-----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, LXphlkfm/KzNiOurixy0LWU0igNfY40aJGVEpt7GKMqhvDfOeoio7J8DUxLPz1u8 kfUGCF4QemrTifrNTgCKlA== 0000894579-04-000157.txt : 20041028 0000894579-04-000157.hdr.sgml : 20041028 20041028171530 ACCESSION NUMBER: 0000894579-04-000157 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041028 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20041028 DATE AS OF CHANGE: 20041028 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: 041103438 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 ppi3054578k.txt FORM 8-K ================================================================================ 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): October 28, 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 -------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ Item 2.02 and Item 7.01. Results of Operations and Financial Condition and Regulation FD Disclosure On October 28, 2004, Programmer's Paradise, Inc. issued a press release announcing its financial results for the third quarter ended September 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 2.02, "Results of Operations and Financial Condition" and Item 7.01, "Regulation FD Disclosure." 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: October 28, 2004 By: /s/ Simon F. Nynens ---------------------------------- Simon F. Nynens Chief Financial Officer Index to Exhibits Exhibit No. Description - ----------- ----------- 99.1 Press Release dated October 28, 2004 announcing financial results for the third quarter ended September 30, 2004. EX-99.1 2 ppi305457pressrls.txt PRESS RELEASE 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 2004 THIRD QUARTER FINANCIAL RESULTS NET SALES INCREASE 46% EARNINGS PER SHARE OF $.16 SHREWSBURY, NJ, October 28, 2004 - Programmer's Paradise(R), Inc. (NASDAQ: PROG) today reported financial results for the third quarter ended September 30, 2004. The results will be discussed in a conference call to be held on Friday, October 29, 2004 at 10:00 AM Eastern time. The dial-in telephone number is (703) 639-1179 and the pass code is "PROG". Revenue for the quarter ended September 30, 2004 was $26.8 million compared with $18.4 million for the quarter ended September 30, 2003. Bill Willett, Chairman and Chief Executive Officer, stated, "This increase in sales during the third quarter of 46% over the same period in 2003 is primarily the result of improved account executive productivity, an expanded account executive team and a favorable IT spending environment. Earnings per share for the quarter were $ .16 compared with earnings per share of $ .09 for the same quarter in 2003. This 78% growth in earnings per share is primarily the result of our sales growth and continued focus on expense control. 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) September 30, December 31, 2004 2003 ---- ---- (Unaudited) (Audited) ASSETS Current assets Cash and cash equivalents $ 4,785 $ 5,878 Marketable Securities 7,022 5,033 Accounts receivable, net 11,354 7,634 Inventory - finished goods 1,487 1,119 Prepaid expenses and other current assets 572 333 ------------- ------------ Total current assets 25,220 19,997 Equipment and leasehold improvements, net 220 292 Other assets 453 200 ------------- ------------ Total assets $ 25,893 $ 20,489 ============= ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $ 13,711 $ 8,919 Dividend payable 421 375 ------------- ------------ Total current liabilities 14,132 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 32,874 34,099 Treasury stock, at cost, 1,449,715 shares and 1,533,970 shares, respectively (4,214) (4,490) Retained earnings (17,034) (18,545) Accumulated other comprehensive income (loss) 82 78 ------------- ------------ Total stockholders' equity 11,761 11,195 ------------- ------------ Total liabilities and stockholders' equity $ 25,893 $ 20,489 ============= ============
PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) (In thousands, except per share data) Nine months ended Three months ended September 30, September 30, ------------- ------------- 2004 2003 2004 2003 ---- ---- ---- ---- Net sales $ 72,560 $ 49,604 $ 26,788 $ 18,355 Cost of sales 63,677 43,199 23,574 16,061 ---------- ----------- ---------- ----------- Gross profit 8,883 6,405 3,214 2,294 Selling, general and administrative expenses 7,359 5,940 2,607 2,001 ---------- ----------- ---------- ----------- Income from operations 1,524 465 607 293 Interest income, net 87 93 34 43 Realized foreign exchange gain/(loss) 4 71 32 (9) ---------- ----------- ---------- ----------- Income before income tax provision 1,615 629 673 327 Provision (benefit) for income taxes 104 52 47 (6) ---------- ----------- ---------- ----------- Net income $ 1,511 $ 577 $ 626 $ 333 ========== =========== ========== =========== Net income per common share - Basic $ 0.40 $ 0.16 $ 0.16 $ 0.09 ========== =========== ========== =========== Net income per common share - Diluted $ 0.37 $ 0.15 $ 0.15 $ 0.09 ========== =========== ========== =========== Weighted average common shares outstanding-Basic 3,819 3,722 3,834 3,694 ========== =========== ========== =========== Weighted average common shares outstanding-Diluted 4,071 3,816 4,189 3,788 ========== =========== ========== =========== Reconciliation to comprehensive income: - -------------------------------------- Net Income $ 1,511 $ 577 $ 626 $ 333 ---------- ----------- ---------- ----------- Other comprehensive income(loss), net of tax: Unrealized gain (loss) on marketable securities (22) 16 14 2 Foreign currency translation adjustments 26 200 76 (10) ---------- ----------- ---------- ----------- Total comprehensive income $ 1,515 $ 793 $ 716 $ 325 ========== =========== ========== ===========
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