Delaware | 1-34871 | 54-1248422 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
2553 Dulles View Drive, #100 Herndon, Virginia |
20171 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
99.1 | Press Release issued by GTSI Corp., dated November 15, 2011. |
GTSI Corp. |
||||
By: | /s/ Peter Whitfield | |||
Peter Whitfield | ||||
Chief Financial Officer |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
SALES |
||||||||||||||||
Product |
$ | 80,408 | $ | 208,797 | $ | 205,375 | $ | 418,456 | ||||||||
Service |
13,951 | 15,907 | 32,273 | 38,581 | ||||||||||||
Financing |
1,423 | 12,663 | 9,752 | 17,191 | ||||||||||||
95,782 | 237,367 | 247,400 | 474,228 | |||||||||||||
COST OF SALES |
||||||||||||||||
Product |
69,412 | 189,092 | 178,123 | 378,833 | ||||||||||||
Service |
8,742 | 10,968 | 21,398 | 25,571 | ||||||||||||
Financing |
309 | 7,519 | 3,415 | 9,068 | ||||||||||||
78,463 | 207,579 | 202,936 | 413,472 | |||||||||||||
GROSS MARGIN |
17,319 | 29,788 | 44,464 | 60,756 | ||||||||||||
SELLING, GENERAL &
ADMINISTRATIVE EXPENSES |
17,681 | 20,592 | 53,651 | 64,452 | ||||||||||||
(LOSS) GAIN FROM OPERATIONS |
(362 | ) | 9,196 | (9,187 | ) | (3,696 | ) | |||||||||
INTEREST AND OTHER INCOME, NET |
||||||||||||||||
Interest and other income |
29 | 57 | 93 | 131 | ||||||||||||
Equity income from EyakTek |
7,930 | 2,170 | 10,317 | 6,029 | ||||||||||||
Interest expense |
(147 | ) | (160 | ) | (443 | ) | (516 | ) | ||||||||
Interest and other income, net |
7,812 | 2,067 | 9,967 | 5,644 | ||||||||||||
INCOME BEFORE INCOME TAXES |
7,450 | 11,263 | 780 | 1,948 | ||||||||||||
INCOME TAX EXPENSE |
3,185 | 5,329 | 641 | 1,838 | ||||||||||||
NET INCOME |
$ | 4,265 | $ | 5,934 | $ | 139 | $ | 110 | ||||||||
EARNINGS PER SHARE |
||||||||||||||||
Basic |
$ | 0.44 | $ | 0.62 | $ | 0.01 | $ | 0.01 | ||||||||
Diluted |
$ | 0.44 | $ | 0.62 | $ | 0.01 | $ | 0.01 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING |
||||||||||||||||
Basic |
9,676 | 9,603 | 9,655 | 9,604 | ||||||||||||
Diluted |
9,690 | 9,629 | 9,677 | 9,653 | ||||||||||||
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 56,350 | $ | 4,049 | ||||
Accounts receivable, net |
102,001 | 154,891 | ||||||
Inventory, net |
10,309 | 13,708 | ||||||
Deferred costs |
3,657 | 6,991 | ||||||
Other current assets |
2,460 | 2,462 | ||||||
Total current assets |
174,777 | 182,101 | ||||||
Depreciable assets, net |
5,255 | 7,452 | ||||||
Long-term receivables and other assets |
3,962 | 14,291 | ||||||
Other intangible assets, net |
4,370 | | ||||||
Goodwill |
7,718 | | ||||||
TOTAL ASSETS |
$ | 196,082 | $ | 203,844 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 58,472 | $ | 50,870 | ||||
Accounts payable floor plan |
20,291 | 35,172 | ||||||
Accrued liabilities |
14,693 | 14,887 | ||||||
Deferred revenue |
3,168 | 3,661 | ||||||
Total current liablilites |
96,624 | 104,590 | ||||||
Other liabilities |
2,979 | 3,044 | ||||||
Total liabilities |
99,603 | 107,634 | ||||||
Total stockholders equity |
96,479 | 96,210 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
$ | 196,082 | $ | 203,844 | ||||
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