-----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, BAnXGfempsbNE6LSpO1nG3Bjk2y+4k/rW4Vkj60yRCDTAq3sYY/10WnFWntuSTXt skx5AWWwWTCybhSbcTHz8w== 0000894579-05-000122.txt : 20050429 0000894579-05-000122.hdr.sgml : 20050429 20050429155400 ACCESSION NUMBER: 0000894579-05-000122 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050429 DATE AS OF CHANGE: 20050429 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: 05785791 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 form8k.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): April 28, 2005 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 April 28, 2005, Programmer's Paradise, Inc. issued a press release announcing its financial results for the first quarter ended March 31, 2005. 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." ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (C) EXHIBITS. 99.1 Press Release dated April 28, 2005, furnished pursuant to Item 2.02 and Item 7.01 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: April 29, 2005 By: /s/ Simon F. Nynens --------------------------- Simon F. Nynens Chief Financial Officer Index to Exhibits Exhibit No. Description - ----------- --------------------------------------------------------- 99.1 Press Release dated April 28, 2005, furnished pursuant to Item 2.02 and Item 7.01 EX-99 2 exh99-1.txt EXHIBIT 99-1 FINANCIAL RESULTS 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, INC. REPORTS 2005 FIRST QUARTER FINANCIAL RESULTS FIRST QUARTER SALES INCREASE 46% SHREWSBURY, NJ, APRIL 28, 2005 - Programmer's Paradise, Inc. (NASDAQ: PROG) today reported financial results for the first quarter ended March 31, 2005. The results will be discussed in a conference call to be held on Friday, April 29, 2005 at 10:00 AM Eastern time. The dial-in telephone number is (888) 311-9053 and the pass code is 548758. Net sales for the quarter ending March 31, 2005 were $30.2 million compared with $20.7 million in the first quarter of 2004, a 46% increase. "This solid performance is a result of the ongoing expansion of our account executive team and increased productivity," said William H. Willett, Chairman and Chief Executive Officer. "We plan to further invest in our sales team in an effort to continue to grow our market share." First quarter income from operations in 2005 was $444,000, an increase of 17% as compared to the first quarter of 2004. At the start of the second quarter of 2005, we launched a satellite sales center in Long Island, New York. Our expectation is that this new office will have a positive impact on our growth. Programmer's Paradise, Inc. (NASDAQ: PROG) was founded in 1982 and is an award-winning marketer of technical software and hardware. When it comes to software, Programmer's Paradise has it all. Programmer's Paradise is one of the most recognizable and memorable brands in developer marketing. Our experienced account executives are key in our strategy. We offer our customers customized extranets, consultancy services, and flexible financing, as well as same day shipping. 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. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in our filings with the Securities and Exchange Commission. - Tables Follow - PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
March 31, December 31, 2005 2004 ------------ ------------ (Unaudited) ASSETS Current assets Cash and cash equivalents $ 5,107 $ 4,888 Marketable Securities 6,820 6,595 Accounts receivable, net 14,196 14,173 Inventory - finished goods 1,283 1,423 Prepaid expenses and other current assets 590 673 Deferred income taxes, current 1,365 1,423 ------------ ------------ Total current assets 29,361 29,175 Equipment and leasehold improvements, net 497 303 Other assets 639 581 Deferred income taxes, net of current 2,913 2,855 ------------ ------------ Total assets $ 33,410 $ 32,914 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $ 16,021 $ 15,994 Dividend payable 474 425 ------------ ------------ Total current liabilities 16,495 16,419 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 32,426 32,642 Treasury stock, at cost, 1,331,465 shares and 1,418,090 shares, respectively (3,784) (4,130) Accumulated deficit (11,923) (12,223) Accumulated other comprehensive income 143 153 ------------ ------------ Total stockholders' equity 16,915 16,495 ------------ ------------ Total liabilities and stockholders' equity $ 33,410 $ 32,914 ============ ============
PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) (In thousands, except per share data)
March 31, ---------------------------- 2005 2004 ------------ ------------ Net sales $ 30,169 $ 20,679 Cost of sales 26,740 18,078 ------------ ------------ Gross profit 3,429 2,601 Selling, general and administrative expenses 2,985 2,222 ------------ ------------ Income from operations 444 379 Interest income, net 67 39 Realized foreign exchange loss (11) (21) ------------ ------------ Income before income tax provision 500 397 Provision for income taxes 200 35 ------------ ------------ Net income $ 300 $ 362 ============ ============ Net income per common share - Basic $ 0.08 $ 0.10 ============ ============ Net income per common share - Diluted $ 0.07 $ 0.09 ============ ============ Weighted average common shares outstanding-Basic 3,922 3,797 ============ ============ Weighted average common shares outstanding-Diluted 4,445 4,084 ============ ============ Reconciliation to comprehensive income: Net Income $ 300 $ 362 ------------ ------------ Other comprehensive income(loss), net of tax: Unrealized gain (loss) on marketable securities - 10 Foreign currency translation adjustments (10) (38) ------------ ------------ Total comprehensive income $ 290 $ 334 ============ ============
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