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Systemax Reports Fourth Quarter And Full Year 2013 Financial Results

PORT WASHINGTON, N.Y., March 4, 2014 /PRNewswire/ -- Systemax Inc. (NYSE: SYX) today announced financial results for the fourth quarter and full year ended December 31, 2013.

 

 

Performance Summary
(U.S. dollars in millions, except per share data)

Highlights

 

Quarter Ended
December 31,

Year Ended

December 31,

GAAP Results

2013

2012

2013

2012

Net sales

$874.2

$935.1

$3,352.3

$3,544.3

Gross profit

$129.3

$120.4

$486.7

$488.1

Gross margin

14.8%

12.9%

14.5%

13.8%

Operating income (loss) from continuing operations

$(1.3)

$(46.8)

$(20.6)

$(39.9)

Operating margin from continuing operations

(0.1)%

(5.0)%

(0.6)%

(1.1)%

Net income (loss)

$(19.8)

$(27.1)

$(43.8)

$(8.3)

Diluted net income (loss) per share

$(0.54)

$(0.73)

$(1.18)

$(0.22)

Dividend declared

-

$0.25

-

$0.25

Non-GAAP Results*





Adjusted operating income (loss) from continuing operations

$5.9

$(5.6)

$5.9

$12.0

Non-recurring and recurring adjustments, net

$7.2

$41.2

$26.5

$51.9

Adjusted operating margin from continuing operations

0.7%

(0.6)%

0.2%

0.3%






* Management believes that by excluding certain recurring and non-recurring adjustments above from comparable GAAP measures investors have an additional meaningful measurement of the Company's performance. See accompanying GAAP reconciliation tables.

 

Fourth Quarter 2013 Financial Summary:

  • Consolidated sales decreased 6.5% to $874.2 million in U.S. dollars.  On a constant currency basis, sales decreased 7.1%.
  • Business to business channel sales grew 6.1% to $559.0 million in U.S. dollars.  On a constant currency basis, sales increased 4.8%. On a "same store" and constant currency basis, sales increased 4.8%. 
  • Consumer channel sales declined 22.7% to $315.2 million in U.S. dollars.  On a constant currency basis, sales declined 22.6%.  On a "same store" and constant currency basis, sales declined 21.4%.
  • Non-GAAP operating income (loss) grew to $5.9 million of income compared to a loss of $5.6 million last year. GAAP operating income (loss) improved to a loss of $1.3 million compared to a loss of $46.8 million last year.  
  • Valuation allowances for U.S. federal deferred tax assets of approximately $20.5 million were recorded, negatively impacting net income (loss) per diluted share by $0.55
  • Non-GAAP diluted net income per share was $0.15. GAAP diluted net loss per share was $0.54.  

Full Year 2013 Financial Summary:

  • Consolidated sales declined 5.4% to $3.4 billion in U.S. dollars.  On a constant currency basis, sales declined 5.6%.
  • Business to business channel sales increased 2.3% to $2.2 billion in U.S. dollars.  On a constant currency basis, sales grew 2.0%.
  • Consumer channel sales declined 16.8% to $1.2 billion in U.S. dollars.  On a constant currency basis, sales declined 16.7%.
  • Non-GAAP operating income declined to $5.9 million compared to $12.0 million last year. GAAP operating income (loss) improved to a loss of $20.6 million compared to a loss of $39.9 million last year.
  • Valuation allowances for U.S. federal deferred tax assets of approximately $20.5 million were recorded, negatively impacting net income (loss) per diluted share by $0.55.  
  • Non-GAAP diluted net loss per share was $0.16. GAAP diluted net loss per share was $1.18.

Richard Leeds, Chairman and Chief Executive Officer, said, "In the fourth quarter, Systemax delivered solid improvements in both gross margin and adjusted operating income, driven by the outstanding performance of our Industrial Products group, the continued execution of our long-term initiatives across the company, as well as a strategic decision to focus more of our efforts on our business-to-business channels.

"Our Industrial Products group delivered its strongest revenue quarter of the year with a 26% increase, and drove significant bottom line leverage as we continue to capitalize on our growth opportunities and drive operating efficiencies. 

"Our Technology Products business had a mixed performance, with our business-to-business operations in both Europe and North America showing improved revenue trends on a sequential quarter basis, while our consumer business delivered disappointing results as it continues to face a very competitive environment.  In Europe Technology, we delivered a modest increase in our fourth quarter gross profit and continued to ramp up our shared service center.  In North America Technology, our focus on profitability is generating results, as we improved gross margin, strengthened operating efficiencies and reduced our operating loss.

"In 2013, we made significant progress in strengthening our competitive position, enhancing our operating performance and improving our profitability.  Going forward, the Industrial Products group is well positioned for future growth, the European business transition is progressing and we are poised to benefit from a more efficient operating model, and in North America we have a number of initiatives in place and are seeing some initial progress. We still have more to do, and we are focused on expanding our business-to-business operations, while operating a consumer business that is profitable.  Our balance sheet remains very strong with $181 million of cash and provides us with significant flexibility to execute on our strategic plan," Leeds concluded.

At the end of the full year 2013, the Company had working capital of over $345.8 million, cash and cash equivalents of $181.4 million, and availability under its credit facility of $105.5 million.  Short and long-term debt totaled approximately $5.4 million at December 31, 2013.

Earnings Conference Call Details
Systemax Inc. will host a teleconference to discuss its fourth quarter and full year 2013 results today, March 4, 2014 at 5:00 p.m. Eastern Time.  A live webcast of the teleconference will be available on the Company's website at www.systemax.com in the investor relations section. The webcast will also be archived on www.systemax.com for approximately 90 days.

About Systemax Inc.
Systemax Inc. (www.systemax.com), a Fortune 1000 company, sells personal computers, computer components and supplies, consumer electronics and industrial products through a system of branded e-Commerce websites, retail stores, relationship marketers and direct mail catalogs in North America and Europe. The primary brands are TigerDirect, Global Industrial, MISCO and Inmac Wstore.

Forward-Looking Statements
This press release contains forward-looking statements about the Company's performance.  These statements are based on management's estimates, assumptions and projections and are not guarantees of future performance.  The Company assumes no obligation to update these statements.  Actual results may differ materially from results expressed or implied in these statements as the result of risks, uncertainties and other factors including, but not limited to: (a) unanticipated variations in sales volume and margins, (b) fluctuations in economic conditions and exchange rates, including factors impacting our substantial international operations, (c) actions by competitors, (d) the continuation of key vendor relationships, (e) timely implementation of our shared services center in Hungary and transition of support operations without disruption to our existing business, and realization of the anticipated  cost savings (f) the operation of the Company's management information systems and its transition of its ERP platform, (g) risks associated with the delivery of merchandise to customers utilizing common carriers, (h) risks associated with e-commerce, and  (i) unanticipated legal and administrative proceedings and (j) changes in sales tax laws affecting e-commerce retailers.  Please refer to "Risk Factors" and the Forward Looking Statements sections contained in the Company's Form 10-K for a more detailed discussion of risk factors affecting our business and an explanation of the inherent limitations in such forward-looking statements.

Investor/Media Contacts:
Mike Smargiassi / Nancy Zakhary
Brainerd Communicators, Inc.
212-986-6667
[email protected]
[email protected] 

 

 

Supplemental Channel Sales, Product Category and Business Unit Summary



Supplemental Channel Sales Summary*

(in millions)

Channel

Quarter Ended December 31,

Year Ended December 31,

2013

% of
Sales

Change
y/y

2012

% of
Sales

2013

% of
Sales

Change
y/y

2012

% of
Sales

Business to Business1

$559.0

63.9%

6.1%

$527.1

56.4%

$2,158.4

64.4%

2.3%

$2,109.8

59.5%

Consumer 2

$315.2

36.1%

(22.7)%

$408.0

43.6%

$1,193.9

35.6%

(16.8)%

$1,434.5

40.5%

Consolidated Sales

$874.2

100%

(6.5)%

$935.1

100%

$3,352.3

100%

(5.4)%

$3,544.3

100%












* Certain prior year results have been reclassified to match current year presentation.

1 Includes sales from managed business relationships, including outbound call centers and extranets, and the entire Industrial Products and Corporate segments.

2 Includes sales from retail stores, consumer websites, inbound call centers and television shopping.

 

 

Supplemental "Same Store" Channel Growth1 – Q4 2013 vs. Q4 2012

Channel

Change

Business to Business

4.8%

Consumer

(21.4)%

Consolidated Sales

(6.5)%



1 Excludes revenue at retail stores, websites and call centers operating for less than 14 full months as of the beginning of the current comparison period and computed on a constant currency basis. The method of calculating comparable store and channel sales varies across the retail and direct marketing industry. As a result, Systemax's method of calculating comparable sales may not be the same as other companies' methods.

 

 

Supplemental Product Category Sales Summary

(in millions)

Product Category

Quarter Ended December 31,

Year Ended December 31,

2013

% of
Sales

Change
y/y

2012

% of
Sales

2013

% of
Sales

Change
y/y

2012

% of
Sales

Computers

$275.6

31.5%

(6.8)%

$295.6

31.6%

$1,034.5

30.9%

(1.1)%

$1,046.4

29.5%

Computer Accessories & Software

$215.3

 

24.6%

 

(10.3)%

 

$240.0

 

25.7%

 

$877.6

 

26.2%

 

(9.6)%

 

$971.3

27.4%

Consumer Electronics

$134.1

15.4%

(22.0)%

$172.0

18.4%

$495.1

14.8%

(19.6)%

$615.6

17.4%

Industrial Products

$123.9

14.2%

26.0%

$98.3

10.5%

$473.8

14.1%

17.9%

$401.9

11.3%

Computer Components

$100.9

11.5%

(5.5)%

$106.8

11.4%

$378.0

11.3%

(7.3)%

$407.7

11.5%

Other

$24.4

2.8%

8.9%

$22.4

2.4%

$93.3

2.7%

(8.0)%

$101.4

2.9%

Consolidated Sales

$874.2

100%

(6.5)%

$935.1

100%

$3,352.3

100%

(5.4)%

$3,544.3

100%

 

 

Supplemental Business Unit Sales Summary

(in millions)

Business Unit

Quarter Ended December 31,

Year Ended December 31,

2013

% of
Sales

Change
y/y

2012

% of
Sales

2013

% of
Sales

Change
y/y

2012

% of
Sales

Technology Products

$748.9

85.7%

(10.4)%

$835.5

89.3%

$2,873.3

85.7%

(8.4)%

$3,137.6

88.5%

Industrial Products

$123.9

14.1%

26.0%

$98.3

10.5%

$473.8

14.1%

17.9%

$401.9

11.3%

Corporate and Other

$1.4

0.2%

7.7%

$1.3

0.2%

$5.2

0.2%

10.4%

$4.8

0.2%

Consolidated Sales

$874.2

100%

(6.5)%

$935.1

100%

$3,352.3

100%

(5.4)%

$3,544.3

100%

 

 

Supplemental Business Unit GAAP Operating Income (Loss) Summary

(in millions)

Business Unit

Quarter Ended December 31,

Year Ended December 31,

2013

Margin

2012

Margin

2013

Margin

2012

Margin

Technology Products

$(7.2)

(1.0)%

$(48.7)

(5.8)%

$(40.6)

(1.4)%

$(47.2)

(1.5)%

Industrial Products

$9.6

7.7%

$6.9

7.0%

$40.0

8.4%

$29.9

7.4%

Corporate and Other

$(3.7)

NM

$(5.0)

NM

$(20.0)

NM

$(22.6)

NM

Consolidated Operating Loss

$(1.3)

(0.1)%

$(46.8)

(5.0)%

 

$(20.6)

 

(0.6)%

 

$(39.9)

 

(1.1)%










Non-GAAP Operating Income (Loss)*

Technology Products

$(0.2)

(0.0)%

$(8.1)

(1.0)%

$(15.7)

(0.5)%

$0.0

0.0%

Industrial Products

$9.5

7.7%

$7.1

7.2%

$40.4

8.5%

$32.9

8.2%

Corporate and Other

$(3.4)

NM

$(4.6)

NM

$(18.8)

NM

$(20.9)

NM

Consolidated Operating Income (Loss)

$5.9

0.7%

$(5.6)

(0.6)%

 

$5.9

 

0.2%

 

$12.0

 

0.3%










* Management believes that by excluding certain recurring and non-recurring adjustments above from comparable GAAP measures investors have an additional meaningful measurement of the Company's performance. See accompanying GAAP reconciliation tables.

NM – not meaningful

 

 

SYSTEMAX INC.


Condensed Consolidated Statements of Operations

(In millions, except per share amounts)










Quarter Ended


Year Ended


December 31*


December 31*


(unaudited)




2013


2012


2013


2012

Net sales

$874.2


$935.1


$3,352.3


$3,544.3

Cost of sales

744.9


814.7


2,865.6


3,056.2

Gross profit

129.3


120.4


486.7


488.1

Gross margin

14.8%


12.9%


14.5%


13.8%

Selling, general and administrative expenses

124.9


127.0


485.1


481.7

Special charges

5.7


40.2


22.2


46.3

Operating income (loss) from continuing operations

(1.3)


(46.8)


(20.6)


(39.9)

Operating margin

(0.1)%


(5.0)%


(0.6)%


(1.1)%

Interest and other (income) expense, net

1.0


(0.1)


1.2


1.7

Income (loss) from continuing operations before income taxes

(2.3)


(46.7)


(21.8)


(41.6)

Provision for (benefit from) income taxes

17.5


(19.7)


22.0


(33.6)









Income (loss) from continuing operations

(19.8)


(27.0)


(43.8)


(8.0)

Discontinued operations**

-


(0.1)


-


(0.3)

Net income (loss)

$(19.8)


$(27.1)


$(43.8)


$(8.3)

Net margin  

(2.3)%


(2.9)%


(1.3)%


(0.2)%

















 Net income (loss) per common share:








 Basic

$(0.54)


$(0.73)


$(1.18)


$(0.22)

 Diluted

$(0.54)


$(0.73)


$(1.18)


$(0.22)









Weighted average common and

common equivalent shares:

Basic

37.0


37.0


37.0


36.9

Diluted

37.0


37.0


37.0


36.9









Dividend declared per share

-


$0.25


-


$0.25









 

 

SYSTEMAX INC.

Condensed Consolidated Balance Sheets

(In millions)






December 31


December 31 


2013


2012

Current assets:




  Cash and cash equivalents

$181.4


$150.7

  Accounts receivable, net

333.3


297.4

  Inventories

321.8


367.2

  Prepaid expenses and other current assets

19.9


37.1

Total current assets

856.4


852.4

Property, plant and equipment, net

59.4


63.0

Goodwill, intangibles and other assets

26.6


46.9

Total assets

$942.4


$962.3





Current liabilities:




  Short-term debt

$2.5


$2.8

  Accounts payable and accrued expenses

508.1


488.8

Total current liabilities

510.6


491.6

Long-term debt

2.9


5.3

Other liabilities

22.7


19.1

Shareholders' equity

406.2


446.3

Total liabilities and shareholders' equity

$942.4


$962.3





* Systemax manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation, fiscal years and quarters are described as if they ended on the last day of the respective calendar month. The actual fiscal quarter ended on December 28, 2013. The fourth quarters of both 2013 and 2012 included 13 weeks. The full years of both 2013 and 2012 included 52 weeks. Certain prior period amounts have been reclassified to conform to current year presentation.

** We announced plans to exit the Software Solutions segment during the second quarter of 2009. The third party business activities of Software Solutions ended during the second quarter of 2012 and all current and prior year results for this segment are now included in discontinued operations.

 

 


SYSTEMAX INC.


Reconciliation of Segment GAAP Operating Income (Loss) to Non-GAAP Operating Income (Loss) - Unaudited


(In millions)












Quarter Ended


Year Ended



December 31


December 31



2013


2012


2013


2012


Technology Products

$(7.2)


$(48.7)


$(40.6)


$(47.2)


Industrial Products

9.6


6.9


40.0


29.9


Corporate And Other

(3.7)


(5.0)


(20.0)


(22.6)


GAAP operating income (loss)

(1.3)


(46.8)


(20.6)


(39.9)


Non-GAAP adjustments:









Technology Products:









    Asset impairment charges (1)

3.3


39.9


3.9


39.9


    Severance and other reorganization related   charges (2)

2.5


5.0


17.9


6.4


    Litigation costs and settlements (3)

0.1


(4.7)


0.6


(2.1)


    Stock based compensation

0.1


0.2


0.5


1.6


    Intangible asset amortization

1.0


0.2


2.0


1.4


    Total Non-GAAP Adj. Technology Products

7.0


40.6


24.9


47.2


Industrial Products:









    New facility startup costs

(0.2)


-


(0.2)


2.2


    Stock based compensation

0.1


0.2


0.6


0.8


    Total Non-GAAP Adj. Industrial Products

(0.1)


0.2


0.4


3.0


Corporate and Other:









    Stock based compensation

0.3


0.4


1.2


1.7











Technology Products

(0.2)


(8.1)


(15.7)


(0.0)


Industrial Products

9.5


7.1


40.4


32.9


Corporate And Other

(3.4)


(4.6)


(18.8)


(20.9)


Non-GAAP operating income (loss)

$5.9


$(5.6)


$5.9


$12.0











(1) Fourth Quarter 2013 Asset impairment charges include $3.0M, the remaining value related to the disposition of our CompUSA asset as well as a reduction of the carrying value of a facility associated with our computer manufacturing business that was exited at year end 2012. Prior year results include non cash charges associated with impairment of our CircuitCity and CompUSA brands of $35.3M upon the strategic decision to focus on our TigerDirect brand and $4.6M related to the exit of our computer manufacturing business.


(2) Fourth quarter 2013 includes $1.7M associated with the continuation of the reorganization of our EMEA Technology business and $0.8M related to the closing of underperforming retail stores. The full year 2013 costs include those recognized in the fourth quarter as well the closure of underperforming retail stores, and additional costs related to start up and severance related to our European Shared Services Center, severance expense related to leadership changes in our North American Technology segment, and other costs associated with the exit of our computer manufacturing business and the closing of underperforming retail stores.


(3) Includes legal costs related to the investigations of and settlement with former officers and employees, net.


 

 


SYSTEMAX INC.


Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss) – Unaudited


(In millions)



Quarter Ended


Year Ended



December 31


December 31



2013


2012


2013


2012


Net income (loss)

$(19.8)


$(27.1)


$(43.8)


$(8.3)


Non-GAAP adjustments:









Non-recurring









    Asset impairment charges (1)

3.3


39.9


3.9


39.9


    Severance and other reorganization related charges (2)

2.5


5.0


 

17.9


 

6.4


    New facility startup costs

 

(0.2)


-


(0.2)


2.2


    Litigation costs and settlements (3)

0.1


(4.7)


0.6


(2.1)


    Valuation Allowance Change (4)

20.5


-


20.5


(15.1)


Income tax effect (5)

(2.0)


(16.1)


(7.8)


(18.6)


Total non- recurring adjustments, net of tax

24.2


24.1


34.9


12.7


Recurring









    Stock based compensation

0.5


0.8


2.3


4.1


    Intangible asset amortization

1.0


0.2


2.0


1.4


    Income tax effect(5)

(0.5)


(0.4)


(1.5)


(2.2)


Total recurring adjustments

1.0


0.6


2.8


3.3











Non-GAAP net income (loss)

$5.4


$(2.4)


$(6.1)


$7.7











Diluted net income (loss) per share

$(0.54)


$(0.73)


$(1.18)


$(0.22)


Non-GAAP Diluted net income (loss) per share

$0.15


$(0.06)


$(0.16)


$0.21











(1) Fourth Quarter 2013 Asset impairment charges include $3.0M, the remaining value related to the disposition of our CompUSA asset as well as a reduction of the carrying value of a facility associated with our computer manufacturing business that was exited at year end 2012.   Prior year results include non-cash charges associated with impairment of our CircuitCity and CompUSA brands of $35.3M upon the strategic decision to focus on our TigerDirect brand and $4.6M related to the exit of our computer manufacturing business.


(2) Fourth quarter 2013 includes $1.7M associated with the continuation of the reorganization of our EMEA Technology business and $0.8M related to the closing of underperforming retail stores. The full year 2013 costs include those recognized in the fourth quarter as well the closure of underperforming retail stores, and additional costs related to start up and severance related to our European Shared Services Center, severance expense related to leadership changes in our North American Technology segment, and other costs associated with the exit of our computer manufacturing business and the closing of underperforming retail stores.


(3) Includes legal costs related to the investigations of and settlement with former officers and employees, net.


(4) A non-cash valuation allowance for U.S. federal deferred tax assets was recorded in Q4.


(5) Effective tax rates of 35% used in 2013 as charges are blend of US and Foreign sources; Effective tax rates of 40% applied in 2012 as the charges primarily related to the US sourced events.


 

SOURCE Systemax Inc.

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Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
DXWorldEXPO LLC announced today that "IoT Now" was named media sponsor of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...