Welcome!

You will be redirected in 30 seconds or close now.

ColdFusion Authors: Yakov Fain, Jeremy Geelan, Maureen O'Gara, Nancy Y. Nee, Tad Anderson

News Feed Item

Wayside Technology Group, Inc. Reports 2009 Second Quarter Results and Declares Quarterly Dividend

Net Income $0.8 Million, $.18 per Share; $.15 Dividend Declared

SHREWSBURY, NJ -- (Marketwire) -- 07/30/09 -- Wayside Technology Group, Inc. (NASDAQ: WSTG) today reported financial results for the second quarter ended June 30, 2009. The results will be discussed in a conference call to be held on Friday, July 31, 2009 at 10:00 AM Eastern time. The dial-in telephone number is (866) 238-0637 and the pass code is "WSTG."

This conference call will be available via live webcast -- in listen-mode only -- at www.earnings.com. A replay will be available on our website at www.waysidetechnology.com.

Total net sales for the second quarter of 2009 amounted to $37.0 million, compared to $48.1 million for the same period in 2008. Sales for the second quarter of 2009 for our Lifeboat segment were $25.0 million compared to $35.0 million in the second quarter of 2008, representing a 28% decrease. Excluding VMware, Lifeboat's sales increased by $1.7 million, or 7% compared to the second quarter of 2008. Sales for the second quarter of 2009 for our Programmer's Paradise segment were $12.0 million, compared to $13.1 million in the second quarter of 2008, representing an 8% decrease.

Total gross profit for the second quarter of 2009 amounted to $4.1 million, compared to $4.3 million for the same period in 2008. Gross profit for the second quarter of 2009 for our Lifeboat segment was $2.5 million, compared to $2.8 million in the second quarter of 2008, representing a 13% decrease. This decrease in gross profit was due to the lower sales volume. Gross profit for the second quarter of 2009 for our Programmer's Paradise segment was $1.6 million, compared to $1.5 million in the second quarter of 2008, representing a 6% increase. This increase was primarily due to a shift in mix of order size. We sold more of our smaller, specialized software lines, which typically carry higher margins. As a result, gross profit increased 6% as compared to last year, despite the 8% decrease in revenue as compared to last year.

Total gross profit, as a percentage of net sales, for the quarter ending June 30, 2009, was 11%, compared to 8.9% in the second quarter of 2008.

Cash and marketable securities amount to $16.5 million, representing 68% of our equity as of June 30, 2009. We have no debt.

"During the second quarter of 2009 we delivered solid second quarter results despite the continued recessionary business climate impacting every segment of the economy," said Simon F. Nynens, Chairman and Chief Executive Officer.

Total selling, general, and administrative ("SG&A") expenses for the second quarter of 2009 were $2.9 million compared to $3.1 million in the second quarter of 2008.

Net income for the second quarter of 2009 amounted to $790,000 or 2.1% of net sales as compared to $823,000 or 1.7% for the same period in 2008.

On July 28, 2009, the Board of Directors declared a quarterly dividend of $.15 per share of its common stock payable August 20, 2009 to shareholders of record on August 13, 2009.

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 such as Microsoft, CA, IBM, VMware, Quest Software, Embarcadero Technologies, SAP Business Objects, Intel, Compuware, Infragistics, ComponentOne, Acresso Software, and Adobe.

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 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.

              WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED BALANCE SHEETS
            (In thousands, except share and per share amounts)



                                                  June 30,    December 31,
                                                    2009          2008
                                                (Unaudited)

                      ASSETS

Current assets
  Cash and cash equivalents                     $      7,462  $      9,349
  Marketable securities                                8,986         9,367
  Accounts receivable, net                            22,783        16,940
  Inventory - finished goods                             937         1,058
  Prepaid expenses and other current assets              941           776
  Deferred income taxes                                  661           712
                                                ------------  ------------
Total current assets                                  41,770        38,202

Equipment and leasehold improvements, net                541           549
Accounts Receivable Long-Term                          6,166         7,860
Other assets                                              40            66
Deferred income taxes                                    668           808
                                                ------------  ------------

Total assets                                    $     49,185  $     47,485
                                                ============  ============


        LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
  Accounts payable and accrued expenses               24,839        23,396
                                                ------------  ------------
Total current liabilities                             24,839        23,396

Other liabilities                                         78           205
                                                ------------  ------------
Total liabilities                                     24,917        23,601

Commitments and contingencies

Stockholders' equity
  Common stock, $.01 par value; 10,000,000
   shares authorized, 5,284,500 shares
   issued, and 4,774,362 and 4,643,662 shares
   outstanding, respectively                              53            53
  Additional paid-in capital                          25,078        26,636
  Treasury stock, at cost, 510,138 shares and
   640,838 shares, respectively                       (2,905)       (3,383)
  Retained earnings                                    1,935           567
  Accumulated other comprehensive income                 107            11
                                                ------------  ------------
Total stockholders' equity                            24,268        23,884
                                                ------------  ------------
Total liabilities and stockholders' equity      $     49,185  $     47,485
                                                ============  ============




              WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
                                (Unaudited)
                  (In thousands, except per share data)


                                     Six months ended   Three months ended
                                         June 30,            June 30,
                                      2009      2008      2009      2008
                                    --------  --------  --------- --------
Net Sales                           $ 68,782  $ 88,602  $  37,032 $ 48,096
Cost of sales                         61,234    80,559     32,951   43,798
                                    --------  --------  --------- --------
Gross profit                           7,548     8,043      4,081    4,298
Selling, general and administrative
 expenses                              5,562     6,016      2,911    3,074
                                    --------  --------  --------- --------
Income from operations                 1,986     2,027      1,170    1,224
Interest income, net                     274       376        126      142
Realized foreign exchange gain
 (loss)                                   (1)        7          -        4
                                    --------  --------  --------- --------
Income before income tax provision     2,259     2,410      1,296    1,370
Provision for income taxes               891       958        506      547
                                    --------  --------  --------- --------
Net income                          $  1,368  $  1,452  $     790 $    823
                                    ========  ========  ========= ========
Net income per common share - Basic $   0.31  $   0.33  $    0.18 $   0.19
                                    ========  ========  ========= ========
Net income per common share -
 Diluted                            $   0.31  $   0.32  $    0.18 $   0.18
                                    ========  ========  ========= ========

Weighted average common shares
 outstanding - Basic                   4,392     4,429      4,400    4,417
                                    ========  ========  ========= ========
Weighted average common shares
 outstanding - Diluted                 4,419     4,519      4,426    4,505
                                    ========  ========  ========= ========

Reconciliation to comprehensive
 income:

Net income                          $  1,368  $  1,452  $     790 $    823
  Other comprehensive income
   (loss), net of tax:
    Unrealized gain (loss) on
     marketable securities               (27)      (14)         6       (6)
    Foreign currency translation
     adjustments                         123       (71)       170       16
                                    --------  --------  --------- --------
Total comprehensive income          $  1,464  $  1,367  $     966 $    833
                                    ========  ========  ========= ========

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...