Delaware
(State or Other Jurisdiction
of Incorporation)
|
1-13792
(Commission
File Number)
|
11-3262067
(IRS Employer
Identification No.)
|
Exhibit Number
99.1
|
Description
Press Release of Systemax Inc., dated March 5, 2013, regarding financial results for the fourth quarter and full year ended December 31, 2012.
|
99.1
|
Press Release of Systemax Inc., dated March 5, 2013, regarding financial results for the fourth quarter and full year ended December 31, 2012.
|
Performance Summary
(U.S. dollars in millions, except per share data)
|
||||||||||||||||
Highlights
|
Quarter Ended
December 31,
|
Year Ended
December 31,
|
||||||||||||||
GAAP Results
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Sales
|
$ | 935.2 | $ | 978.4 | $ | 3,544.6 | $ | 3,680.6 | ||||||||
Gross profit
|
$ | 120.4 | $ | 139.9 | $ | 488.1 | $ | 530.5 | ||||||||
Gross margin
|
12.9 | % | 14.3 | % | 13.8 | % | 14.4 | % | ||||||||
Operating income (loss) from continuing operations
|
$ | (46.8 | ) | $ | 21.1 | $ | (39.9 | ) | $ | 80.8 | ||||||
Operating margin from continuing operations
|
(5.0 | )% | 2.2 | % | (1.1 | )% | 2.2 | % | ||||||||
Net income (loss)
|
$ | (27.1 | ) | $ | 14.7 | $ | (8.3 | ) | $ | 54.4 | ||||||
Diluted earnings (loss) per share
|
$ | (0.73 | ) | $ | 0.40 | $ | (0.22 | ) | $ | 1.47 | ||||||
Dividend declared
|
$ | 0.25 | - | $ | 0.25 | - | ||||||||||
Non-GAAP Results*
|
||||||||||||||||
Non-recurring and recurring adjustments, net
|
$ | 41.2 | $ | 1.7 | $ | 51.9 | $ | (2.2 | ) | |||||||
Adjusted operating income (loss)
|
$ | (5.6 | ) | $ | 22.8 | $ | 12.0 | $ | 78.6 | |||||||
Adjusted operating margin
|
(0.6 | )% | 2.3 | % | 0.3 | % | 2.1 | % | ||||||||
Adjusted net income (loss)
|
$ | (2.4 | ) | $ | 15.8 | $ | 7.7 | $ | 53.0 | |||||||
Adjusted diluted earnings (loss) per share
|
$ | (0.06 | ) | $ | 0.43 | $ | 0.21 | $ | 1.43 |
·
|
Consolidated sales declined 4.4% to $935.2 million in U.S. dollars. On a constant currency basis, sales declined 3.7%.
|
·
|
Business to business channel sales grew 2.5% to $526.7 million in U.S. dollars. On a constant currency basis, sales grew 3.5%.
|
·
|
Consumer channel sales declined 12.1% to $408.5 million in U.S. dollars. On a constant currency basis, sales declined 11.5%.
|
·
|
“Same store” business to business sales grew 4.1% and same store consumer sales declined 11.3% on a constant currency basis.
|
·
|
GAAP operating income declined to a loss of $(46.8) compared to income of $21.1 million last year. The GAAP operating loss reflects the Company’s previously announced consolidation of its United States consumer brands and subsequent write off of the intangible assets of CompUSA and Circuit City of approximately $35.3 million, and the Company’s exit from the computer manufacturing business and subsequent write down of the carrying cost of the Company’s computer manufacturing facilities, related equipment, and inventory of approximately $4.6 million. Non-GAAP operating income was a loss of $5.6 million compared to income of $22.8 million last year.
|
·
|
GAAP diluted earnings per share (EPS) declined to a loss of $(0.73). Non-GAAP diluted earnings per share declined to $(0.06).
|
·
|
Dividend declared $0.25 per share.
|
·
|
Consolidated sales declined 3.7% to $3.5 billion in U.S. dollars. On a constant currency basis, sales declined 1.9%.
|
·
|
Business to business channel sales grew 5.1% to $2.1 billion in U.S. dollars. On a constant currency basis, sales grew 8.0%.
|
·
|
Consumer channel sales declined 14.0% to $1.5 billion in U.S. dollars. On a constant currency basis, sales declined 13.7%.
|
·
|
GAAP operating income declined to a loss of $(39.9) million compared to income of $80.8 million last year. The GAAP operating loss reflects the aforementioned consolidation of its United States consumer brands and subsequent write off of the intangible assets of CompUSA and Circuit City of approximately $35.3 million, and the Company’s exit from the computer manufacturing business and subsequent write down of the carrying cost of the Company’s computer manufacturing facilities, related equipment, and inventory of approximately $4.6 million. Non-GAAP operating income was $12.0 million compared to $78.6 million last year.
|
·
|
GAAP diluted EPS declined to a loss of ($0.22). Non-GAAP diluted earnings per share was $0.21.
|
·
|
Dividend declared $0.25 per share.
|
Supplemental Channel Sales Summary
(in millions)
|
||||||||||||||||||||||||||||||||||||||||
Channel
|
Quarter Ended December 31,
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||||
2012
|
% of Sales
|
Change y/y
|
2011
|
% of Sales
|
2012
|
% of Sales
|
Change y/y
|
2011
|
% of Sales
|
|||||||||||||||||||||||||||||||
Business to Business1
|
$ | 526.7 | 56.3 | % | 2.5 | % | $ | 513.8 | 52.5 | % | $ | 2,085.8 | 58.8 | % | 5.1 | % | $ | 1,984.4 | 53.9 | % | ||||||||||||||||||||
Consumer 2
|
$ | 408.5 | 43.7 | % | -12.1 | % | $ | 464.6 | 47.5 | % | $ | 1,458.8 | 41.2 | % | -14.0 | % | $ | 1,696.2 | 46.1 | % | ||||||||||||||||||||
Consolidated Sales
|
$ | 935.2 | 100 | % | -4.4 | % | $ | 978.4 | 100 | % | $ | 3,544.6 | 100 | % | -3.7 | % | $ | 3,680.6 | 100 | % |
Supplemental “Same Store” Channel Growth1 – Q4 2012 vs. Q4 2011
|
|
Channel
|
Change
|
Business to Business
|
4.1%
|
Consumer
|
-11.3%
|
Consolidated Sales
|
-3.2%
|
Supplemental Product Category Sales Summary
(in millions)
|
||||||||||||||||||||||||||||||||||||||||
Product Category
|
Quarter Ended December 31,
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||||
2012
|
%
|
Change y/y
|
2011
|
% of Sales
|
2012
|
%
|
Change y/y
|
2011
|
% of Sales
|
|||||||||||||||||||||||||||||||
Computers
|
$ | 296.0 | 31.7 | % | -3.3 | % | $ | 306.2 | 31.3 | % | $ | 1,048.3 | 29.6 | % | 0.1 | % | $ | 1,047.6 | 28.5 | % | ||||||||||||||||||||
Computer Accessories & Software
|
$ | 239.8 | 25.6 | % | -6.3 | % | $ | 255.9 | 26.1 | % | $ | 970.8 | 27.4 | % | -5.3 | % | $ | 1,025.0 | 27.8 | % | ||||||||||||||||||||
Consumer Electronics
|
$ | 172.4 | 18.4 | % | -15.1 | % | $ | 203.1 | 20.8 | % | $ | 619.7 | 17.5 | % | -17.0 | % | $ | 746.5 | 20.3 | % | ||||||||||||||||||||
Computer Components
|
$ | 106.2 | 11.4 | % | 0.9 | % | $ | 105.3 | 10.8 | % | $ | 407.6 | 11.5 | % | -10.2 | % | $ | 453.8 | 12.3 | % | ||||||||||||||||||||
Industrial Products
|
$ | 98.3 | 10.5 | % | 18.0 | % | $ | 83.3 | 8.5 | % | $ | 401.9 | 11.3 | % | 25.6 | % | $ | 319.9 | 8.7 | % | ||||||||||||||||||||
Other
|
$ | 22.5 | 2.4 | % | -8.5 | % | $ | 24.6 | 2.5 | % | $ | 96.3 | 2.7 | % | 9.7 | % | $ | 87.8 | 2.4 | % | ||||||||||||||||||||
Consolidated Sales
|
$ | 935.2 | 100 | % | -4.4 | % | $ | 978.4 | 100 | % | $ | 3,544.6 | 100 | % | -3.7 | % | $ | 3,680.6 | 100 | % |
Supplemental Business Unit Sales Summary
(in millions)
|
||||||||||||||||||||||||||||||||||||||||
Business Unit
|
Quarter Ended December 31,
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||||
2012
|
% of Sales
|
Change y/y
|
2011
|
% of Sales
|
2012
|
% of Sales
|
Change y/y
|
2011
|
% of Sales
|
|||||||||||||||||||||||||||||||
Technology Products
|
$ | 835.5 | 89.3 | % | -6.6 | % | $ | 894.1 | 91.4 | % | $ | 3,137.6 | 88.5 | % | -6.5 | % | $ | 3,357.4 | 91.2 | % | ||||||||||||||||||||
Industrial Products
|
$ | 98.3 | 10.5 | % | 17.9 | % | $ | 83.4 | 8.5 | % | $ | 401.9 | 11.3 | % | 25.6 | % | $ | 319.9 | 8.7 | % | ||||||||||||||||||||
Corporate and Other
|
$ | 1.4 | 0.2 | % | 55.6 | % | $ | 0.9 | 0.1 | % | $ | 5.1 | 0.2 | % | 54.5 | % | $ | 3.3 | 0.1 | % | ||||||||||||||||||||
Consolidated Sales
|
$ | 935.2 | 100 | % | -4.4 | % | $ | 978.4 | 100 | % | $ | 3,544.6 | 100 | % | -3.7 | % | $ | 3,680.6 | 100 | % |
Supplemental Business Unit Operating Income (Loss) Summary
(in millions)
|
||||||||||||||||||||||||||||||||
Business Unit
|
Quarter Ended December 31,
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||
2012
|
Margin
|
2011
|
Margin
|
2012
|
Margin
|
2011
|
Margin
|
|||||||||||||||||||||||||
Technology Products
|
$ | (48.7 | ) | (5.8 | )% | $ | 17.8 | 2.0 | % | $ | (47.2 | ) | (1.5 | )% | $ | 68.0 | 2.0 | % | ||||||||||||||
Industrial Products
|
$ | 6.9 | 7.0 | % | $ | 8.6 | 10.3 | % | $ | 29.9 | 7.4 | % | $ | 35.1 | 11.0 | % | ||||||||||||||||
Corporate and Other
|
$ | (5.0 | ) |
NM
|
$ | (5.3 | ) |
NM
|
$ | (22.6 | ) |
NM
|
$ | (22.3 | ) |
NM
|
||||||||||||||||
Consolidated Operating Income (Loss)
|
$ | (46.8 | ) | (5.0 | )% | $ | 21.1 | 2.2 | % | $ | (39.9 | ) | (1.1 | )% | $ | 80.8 | 2.2 | % | ||||||||||||||
Non-GAAP Operating Income (Loss)*
|
||||||||||||||||||||||||||||||||
Technology Products
|
$ | (8.1 | ) | (1.0 | )% | $ | 19.2 | 2.1 | % | $ | 0.0 | 0.0 | % | $ | 64.4 | 1.9 | % | |||||||||||||||
Industrial Products
|
$ | 7.1 | 7.2 | % | $ | 8.6 | 10.3 | % | $ | 32.9 | 8.2 | % | $ | 35.2 | 11.0 | % | ||||||||||||||||
Corporate and Other
|
$ | (4.6 | ) |
NM
|
$ | (5.0 | ) |
NM
|
$ | (20.9 | ) |
NM
|
$ | (21.0 | ) |
NM
|
||||||||||||||||
Consolidated Operating Income (Loss)
|
$ | (5.6 | ) | (0.6 | )% | $ | 22.8 | 2.3 | % | $ | 12.0 | 0.3 | % | $ | 78.6 | 2.1 | % |
SYSTEMAX INC.
Condensed Consolidated Statements of Operations – Unaudited
(In millions, except per share amounts)
|
||||||||||||||
Quarter Ended
December 31* |
Year Ended
|
|||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||
Net sales
|
$ | 935.2 | $ | 978.4 | $ | 3,544.6 | $ | 3,680.6 | ||||||
Cost of sales
|
814.8 | 838.5 | 3,056.5 | 3,150.1 | ||||||||||
Gross profit
|
120.4 | 139.9 | 488.1 | 530.5 | ||||||||||
Gross margin
|
12.9 | % | 14.3 | % | 13.8 | % | 14.4 | % | ||||||
Selling, general and administrative expenses
|
127.0 | 118.2 | 481.7 | 455.3 | ||||||||||
Special charges (gains), net
|
40.2 | 0.6 | 46.3 | (5.6 | ) | |||||||||
Operating income (loss) from continuing operations
|
(46.8 | ) | 21.1 | (39.9 | ) | 80.8 | ||||||||
Operating margin
|
(5.0 | )% | 2.2 | % | (1.1 | )% | 2.2 | % | ||||||
Interest and other (income) expense, net
|
(0.1 | ) | 1.3 | 1.7 | 1.8 | |||||||||
Income (loss) from continuing operations before income taxes
|
(46.7 | ) | 19.8 | (41.6 | ) | 79.0 | ||||||||
(Benefit from) provision for income taxes
|
(19.7 | ) | 5.0 | (33.6 | ) | 24.4 | ||||||||
Effective tax rate
|
42.2 | % | 25.3 | % | 80.8 | % | 30.9 | % | ||||||
Income (loss) from continuing operations
|
(27.0 | ) | 14.8 | (8.0 | ) | 54.6 | ||||||||
Discontinued operations
|
(0.1 | ) | (0.1 | ) | (0.3 | ) | (0.2 | ) | ||||||
Net income (loss)
|
$ | (27.1 | ) | $ | 14.7 | $ | (8.3 | ) | $ | 54.4 | ||||
Net margin
|
(2.9 | )% | 1.5 | % | (0.2 | )% | 1.5 | % | ||||||
Net income per common share:
|
||||||||||||||
Basic
|
$ | (0.73 | ) | $ | 0.40 | $ | (0.22 | ) | $ | 1.48 | ||||
Diluted
|
$ | (0.73 | ) | $ | 0.40 | $ | (0.22 | ) | $ | 1.47 | ||||
Weighted average common and common equivalent shares:
|
||||||||||||||
Basic | 37.0 | 36.7 | 36.9 | 36.8 | ||||||||||
Diluted | 37.0 | 36.9 | 36.9 | 37.1 | ||||||||||
Dividend declared per share
|
$0.25 | - | $0.25 | - | ||||||||||
SYSTEMAX INC.
Condensed Consolidated Balance Sheets - Unaudited
(In millions)
|
||||||||
December 31*
|
December 31*
|
|||||||
2012
|
2011
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 150.7 | $ | 97.3 | ||||
Accounts receivable, net
|
297.4 | 269.0 | ||||||
Inventories
|
367.2 | 372.2 | ||||||
Assets available for sale
|
2.3 | - | ||||||
Prepaid expenses and other current assets
|
37.3 | 38.7 | ||||||
Total current assets
|
854.9 | 777.2 | ||||||
Property, plant and equipment, net
|
63.0 | 70.7 | ||||||
Goodwill, intangibles and other assets
|
58.5 | 66.6 | ||||||
Total assets
|
$ | 976.4 | $ | 914.5 | ||||
Current liabilities:
|
||||||||
Short-term debt
|
$ | 2.8 | $ | 2.6 | ||||
Accounts payable and accrued expenses
|
491.3 | 419.8 | ||||||
Total current liabilities
|
494.1 | 422.4 | ||||||
Long-term debt
|
5.3 | 7.1 | ||||||
Other liabilities
|
30.7 | 30.7 | ||||||
Shareholders’ equity
|
446.3 | 454.3 | ||||||
Total liabilities and shareholders’ equity
|
$ | 976.4 | $ | 914.5 |
SYSTEMAX INC.
|
||||||||||||||||
Reconciliation of Segment GAAP Operating Income (loss) to Non-GAAP Operating Income (loss) - Unaudited
|
||||||||||||||||
(In millions)
|
||||||||||||||||
Quarter Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31*
|
December 31*
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Technology Products
|
$ | (48.7 | ) | $ | 17.8 | $ | (47.2 | ) | $ | 68.0 | ||||||
Industrial Products
|
$ | 6.9 | $ | 8.6 | $ | 29.9 | $ | 35.1 | ||||||||
Corporate And Other
|
$ | (5.0 | ) | $ | (5.3 | ) | $ | (22.6 | ) | $ | (22.3 | ) | ||||
GAAP Operating income (loss)
|
$ | (46.8 | ) | $ | 21.1 | $ | (39.9 | ) | $ | 80.8 | ||||||
Non-GAAP adjustments:
|
||||||||||||||||
Technology Products:
|
||||||||||||||||
Asset impairment charges (1)
|
$ | 39.9 | - | $ | 39.9 | - | ||||||||||
Severance and other reorganization related charges
|
$ | 5.0 | $ | (0.1 | ) | $ | 6.4 | - | ||||||||
Litigation costs and settlements (2)
|
$ | (4.8 | ) | $ | 0.7 | $ | (3.9 | ) | $ | (5.6 | ) | |||||
Patent settlements with non-practicing entities
|
$ | 0.1 | - | $ | 1.8 | - | ||||||||||
Stock based compensation
|
$ | 0.2 | $ | 0.3 | $ | 1.6 | $ | 0.4 | ||||||||
Intangible asset amortization
|
$ | 0.2 | $ | 0.5 | $ | 1.4 | $ | 1.6 | ||||||||
Total Non-GAAP Adj. Technology Products
|
$ | 40.6 | $ | 1.4 | $ | 47.2 | $ | (3.6 | ) | |||||||
Industrial Products:
|
||||||||||||||||
New Facility Startup Costs (3)
|
- | - | $ | 2.2 | - | |||||||||||
Stock based compensation
|
$ | 0.2 | - | $ | 0.8 | $ | 0.1 | |||||||||
Total Non-GAAP Adj. Industrial Products
|
$ | 0.2 | $ | 0.0 | $ | 3.0 | $ | 0.1 | ||||||||
Corporate and Other:
|
||||||||||||||||
Stock based compensation
|
$ | 0.4 | $ | 0.3 | $ | 1.7 | $ | 1.3 | ||||||||
Total Non-GAAP Adj. Technology Products
|
$ | 0.4 | $ | 0.3 | $ | 1.7 | $ | 1.3 | ||||||||
Technology Products
|
$ | (8.1 | ) | $ | 19.2 | $ | - | $ | 64.4 | |||||||
Industrial Products
|
$ | 7.1 | $ | 8.6 | $ | 32.9 | $ | 35.2 | ||||||||
Corporate And Other
|
$ | (4.6 | ) | $ | (5.0 | ) | $ | (20.9 | ) | $ | (21.0 | ) | ||||
Non-GAAP Operating income (loss)*
|
$ | (5.6 | ) | $ | 22.8 | $ | 12.0 | $ | 78.6 | |||||||
* Management believes that by excluding the adjustments above from GAAP Operating Income, investors have an additional meaningful measurement of the Company’s operating results.
|
||||||||||||||||
(1) Includes the write off of the intangible assets of CompUSA and Circuit City of approximately$ 35.3 million and the write down of the carrying cost of the Company’s computer manufacturing facilities, related equipment, and inventory of approximately $4.6 million.
|
||||||||||||||||
(2) Includes legal costs related to the investigations of and settlement with former officers and employees, net.
|
||||||||||||||||
(3) Includes the costs related to the closing and relocation of one of our smaller distribution centers to a new, significantly larger distribution center and call center.
|
SYSTEMAX INC.
|
||||||||||||||||
Reconciliation of GAAP Net Income (loss) to Non-GAAP Net Income (loss) - Unaudited
|
||||||||||||||||
(In millions)
|
||||||||||||||||
Quarter Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31*
|
December 31*
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net income (loss)
|
$ | (27.1 | ) | $ | 14.7 | $ | (8.3 | ) | $ | 54.4 | ||||||
Non-GAAP adjustments:
|
||||||||||||||||
Non- recurring
|
||||||||||||||||
Asset impairment charges (1)
|
$ | 39.9 | - | $ | 39.9 | - | ||||||||||
Severance and other reorganization related charges
|
$ | 5.0 | $ | (0.1 | ) | $ | 6.4 | - | ||||||||
New facility start up costs (2)
|
- | - | $ | 2.2 | - | |||||||||||
Litigation costs and settlements (3)
|
$ | (4.8 | ) | $ | 0.7 | $ | (3.9 | ) | $ | (5.6 | ) | |||||
Patent settlements with non-practicing entities
|
$ | 0.1 | - | $ | 1.8 | - | ||||||||||
Valuation allowance release (4)
|
- | - | $ | (15.1 | ) | - | ||||||||||
Income tax effect (5)
|
$ | (16.1 | ) | $ | (0.2 | ) | $ | (18.6 | ) | $ | 2.2 | |||||
Total non- recurring adjustments, net of tax
|
$ | 24.1 | $ | 0.4 | $ | 12.7 | $ | (3.4 | ) | |||||||
Recurring
|
||||||||||||||||
Stock based compensation
|
$ | 0.8 | $ | 0.6 | $ | 4.1 | $ | 1.8 | ||||||||
Intangible asset amortization
|
$ | 0.2 | $ | 0.5 | $ | 1.4 | $ | 1.6 | ||||||||
Income tax effect
|
$ | (0.4 | ) | $ | (0.4 | ) | $ | (2.2 | ) | $ | (1.4 | ) | ||||
Total recurring adjustments
|
$ | 0.6 | $ | 0.7 | $ | 3.3 | $ | 2.0 | ||||||||
Non-GAAP net income*
|
$ | (2.4 | ) | $ | 15.8 | $ | 7.7 | $ | 53.0 | |||||||
Diluted earnings per share
|
$ | (0.73 | ) | $ | 0.40 | $ | (0.22 | ) | $ | 1.47 | ||||||
Non-GAAP Diluted earnings per share*
|
$ | (0.06 | ) | $ | 0.43 | $ | 0.21 | $ | 1.43 | |||||||
* Management believes that by excluding the adjustments above from GAAP net income investors have an additional meaningful measurement of the Company’s net income.
|
||||||||||||||||
(1) Includes the write off of the intangible assets of CompUSA and Circuit City of approximately $35.3 million and the write down of the carrying cost of the Company’s computer manufacturing facility, and related equipment and inventory of approximately $4.6 million.
|
||||||||||||||||
(2) Includes costs related to the closing and relocation of one of our smaller distribution centers to a new, significantly larger distribution and call center for our Industrial Products business.
|
||||||||||||||||
(3) Includes legal costs related to the investigations of and settlements with former officers and employees, net.
|
||||||||||||||||
(4) Reversal of valuation allowances of approximately $15.1 million related to the deferred tax assets of the Company’s subsidiary in France.
(5) Assumed tax rate of 40%
|
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