0001558370-16-008828.txt : 20161027 0001558370-16-008828.hdr.sgml : 20161027 20161027171110 ACCESSION NUMBER: 0001558370-16-008828 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20161027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20161027 DATE AS OF CHANGE: 20161027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Wayside Technology Group, 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: 161956278 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 FORMER COMPANY: FORMER CONFORMED NAME: PROGRAMMERS PARADISE INC DATE OF NAME CHANGE: 19950531 8-K 1 wstg-20161027x8k.htm 8-K wstg_Current_Folio_8K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 27, 2016

 


 

WAYSIDE TECHNOLOGY GROUP, INC.

(Exact name of registrant as specified in its charter)

 


 

 

 

 

 

Delaware

 

000-26408

 

13-3136104

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

 

 

 

 

4 Industrial Way West, Suite 300,

Eatontown New Jersey

 

 

07724

(Address of principal executive offices)

 

(Zip Code)

 

732-389-8950

(Registrant’s telephone number, including area code)

 

Not applicable

(Former name or former address, if changed since last report)

 


 

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 (see General Instruction A.2 below):

 

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 October 27, 2016, Wayside Technology Group, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2016.  A copy of this press release is furnished as Exhibit 99.1 to this report.

 

In accordance with General Instruction B.2. of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

99.1 Press Release dated October 27, 2016.

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.

 

 

 

 

 

WAYSIDE TECHNOLOGY GROUP, INC.

 

 

Date: October 27, 2016

By:

/s/ Simon F. Nynens

 

Name:

Simon F. Nynens

 

Title:

Chairman of The Board, President and
Chief Executive Officer

 

 

2


EX-99.1 2 wstg-20161027ex991bfd5b9.htm EX-99.1 wstg_Ex99_1

Exhibit 99.1

 

Picture 1

 

Wayside Technology Group, Inc. Reports 2016 Third Quarter Results

and Declares Quarterly Dividend

 

 

 

 

 

 

Q3 2016:

Revenue:

 

$99.6 million

Income from operations:

 

$2.0 million

Net income:

 

$1.4 million

Diluted earnings per share:

 

$0.31 per share

 

Dividend declared - $0.17 per share

 

EATONTOWN, NJ, October 27, 2016 – Wayside Technology Group, Inc. (NASDAQ: WSTG) today announced financial results for the third quarter ended September 30, 2016.  The results will be discussed in a conference call to be held on Friday, October 28, 2016 at 10:00 a.m. EDT.  The dial-in telephone number is (866)814-8482 and the pass code is “WSTG.”  This conference call will be webcast by NASDAQ OMX and can be accessed at Wayside Technology’s website at www.waysidetechnology.com/earnings-call.

 

“We are pleased to report solid quarterly results as compared to a strong Q3 2015.” said Simon F. Nynens, Chairman and Chief Executive Officer. “We see opportunities for growth in the remainder of this year. We bought back a total of approximately 86,000 shares in the third quarter of 2016 and we still have approximately 278,000 shares of Common Stock available for future repurchase.  We will continue to buy back shares according to our 10-b5 Stock Repurchase Plan.”

 

Net sales for the third quarter ended September 30, 2016 increased 2% or $1.9 million to $99.6 million compared to $97.7 million for the same period in 2015. Total sales for the third quarter of 2016 for our Lifeboat Distribution segment were $91.1 million compared to $86.1 million in the third quarter of 2015, representing an increase of $5.0 million or 6%. Total sales for the third quarter of 2016 for our TechXtend segment were $8.5 million compared to $11.6 million in the third quarter of 2015, representing a decrease of $3.1 million or 27%.

 

The 6% increase in net sales for the Lifeboat Distribution segment resulted mainly from the addition of several key product lines and our ongoing strategy of strengthening our account penetration. This was partially offset by lower sales to certain resellers, resulting from changes in product mix upon annual contract renewals. The 27% decrease in net sales in the TechXtend segment was primarily due variability in larger software sales transactions, including extended payment terms sales, when compared to the third quarter of the prior year.

 

Cash and long term receivables amounted to $27.8 million, representing 73% of equity as of September 30, 2016. Working capital amounted to $28.8 million, representing 76% of equity as of September 30, 2016.

 

Gross Profit for the third quarter ended September 30, 2016 was $6.4 million, a 7% decrease compared to $6.9 million for the third quarter of 2015. Gross profit for our Lifeboat segment in the third quarter of 2016 was $5.4 million compared to $5.5 million for the third quarter of 2015, representing a 1% decrease.  Gross profit for our TechXtend segment in the third quarter of 2016 was $0.9 million compared to $1.4 million for the third quarter of 2015, representing a 33% decrease.

 

Gross profit margin (gross profit as a percentage of net sales) for the third quarter ended September 30, 2016 was 6.4% compared to 7.0% for the third quarter of 2015. Gross profit margin for our Lifeboat Distribution segment for the third quarter of 2016 was 6.0% compared to 6.4% for the third quarter of 2015. The decrease in gross profit margin for the Lifeboat Distribution segment was largely the result of a program change by one of our main vendors, which caused


 

gross margins to decline by 1.8% for that line. Gross profit margin for our TechXtend segment for the third quarter of 2016 was 11.0% compared to 12.0% for the third quarter of 2015. The decrease in gross profit margin for the TechXtend segment was primarily caused by variability in gross profit margins on larger sales transactions, when compared to those in the same quarter last year.

 

Total selling, general, and administrative (“SG&A”) expenses for the third quarter of 2016 were $4.4 million compared to $4.6 million for the third quarter of 2015, representing a decrease of $0.3 million or 6%.  This decrease was primarily the result of lower bonus expense, partially offset by increased stock compensation and occupancy costs in 2016, compared to 2015. As a percentage of net sales, SG&A expenses for the third quarter of 2016 were 4.4% compared to 4.7% for the third quarter of 2015.

 

For the three months ended September 30, 2016, the Company recorded a provision for income taxes of $704,000 or 33.8% of income, compared to $805,000 or 34.1% of income for the same period in 2015.

 

Net income and diluted earnings per share for the third quarter of 2016 were $1.4 million and $0.31, respectively, compared to $1.6 million and $0.33, respectively, for the third quarter of 2015. 

 

On October 25, 2016, the Board of Directors declared a quarterly dividend of $.17 per share of common stock payable November 18, 2016 to shareholders of record on November 8, 2016.

 

About Wayside Technology Group, Inc.

 

Wayside Technology Group, Inc. (NASDAQ: WSTG) was founded in 1982 and is a unified and integrated technology company providing products and solutions for corporate resellers, VARs, and developers as well as business, government and educational entities. The company offers technology products from software publishers and manufacturers including Bluebeam Software, CA Technologies, Dell/Dell Software, ExaGrid Systems, Flexera Software, Hewlett Packard, Infragistics, Intel Software, Lenovo, Micro Focus, Microsoft, Mindjet, Samsung, SmartBear Software, SolarWinds, Sophos, StorageCraft Technology, Super Micro Computer, Inc., TechSmith, Unitrends, Veeam Software and VMware.

 

Additional information can be found by visiting www.waysidetechnology.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 could cause actual results to differ materially from those indicated by such forward-looking statements, and include, without limitation, the continued acceptance of the Company’s distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, contribution of key vendor relationships and support programs, as well as factors that affect the software industry in general and other factors. 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. Except as otherwise required by law, the Company undertakes no obligation to update or revise these forward-looking statements.

 

 

–Tables Follow –

 

 

 

 

Investor Relations Contact:

Michael Vesey, Vice President and Chief Financial Officer

Wayside Technology Group, Inc.

(732) 389-0932

Michael.Vesey.@waysidetechnology.com

 


 

WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

    

September 30,

    

December 31,

 

 

 

2016

 

2015

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

20,958

 

$

23,823

 

Accounts receivable, net

 

 

62,160

 

 

58,965

 

Inventory, net

 

 

1,903

 

 

1,954

 

Prepaid expenses and other current assets

 

 

1,197

 

 

989

 

Deferred income taxes

 

 

253

 

 

260

 

Total current assets

 

 

86,471

 

 

85,991

 

 

 

 

 

 

 

 

 

Equipment and leasehold improvements, net

 

 

1,793

 

 

362

 

Accounts receivable long-term

 

 

6,797

 

 

7,386

 

Other assets

 

 

125

 

 

82

 

Deferred income taxes

 

 

236

 

 

261

 

 

 

 

 

 

 

 

 

Total assets

 

$

95,422

 

$

94,082

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

57,643

 

$

55,423

 

Total current liabilities

 

 

57,643

 

 

55,423

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

Common stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares issued, and 4,658,320 and 4,700,812 shares, Respectively

 

 

53

 

 

53

 

Additional paid-in capital

 

 

32,666

 

 

32,540

 

Treasury stock, at cost, 626,180 and 583,688 shares, respectively

 

 

(12,751)

 

 

(10,296)

 

Retained earnings

 

 

19,322

 

 

17,813

 

Accumulated other comprehensive loss

 

 

(1,511)

 

 

(1,451)

 

Total stockholders’ equity

 

 

37,779

 

 

38,659

 

Total liabilities and stockholders’ equity

 

$

95,422

 

$

94,082

 

 


 

WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

( Amounts in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

Three months ended

 

 

 

September 30,

 

September 30,

 

 

 

2016

    

2015

    

2016

    

2015

 

 

 

(Unaudited )

 

(Unaudited )

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Lifeboat segment

 

$

267,113

 

$

250,287

 

$

91,114

 

$

86,082

 

TechXtend segment

 

 

31,054

 

 

32,027

 

 

8,472

 

 

11,571

 

Total Revenue

 

 

298,167

 

 

282,314

 

 

99,586

 

 

97,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Lifeboat segment

 

 

250,974

 

 

234,450

 

 

85,674

 

 

80,589

 

TechXtend segment

 

 

27,868

 

 

28,202

 

 

7,540

 

 

10,184

 

Total Cost of sales

 

 

278,842

 

 

262,652

 

 

93,214

 

 

90,773

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit

 

 

19,325

 

 

19,662

 

 

6,372

 

 

6,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling costs

 

 

6,995

 

 

7,484

 

 

2,336

 

 

2,572

 

Share- based compensation

 

 

1,168

 

 

797

 

 

329

 

 

263

 

Other general and administrative expenses

 

 

5,407

 

 

5,252

 

 

1,686

 

 

1,783

 

Total Selling, general and administrative expenses

 

 

13,570

 

 

13,533

 

 

4,351

 

 

4,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

5,755

 

 

6,129

 

 

2,021

 

 

2,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net

 

 

183

 

 

297

 

 

58

 

 

100

 

Foreign currency translation

 

 

(1)

 

 

(9)

 

 

3

 

 

(4)

 

Income before provision for income taxes

 

 

5,937

 

 

6,417

 

 

2,082

 

 

2,358

 

Provision for income taxes

 

 

2,008

 

 

2,199

 

 

704

 

 

805

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

3,929

 

$

4,218

 

$

1,378

 

$

1,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per common share - Basic

 

$

0.87

 

$

0.91

 

$

0.31

 

$

0.34

 

Income per common share - Diluted

 

$

0.86

 

$

0.90

 

$

0.31

 

$

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - Basic

 

 

4,537

 

 

4,652

 

 

4,507

 

 

4,624

 

Weighted average common shares outstanding - Diluted

 

 

4,548

 

 

4,673

 

 

4,518

 

 

4,643

 

 


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