WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
December December
31, 2007 31, 2006
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ASSETS
Current assets
Cash and cash equivalents $ 14,241 $ 13,832
Marketable securities 9,641 7,032
Accounts receivable, net 24,824 28,045
Inventory - finished goods 1,116 1,265
Prepaid expenses and other current assets 927 607
Deferred income taxes 830 1,632
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Total current assets 51,579 52,413
Equipment and leasehold improvements, net 619 488
Other assets 3,469 2,927
Deferred income taxes 1,086 1,453
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Total assets $ 56,753 $ 57,281
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 32,100 $ 35,304
Dividend payable 638
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Total current liabilities 32,100 35,942
Other liabilities 161 41
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Total liabilities 32,261 35,983
Commitments and contingencies
Stockholders' equity
Common stock, $.01 par value; authorized,
10,000,000 shares; issued 5,284,500 shares 53 53
Additional paid-in capital 28,860 29,252
Treasury stock, at cost, 576,002 shares and
687,879 shares, respectively (2,283) (1,905)
Accumulated deficit (2,599) (6,302)
Accumulated other comprehensive income 461 200
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Total stockholders' equity 24,492 21,298
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Total liabilities and stockholders' equity $ 56,753 $ 57,281
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WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
(Unaudited)
(In thousands, except per share data)
Year ended Three months ended
December 31, December 31,
2007 2006 2007 2006
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Net Sales $ 179,865 $ 182,319 $ 47,112 $ 56,840
Cost of sales 162,630 165,350 42,795 52,154
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Gross profit 17,235 16,969 4,317 4,686
Selling, general and
administrative expenses 12,081 12,163 3,083 3,164
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Income from operations 5,154 4,806 1,234 1,522
Interest income, net 989 738 240 237
Realized foreign exchange gain 2 3 1 1
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Income before income tax
provision 6,145 5,547 1,475 1,760
Provision for income taxes 2,442 2,279 544 723
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Net income $ 3,703 $ 3,268 $ 931 $ 1,037
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Net income per common share -
Basic $ 0.84 $ 0.78 $ 0.21 $ 0.24
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Net income per common share -
Diluted $ 0.80 $ 0.72 $ 0.20 $ 0.22
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Weighted average common shares
outstanding - Basic 4,406 4,191 4,437 4,278
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Weighted average common shares
outstanding - Diluted 4,656 4,521 4,585 4,613
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Reconciliation to comprehensive
income:
Net income $ 3,703 $ 3,268 $ 931 $ 1,037
Other comprehensive income,
net of tax:
Unrealized gain on
marketable securities 8 10 4 (11)
Foreign currency translation
adjustments 253 3 14 (71)
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Total comprehensive income $ 3,964 $ 3,281 $ 949 $ 955
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Contact Information: Company Contact: Kevin Scull Wayside Technology Group, Inc. Vice President and Chief Accounting Officer (732) 389-0932