-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Rq1rabt6skwMGCozJmMKO+k/EGaq4ixr1F3O1t7ets5+lxfTcHMdUOP97p4NK7VR Z5ClNCPzSjb3+IAgMULzYQ== 0000894579-03-000039.txt : 20030505 0000894579-03-000039.hdr.sgml : 20030505 20030505155913 ACCESSION NUMBER: 0000894579-03-000039 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030501 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROGRAMMERS PARADISE INC CENTRAL INDEX KEY: 0000945983 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045] IRS NUMBER: 133136104 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26408 FILM NUMBER: 03682236 BUSINESS ADDRESS: STREET 1: 1157 SHREWSBURY AVE CITY: SHREWSBURY STATE: NJ ZIP: 07702 BUSINESS PHONE: 7323898950 MAIL ADDRESS: STREET 1: 1157 SHREWSBURY AVE CITY: SHREWSBURY STATE: NJ ZIP: 07702 8-K 1 ppi8k-0505.txt FORM 8K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 -------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 1, 2003 ----------- Programmer's Paradise, Inc. ------------------------------------------------------ (Exact name of Registrant as specified in its charter) Delaware 000-26408 13-3136104 ---------- ----------- ------------ (State of Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number Identification No.) 1157 Shrewsbury Avenue, Shrewsbury, New Jersey 07702 - ---------------------------------------------- ------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (732) 389-8950 -------------- ================================================================================ Item 7. Financial Statements, Pro-Forma Financial Information and Exhibits (c) Exhibits 99.1 Press Release dated May 1, 2003 announcing 2003 first quarter results. Item 9 and 12. Regulation FD Disclosure and Results of Operations and Financial Condition On May 1, 2003, Programmer's Paradise, Inc. issued a press release announcing its 2003 first quarter results. The information contained in the press release filed as Exhibit 99.1 to this report is furnished pursuant to Regulation FD and Item 12. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PROGRAMMER'S PARADISE, INC. Dated: May 5, 2003 By: /s/ Simon F. Nynens ------------------------------------ Simon F. Nynens Chief Financial Officer Index to Exhibits ----------------- Exhibit No. Description - ---------- ----------- 99.1 Press Release dated May 1, 2003 announcing 2003 first quarter results. EX-99.1 3 ppiex99-1.txt PRESS RELEASE Exhibit 99.1 ------------ Company Contact: Bill Willett Programmer's Paradise(R), Inc. Chairman and Chief Executive Officer (732)-389-8950 bill.willett@programmers.com PROGRAMMER'S PARADISE(R), INC. REPORTS 2003 FIRST QUARTER FINANCIAL RESULTS SHREWSBURY, NJ, May 1, 2003 - Programmer's Paradise(R), Inc. (NASDAQ: PROG) today reported financial results for the first quarter ended March 31, 2003. The results will be discussed in a conference call to be held on Friday, May 2, 2003 at 10:00 AM Eastern time. The dial-in telephone number is (952) 556-2835 and the pass code is "PROG". Revenue for the quarter ended March 31, 2003 was $15.2 million compared with $17.4 million for the quarter ended March 31, 2002. The quarter over quarter revenue decline reflects the impact of the continued difficult economic conditions. However, sales increased by 2% over the immediately preceding quarter. Bill Willett, Chairman and Chief Executive Officer, stated, "The actions we have taken to reduce expenses and to increase productivity have resulted in a profitable quarter for the company." Earnings per share for the quarter were $.01 as compared to earnings per share of $.02 per share for the same period in 2002. Programmer's Paradise, Inc. is a marketer of technical software and hardware for microcomputers, servers and networks in the United States and Canada. Programmer's Paradise offers a wide variety of technical and general business application software, PC hardware and components from a broad range of publishers and manufacturers. Additional information can be found by visiting www.programmersparadise.com. Contact Programmer's Paradise, Inc. via Bill Willett, CEO of Programmer's Paradise, Inc. at (732) 389-8950 or bill.willett@programmers.com. The statements in this release concerning the Company's future prospects are forward-looking statements that involve certain risks and uncertainties. Such risks and uncertainties include the continued acceptance of the Company's distribution channel by vendors and customers, the timely availability and acceptance of new products, and contribution of key vendor relationships and support programs. - Tables Follow -
PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) ASSETS March 31, December 31, 2003 2002 ---- ---- (Unaudited) (Audited) Current assets Cash and cash equivalents $ 5,307 $ 6,072 Marketable Securities 5,474 5,110 Accounts receivable, net 6,224 6,342 Inventory - finished goods 1,002 1,151 Prepaid expenses and other current assets 196 264 ------------- ------------- Total current assets 18,203 18,939 Equipment and leasehold improvements, net 432 460 Other assets 64 69 ------------- ------------- Total assets $ 18,699 $ 19,468 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $ 7,034 $ 7,772 Dividend payable 375 - ------------- ------------- Total current liabilities 7,409 7,772 Commitments and contingencies Stockholders' equity Common stock 52 52 Additional paid-in capital 35,109 35,484 Treasury stock (4,375) (4,184) Retained earnings (19,470) (19,511) Accumulated other comprehensive loss (26) (145) ------------- ------------- Total stockholders' equity 11,290 11,696 ------------- ------------- Total liabilities and stockholders' equity $ 18,699 $ 19,468 ============= =============
PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (Unaudited) (In thousands, except per share data) Three months ended March 31, --------- 2003 2002 ---- ---- Net sales $ 15,198 $ 17,445 Cost of sales 13,210 15,173 ------------ ----------- Gross profit 1,988 2,272 Selling, general and administrative expenses 1,978 2,168 ------------ ------------ Income (loss) from operations 10 104 Interest income, net 31 52 Unrealized foreign exchange gain/(loss) 22 (10) ------------ ----------- Income (loss) before income tax provision 63 146 Provision (benefit) for income taxes 22 48 ------------ ----------- Net income (loss) $ 41 $ 98 ============= =========== Net income (loss) per common share-Basic $ 0.01 $ 0.02 ------------ ----------- Net income (loss) per common share-Diluted $ 0.01 $ 0.02 ------------ ----------- Weighted average common shares outstanding-Basic 3,745 4,919 ------------ ----------- Weighted average common shares outstanding-Diluted 3,754 4,928 ------------ ----------- Reconciliation to comprehensive income (loss): ---------------------------------------------- Net Income (loss) $ 41 $ 98 ------------ ----------- Other comprehensive loss, net of tax: Unrealized loss on available-for-sale securities (5) - Foreign currency translation adjustments 124 (43) ------------ ----------- Total comprehensive income (loss) $ 160 $ 55 ============ ===========
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