Delaware
(State or Other Jurisdiction
of Incorporation)
|
1-13792
(Commission
File Number)
|
11-3262067
(IRS Employer
Identification No.)
|
Exhibit
Number
|
|
Description
|
99.1 | Press Release of Systemax Inc., dated November 4, 2014, regarding financial results for the third quarter ended September 30, 2014. |
99.1 | Press Release of Systemax Inc., dated November 4, 2014, regarding financial results for the third quarter ended September 30, 2014. |
Performance Summary
(U.S. dollars in millions, except per share data) |
||||||||||||||||
Highlights
|
Quarter Ended
September 30, |
Nine Months Ended
September 30,
|
||||||||||||||
GAAP Results
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Net sales
|
$
|
825.4
|
$
|
791.8
|
$
|
2,529.9
|
$
|
2,478.1
|
||||||||
Gross profit
|
$
|
117.5
|
$
|
116.8
|
$
|
368.7
|
$
|
354.7
|
||||||||
Gross margin
|
14.2
|
%
|
14.8
|
%
|
14.6
|
%
|
14.3
|
%
|
||||||||
Operating income (loss)
|
$
|
(2.7
|
)
|
$
|
(3.8
|
)
|
$
|
(9.4
|
)
|
$
|
(19.3
|
)
|
||||
Operating margin
|
(0.3
|
)%
|
(0.5
|
)%
|
(0.4
|
)%
|
(0.8
|
)%
|
||||||||
Net income (loss)
|
$
|
(2.8
|
)
|
$
|
(11.6
|
)
|
$
|
(12.0
|
)
|
$
|
(24.0
|
)
|
||||
Diluted net income (loss) per share
|
$
|
(0.08
|
)
|
$
|
(0.31
|
)
|
$
|
(0.32
|
)
|
$
|
(0.65
|
)
|
||||
Non-GAAP Results*
|
||||||||||||||||
Adjusted operating income (loss)
|
$
|
(0.1
|
)
|
$
|
3.0
|
$
|
4.1
|
$
|
0.1
|
|||||||
Adjusted operating margin
|
0.0
|
%
|
0.4
|
%
|
0.2
|
%
|
0.0
|
%
|
·
|
Consolidated sales increased 4.2% to $825.4 million in U.S. dollars. On a constant currency basis and excluding the June 2014 acquisition of SCC Services BV in the Netherlands, sales increased 0.3%.
|
·
|
Business to business channel sales grew 9.2% to $624.2 million in U.S. dollars. On a constant currency basis and excluding SCC Services, sales increased 3.5%.
|
·
|
Consumer channel sales declined 8.6% to $201.2 million in U.S. dollars. On a constant currency basis, sales declined 8.0%.
|
·
|
Non-GAAP operating loss was $0.1 million compared to income of $3.0 million last year. GAAP operating loss was $2.7 million compared to a loss of $3.8 million last year. Excluding SCC Services, non-GAAP operating results would have been $0.6 million of income and GAAP operating loss would have been $2.0 million.
|
·
|
Non-GAAP diluted net loss per share was $(0.07). GAAP diluted net loss per share was $(0.08).
|
·
|
Consolidated sales increased 2.1% to $2.5 billion in U.S. dollars. On a constant currency basis and excluding SCC Services, sales declined 0.3%.
|
·
|
Business to business channel sales grew 9.5% to $1.9 billion in U.S. dollars. On a constant currency basis and excluding SCC Services, sales increased 5.8%.
|
·
|
Consumer channel sales declined 15.3% to $0.6 billion in U.S. dollars. On a constant currency basis, sales declined 14.6%.
|
·
|
Non-GAAP operating income grew to $4.1 million compared to $0.1 million last year. GAAP operating loss was $9.4 million compared to a loss of $19.3 million last year. Excluding SCC Services, non-GAAP operating income would have been $4.9 million and GAAP operating loss would have been $8.6 million.
|
·
|
Non-GAAP diluted net loss per share was $(0.03). GAAP diluted net loss per share was $(0.32).
|
Supplemental Channel Sales Summary*
(in millions)
|
||||||||||||||||||||||||||||||||||||||||
Channel
|
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||||||||||||
2014
$
|
% of Sales
|
Change y/y %
|
2013
$
|
% of Sales
|
2014
$
|
% of Sales
|
Change y/y %
|
2013
$
|
% of Sales
|
|||||||||||||||||||||||||||||||
Technology Products – EMEA
|
279.2
|
33.8
|
10.5
|
252.7
|
31.9
|
879.3
|
34.8
|
9.8
|
800.9
|
32.3
|
||||||||||||||||||||||||||||||
Technology Products – NA (B2B)
|
200.8
|
24.3
|
4.5
|
192.1
|
24.3
|
601.7
|
23.8
|
3.9
|
579.3
|
23.4
|
||||||||||||||||||||||||||||||
Industrial Products
|
142.7
|
17.3
|
13.5
|
125.7
|
15.9
|
413.9
|
16.4
|
18.3
|
349.9
|
14.1
|
||||||||||||||||||||||||||||||
Corporate and Other
|
1.5
|
0.2
|
36.4
|
1.1
|
0.1
|
4.4
|
0.1
|
12.8
|
3.9
|
0.2
|
||||||||||||||||||||||||||||||
Total B2B1
|
624.2
|
75.6
|
9.2
|
571.6
|
72.2
|
1,899.3
|
75.1
|
9.5
|
1,734.0
|
70.0
|
||||||||||||||||||||||||||||||
Technology Products – NA (Consumer)2
|
201.2
|
24.4
|
(8.6
|
)
|
220.2
|
27.8
|
630.6
|
24.9
|
(15.3
|
)
|
744.1
|
30.0
|
||||||||||||||||||||||||||||
Consolidated Sales
|
825.4
|
100.0
|
4.2
|
791.8
|
100.0
|
2,529.9
|
100.0
|
2.1
|
2,478.1
|
100.0
|
1 | Includes all sales from the Industrial Products Group and EMEA Technology Group as well as sales from managed business relationships and our B2B e-commerce sites within our NA Technology Group. |
2 | Includes sales from retail stores (non-managed), consumer websites, inbound call centers and television shopping within our NA Technology Group. |
Supplemental Business Unit Sales Summary
(in millions)
|
||||||||||||||||||||||||||||||||||||||||
Business Unit
|
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||||||||||||
2014
$
|
% of Sales
|
Change y/y %
|
2013
$
|
% of Sales
|
2014
$
|
% of Sales
|
Change y/y %
|
2013
$
|
% of Sales
|
|||||||||||||||||||||||||||||||
Technology Products
|
681.2
|
82.5
|
2.4
|
665.0
|
84.0
|
2,111.6
|
83.5
|
(0.6
|
)
|
2,124.3
|
85.7
|
|||||||||||||||||||||||||||||
Industrial Products
|
142.7
|
17.3
|
13.5
|
125.7
|
15.9
|
413.9
|
16.4
|
18.3
|
349.9
|
14.1
|
||||||||||||||||||||||||||||||
Corporate and Other
|
1.5
|
0.2
|
36.4
|
1.1
|
0.1
|
4.4
|
0.1
|
12.8
|
3.9
|
0.2
|
||||||||||||||||||||||||||||||
Consolidated Sales
|
825.4
|
100.0
|
4.2
|
791.8
|
100.0
|
2,529.9
|
100.0
|
2.1
|
2,478.1
|
100.0
|
Supplemental Business Unit Operating Results Summary
(in millions)
|
||||||||||||||||||||||||||||||||
GAAP Operating Income (Loss)
|
||||||||||||||||||||||||||||||||
Business Unit
|
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||||
2014
$
|
Margin%
|
2013
$
|
Margin%
|
2014
$
|
Margin
%
|
2013
$
|
Margin
%
|
|||||||||||||||||||||||||
Technology Products
|
(9.7
|
)
|
(1.4
|
)
|
(9.9
|
)
|
(1.5
|
)
|
(29.5
|
)
|
(1.4
|
)
|
(33.2
|
)
|
(1.6
|
)
|
||||||||||||||||
Industrial Products
|
10.6
|
7.4
|
10.8
|
8.6
|
32.7
|
7.9
|
30.4
|
8.7
|
||||||||||||||||||||||||
Corporate and Other
|
(3.6
|
)
|
NM
|
(4.7
|
)
|
NM
|
(12.6
|
)
|
NM
|
(16.5
|
)
|
NM
|
||||||||||||||||||||
Consolidated Operating Income (Loss)
|
(2.7
|
)
|
(0.3
|
)
|
(3.8
|
)
|
(0.5
|
)
|
(9.4
|
)
|
(0.4
|
)
|
(19.3
|
)
|
(0.8
|
)
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
Non-GAAP* Operating Income (Loss)
|
||||||||||||||||||||||||||||||||
Technology Products
|
(7.8
|
)
|
(1.1
|
)
|
(3.5
|
)
|
(0.5
|
)
|
(18.3
|
)
|
(0.9
|
)
|
(15.3
|
)
|
(0.7
|
)
|
||||||||||||||||
Industrial Products
|
11.1
|
7.8
|
10.9
|
8.7
|
34.3
|
8.3
|
30.9
|
8.8
|
||||||||||||||||||||||||
Corporate and Other
|
(3.4
|
)
|
NM
|
(4.4
|
)
|
NM
|
(11.9
|
)
|
NM
|
(15.5
|
)
|
NM
|
||||||||||||||||||||
Consolidated Operating Income (Loss)
|
(0.1
|
)
|
0.0
|
3.0
|
(0.4
|
)
|
4.1
|
0.2
|
0.1
|
0.0
|
|
Quarter Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Net sales
|
$
|
825.4
|
$
|
791.8
|
$
|
2,529.9
|
$
|
2,478.1
|
||||||||
Cost of sales
|
707.9
|
675.0
|
2,161.2
|
2,123.4
|
||||||||||||
Gross profit
|
117.5
|
116.8
|
368.7
|
354.7
|
||||||||||||
Gross margin
|
14.2
|
%
|
14.8
|
%
|
14.6
|
%
|
14.3
|
%
|
||||||||
Selling, general and administrative expenses
|
118.5
|
114.8
|
368.0
|
357.5
|
||||||||||||
Special charges
|
1.7
|
5.8
|
10.1
|
16.5
|
||||||||||||
Operating income (loss)
|
(2.7
|
)
|
(3.8
|
)
|
(9.4
|
)
|
(19.3
|
)
|
||||||||
Operating margin
|
(0.3
|
)%
|
(0.5
|
)%
|
(0.4
|
)%
|
(0.8
|
)%
|
||||||||
Interest and other expense, net
|
3.7
|
(0.6
|
)
|
5.8
|
0.2
|
|||||||||||
Income (loss) before income taxes
|
(6.4
|
)
|
(3.2
|
)
|
(15.2
|
)
|
(19.5
|
)
|
||||||||
Provision for (benefit from) income taxes
|
(3.6
|
)
|
8.4
|
(3.2
|
)
|
4.5
|
||||||||||
Net income (loss)
|
$
|
(2.8
|
)
|
$
|
(11.6
|
)
|
$
|
(12.0
|
)
|
$
|
(24.0
|
)
|
||||
Net margin
|
(0.3
|
)%
|
(1.5
|
)%
|
(0.5
|
)%
|
(1.0
|
)%
|
||||||||
|
||||||||||||||||
|
||||||||||||||||
Net income (loss) per common share:
|
||||||||||||||||
Basic
|
$
|
(0.08
|
)
|
$
|
(0.31
|
)
|
$
|
(0.32
|
)
|
$
|
(0.65
|
)
|
||||
Diluted
|
$
|
(0.08
|
)
|
$
|
(0.31
|
)
|
$
|
(0.32
|
)
|
$
|
(0.65
|
)
|
||||
|
||||||||||||||||
Weighted average common and
common equivalent shares:
|
||||||||||||||||
Basic
|
37.1
|
37.0
|
37.1
|
37.0
|
||||||||||||
Diluted
|
37.1
|
37.0
|
37.1
|
37.0
|
|
September 30,
|
December 31,
|
||||||
|
2014
(Unaudited)
|
2013
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
133.6
|
$
|
181.4
|
||||
Accounts receivable, net
|
340.1
|
333.3
|
||||||
Inventories
|
295.8
|
321.8
|
||||||
Prepaid expenses and other current assets
|
26.4
|
19.9
|
||||||
Total current assets
|
795.9
|
856.4
|
||||||
Property, plant and equipment, net
|
54.0
|
59.4
|
||||||
Goodwill, intangibles and other assets
|
28.2
|
26.6
|
||||||
Total assets
|
$
|
878.1
|
$
|
942.4
|
||||
|
||||||||
Current liabilities:
|
||||||||
Short-term debt
|
$
|
2.3
|
$
|
2.5
|
||||
Accounts payable and accrued expenses
|
465.0
|
508.1
|
||||||
Total current liabilities
|
467.3
|
510.6
|
||||||
Long-term debt
|
1.2
|
2.9
|
||||||
Other liabilities
|
17.6
|
22.7
|
||||||
Shareholders' equity
|
392.0
|
406.2
|
||||||
Total liabilities and shareholders' equity
|
$
|
878.1
|
$
|
942.4
|
|
Quarter Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Technology Products
|
$
|
(9.7
|
)
|
$
|
(9.9
|
)
|
$
|
(29.5
|
)
|
$
|
(33.2
|
)
|
||||
Industrial Products
|
10.6
|
10.8
|
32.7
|
30.4
|
||||||||||||
Corporate and Other
|
(3.6
|
)
|
(4.7
|
)
|
(12.6
|
)
|
(16.5
|
)
|
||||||||
GAAP operating income (loss)
|
(2.7
|
)
|
(3.8
|
)
|
(9.4
|
)
|
(19.3
|
)
|
||||||||
Non-GAAP adjustments:
|
||||||||||||||||
Technology Products:
|
||||||||||||||||
Severance and other reorganization related charges(1)
|
1.5
|
5.6
|
9.3
|
16.0
|
||||||||||||
Litigation costs(2)
|
0.1
|
0.2
|
0.7
|
0.5
|
||||||||||||
Stock based compensation
|
-
|
0.1
|
0.2
|
0.4
|
||||||||||||
Intangible asset amortization
|
0.3
|
0.5
|
1.0
|
1.0
|
||||||||||||
Total Non-GAAP Adjustments – Technology Products
|
1.9
|
6.4
|
11.2
|
17.9
|
||||||||||||
Industrial Products:
|
||||||||||||||||
Stock based and other special compensation(3)
|
0.5
|
0.1
|
1.6
|
0.5
|
||||||||||||
Total Non-GAAP Adjustments – Industrial Products
|
0.5
|
0.1
|
1.6
|
0.5
|
||||||||||||
Corporate and Other:
|
||||||||||||||||
Severance and Other Reorganization
|
0.1
|
0.0
|
0.1
|
0.0
|
||||||||||||
Stock based compensation
|
0.1
|
0.3
|
0.6
|
1.0
|
||||||||||||
Total Non-GAAP Adjustments – Corporate and Other
|
0.2
|
0.3
|
0.7
|
1.0
|
||||||||||||
|
||||||||||||||||
Technology Products
|
(7.8
|
)
|
(3.5
|
)
|
(18.3
|
)
|
(15.3
|
)
|
||||||||
Industrial Products
|
11.1
|
10.9
|
34.3
|
30.9
|
||||||||||||
Corporate and Other
|
(3.4
|
)
|
(4.4
|
)
|
(11.9
|
)
|
(15.5
|
)
|
||||||||
Non-GAAP operating income (loss)
|
$
|
(0.1
|
)
|
$
|
3.0
|
$
|
4.1
|
$
|
0.1
|
|||||||
|
(1)
|
Third quarter 2014 includes $1.9M in costs associated with the restructuring of our European operations and the continued recruitment costs to staff our shared services center for our European Technology business. Third quarter 2014 also includes a $0.4M benefit related to favorable outcomes in the negotiation of a buyout of two retail stores that were exited in 2013 prior to lease expiration. Third quarter 2013 charges included $5.3M in charges related to the exit of retail leases and $0.3M in costs related to the restructuring of our European operations.
|
(2)
|
Includes legal costs related to the investigations of and settlement with former officers and employees, net.
|
(3)
|
Includes expense from stock options, restricted stock grants and special compensation arrangement for business unit leader.
|
SYSTEMAX INC.
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss) – Unaudited
(In millions)
|
||||||||||||||||
|
Quarter Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
GAAP
|
||||||||||||||||
Net income (loss)
|
$
|
(2.8
|
)
|
$
|
(11.6
|
)
|
$
|
(12.0
|
)
|
$
|
(24.0
|
)
|
||||
Provision for (benefit from) income taxes
|
(3.6
|
)
|
8.4
|
(3.2
|
)
|
4.5
|
||||||||||
Income (loss) before income taxes
|
(6.4
|
)
|
(3.2
|
)
|
(15.2
|
)
|
(19.5
|
)
|
||||||||
Interest and other(income) expense, net
|
3.7
|
(0.6
|
)
|
5.8
|
0.2
|
|||||||||||
Operating income (loss)
|
(2.7
|
)
|
(3.8
|
)
|
(9.4
|
)
|
(19.3
|
)
|
||||||||
|
||||||||||||||||
Non-GAAP
|
||||||||||||||||
Non-recurring adjustments
|
1.7
|
5.8
|
10.1
|
16.5
|
||||||||||||
Recurring adjustments
|
0.9
|
1.0
|
3.4
|
2.9
|
||||||||||||
Adjusted operating income (loss)
|
(0.1
|
)
|
3.0
|
4.1
|
0.1
|
|||||||||||
Interest and other (income) expense, net
|
3.7
|
(0.6
|
)
|
5.8
|
0.2
|
|||||||||||
Income (loss) before income taxes
|
(3.8
|
)
|
3.6
|
(1.7
|
)
|
(0.1
|
)
|
|||||||||
Normalized provision for (benefit from) income taxes
|
(1.3
|
)
|
1.3
|
(0.6
|
)
|
(0.0
|
)
|
|||||||||
Normalized effective tax rate(1)
|
35.0
|
%
|
35.0
|
%
|
35.0
|
%
|
35.0
|
%
|
||||||||
Non-GAAP net income (loss)
|
$
|
(2.5
|
)
|
$
|
2.3
|
$
|
(1.1
|
)
|
$
|
(0.1
|
)
|
|||||
|
||||||||||||||||
GAAP diluted net income (loss) per share
|
$
|
(0.08
|
)
|
$
|
(0.31
|
)
|
$
|
(0.32
|
)
|
$
|
(0.65
|
)
|
||||
Non-GAAP diluted net income (loss) per share
|
$
|
(0.07
|
)
|
$
|
0.06
|
$
|
(0.03
|
)
|
$
|
(0.00
|
)
|
|||||
|
(1)
|
Effective tax rate of 35% used in all periods.
|
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