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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
                                    ========  ========  ========= ========

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