-----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, DLgYCNg/WM/B+pDxPlxtFOSa1BL4Ramfjfc7/3rcIliuonlFgtfsqKpAfYpQJtk3 Qy6uA/i1Dy82um5udMVzLQ== 0000894579-06-000206.txt : 20060509 0000894579-06-000206.hdr.sgml : 20060509 20060509171904 ACCESSION NUMBER: 0000894579-06-000206 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060503 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060509 DATE AS OF CHANGE: 20060509 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: 06822303 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.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 3, 2006 ----------- 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. Results of Operations and Financial Condition On May 3, 2006, Programmer's Paradise, Inc. issued a press release announcing its financial results for the first quarter ended March 31, 2006. 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." Item 9.01. Financial Statements and Exhibits. (d) Exhibits. 99.1 Press Release dated May 3, 2006, furnished pursuant to Item 2.02. 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 9, 2006 By: /s/ Simon F. Nynens -------------------------------------- Simon F. Nynens President and Chief Executive Officer Index to Exhibits ----------------- Exhibit No. Description - ----------- ----------- 99.1 Press Release dated May 3, 2006, furnished pursuant to Item 2.02. EX-99 2 ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Company Contact: Simon Nynens Programmer's Paradise(R), Inc. President and Chief Executive Officer (732)-389-8950 simon.nynens@programmers.com PROGRAMMER'S PARADISE, INC. REPORTS FIRST QUARTER RESULTS; SALES INCREASE 17%, INCOME FROM OPERATIONS INCREASES 98% SHREWSBURY, NJ, May 3, 2006 - Programmer's Paradise, Inc. (NASDAQ: PROG) - Sales: $35.4 million, up 17% year-over-year - Gross profit: $3.8 million, up 12% year-over-year - Income from operations: $0.9 million, up 98% year-over-year - Net income: $0.6 million, up 97% year-over-year - Diluted earnings per share: $0.13, up 86% year-over-year The results will be discussed in a conference call to be held on Thursday, May 4, 2006 at 10:00 AM Eastern time. The dial-in telephone number is (866)-793-1306 and the pass code is PROG. "We are very pleased with our overall performance. Our Lifeboat division continued to take market share. The sales growth combined with our focus on cost control resulted in an increase of 98% in income from operations versus the year ago quarter" said Simon F. Nynens, President and Chief Executive Officer. Net sales for the quarter ending March 31, 2006 were $35.4 million compared with $30.2 million in the first quarter of 2005, a 17% increase. Total sales for our Programmer's Paradise division were $12.3 million compared to $14.0 million in the first quarter of 2005, representing a 12% decrease. Total sales for our Lifeboat division were $23.1 million compared to $16.1 million in the first quarter of 2005, representing a 43% increase. Gross Profit for the quarter ending March 31, 2006 was $3.8 million compared with $3.4 million in the first quarter of 2005, a 12% increase. Total gross profit for our Programmer's Paradise division was $1.8 million compared to $2.0 million in the first quarter of 2005, representing a 6% decrease. Total gross profit for our Lifeboat division was $2.0 million compared to $1.5 million in the first quarter of 2005, representing a 36% increase. Gross profit margin, as a percentage of net sales, for the quarter ending March 31, 2006 was 10.9% compared to 11.4% in the first quarter of 2005. Gross profit margin for our Programmer's Paradise division was 15.0% compared to 14.0% in the first quarter of 2005. Gross profit margin for our Lifeboat division was 8.7% compared to 9.1% in the first quarter of 2005. Total selling, general, and administrative ("SG&A") expenses were stable at $3.0 million compared to $3.0 million in the first quarter of 2005. As a percentage of net sales, SG&A expenses were 8.4% compared to 9.9% in the first quarter of 2005. First quarter income from operations in 2006 was $877,000 compared to $444,000 in the first quarter of 2005, representing a 98% increase. First quarter net income in 2006 was $591,000 compared to $300,000 in the first quarter of 2005. Diluted earnings per share were $.13 versus $.07 in the first quarter of 2005, representing a 86% increase. Programmer's Paradise, Inc. (NASDAQ: PROG) was founded in 1982 and is an award-winning marketer and distributor of technical software and hardware. When it comes to software, Programmer's Paradise has it all. 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 Simon Nynens, CEO of Programmer's Paradise, Inc. at (732) 389-8950 or simon.nynens@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, except share and per share amounts) March 31, 2006 December 31, ---- 2005 (Unaudited) ---- ASSETS Current assets Cash and cash equivalents $ 6,960 $ 7,369 Marketable securities 8,021 7,884 Accounts receivable, net 18,557 21,185 Inventory - finished goods 1,474 1,956 Prepaid expenses and other current assets 628 688 Deferred income taxes, current 1,477 1,783 ------------- ------------- Total current assets 37,117 40,865 Equipment and leasehold improvements, net 540 434 Other assets 659 453 Deferred income taxes, net of current 2,917 2,516 ------------- ------------- Total assets $ 41,233 $ 44,268 ============= =============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expenses $ 21,710 $ 25,751 Dividend payable 539 519 ----------- --------------- Total current liabilities 22,249 26,270 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 30,892 30,948 Treasury stock, at cost, 1,141,238 shares and 1,289,665 shares, respectively (3,187) (3,620) Accumulated deficit (8,979) (9,570) Accumulated other comprehensive income 205 187 ------------- --------------- Total stockholders' equity 18,984 17,998 ------------- --------------- Total liabilities and stockholders' equity $ 41,233 $ 44,268 ============= ===============
PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (In thousands, except per share data) Three months ended March 31, 2006 2005 ---- ---- Net sales $ 35,362 $ 30,169 Cost of sales 31,518 26,740 ----------- ----------- Gross profit 3,844 3,429 Selling, general and administrative expenses 2,967 2,985 ----------- ----------- Income from operations 877 444 Interest income, net 113 67 Realized foreign currency exchange gain (loss) 1 (11) ----------- ----------- Income before income tax provision 991 500 Provision for income taxes 400 200 ----------- ----------- Net income $ 591 $ 300 =========== =========== Net income per common share - Basic $ 0.14 $ 0.08 =========== =========== Net income per common share - Diluted $ 0.13 $ 0.07 =========== =========== Weighted average common shares outstanding - Basic 4,101 3,922 =========== =========== Weighted average common shares outstanding - Diluted 4,454 4,445 =========== =========== Reconciliation to comprehensive income: Net income $ 591 $ 300 Other comprehensive income(loss), net of tax: Unrealized gain on marketable securities 7 - Foreign currency translation adjustments 11 (10) ---------- ---------- Total comprehensive income $ 609 $ 290 =========== ===========
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