8 million for the year ended December 31, 2011;
Adjusted EBITDA (as defined) was $12.0 million compared to $6.1 million for year ended December 31, 2011;
Net loss was $1.5 million, or $0.12 per basic and diluted share, compared to a net loss of $4.6 million or $0.36 per basic and diluted share, for year ended December 31, 2011. Net loss for 2012 included approximately $0.9 million of move related expenses and $0.5 million of lease termination costs. Net loss for 2011 included approximately $0.5 million of move related expenses and a $0.9 million loss from discontinued operations related to eCOST.com;
Non-GAAP net income (as defined) was $1.1 million, or $0.09 per basic and diluted share, compared to a non-GAAP net loss of $1.7 million, or $0.14 per basic and diluted share, for the year ended December 31, 2011.

Mr. Willoughby continued, “As we announced yesterday, I have assumed the role of CEO from Mark Layton, who is leaving the company to pursue other business opportunities. As part of the transition, the management team and I began a comprehensive review of our business and we have begun implementing a set of new initiatives, including headcount reductions and organizational realignment, new internal systems and procedures to improve operating efficiency, and investing in our agency services business that provides high value to our clients and generates higher margins. We will continue this review to find ways to capture additional profitable revenue and further reduce operating costs throughout the Company. We believe these activities will help ensure PFSweb becomes a sustainably profitable, growing company.”

“I am very pleased with our strong performance to close out 2012. While we are excited by the opportunities we see in 2013, particularly in current client expansion, international markets and the omni-channel arena, we will be challenged by the previously disclosed transition of certain service fee client programs and by reduced product revenues in our Business & Retail Connect Segment. As a result, we are currently targeting calendar year 2013 Service Fee Equivalent Revenue to be in the range of $110 million to $115 million, compared with $130 million in 2012. The initiatives discussed above have enabled us to mitigate much of the impact of this revenue decline on Adjusted EBITDA, which we expect will be in the range of $8 million to $10 million, excluding the impact of any restructuring expenses, which are expected to be primarily recognized in our March 2013 quarter. We further expect the impact of the revenue decline to be primarily focused in our June and September quarters, as we expect to launch new client engagements in the next few months which will positively impact our fourth quarter. With these new clients and the anticipated expansion of several existing clients, we believe we are well positioned for a strong resurgence in calendar year 2014,” Mr. Willoughby concluded.

Conference Call Information

Management will host a conference call at 11:00 am Eastern Time (10:00 am Central Time) on Wednesday, March 27, 2013, to discuss the latest corporate developments and results. To listen to the call, please dial (888) 562-3356 and enter pin number 22248664 at least five minutes before the scheduled start time. Investors can also access the call in a “listen only” mode via the Internet at the Company’s website, www.pfsweb.com or www.kcsa.com. Please allow extra time prior to the call to visit the site and download any necessary audio software.

A digital replay of the conference call will be available through April 29, 2013 at (855) 859-2056, pin number 22248664. The replay also will be available at the Company’s website for a limited time.

Non-GAAP Financial Measures

This news release may contain certain non-GAAP measures, including non-GAAP net income (loss), Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”), Adjusted EBITDA and Service Fee Equivalent Revenue.

Non-GAAP net income (loss) represents net income (loss) calculated in accordance with U.S. GAAP as adjusted for the impact of non-cash stock-based compensation expense, loss from discontinued operations, lease termination costs and certain move related expenses.

EBITDA represents earnings (or losses) before loss from discontinued operations, interest, income taxes, depreciation, and amortization. Adjusted EBITDA further eliminates the effect of stock-based compensation, lease termination costs and certain move related expenses.

Service Fee Equivalent Revenue represents service fee revenue plus the gross profit earned on product revenue.

Non-GAAP net income (loss), EBITDA, Adjusted EBITDA and Service Fee Equivalent Revenue are used by management, analysts, investors and other interested parties in evaluating our operating performance compared to that of other companies in our industry. The calculation of non-GAAP net income (loss) eliminates the effect of stock-based compensation, loss from discontinued operations, lease termination costs and certain move related expenses and EBITDA and Adjusted EBITDA further eliminate the effect of financing, income taxes and the accounting effects of capital spending, which items may vary from different companies for reasons unrelated to overall operating performance. Service Fee Equivalent Revenue allows client contracts with similar operational support models but different financial models to be combined as if all contracts were being operated on a service fee revenue basis.

PFSweb believes these non-GAAP measures provide useful information to both management and investors by excluding certain expenses that may not be indicative of its core operating results. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The non-GAAP measures included in this press release have been reconciled to the GAAP results in the attached tables.

About PFSweb, Inc.

PFSweb is engaged by iconic brands to enable and manage customized eCommerce and omni-channel commerce initiatives. PFSweb’s iCommerce Hub(SM) technology ecosystem offers retailers a multi-channel order management system that allows partner/client data integration and international payment processing. PFSweb’s iCommerce Professional Service(SM) provides interactive marketing services, eCommerce web site development and support services, IT development services, content management, customer intelligence and relationship and account management services. PFSweb’s iCommerce Centers of Excellence(SM) provides global fulfillment and logistics, high-touch customer care, client financial services and technology hosting.

Together, PFSweb’s iCommerce Solutions allows for international reach and expertise in both direct-to-consumer and business-to-business initiatives. PFSweb supports organizations across multiple industries including Procter & Gamble, L’Oreal, LEGO, Columbia Sportswear, Sorel, Carter’s, AAFES, Riverbed, Ricoh, Hawker Beechcraft Corp, Roots Canada Ltd., Diageo, BCBGMAXAZRIA, BCBGENERATION and HERVÉ LÉGER BY MAX AZRIA. PFSweb is headquartered in Allen, TX with additional locations in Tennessee, Mississippi, Canada, Belgium, and the Philippines.

To find out more about PFSweb (NASDAQ: PFSW), visit the company’s website at http://www.PFSweb.com.

The matters discussed herein consist of forward-looking information under the Private Securities Litigation Reform Act of 1995 and is subject to and involves risks and uncertainties, which could cause actual results to differ materially from the forward-looking information. PFSweb's Annual Report on Form 10-K for the year ended December 31, 2011 and Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2012 identify certain factors that could cause actual results to differ materially from those projected in any forward looking statements made and investors are advised to review the Annual and Quarterly Reports and the Risk Factors described therein. PFSweb undertakes no obligation to update publicly any forward-looking statement for any reason, even if new information becomes available or other events occur in the future. There may be additional risks that we do not currently view as material or that are not presently known.

(Financial Tables Below)

PFSweb, Inc. and Subsidiaries

Preliminary Unaudited Condensed Consolidated Statements of Operations (A) (In Thousands, Except Per Share Data) Three Months Ended Twelve Months Ended December 31, December 31, 2012 2011 2012 2011 REVENUES: Product revenue, net $ 28,290 $ 40,442 $ 119,740 $ 162,447 Service fee revenue 35,411 32,526 120,433 95,345 Pass-thru revenue 13,269 14,530 41,390 40,974 Total revenues 76,970 87,498 281,563 298,766 COSTS OF REVENUES: Cost of product revenue 25,700 37,557 110,183 150,738 Cost of service fee revenue 26,119 24,510 89,249 71,751 Cost of pass-thru revenue 13,269 14,530 41,390 40,974 Total costs of revenues 65,088 76,597 240,822 263,463 Gross profit 11,882 10,901 40,741 35,303 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 10,813 9,409 40,620 37,512 Income (loss) from operations 1,069 1,492 121 (2,209 ) INTEREST EXPENSE, NET 230 316 988 1,085 Income (loss) before income taxes 839 1,176 (867 ) (3,294 ) INCOME TAX PROVISION 187 93 644 380 INCOME (LOSS) FROM CONTINUING OPERATIONS 652 1,083 (1,511 ) (3,674 ) LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX - (323 ) - (892 ) NET INCOME (LOSS) $ 652 $ 760 $ (1,511 ) $ (4,566 ) NON-GAAP INCOME (LOSS) $ 963 $ 1,674 $ 1,130 $ (1,724 ) NET INCOME (LOSS) PER SHARE: Basic $ 0.05 $ 0.06 $ (0.12 ) $ (0.36 ) Diluted $ 0.05 $ 0.06 $ (0.12 ) $ (0.36 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: Basic 12,779 12,764 12,777 12,574 Diluted 12,907 12,909 12,777 12,574 EBITDA $ 3,482 $ 3,261 $ 9,369 $ 4,135 ADJUSTED EBITDA $ 3,793 $ 3,852 $ 12,010 $ 6,085

(A)

The financial data above should be read in conjunction with the audited consolidated financial statements of PFSweb, Inc. included in its Form 10-K for the year ended December 31, 2011.

PFSweb, Inc. and Subsidiaries

Reconciliation of certain Non-GAAP Items to GAAP (In Thousands, Except Per Share Data) Three Months Ended Twelve Months Ended December 31, December 31, 2012 2011 2012 2011 NET INCOME (LOSS) $ 652 $ 760 $ (1,511 ) $ (4,566 ) Loss from discontinued operations, net of tax - 323 - 892 Income tax expense 187 93 644 380 Interest expense, net 230 316 988 1,085 Depreciation and amortization 2,413 1,769 9,248 6,344 EBITDA $ 3,482 $ 3,261 $ 9,369 $ 4,135 Stock-based compensation 311 347 1,325 1,402 Lease terminations costs - - 450 - Move related expenses - 244 866 548 ADJUSTED EBITDA $ 3,793 $ 3,852 $ 12,010 $ 6,085 Three Months Ended Twelve Months Ended December 31, December 31, 2012 2011 2012 2011 NET INCOME (LOSS) $ 652 $ 760 $ (1,511 ) $ (4,566 ) Loss from discontinued operations, net of tax - 323 - 892 Stock-based compensation 311 347 1,325 1,402 Lease terminations costs - - 450 - Move related expenses - 244 866 548 NON-GAAP INCOME (LOSS) $ 963 $ 1,674 $ 1,130 $ (1,724 ) NET INCOME (LOSS) PER SHARE: Basic $ 0.05 $ 0.06 $ (0.12 ) $ (0.36 ) Diluted $ 0.05 $ 0.06 $ (0.12 ) $ (0.36 ) NON-GAAP INCOME (LOSS) Per Share: Basic $ 0.08 $ 0.13 $ 0.09 $ (0.14 ) Diluted $ 0.07 $ 0.13 $ 0.09 $ (0.14 ) Three Months Ended Twelve Months Ended December 31, December 31, 2012 2011 2012 2011 TOTAL REVENUES $ 76,970 $ 87,498 $ 281,563 $ 298,766 Pass-thru revenue (13,269 ) (14,530 ) (41,390 ) (40,974 ) Cost of product revenue (25,700 ) (37,557 ) (110,183 ) (150,738 ) SERVICE FEE EQUIVALENT REVENUE $ 38,001 $ 35,411 $ 129,990 $ 107,054

PFSweb, Inc. and Subsidiaries

Preliminary Unaudited Condensed Consolidated Balance Sheets (In Thousands, Except Share Data) December 31, December 31, 2012 2011

ASSETS

CURRENT ASSETS: Cash and cash equivalents $ 19,626 $ 17,695 Restricted cash 283 827 Accounts receivable, net of allowance for doubtful accounts of $450 and $663 at December 31, 2012 and December 31, 2011, respectively 45,684 52,679 Inventories, net of reserves of $1,789 and $1,555 at December 31, 2012 and December 31, 2011, respectively 24,654 30,487 Other receivables 7,676 11,915 Prepaid expenses and other current assets 4,345 4,697 Total current assets 102,268 118,300 PROPERTY AND EQUIPMENT, net 27,917 14,945 OTHER ASSETS 3,286 3,127 Total assets 133,471 136,372

LIABILITIES AND SHAREHOLDERS EQUITY

CURRENT LIABILITIES: Current portion of long-term debt and capital lease obligations $ 16,660 $ 23,939 Trade accounts payable 40,493 48,544 Deferred revenue 6,648 6,766 Accrued expenses 23,097 18,657 Total current liabilities 86,898 97,906 LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion 5,400 3,583 DEFERRED REVENUE 7,562 5,908 DEFERRED RENT 5,560 901 Total liabilities 105,420 108,298 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Preferred stock, $1.00 par value; 1,000,000 shares authorized; none issued and outstanding - - Common stock, $.001 par value; 35,000,000 shares authorized; 12,812,386 and 12,782,907 shares issued at December 31, 2012 and December 31, 2011, respectively; and 12,778,919 and 12,764,546 shares outstanding as of December 31, 2012 and December 31, 2011, respectively 13 13 Additional paid-in capital 106,018 104,645 Accumulated deficit (79,409 ) (77,898 ) Accumulated other comprehensive income 1,554 1,399 Treasury stock at cost, 33,467 and 18,361 shares as of December 31, 2012 and December 31, 2011, respectively (125 ) (85 ) Total shareholders' equity 28,051 28,074 Total liabilities and shareholders' equity $ 133,471 $ 136,372

PFSweb, Inc. and Subsidiaries

Preliminary Unaudited Consolidating Statements of Operations For the Three Months Ended December 31, 2012 (In Thousands) Business & PFSweb Retail Connect Eliminations Consolidated REVENUES: Product revenue, net $ - $ 28,290 $ - $ 28,290 Service fee revenue 35,411 - - 35,411 Service fee revenue - affiliate 1,776 229 (2,005 ) - Pass-thru revenue 13,269 - - 13,269 Total revenues 50,456 28,519 (2,005 ) 76,970 COSTS OF REVENUES: Cost of product revenue - 25,700 - 25,700 Cost of service fee revenue 26,866 229 (976 ) 26,119 Cost of pass-thru revenue 13,269 - - 13,269 Total costs of revenues 40,135 25,929 (976 ) 65,088 Gross profit 10,321 2,590 (1,029 ) 11,882 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 9,456 2,386 (1,029 ) 10,813 Income from operations 865 204 - 1,069 INTEREST EXPENSE, NET 63 167 - 230 Income before income taxes 802 37 - 839 INCOME TAX PROVISION 174 13 - 187 NET INCOME $ 628 $ 24 $ - $ 652 NON-GAAP NET INCOME $ 939 $ 24 $ - $ 963 EBITDA $ 3,243 $ 239 $ - $ 3,482 ADJUSTED EBITDA $ 3,554 $ 239 $ - $ 3,793 A reconciliation of NET INCOME to EBITDA and ADJUSTED EBITDA follows: NET INCOME $ 628 $ 24 $ - 652 Income tax expense 174 13 - 187 Interest expense , net 63 167 - 230 Depreciation and amortization 2,378 35 - 2,413 EBITDA $ 3,243 $ 239 $ - $ 3,482 Stock-based compensation 311 - - 311 ADJUSTED EBITDA $ 3,554 $ 239 $ - $ 3,793 A reconciliation of NET INCOME to NON-GAAP NET INCOME follows: NET INCOME $ 628 $ 24 $ - $ 652 Stock-based compensation 311 - - 311 NON-GAAP NET INCOME $ 939 $ 24 $ - $ 963

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, Inc. and Subsidiaries

Preliminary Unaudited Consolidating Statements of Operations For the Twelve Months Ended December 31, 2012 (In Thousands) Business & PFSweb Retail Connect Eliminations Consolidated REVENUES: Product revenue, net $ - $ 119,740 $ - $ 119,740 Service fee revenue 120,433 - - 120,433 Service fee revenue - affiliate 5,397 679 (6,076 ) - Pass-thru revenue 41,390 - - 41,390 Total revenues 167,220 120,419 (6,076 ) 281,563 COSTS OF REVENUES: Cost of product revenue - 110,183 - 110,183 Cost of service fee revenue 92,196 679 (3,626 ) 89,249 Cost of pass-thru revenue 41,390 - - 41,390 Total costs of revenues 133,586 110,862 (3,626 ) 240,822 Gross profit 33,634 9,557 (2,450 ) 40,741 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 35,664 7,406 (2,450 ) 40,620 Income (loss) from operations (2,030 ) 2,151 - 121 INTEREST EXPENSE, NET 203 785 - 988 Income (loss) before income taxes (2,233 ) 1,366 - (867 ) INCOME TAX PROVISION 82 562 - 644 NET INCOME (LOSS) (2,315 ) 804 - (1,511 ) NON-GAAP NET INCOME $ 326 $ 804 $ - $ 1,130 EBITDA $ 7,117 $ 2,252 $ - $ 9,369 ADJUSTED EBITDA $ 9,758 $ 2,252 $ - $ 12,010 A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows: NET INCOME (LOSS) $ (2,315 ) $ 804 $ - (1,511 ) Income tax expense 82 562 - 644 Interest expense, net 203 785 - 988 Depreciation and amortization 9,147 101 - 9,248 EBITDA $ 7,117 $ 2,252 $ - $ 9,369 Stock-based compensation 1,325 - - 1,325 Lease termination costs 450 - - 450 Move related expenses 866 - - 866 ADJUSTED EBITDA $ 9,758 $ 2,252 $ - $ 12,010 A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME follows: NET INCOME (LOSS) $ (2,315 ) $ 804 $ - $ (1,511 ) Stock-based compensation 1,325 - - 1,325 Lease termination costs 450 - - 450 Move related expenses 866 - - 866 NON-GAAP NET INCOME $ 326 $ 804 $ - $ 1,130

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.

PFSweb, Inc. and Subsidiaries

Unaudited Consolidating Statements of Operations For the Three Months Ended December 31, 2011 (In Thousands) Business & PFSweb Retail Connect eCOST Eliminations Consolidated REVENUES: Product revenue, net $ - $ 40,442 $ - $ - $ 40,442 Service fee revenue 32,526 - - - 32,526 Service fee revenue - affiliate 1,732 - - (1,732 ) - Pass-thru revenue 14,530 - - - 14,530 Total revenues 48,788 40,442 - (1,732 ) 87,498 COSTS OF REVENUES: Cost of product revenue - 37,557 - - 37,557 Cost of service fee revenue 25,463 - - (953 ) 24,510 Cost of pass-thru revenue 14,530 - - - 14,530 Total costs of revenues 39,993 37,557 - (953 ) 76,597 Gross profit 8,795 2,885 - (779 ) 10,901 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 7,918 2,270 - (779 ) 9,409 Income from operations 877 615 - - 1,492 INTEREST EXPENSE, NET 6 310 - - 316 Income before income taxes 871 305 - - 1,176 INCOME TAX PROVISION (BENEFIT) (51 ) 144 - - 93 INCOME FROM CONTINUING OPERATIONS 922 161 - - 1,083 LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX - - (323 ) (323 ) NET INCOME (LOSS) $ 922 $ 161 $ (323 ) $ - $ 760 NON-GAAP NET INCOME $ 1,513 $ 161 $ - $ - $ 1,674 EBITDA $ 2,629 $ 632 $ - $ - $ 3,261 ADJUSTED EBITDA $ 3,220 $ 632 $ - $ - $ 3,852 A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows: NET INCOME (LOSS) $ 922 $ 161 $ (323 ) $ - 760 Loss from discontinued operations, net of tax - - 323 - 323 Income tax expense (benefit) (51 ) 144 - - 93 Interest expense, net 6 310 - - 316 Depreciation and amortization 1,752 17 - - 1,769 EBITDA $ 2,629 $ 632 $ - $ - $ 3,261 Stock-based compensation 347 - - - 347 Move related expenses 244 244 ADJUSTED EBITDA $ 3,220 $ 632 $ - $ - $ 3,852 A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME follows: NET INCOME (LOSS) $ 922 $ 161 $ (323 ) $ - $ 760 Loss from discontinued operations, net of tax - - 323 - 323 Stock-based compensation 347 - - - 347 Move related expenses 244 - - - 244 NON-GAAP NET INCOME $ 1,513 $ 161 $ - $ - $ 1,674

PFSweb, Inc. and Subsidiaries

Unaudited Consolidating Statements of Operations For the Twelve Months Ended December 31, 2011 (In Thousands) Business & PFSweb Retail Connect eCOST Eliminations Consolidated REVENUES: Product revenue, net $ - $ 162,447 $ - $ - $ 162,447 Service fee revenue 95,345 - - - 95,345 Service fee revenue - affiliate 6,501 - - (6,501 ) - Pass-thru revenue 40,976 - - (2 ) 40,974 Total revenues 142,822 162,447 - (6,503 ) 298,766 COSTS OF REVENUES: Cost of product revenue - 150,738 - - 150,738 Cost of service fee revenue 74,367 - - (2,616 ) 71,751 Cost of pass-thru revenue 40,976 - - (2 ) 40,974 Total costs of revenues 115,343 150,738 - (2,618 ) 263,463 Gross profit 27,479 11,709 - (3,885 ) 35,303 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 32,892 8,505 - (3,885 ) 37,512 Income (loss) from operations (5,413 ) 3,204 - - (2,209 ) INTEREST EXPENSE (INCOME), NET (140 ) 1,225 - - 1,085 Income (loss) before income taxes (5,273 ) 1,979 - - (3,294 ) INCOME TAX PROVISION (BENEFIT) (401 ) 781 - - 380 INCOME (LOSS) FROM CONTINUING OPERATIONS (4,872 ) 1,198 - - (3,674 ) LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX - - (892 ) (892 ) NET INCOME (LOSS) $ (4,872 ) $ 1,198 $ (892 ) $ - $ (4,566 ) NON-GAAP NET INCOME (LOSS) $ (2,922 ) $ 1,198 $ - $ - $ (1,724 ) EBITDA $ 892 $ 3,243 $ - $ - $ 4,135 ADJUSTED EBITDA $ 2,842 $ 3,243 $ - $ - $ 6,085 A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows: NET INCOME (LOSS) $ (4,872 ) $ 1,198 $ (892 ) $ - (4,566 ) Loss from discontinued operations, net of tax - - 892 - 892 Income tax expense (benefit) (401 ) 781 - - 380 Interest expense (income), net (140 ) 1,225 - - 1,085 Depreciation and amortization 6,305 39 - - 6,344 EBITDA $ 892 $ 3,243 $ - $ - $ 4,135 Stock-based compensation 1,402 - - - 1,402 Move related expenses 548 548 ADJUSTED EBITDA $ 2,842 $ 3,243 $ - $ - $ 6,085 A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows: NET INCOME (LOSS) $ (4,872 ) $ 1,198 $ (892 ) $ - $ (4,566 ) Loss from discontinued operations, net of tax - - 892 - 892 Stock-based compensation 1,402 - - - 1,402 Move related expenses 548 548 NON-GAAP NET INCOME (LOSS) $ (2,922 ) $ 1,198 $ - $ - $ (1,724 )

PFSweb, Inc. and Subsidiaries

Unaudited Condensed Consolidating Balance Sheets as of December 31, 2012 (In Thousands) Business & PFSweb Retail Connect Eliminations Consolidated

ASSETS

CURRENT ASSETS: Cash and cash equivalents $ 13,079 $ 6,547 $ - $ 19,626 Restricted cash - 283 - 283 Accounts receivable, net 34,831 11,574 (721 ) 45,684 Inventories, net - 24,654 - 24,654 Other receivables - 7,676 - 7,676 Prepaid expenses and other current assets 2,817 1,528 - 4,345 Total current assets 50,727 52,262 (721 ) 102,268 PROPERTY AND EQUIPMENT, net 27,651 266 - 27,917 RECEIVABLE/INVESTMENT IN AFFILIATES 13,396 - (13,396 ) - OTHER ASSETS 3,166 120 - 3,286 Total assets 94,940 52,648 (14,117 ) 133,471

LIABILITIES AND SHAREHOLDERS EQUITY

CURRENT LIABILITIES: Current portion of long-term debt and capital lease obligations $ 13,072 $ 3,588 $ - $ 16,660 Trade accounts payable 12,109 29,105 (721 ) 40,493 Deferred revenue 6,573 75 - 6,648 Accrued expenses 16,743 6,354 - 23,097 Total current liabilities 48,497 39,122 (721 ) 86,898 LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion 5,400 - - 5,400 PAYABLE TO AFFILIATES - 22,795 (22,795 ) - DEFERRED REVENUE 7,562 - - 7,562 DEFERRED RENT 5,482 78 - 5,560 Total liabilities 66,941 61,995 (23,516 ) 105,420 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Common stock 13 19 (19 ) 13 Capital contributions - 1,000 (1,000 ) - Additional paid-in capital 106,018 28,059 (28,059 ) 106,018 Retained earnings (accumulated deficit) (79,461 ) (40,606 ) 40,658 (79,409 ) Accumulated other comprehensive income 1,554 2,181 (2,181 ) 1,554 Treasury stock (125 ) - - (125 ) Total shareholders' equity 27,999 (9,347 ) 9,399 28,051 Total liabilities and shareholders' equity $ 94,940 $ 52,648 $ (14,117 ) $ 133,471

PFSweb, Inc. and Subsidiaries

Unaudited Condensed Consolidating Balance Sheets as of December 31, 2011 (In Thousands) Business & PFSweb Retail Connect Eliminations Consolidated

ASSETS

CURRENT ASSETS: Cash and cash equivalents $ 12,818 $ 4,877 $ - $ 17,695 Restricted cash 138 689 - 827 Accounts receivable, net 35,881 17,133 (335 ) 52,679 Inventories, net - 30,487 - 30,487 Other receivables - 11,915 - 11,915 Prepaid expenses and other current assets 3,273 1,424 - 4,697 Total current assets 52,110 66,525 (335 ) 118,300 PROPERTY AND EQUIPMENT, net 14,884 61 - 14,945 RECEIVABLE/INVESTMENT IN AFFILIATES 13,130 - (13,130 ) - OTHER ASSETS 2,973 154 - 3,127 Total assets 83,097 66,740 (13,465 ) 136,372

LIABILITIES AND SHAREHOLDERS EQUITY

CURRENT LIABILITIES: Current portion of long-term debt and capital lease obligations $ 13,918 $ 10,021 $ - $ 23,939 Trade accounts payable 12,089 36,790 (335 ) 48,544 Deferred revenue 6,749 17 - 6,766 Accrued expenses 11,998 6,659 - 18,657 Total current liabilities 44,754 53,487 (335 ) 97,906 LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion 3,513 70 - 3,583 PAYABLE TO AFFILIATES - 22,495 (22,495 ) - DEFERRED REVENUE 5,908 - - 5,908 DEFERRED RENT 901 - - 901 Total liabilities 55,076 76,052 (22,830 ) 108,298 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Common stock 13 19 (19 ) 13 Capital contributions - 1,000 (1,000 ) - Additional paid-in capital 104,645 28,059 (28,059 ) 104,645 Retained earnings (accumulated deficit) (77,950 ) (40,446 ) 40,498 (77,898 ) Accumulated other comprehensive income 1,398 2,056 (2,055 ) 1,399 Treasury stock (85 ) - - (85 ) Total shareholders' equity 28,021 (9,312 ) 9,365 28,074 Total liabilities and shareholders' equity $ 83,097 $ 66,740 $ (13,465 ) $ 136,372

Pfsweb (NASDAQ:PFSW)
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De Juin 2024 à Juil 2024