-----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, Mb2GKCgbTghMpEZiFRO0yLQ5gzWMgUOgKinBB2pEPUWfOU11DFCNrHUaM9LP7sLU tfzhLteb9xtuza3UrRU/ag== 0000894579-04-000098.txt : 20040802 0000894579-04-000098.hdr.sgml : 20040802 20040802172217 ACCESSION NUMBER: 0000894579-04-000098 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040729 ITEM INFORMATION: ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040802 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: 04945848 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-0802.txt PPI Q2 2004 ================================================================================ 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): July 29, 2004 ------------- 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 9 and Item 12. Regulation FD Disclosure and Results of Operations and Financial Condition On July 29, 2004, Programmer's Paradise, Inc. issued a press release announcing its financial results for the second quarter ended June 30, 2004. The information contained in the press release, which is attached as Exhibit 99.1 to this report, is incorporated by reference herein and is furnished pursuant to Item 9, "Regulation FD Disclosure" and Item 12, "Results of Operations and Financial Condition." 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: August 2, 2004 By: /s/ Simon F. Nynens ------------------------ Simon F. Nynens Chief Financial Officer Index to Exhibits Exhibit No. Description - ----------- ----------- 99.1 Press Release dated July 29, 2004 announcing financial results for the second quarter ended June 30, 2004. EX-99.1 2 ppi305457-0802.txt PPI PRESS RELEASE Exhibit 99.1 ------------ Company Contact: Bill Willett Programmer's Paradise, Inc. Chairman and Chief Executive Officer (732)-389-8950 bill.willett@programmers.com PROGRAMMER'S PARADISE, INC. REPORTS 2004 SECOND QUARTER FINANCIAL RESULTS NET SALES INCREASE 56% EARNINGS PER SHARE OF $.14 SHREWSBURY, NJ, July 29, 2004 - Programmer's Paradise, Inc. (NASDAQ: PROG) today reported financial results for the second quarter ended June 30, 2004. The results will be discussed in a conference call to be held on Friday, July 30, 2004 at 10:00 AM Eastern time. The dial-in telephone number is (866) 804-3550 and the pass code is "PROG". Revenue for the quarter ended June 30, 2004 was $25.1 million compared with $16.1 million for the quarter ended June 30, 2003. Bill Willett, Chairman and Chief Executive Officer, stated, "This increase in the second quarter of 56% over the same period in 2003 is the result of improved account executive productivity driven by a favorable IT spending environment and our continued focus on excellence in customer service". Earnings per share for the quarter were $.14 compared with earnings per share of $.05 for the same quarter of 2003. 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 - PART I - FINANCIAL INFORMATION PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
June 30, December 31, 2004 2003 ---- ---- (Unaudited) (Audited) ASSETS Current assets Cash and cash equivalents $ 3,169 $ 5,878 Marketable Securities 7,508 5,033 Accounts receivable, net 10,379 7,783 Inventory - finished goods 1,507 1,119 Prepaid expenses and other current assets 544 333 ------------- --------------- Total current assets 23,107 20,146 Equipment and leasehold improvements, net 252 292 Other assets 51 51 ------------- --------------- Total assets $ 23,410 $ 20,489 ============= =============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $ 11,538 $ 8,919 Dividend payable 421 375 ----------- --------------- Total current liabilities 11,959 9,294 Commitments and contingencies Stockholders' equity Common stock, $.01 par value; authorized, 10,000,000 shares; issued 5,284,500 shares 53 53 Additional paid-in capital 33,296 34,099 Treasury stock, at cost, 1,453,715 shares and 1,533,970 shares, respectively (4,230) (4,490) Retained earnings (17,660) (18,545) Accumulated other comprehensive income (loss) (8) 78 -------------- --------------- Total stockholders' equity 11,451 11,195 -------------- --------------- Total liabilities and stockholders' equity $ 23,410 $ 20,489 ============== ===============
PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) (In thousands, except per share data)
Six months ended Three months ended June 30, June 30, -------- -------- 2004 2003 2004 2003 ---- ---- ---- ---- Net sales $ 45,772 $ 31,249 $ 25,093 $ 16,051 Cost of sales 40,103 27,138 22,025 13,928 ------------ ----------- ------------ ----------- Gross profit 5,669 4,111 3,068 2,123 Selling, general and administrative expenses 4,753 3,939 2,531 1,961 ------------ ----------- ------------ ----------- Income from operations 916 172 537 162 Interest income, net 54 50 15 19 Realized foreign exchange gain/(loss) (27) 80 (6) 58 ------------ ----------- ------------ ----------- Income before income tax provision 943 302 546 239 Provision for income taxes 58 58 23 36 ------------ ----------- ------------ ----------- Net income $ 885 $ 244 $ 523 $ 203 =========== =========== =========== =========== Net income per common share - Basic $ 0.23 $ 0.07 $ 0.14 $ 0.05 =========== =========== =========== =========== Net income per common share - Diluted $ 0.22 $ 0.06 $ 0.13 $ 0.05 =========== =========== =========== =========== Weighted average common shares outstanding- 3,812 3,736 3,827 3,727 =========== =========== =========== =========== Basic Weighted average common shares outstanding- 4,103 3,802 4,118 3,792 =========== =========== =========== =========== Diluted Reconciliation to comprehensive income: Net Income $ 885 $ 244 $ 523 $ 203 ------------ ----------- ------------ ----------- Other comprehensive income(loss), net of tax: Unrealized gain (loss) on marketable securities (36) 14 (46) 19 Foreign currency translation adjustments (50) 210 (12) 86 ------------ ----------- ------------ ----------- Total comprehensive income $ 799 $ 468 $ 465 $ 308 ============ =========== ============ ===========
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