WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
June 30, December 31,
2008 2007
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(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 12,764 $ 14,241
Marketable securities 9,767 9,641
Accounts receivable, net of allowances of
$832 and $908, respectively 26,086 24,824
Inventory - finished goods 1,368 1,116
Prepaid expenses and other current assets 988 927
Deferred income taxes 772 830
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Total current assets 51,745 51,579
Equipment and leasehold improvements, net 720 619
Other assets 4,647 3,469
Deferred income taxes 948 1,086
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Total assets $ 58,060 $ 56,753
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses 34,049 32,100
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Total current liabilities 34,049 32,100
Other liabilities 148 161
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Total liabilities 34,197 32,261
Commitments and contingencies
Stockholders' equity
Common stock, $.01 par value; 10,000,000
shares authorized, 5,284,500 shares issued;
4,675,651 and 4,708,498 shares outstanding,
respectively 53 53
Additional paid-in capital 27,610 28,860
Treasury stock, at cost, 608,849 and 576,002
shares, respectively (3,029) (2,283)
Accumulated deficit (1,147) (2,599)
Accumulated other comprehensive income 376 461
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Total stockholders' equity 23,863 24,492
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Total liabilities and stockholders' equity $ 58,060 $ 56,753
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WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE
INCOME
(Unaudited)
(In thousands, except per share data)
Six months ended Three months ended
June 30, June 30,
2008 2007 2008 2007
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Net Sales $ 88,602 $ 90,962 $ 48,096 $ 44,040
Cost of sales 80,559 82,170 43,798 39,703
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Gross profit 8,043 8,792 4,298 4,337
Selling, general and administrative
expenses 6,016 6,036 3,074 2,993
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Income from operations 2,027 2,756 1,224 1,344
Interest income, net 376 491 142 251
Realized foreign exchange gain
(loss) 7 - 4 1
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Income before income tax provision 2,410 3,247 1,370 1,596
Provision for income taxes 958 1,298 547 637
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Net income $ 1,452 $ 1,949 $ 823 $ 959
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Net income per common share - Basic $ 0.33 $ 0.44 $ 0.19 $ 0.22
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Net income per common share -
Diluted $ 0.32 $ 0.42 $ 0.18 $ 0.20
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Weighted average common shares
outstanding - Basic 4,429 4,380 4,417 4,407
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Weighted average common shares
outstanding - Diluted 4,519 4,687 4,505 4,706
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Reconciliation to comprehensive
income:
Net income $ 1,452 $ 1,949 $ 823 $ 959
Other comprehensive income
(loss), net of tax:
Unrealized gain on marketable
securities (14) - (6) -
Foreign currency translation
adjustments (71) 162 16 143
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Total comprehensive income $ 1,367 $ 2,111 $ 833 $ 1,102
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Contact Information: Company Contact: Kevin Scull Wayside Technology Group, Inc. Vice President and Chief Accounting Officer (732) 389-0932