[April 30, 2015] |
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PC Connection, Inc. Reports First Quarter 2015 Results
PC Connection, Inc. (NASDAQ: PCCC), a national provider of a full
range of information technology (IT) solutions to business, government,
healthcare, and education markets, today announced results for the
quarter ended March 31, 2015. Net sales for the first quarter of 2015
increased by 3.8% to $581.3 million, compared to $559.8 million for the
prior year quarter. Net income for the quarter ended March 31, 2015
increased by 20.4% to $8.6 million, or $0.32 per diluted share, compared
to net income of $7.1 million, or $0.27 per diluted share for the prior
year quarter.
Earnings before interest, taxes, depreciation and amortization, adjusted
for stock-based compensation expense ("Adjusted EBITDA") totaled $83.1
million for the twelve months ended March 31, 2015, compared to $69.5
million for the year ended March 31, 2014.
Quarterly Sales by Segment:
-
Net sales for the SMB segment decreased by 1.4% to $249.9 million in
the first quarter of 2015, compared to the prior year quarter. The
decrease was due to a double-digit percentage decrease in desktops.
Sales of notebooks, the largest SMB category, increased by 3.2%
compared to the prior year quarter.
-
Net sales for the Large Account segment increased by 4.2% to $209.5
million in the first quarter of 2015, compared to the prior year
quarter. Servers and software had strong growth during this quarter at
83.5% and 25.8%, respectively. Commercial sales, which consists of SMB
and Large Account sales, increased by 1.1% from the prior year quarter.
-
Net sales to the Public Sector segment increased by 15.7% to $121.9
million in the first quarter of 2015, compared to the prior year
quarter. Sales to state and local government and educational
institutions increased by 3.9%, compared to the prior year quarter,
while sales to the federal government increased by 47.6%. Servers and
notebook/tablet sales were strong in this segment with an increase of
455.5% and 32.7%, respectively.
Quarterly Sales by Product Mix:
-
Notebook/tablet sales, the Company's largest product category,
increased by 4% year over year and accounted for 22% of net sales in
the first quarter of 2015 and 2014. Public Sector experienced strong
year-over-year growth in notebook/tablet sales.
-
Software sales increased by 7% year over year and accounted for 16% of
net sales in the first quarter of 2015 compared to 15% of net sales in
the prior year quarter. We experienced strong growth in security and
cloud-based offerings.
-
Server product sales increased by 84% year over year and accounted for
7% of net sales in the first quarter of 2015 compared to 4% of net
sales in the prior year quarter. We experienced significant sales
growth in both our Public Sector and Large Account segments in this
product category.
-
Storage sales increased by 26% year over year and accounted for 6% of
net sales in the first quarter of 2015 compared to 5% of net sales in
the prior year quarter. We experienced significant sales growth in
both our Large Account and SMB segments in this product category.
Overall gross profit dollars increased by $4.8 million, or 6.5%, in the
first quarter of 2015, compared to the prior year quarter. Consolidated
gross margin, as a percentage of net sales, increased to 13.3% in the
first quarter of 2015, compared to 13.0% in the prior year quarter as a
result of increased demand in advanced technologies that generate
relatively higher margins.
Total selling, general and administrative dollars increased in the first
quarter of 2015 to $63.4 million from $61.1 million in the prior year
quarter, but remained unchanged as a percentage of net sales at 10.9%
due to leveraging our fixed costs over higher net sales. Variable SG&A
increased year over year due to the higher levels of sales and gross
profit achieved in the first quarter of 2015. We continue to invest in
technical solution sales capabilities and expect SG&A expenses to rise
accordingly. However, we are highly focused on improving efficiencies
and streamlining wherever possible.
The Company generated significant cash flow during the quarter ended
March 31, 2015. Total cash was $79.9 million at March 31, 2015, compared
to $60.9 million at December 31, 2014. Days sales outstanding were 41
days at March 31, 2015, and inventory turns were 25 turns in the first
quarter of 2015.
"We are pleased with our performance this quarter," said Timothy
McGrath, President and Chief Executive Officer. "An increase in demand
for higher-margin data center products was a key contributor to our 20%
growth in net income. In addition, good working capital management
created positive cash flow of $19 million in the quarter. We believe our
team and the strategies we have in place position us well to gain market
share and increase long-term shareholder value."
Non-GAAP Financial Information
Adjusted EBITDA is a non-GAAP financial measure. This information is
included to provide information with respect to the Company's operating
performance and earnings.
About PC Connection, Inc.
PC Connection, Inc., a Fortune 1000 company, has three wholly owned
sales subsidiaries: PC Connection Sales Corporation, MoreDirect, Inc.,
and GovConnection, Inc., headquartered in Merrimack, NH; Boca Raton, FL;
and Rockville, MD; respectively. All three companies can deliver
custom-configured computer systems overnight from our ISO 9001:2008
certified technical configuration lab at our distribution center in
Wilmington, OH. Investors and media can find more information about
PC Connection, Inc. at http://ir.pcconnection.com.
PC Connection Sales Corporation (800-800-5555), the original business of
PC Connection, Inc. serving primarily the small- and medium-sized
business sector, is a rapid-response provider of IT products and
services. It offers more than 300,000 brand-name products through its
staff of technically trained sales account managers, catalogs,
publications, and its website at www.pcconnection.com.
This company also serves consumer and small office users and is, under
its MacConnection brand (800-800-2222), one of Apple's largest
authorized online resellers at www.macconnection.com.
MoreDirect, Inc. (561-237-3300), www.moredirect.com,
provides corporate technology buyers with best-in-class IT solutions,
in-depth IT supply-chain expertise, and access to over 300,000 products
and 1,600 vendors through TRAXX™, our proprietary cloud-based
eProcurement system. Backed by over 500 technical certifications,
MoreDirect's team of engineers, software licensing specialists, and
project managers help reduce the cost and complexity of buying hardware,
software, and services throughout the entire IT lifecycle.
GovConnection, Inc. (800-800-0019) is a rapid-response provider of IT
products and services to federal, state, and local government agencies
and educational institutions through specialized account managers,
catalogs, publications, and online at www.govconnection.com.
pccc-g
# # #
"Safe Harbor" Statement Under the Private Securities Litigation Reform
Act of 1995: This release contains forward-looking statements that are
subject to risks and uncertainties, including, but not limited to, the
impact of changes in market demand and the overall level of economic
activity and environment, or in the level of business investment in
information technology products, competitive products and pricing,
product availability and market acceptance, new products, fluctuations
in operating results, and the ability of the Company to manage costs in
response to fluctuations in revenue, and other risks that could cause
actual results to differ materially from expectations, including those
detailed under the caption "Risk Factors" in the Company's Annual Report
on Form 10-K filed with the Securities and Exchange Commission for the
year ended December 31, 2014. More specifically, the statements in this
release concerning the Company's outlook for selling, general, and
administrative expenses, the Company's efforts in improving efficiencies
and streamlining its business and other statements of a non-historical
basis (including statements regarding the Company's ability to increase
market share and enhance long-term shareholder value and the Company's
continuing investments in technical solution sales capabilities) are
forward-looking statements that involve certain risks and uncertainties.
Such risks and uncertainties include the ability to realize market
demand for and competitive pricing pressures on the products and
services marketed by the Company, the continued acceptance of the
Company's distribution channel by vendors and customers, continuation of
key vendor and customer relationships and support programs, the ability
of the Company to gain or maintain market share, and the ability of the
Company to hire and retain qualified sales representatives and other
essential personnel. The Company disclaims any obligation to update the
information in this press release or revise any forward-looking
statements, whether as a result of any new information, future events,
or otherwise.
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CONSOLIDATED SELECTED FINANCIAL INFORMATION
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At or for the Three Months Ended March 31,
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2015
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2014
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% of
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% of
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%
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(Amounts and shares in thousands, except operating data, P/E
ratio, and per share data)
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Net Sales
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Net Sales
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Change
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Operating Data:
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Net sales
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$
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581,259
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$
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559,760
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4
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%
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Diluted earnings per share
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$
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0.32
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$
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0.27
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19
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%
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Gross margin
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13.3
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%
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13.0
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%
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Operating margin
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2.4
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%
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2.1
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%
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Return on equity (1)
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12.6
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%
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11.6
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%
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Inventory turns
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25
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27
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Days sales outstanding
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41
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39
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Product Mix:
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Notebooks/Tablets
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$
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126,948
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22
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%
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$
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121,947
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22
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%
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4
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%
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Software
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91,662
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16
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85,908
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15
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7
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%
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Desktops
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60,481
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10
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70,857
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12
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(15
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%)
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Net/Com Products
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51,563
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9
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54,064
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10
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(5
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%)
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Video, Imaging & Sound
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49,955
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8
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48,749
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9
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2
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%
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Printer & Printer Supplies
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39,825
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7
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37,045
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7
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8
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%
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Servers
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39,649
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7
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21,539
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4
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84
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%
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Storage
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36,059
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6
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28,653
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5
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26
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%
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Memory & System Enhancements
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15,745
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3
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16,557
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3
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(5
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%)
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Accessories/Services/Other
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69,372
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12
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74,441
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13
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(7
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%)
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Total Net Sales
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$
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581,259
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100
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%
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$
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559,760
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100
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%
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4
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%
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Stock Performance Indicators:
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Actual shares outstanding
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26,351
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26,206
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Total book value per share
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$
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13.77
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$
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12.48
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Tangible book value per share
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$
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|
11.76
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$
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10.43
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Closing price
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$
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|
26.09
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$
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|
20.32
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Market capitalization
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$
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687,498
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$
|
|
532,506
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Trailing price/earnings ratio
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15.7
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|
|
|
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|
14.6
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|
|
|
|
|
|
|
|
|
LTM Adjusted EBITDA (2)
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|
|
|
$
|
|
83,101
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|
|
|
|
|
|
|
|
|
$
|
|
69,525
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|
|
|
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Adjusted market capitalization/LTM Adjusted EBITDA (3)
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|
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7.3
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|
|
|
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6.7
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(1) Based on last twelve months' net income.
|
(2) Adjusted EBITDA is defined as EBITDA (earnings before interest,
taxes, depreciation and amortization) adjusted for stock-based
compensation.
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(3) Adjusted market capitalization is defined as gross market
capitalization less cash balance.
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REVENUE AND MARGIN INFORMATION
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|
For the Three Months Ended March 31,
|
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|
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2015
|
|
|
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2014
|
|
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|
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|
|
Net
|
|
|
|
Gross
|
|
|
|
|
Net
|
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|
|
Gross
|
|
|
|
|
(amounts in thousands)
|
|
|
|
Sales
|
|
|
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Margin
|
|
|
|
|
Sales
|
|
|
|
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SMB
|
|
|
|
$
|
|
249,874
|
|
|
|
|
15.5
|
%
|
|
|
|
|
$
|
|
253,471
|
|
|
|
|
14.9
|
%
|
|
|
|
|
Large Account
|
|
|
|
|
|
209,459
|
|
|
|
|
12.0
|
|
|
|
|
|
|
|
200,932
|
|
|
|
|
12.0
|
|
|
|
|
|
Public Sector
|
|
|
|
|
|
121,926
|
|
|
|
|
11.2
|
|
|
|
|
|
|
|
105,357
|
|
|
|
|
10.5
|
|
|
|
|
|
Total
|
|
|
|
$
|
|
581,259
|
|
|
|
|
13.3
|
%
|
|
|
|
|
$
|
|
559,760
|
|
|
|
|
13.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
(amounts in thousands, except per share data)
|
|
|
|
|
Amount
|
|
|
% of Net Sales
|
|
|
|
Amount
|
|
|
% of Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
$
|
581,259
|
|
|
|
100.0
|
%
|
|
|
|
$
|
559,760
|
|
|
|
|
100.0
|
%
|
|
|
Cost of sales
|
|
|
|
|
|
503,646
|
|
|
|
86.6
|
|
|
|
|
|
486,913
|
|
|
|
|
87.0
|
|
|
|
Gross profit
|
|
|
|
|
|
77,613
|
|
|
|
13.3
|
|
|
|
|
|
72,847
|
|
|
|
|
13.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
|
|
|
63,434
|
|
|
|
10.9
|
|
|
|
|
|
61,101
|
|
|
|
|
10.9
|
|
|
|
Income from operations
|
|
|
|
|
|
14,179
|
|
|
|
2.4
|
|
|
|
|
|
11,746
|
|
|
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest/other expense, net
|
|
|
|
|
|
1
|
|
|
|
-
|
|
|
|
|
|
(10
|
)
|
|
|
|
-
|
|
|
|
Income tax provision
|
|
|
|
|
|
(5,596
|
)
|
|
|
(0.9
|
)
|
|
|
|
|
(4,605
|
)
|
|
|
|
(0.8
|
)
|
|
|
Net income
|
|
|
|
|
$
|
8,584
|
|
|
|
1.5
|
%
|
|
|
|
$
|
7,131
|
|
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
|
0.33
|
|
|
|
|
|
|
|
$
|
0.27
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in the computation of earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
26,346
|
|
|
|
|
|
|
|
|
26,202
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
26,593
|
|
|
|
|
|
|
|
|
26,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA AND ADJUSTED EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A reconciliation of EBITDA and Adjusted EBITDA is detailed below.
Adjusted EBITDA is defined as EBITDA (earnings before interest,
taxes, depreciation and amortization) adjusted for stock-based
compensation. Both EBITDA and Adjusted EBITDA are considered
non-GAAP financial measures. Generally, a non-GAAP financial measure
is a numerical measure of a company's performance, financial
position, or cash flows that either includes or excludes amounts
that are not normally included or excluded in the most directly
comparable measure calculated and presented in accordance with GAAP.
We believe that EBITDA and Adjusted EBITDA provide helpful
information with respect to our operating performance including our
ability to fund our future capital expenditures and working capital
requirements. Adjusted EBITDA also provides helpful information as
it is the primary measure used in certain financial covenants
contained in our credit agreements.
|
|
|
|
|
|
|
|
|
(amounts in thousands)
|
|
Three Months Ended March 31,
|
|
|
|
LTM Ended March 31, (1)
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
|
% Change
|
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
% Change
|
|
Net income
|
|
$
|
8,584
|
|
|
|
$
|
7,131
|
|
|
|
|
|
|
|
$
|
44,134
|
|
|
|
$
|
36,715
|
|
|
|
Depreciation and amortization
|
|
|
2,192
|
|
|
|
|
2,077
|
|
|
|
|
|
|
|
|
8,206
|
|
|
|
|
7,539
|
|
|
|
Income tax expense
|
|
|
5,596
|
|
|
|
|
4,605
|
|
|
|
|
|
|
|
|
29,678
|
|
|
|
|
24,193
|
|
|
|
Interest/other expense, net
|
|
|
(1
|
)
|
|
|
|
10
|
|
|
|
|
|
|
|
|
75
|
|
|
|
|
109
|
|
|
|
EBITDA
|
|
|
16,371
|
|
|
|
|
13,823
|
|
|
|
|
|
|
|
|
82,093
|
|
|
|
|
68,556
|
|
|
|
Stock-based compensation
|
|
|
238
|
|
|
|
|
159
|
|
|
|
|
|
|
|
|
1,008
|
|
|
|
|
969
|
|
|
|
Adjusted EBITDA
|
|
$
|
16,609
|
|
|
|
$
|
13,982
|
|
|
|
19
|
%
|
|
|
|
$
|
83,101
|
|
|
|
$
|
69,525
|
|
|
20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) LTM: Last twelve months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
December 31,
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
2014
|
|
(amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
$
|
|
79,882
|
|
|
|
|
$
|
|
60,909
|
|
Accounts receivable, net
|
|
|
|
|
|
|
|
|
|
|
|
284,851
|
|
|
|
|
|
|
293,027
|
|
Inventories
|
|
|
|
|
|
|
|
|
|
|
|
71,274
|
|
|
|
|
|
|
90,917
|
|
Deferred income taxes
|
|
|
|
|
|
|
|
|
|
|
|
7,749
|
|
|
|
|
|
|
7,749
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
|
|
6,153
|
|
|
|
|
|
|
5,332
|
|
Income taxes receivable
|
|
|
|
|
|
|
|
|
|
|
|
2,348
|
|
|
|
|
|
|
212
|
|
Total current assets
|
|
|
|
|
|
|
|
|
|
|
|
452,257
|
|
|
|
|
|
|
458,146
|
|
Property and equipment, net
|
|
|
|
|
|
|
|
|
|
|
|
28,102
|
|
|
|
|
|
|
27,861
|
|
Goodwill
|
|
|
|
|
|
|
|
|
|
|
|
51,276
|
|
|
|
|
|
|
51,276
|
|
Other intangibles, net
|
|
|
|
|
|
|
|
|
|
|
|
1,743
|
|
|
|
|
|
|
1,953
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
673
|
|
|
|
|
|
|
724
|
|
Total Assets
|
|
|
|
|
|
|
|
|
|
$
|
|
534,051
|
|
|
|
|
$
|
|
539,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
|
|
|
|
$
|
|
116,211
|
|
|
|
|
$
|
|
124,893
|
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
|
|
|
|
18,871
|
|
|
|
|
|
|
22,011
|
|
Accrued payroll
|
|
|
|
|
|
|
|
|
|
|
|
14,931
|
|
|
|
|
|
|
17,793
|
|
Total current liabilities
|
|
|
|
|
|
|
|
|
|
|
150,013
|
|
|
|
|
|
|
164,697
|
|
Deferred income taxes
|
|
|
|
|
|
|
|
|
|
|
|
18,870
|
|
|
|
|
|
|
18,803
|
|
Other liabilities
|
|
|
|
|
|
|
|
|
|
|
|
2,296
|
|
|
|
|
|
|
2,452
|
|
Total Liabilities
|
|
|
|
|
|
|
|
|
|
|
171,179
|
|
|
|
|
|
|
185,952
|
|
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
|
|
|
282
|
|
|
|
|
|
|
282
|
|
Additional paid-in capital
|
|
|
|
|
|
|
|
|
|
|
|
107,236
|
|
|
|
|
|
|
106,956
|
|
Retained earnings
|
|
|
|
|
|
|
|
|
|
|
|
271,216
|
|
|
|
|
|
|
262,632
|
|
Treasury stock at cost
|
|
|
|
|
|
|
|
|
|
|
|
(15,862
|
)
|
|
|
|
|
|
(15,862
|
)
|
Total Stockholders' Equity
|
|
|
|
|
|
|
|
|
362,872
|
|
|
|
|
|
|
354,008
|
|
Total Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
$
|
|
534,051
|
|
|
|
|
$
|
|
539,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2015
|
|
|
|
|
2014
|
(amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
8,584
|
|
|
|
|
|
$
|
7,131
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
2,192
|
|
|
|
|
|
|
2,077
|
|
Provision for doubtful accounts
|
|
|
|
|
|
733
|
|
|
|
|
|
|
128
|
|
Stock-based compensation expense
|
|
|
|
|
|
238
|
|
|
|
|
|
|
159
|
|
Deferred income taxes
|
|
|
|
|
|
67
|
|
|
|
|
|
|
64
|
|
Excess tax benefit from exercise of equity awards
|
|
|
|
|
(59
|
)
|
|
|
|
|
|
(34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
|
7,443
|
|
|
|
|
|
|
22,070
|
|
Inventories
|
|
|
|
|
|
19,643
|
|
|
|
|
|
|
7,722
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
(2,957
|
)
|
|
|
|
|
|
2,317
|
|
Other non-current assets
|
|
|
|
|
|
51
|
|
|
|
|
|
|
28
|
|
Accounts payable
|
|
|
|
|
|
(8,627
|
)
|
|
|
|
|
|
(15,205
|
)
|
Accrued expenses and other liabilities
|
|
|
|
|
|
(6,093
|
)
|
|
|
|
|
|
(2,682
|
)
|
Net cash provided by operating activities
|
|
|
|
|
|
21,215
|
|
|
|
|
|
|
23,775
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
Purchases of equipment
|
|
|
|
|
|
(2,278
|
)
|
|
|
|
|
|
(1,466
|
)
|
Proceeds from sale of equipment
|
|
|
|
|
|
-
|
|
|
|
|
|
|
9
|
|
Net cash used for investing activities
|
|
|
|
|
|
(2,278
|
)
|
|
|
|
|
|
(1,457
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
Excess tax benefit from exercise of equity awards
|
|
|
|
|
59
|
|
|
|
|
|
|
34
|
|
Exercise of stock options
|
|
|
|
|
|
20
|
|
|
|
|
|
|
16
|
|
Payment of payroll taxes on stock-based compensation through shares
withheld
|
|
|
(43
|
)
|
|
|
|
|
|
(34
|
)
|
Net cash provided by financing activities
|
|
|
|
|
|
36
|
|
|
|
|
|
|
16
|
|
Increase in cash and cash equivalents
|
|
|
|
|
|
18,973
|
|
|
|
|
|
|
22,334
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
|
60,909
|
|
|
|
|
|
|
42,547
|
|
Cash and cash equivalents, end of period
|
|
|
|
|
$
|
79,882
|
|
|
|
|
|
$
|
64,881
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
Accrued capital expenditures
|
|
|
|
|
$
|
149
|
|
|
|
|
|
$
|
358
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid
|
|
|
|
|
$
|
8,818
|
|
|
|
|
|
$
|
1,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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