WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
March 31, December
2008 31, 2007
--------- --------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 14,360 $ 14,241
Marketable securities 7,680 9,641
Accounts receivable, net 21,848 24,824
Inventory - finished goods 836 1,116
Prepaid expenses and other current assets 1,260 927
Deferred income taxes 812 830
----------- -----------
Total current assets 46,796 51,579
Equipment and leasehold improvements, net 789 619
Other assets 3,448 3,469
Deferred income taxes 1,012 1,086
----------- -----------
Total assets $ 52,045 $ 56,753
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses 27,769 32,100
----------- -----------
Total current liabilities 27,769 32,100
Other liabilities 132 161
----------- -----------
Total liabilities 27,901 32,261
Commitments and contingencies
Stockholders' equity
Common stock, $.01 par value; 10,000,000
shares authorized, 5,284,500 shares issued,
and 4,739,235 and 4,708,498 shares
outstanding, respectively 53 53
Additional paid-in capital 28,133 28,860
Treasury stock, at cost, 545,265 shares and
576,002 shares, respectively (2,438) (2,283)
Accumulated deficit (1,970) (2,599)
Accumulated other comprehensive income 366 461
----------- -----------
Total stockholders' equity 24,144 24,492
----------- -----------
Total liabilities and stockholders' equity $ 52,045 $ 56,753
=========== ===========
WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE
INCOME
(Unaudited)
(In thousands, except per share data)
Three months ended
March 31,
2008 2007
----------- -----------
Net Sales $ 40,506 $ 46,922
Cost of sales 36,761 42,467
----------- -----------
Gross profit 3,745 4,455
Selling, general and administrative expenses 2,942 3,043
----------- -----------
Income from operations 803 1,412
Interest income, net 234 240
Realized foreign exchange gain (loss) 3 (1)
----------- -----------
Income before income tax provision 1,040 1,651
Provision for income taxes 411 661
----------- -----------
Net income $ 629 $ 990
=========== ===========
Net income per common share - Basic $ 0.14 $ 0.23
=========== ===========
Net income per common share - Diluted $ 0.14 $ 0.21
=========== ===========
Weighted average common shares outstanding -
Basic 4,441 4,353
=========== ===========
Weighted average common shares outstanding -
Diluted 4,533 4,669
=========== ===========
Reconciliation to comprehensive income:
Net income $ 629 $ 990
Other comprehensive income (loss), net of tax:
Unrealized gain on marketable securities (8) -
Foreign currency translation adjustments (87) 19
----------- -----------
Total comprehensive income $ 534 $ 1,009
=========== ===========
Contact Information: Company Contact: Kevin Scull Wayside Technology Group, Inc. Vice President and Chief Accounting Officer (732) 389-0932