PC Mall, Inc. (NASDAQ:MALL), a leading technology
solutions provider, today reported financial results for the third
quarter of 2012. Consolidated net sales for Q3 2012 were $364.6
million, a decrease of $2.9 million from $367.5 million in Q3 2011,
and was impacted by a $6.3 million decrease in sales to promotional
companies under a vendor program change in Q4 2011 by a large
vendor. Excluding the effect of this program change, our sales grew
$3.4 million, or 1% compared to Q3 2011. Consolidated gross profit
for Q3 2012 decreased $1.8 million to $48.4 million from $50.2
million in Q3 2011. Consolidated gross profit margin was 13.3% in
Q3 2012 compared to 13.7% in Q3 2011. EBITDA (as defined below),
which includes $0.7 million of severance and restructuring related
costs for Q3 2012, increased $0.7 million to $7.1 million from $6.4
million in Q3 2011. Consolidated operating profit for Q3 2012,
which includes $1.0 million of severance and restructuring related
costs, increased $0.1 million to $4.0 million compared to $3.9
million for Q3 2011. Consolidated net income, which includes $0.6
million, net of tax, of severance and restructuring related costs,
remained flat at $1.8 million for Q3 2012 compared to Q3 2011.
Diluted EPS for Q3 2012 was $0.15 compared to diluted EPS of $0.14
for Q3 2011. Excluding severance and restructuring related costs,
adjusted EPS was $0.20.
Commenting on the Company’s third quarter results, Frank
Khulusi, Chairman, President and CEO of PC Mall, Inc. said, “I
am pleased that despite a demand environment that was not as robust
as expected, we were able to grow our sales over last year, net of
the impact a vendor program change had on our results. Continuing
economic uncertainties led customers to defer or scale back their
spending on IT, but our teams did a tremendous job being attentive
to our customers’ needs, and continued to focus on our growing
services and solutions business while building long term
relationships with customers by helping them to optimize their IT
environments. Our services revenues grew 11% year over year, a
reflection of customers increasingly embracing outsourcing and our
own success in bringing these solutions to our customers. While we
do not think this slow-down in IT spending is permanent, we do
expect that it will continue for at least the next two quarters,
and have continued reducing our fixed cost structure. In the third
quarter, we took actions we expect will result in $3.9 million of
annualized cost savings, bringing the total actions we have taken
this year to $7.3 million of expected annualized cost savings. We
currently expect to take further actions in the fourth quarter that
will result in at least $1.3 million of additional expected
annualized cost savings. We also believe that our cost structure
will benefit from the unification of our commercial brands, which
is discussed below. Our EBITDA, net of restructuring costs, was
$7.8 million in Q3, and for the 9 months ended September 30 our
EBITDA net of restructuring costs totaled approximately $18.8
million. We intend to continue to reduce our overall cost
structure, while we make selective investments in our services
capabilities, people and technologies.”
Khulusi concluded, “Based upon the current demand environment,
we expect that in Q4 we will see modest growth in revenues, gross
profit and EBITDA sequentially over Q3. Looking ahead into 2013,
our current goal is to grow at faster than market growth rates, and
while we may see some degradation in gross margin % as a result of
a large contract win in the Federal Government space, our current
goal is to grow our overall EBITDA margin (excluding severance and
restructuring costs) on a year over year basis.”
Strategic Developments
Effective January 1, 2013, the Company will change the corporate
name of PC Mall to PCM, Inc. and combine its primary commercial
subsidiaries PC Mall Sales, Inc., Sarcom, Inc. and PC Mall
Services, Inc. into a single subsidiary. The combined subsidiary
will operate under the unified commercial brand PCM and will
generally include our SMB, MME and portions of our Corporate &
Other segments. Additionally, in connection with the rebranding,
our PC Mall Gov, Inc. subsidiary will change its name to PCMG, Inc.
and will operate under the brand PCM-G. Coincident with the
corporate name change, the Company intends to change its ticker
symbol on the NASDAQ Global Market to PCMI. The Company is working
with customers and partners to effectuate the changes to ensure a
seamless transition.
Commenting on the Company’s reorganization and rebranding
initiative, Khulusi said, “Over the past several years, our company
has grown into approximately a $1.5 billion enterprise in part
through our acquisition and internal cultivation of different
brands. We have historically differentiated those brands primarily
based on the identity of the customers they serve. After careful
examination of the trends taking shape in the markets we serve, we
have determined that going forward, our commercial customers can
benefit from a more unified and streamlined brand strategy. We are
reorganizing and unifying these brands to effect what we believe
are substantial cost synergies, on both the top line and from an
operating leverage perspective. We are very excited about the
expected impact these changes will have on our current and
prospective customers, employees and partners. For instance, we
will now be able to build brand equity in a combined commercial
business by investing and developing equity in a single name.
Advertising and marketing campaigns will be simplified and, we
believe, more impactful as we more effectively communicate and
deliver our capabilities. In addition, as our systems upgrades
continue, we plan to consolidate additional functions onto one
platform, which we believe will lead to additional cost savings
opportunities.” Khulusi concluded, “We are proud of our
accomplishments over our 25 year history, and we are very excited
about the opportunities that will be available to us under this
more unified structure. We believe the benefits associated with
these efforts can have a significant and positive impact on our
customers, employees, partners and shareholders, and will provide a
brand that better represents the value-added technology solutions
provider we are today.”
Segment Results
MME
Q3 2012 net sales for our MME segment were $137.1 million
compared to $136.4 million in Q3 2011, an increase of $0.7 million,
or 1%. This increase was primarily due to an 11% increase in sales
of services, primarily driven by increased project consulting
services, partially offset by a 2% decrease in net sales of
products in Q3 2012 compared to Q3 2011. The decrease in product
sales was primarily due a softening demand environment due to
customers delaying or reducing investments in Q3 2012. As a result,
in Q3 2012, sales of services increased to 21% of MME segment sales
from 19% of sales in Q3 2011.
MME gross profit decreased by $0.6 million, or 3%, to $20.7
million in Q3 2012 compared to $21.3 million in Q3 2011, and MME
gross profit margin decreased to 15.1% in Q3 2012 compared to 15.6%
in Q3 2011. The decrease in MME gross profit and gross profit
margin was primarily due to a $0.6 million, or 42 basis point,
decrease in vendor consideration as a percentage of sales. The
decrease in vendor consideration as a percentage of sales was due
to lower demand for certain product categories as compared to Q3
2011.
MME operating profit remained flat at $7.4 million in Q3 2012
and Q3 2011. MME operating profit was affected by the decrease in
MME gross profit discussed above, primarily offset by a decrease in
personnel costs of $0.7 million, which was mainly related to a
decrease in variable compensation costs.
SMB
Q3 2012 net sales for our SMB segment were $118.6 million
compared to $119.8 million in Q3 2011, a decrease of $1.2 million,
or 1%. This decrease was primarily due to a $7.2 million decline in
sales to promotional companies as a result of the program change
discussed above, partially offset by a $6.0 million, or 6%,
increase in sales to customers outside that program. As we
indicated previously, we expect the effects of this program change
to continue to impact year over year comparisons for the remainder
of 2012. In Q3 and Q4 2011, sales under this program were
approximately $12.7 million and $8.8 million, respectively.
Q3 2012 SMB gross profit was $16.4 million compared to $16.5
million in Q3 2011, a decrease of $0.1 million. SMB gross profit
margin remained flat at 13.8% in Q3 2012 compared to Q3 2011.
Q3 2012 SMB operating profit decreased by $0.3 million, or 4%,
to $9.1 million compared to $9.4 million in Q3 2011. This decrease
resulted primarily from an increase in personnel costs of $0.2
million and the decrease in SMB gross profit discussed above.
Public Sector
Q3 2012 net sales for our Public Sector segment were $57.0
million compared to $59.5 million in Q3 2011, a decrease of $2.5
million, or 4%. This decrease in Public Sector net sales was due to
a $2.2 million, or 7%, decrease in our federal government business.
Our state and local government and educational institutions (SLED)
business remained relatively flat in Q3 2012 compared to Q3
2011.
Public Sector gross profit decreased by $0.5 million, or 8%, to
$5.3 million in Q3 2012 compared to $5.8 million in Q3 2011. Public
Sector gross profit margin decreased to 9.4% in Q2 2012 compared to
9.8% in Q2 2011. The decrease in Public Sector gross profit and
gross profit margin was primarily due to the decrease in sales and
product mix.
Public Sector operating profit increased by $0.3 million, or
24%, to $1.9 million in Q3 2012 compared to $1.6 million in Q3
2011. The increase in Public Sector operating profit was primarily
due to a $0.7 million decrease in personnel costs, partially offset
by a decrease in Public Sector gross profit as discussed above.
MacMall/OnSale
Q3 2012 net sales for our MacMall/OnSale segment were $51.9
million compared to $52.4 million in Q3 2011, a decrease of $0.5
million, or 1%. The decrease in MacMall/OnSale net sales was
primarily due to soft demand resulting from market anticipation of
major product releases which did not occur until Q4 2012, as
compared to new product releases in the prior year which occurred
in Q3 2011.
MacMall/OnSale gross profit decreased by $0.7 million, or 11%,
to $5.9 million in Q3 2012 compared to $6.6 million in Q3 2011.
MacMall/OnSale gross profit margin decreased to 11.3% in Q3 2012
compared to 12.6% in Q3 2011, but was up sequentially from 11.2% in
Q2 2012. The decrease in MacMall/OnSale gross profit and gross
profit margin in Q3 2012 over the prior year was primarily due to
the significant sales of HP Touchpads in Q3 2011, which resulted
from an extraordinary market-wide price reduction of these tablets
when HP announced its exit from the category.
MacMall/OnSale operating profit increased by $0.4 million to
$0.8 million in Q3 2012 compared to $0.4 million in Q3 2011. This
increase in MacMall/OnSale operating profit was primarily due to a
decrease in personnel costs of $0.7 million and small improvements
in a number of components of selling, general and administrative
expenses, partially offset by a decrease in MacMall/OnSale gross
profit discussed above.
Corporate & Other
Corporate & Other operating expenses includes corporate
related expenses such as legal, accounting, information technology,
product management and certain professional and pre-sales support
services and other administrative costs that are not otherwise
included in our reportable operating segments. Q3 2012
Corporate & Other operating expenses increased by $0.3
million, or 2%, to $15.2 million from $14.9 million in Q3 2011. The
increase in Q3 2012 was primarily related to a $0.6 million
increase in employee severance costs associated with our
restructuring efforts and a $0.3 million increase in depreciation
expense associated with the completed portions of our on-going
systems upgrades, partially offset by a $0.4 million decrease in
litigation costs.
Consolidated Balance Sheet
Accounts receivable at September 30, 2012 was $199.2
million and decreased by $8.8 million from December 31, 2011.
Inventory at September 30, 2012 was $65.6 million and decreased
$13.9 million from December 31, 2011, primarily reflecting a
sell-through of seasonal purchases made in late 2011. Accounts
payable at September 30, 2012 was $117.3 million and decreased
by $5.2 million from December 31, 2011. Capital expenditures
during the nine months ended September 30, 2012 were $6.8 million
compared to capital expenditures of $21.9 million during the nine
months ended September 30, 2011, with the decrease primarily due to
the purchase in Q1 2011 of our new headquarters building for $9.6
million. Outstanding borrowings under our line of credit decreased
by $31.0 million to $60.8 million at September 30, 2012
compared to December 31, 2011. Working capital increased by
$10.9 million as of September 30, 2012 compared to
December 31, 2011.
Selected Segment Information
Selected information for our reportable operating segments is as
follows (in thousands, except headcount data):
Three Months EndedSeptember 30, 2012
Three Months EndedSeptember 30, 2011 Net Sales
Gross Profit OperatingProfit
(Loss) Net Sales Gross Profit
OperatingProfit (Loss) MME $ 137,069 $ 20,687 $ 7,437
$ 136,447 $ 21,269 $ 7,353 SMB 118,633 16,374 9,062 119,840 16,481
9,417 Public Sector 56,981 5,342 1,943 59,463 5,807 1,564
MacMall/OnSale 51,903 5,887 765 52,441 6,583 400 Corporate &
Other (3 ) 102 (15,214 ) (644 ) 61 (14,883 ) Total $ 364,583 $
48,392 $ 3,993 $ 367,547 $ 50,201 $ 3,851
Nine Months
Ended
September 30, 2012
Nine Months EndedSeptember 30, 2011 Net Sales
Gross Profit OperatingProfit (Loss) Net
Sales
Gross Profit (Loss)
OperatingProfit (Loss) MME $ 423,450 $ 62,349 $
21,871 $ 375,580 $ 59,114 $ 20,209 SMB 351,793 49,952 28,002
389,848 50,236 27,606 Public Sector 130,857 12,799 1,739 132,544
12,360 1,261 MacMall/OnSale 163,456 18,450 1,838 168,787 18,700 999
Corporate & Other (34 ) 120 (45,903 ) (1,364 ) (354 ) (41,728 )
Total $ 1,069,522 $ 143,670 $ 7,547 $ 1,065,395 $ 140,056 $ 8,347
Average Account Executive Three Months
EndedSeptember 30, Headcount By Segment(1):
2012 2011 SMB 375 377 MME 108 111 Public
Sector 114 129 MacMall/OnSale 142 150 Total 739 767
_________________________________(1) Headcount numbers are
calculated based on an average of all sales executives and trainees
employed during the period.
Three Months EndedSeptember 30,
Product Sales Mix(1):
2012
2011
Y/Y SalesGrowth
Software 17 % 17 % 2 % Notebooks 17 15 17 Desktops 9 10 (13
) Delivered services 8 7 11 Networking 7 7 — Tablets 6 6 13
Displays 5 5 2 Storage 5 5 (2 ) Servers 3 4 (13 ) Manufacturer
service/warranty 4 4 10 Accessories 3 3 22 Input devices 3 2 39 All
other (2) 13 15 (19 ) Total 100 % 100 %
_________________________________________(1) Derived from gross
billed sales as currently reflected by our systems.(2) All other
includes power, printers, supplies, consumer electronics, memory,
iPod/MP3 and miscellaneous other items.
Non-GAAP Measure
We are presenting earnings before interest, taxes, depreciation
and amortization expenses (EBITDA) and non-GAAP EPS (adjusted EPS),
which are financial measures that are not determined in accordance
with accounting principles generally accepted in the United States
of America, or GAAP. Adjusted EPS removes the effect of
restructuring expenses related to our rebranding initiative. EBITDA
and adjusted EPS should be used in conjunction with other GAAP
financial measures and are not presented as an alternative measure
of operating results, as determined in accordance with GAAP. We
believe that these non-GAAP financial measures allow a more
meaningful comparison of our operating performance trends to both
management and investors that is more indicative of our
consolidated operating results across reporting periods.
Depreciation and amortization expenses primarily represent an
allocation to current expense of the cost of historical capital
expenditures and for acquired intangible assets resulting from
prior business acquisitions. A reconciliation of the non-GAAP
consolidated financial measures is included in a table below.
Conference Call
Management will hold a conference call, which will be webcast,
on November 8, 2012 at 4:30 p.m. Eastern Time (1:30 p.m.
Pacific Time) to discuss third quarter results. To listen to PC
Mall management’s discussion of its third quarter results live,
access www.pcmall.com/investor.
The archived webcast can be accessed at www.pcmall.com/investor
under “Calendar of Events.” A replay of the conference call by
phone will be available from 6:30 p.m. ET on November 8, 2012
until November 15, 2012 and can be accessed by calling:
(888) 286-8010 and inputting pass code 79924296.
About PC Mall, Inc.
PC Mall, Inc., through its wholly-owned subsidiaries, is a
leading technology solutions provider to small and medium sized
businesses, mid-market and enterprise customers, government and
educational institutions and individual consumers. Our brands
include: PC Mall, PC Mall Gov, Sarcom, MacMall, Abreon, NSPI,
eCost and OnSale. In the twelve months ended September 30,
2012, we generated approximately $1.5 billion in revenue and now
have approximately 2,900 employees, over 68% of which are in sales
or service positions. For more information please visit
pcmall.com/investor or call (310) 354-5600.
Forward-looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements include statements
regarding our expectations, hopes or intentions regarding the
future, including, but not limited to statements related to
strategic developments such as statements related to slowdown in IT
spending, expected cost savings and overall cost structure,
selective investments in our services capabilities, our positioning
in the marketplace and for the future success of our business, our
reorganization, brand strategy and related potential benefits, our
IT systems upgrade and integration and related benefits, or other
statements or expectations or goals for sales growth, gross profit,
operating leverage or EBITDA. Forward-looking statements involve
certain risks and uncertainties, and actual results may differ
materially from those discussed in any such statement. Factors that
could cause our actual results to differ materially include without
limitation risks and uncertainties related to the following: our IT
infrastructure; the relationship between the number of our account
executives and productivity; our ability to attract and retain key
employees; our ability to receive expected returns on strategic
investments including without limit investments in expanded
business models; decreased sales related to any of our segments,
including but not limited to, potential decreases in sales
resulting from the loss of or a reduction in purchases from
significant customers; availability of key vendor incentives and
other vendor assistance; possible discontinuance of IT licenses
used to operate our business which are provided by vendors;
increased competition, including, but not limited to, increased
competition from direct sales by some of our largest vendors and
increased pricing pressures which affect our pricing strategy in
any given period; the effect of the our pricing strategy on our
operating results; our ability to identify suitable acquisition
targets, to complete acquisitions of identified targets (including
the challenges and costs of closing the transaction), and our
ability to integrate companies we may acquire and our ability to
achieve synergies expected from such acquisitions; the impact of
acquisitions on relationships with key customers and vendors;
potential decreases in sales related to changes in our vendors
products; the potential lack of availability of government funding
applicable to our PC Mall Gov contracts; the impact of seasonality
on our sales; availability of products from third party suppliers
at reasonable prices; business and other conditions in the
Asia Pacific region and the related effects on our Philippines
operations; increased expenses, including, but not limited to,
interest expense, foreign currency transaction gains/losses, and
other expenses which may increase as a result of future
inflationary pressures; our advertising, marketing and promotional
efforts may be costly and may not achieve desired
results; shifts in market demand or price erosion of owned
inventory; risks related to foreign currency fluctuations;
warranties and indemnities we may be required to provide to third
parties through our commercial contracts; data security;
litigation by or against us; and availability of financing,
including availability under our existing credit lines. Additional
factors that could cause our actual results to differ are discussed
under the heading “Risk Factors” in Item 1A, Part II of our Form
10-Q for the period ended June 30, 2012, on file with the
Securities and Exchange Commission, and in our other reports filed
from time to time with the SEC. All forward-looking statements in
this document are made as of the date hereof, based on information
available to us as of the date hereof, and we assume no obligation
to update any forward-looking statements.
PC MALL, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited, in thousands, except per share
amounts) Three Months Ended
September 30,
Nine Months Ended
September 30,
2012 2011
2012 2011 Net sales $
364,583 $ 367,547 $ 1,069,522 $ 1,065,395 Cost of
goods sold 316,191 317,346 925,852 925,339 Gross profit 48,392
50,201 143,670 140,056 Selling, general and administrative expenses
44,331 46,350 136,230 132,509 Revaluation of earnout liability 68 —
(107 ) (800 ) Operating profit 3,993 3,851 7,547 8,347 Interest
expense, net 967 823 2,807 2,381 Income before income taxes 3,026
3,028 4,740 5,966 Income tax expense
(1,213
)
(1,266
)
(1,966
)
(2,441
)
Net income $
1,813 $
1,762 $
2,774 $
3,525 Basic and Diluted
Earnings Per Common Share Basic $ 0.15 $ 0.14 $ 0.23 $ 0.29
Diluted 0.15 0.14 0.23 0.28 Weighted average number of
common shares outstanding: Basic 12,039 12,249 12,024 12,295
Diluted 12,177 12,442 12,205 12,600
PC MALL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO
CONSOLIDATED OPERATING PROFIT AND DILUTED EPS
Three Months Ended
September 30,
Nine Months Ended
September 30,
2012 2011 2012
2011 EBITDA(a): Consolidated operating
profit $ 3,993 $ 3,851 $ 7,547 $ 8,347 Add:
Consolidated depreciation expense 2,361 2,028 7,130 5,567
Consolidated amortization expense 755 558 2,288 1,638
EBITDA $ 7,109 $ 6,437 $ 16,965 $ 15,552
Net income: Consolidated income before income taxes $
3,026 $ 3,028 $ 4,740 $ 5,966 Less: Income tax expense 1,213 1,266
1,966 2,441
Consolidated net income $ 1,813 $ 1,762 $ 2,774
$ 3,525 Consolidated income before income taxes $ 3,026 $
3,028 $ 4,740 $ 5,966 Add: Severance & restructuring related
costs (b) 964 — 2,502 — Adjusted income before income taxes 3,990
3,028 7,242 5,966 Less: Adjusted income tax expense (1,571 ) (1,266
) (2,894 ) (2,441 )
Non-GAAP net income $ 2,419 $ 1,762 $
4,348 $ 3,525
Diluted earnings per share: GAAP
diluted EPS $ 0.15 $ 0.14 $ 0.23 $ 0.28 Non-GAAP diluted EPS 0.20
0.14 0.36 0.28 Diluted weighted average number of common shares
outstanding 12,177 12,442 12,205 12,600
______________________________________(a) EBITDA — earnings
before interest, taxes, depreciation and amortization.(b) Relates
to severance and restructuring related costs in connection with our
2012 rebranding and cost savings initiatives.
PC MALL, INC. CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except per share amounts and share
data)
September 30,2012
December 31,2011
ASSETS Current assets: Cash and cash equivalents $ 6,465 $
9,484 Accounts receivable, net of allowances of $1,185 and $1,642
199,219 207,985 Inventories, net 65,563 79,456 Prepaid expenses and
other current assets 13,848 9,681 Deferred income taxes 3,419 3,937
Total current assets 288,514 310,543 Property and equipment, net
45,924 44,745 Deferred income taxes 264 247 Goodwill 25,510 25,510
Intangible assets, net 7,645 9,840 Other assets 2,087 2,387 Total
assets $ 369,944 $ 393,272
LIABILITIES AND STOCKHOLDERS’
EQUITY Current liabilities: Accounts payable $ 117,349 $
122,523 Accrued expenses and other current liabilities 27,754
31,797 Deferred revenue 25,568 18,079 Line of credit 60,809 91,852
Notes payable — current 883 1,015 Total current liabilities 232,363
265,266 Notes payable and other long-term liabilities 16,645 11,574
Deferred income taxes 5,671 5,606 Total liabilities 254,679 282,446
Commitments and contingencies Stockholders’ equity: Preferred
stock, $0.001 par value; 5,000,000 shares authorized; none issued
and outstanding — — Common stock, $0.001 par value; 30,000,000
shares authorized; 14,494,051 and 14,368,888 shares issued; and
12,042,367 and 11,995,704 shares outstanding, respectively
14
14 Additional paid-in capital 109,861 108,061 Treasury stock, at
cost: 2,451,684 and 2,373,184 shares, respectively (10,198 ) (9,733
) Accumulated other comprehensive income 2,586 2,256 Retained
earnings 13,002 10,228 Total stockholders’ equity 115,265 110,826
Total liabilities and stockholders’ equity $ 369,944 $ 393,272
PC MALL, INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS (unaudited, in thousands) Nine Months
EndedSeptember 30, 2012 2011
Cash Flows From Operating Activities Net income $ 2,774 $
3,525 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 9,418 7,205
Provision for deferred income taxes 2,514 2,157 Net tax benefit
related to stock option exercises 92 1 Excess tax benefit related
to stock option exercises (141 ) (658 ) Non-cash stock-based
compensation 1,502 1,649 Decrease in earnout liability (107 ) (800
) Gain on sale of fixed assets — (15 ) Change in operating assets
and liabilities: Accounts receivable 6,873 (3,088 ) Inventories
13,893 5,542 Prepaid expenses and other current assets (3,792 )
(2,685 ) Other assets 207 22 Accounts payable (1,115 ) (15,986 )
Accrued expenses and other current liabilities (5,026 ) (1,740 )
Deferred revenue 7,489 5,365 Total adjustments 31,807 (3,031 ) Net
cash provided by operating activities 34,581 494
Cash Flows From
Investing Activities Purchase of El Segundo building — (9,565 )
Purchases of property and equipment (6,765 ) (12,296 ) Acquisition
of eCost — (2,284 ) Proceeds from sale of fixed assets — 23 Net
cash used in investing activities (6,765 ) (24,122 )
Cash Flows
From Financing Activities Net (payments) borrowings under line
of credit (31,043 ) 12,016 Capital lease proceeds 4,356 —
Borrowings under notes payable 2,859 7,198 Payments under notes
payable (813 ) (565 ) Change in book overdraft (4,410 ) 3,322
Payment of earnout liability — (1,121 ) Payments of obligations
under capital lease (1,666 ) (870 ) Proceeds from stock issued
under stock option plans 206 715 Payment for deferred financing
costs — (25 ) Excess tax benefit related to stock option exercises
141 658 Common shares repurchased and held in treasury (420) (2,260
) Net cash (used in) provided by financing activities (30,790 )
19,068 Effect of foreign currency on cash flow (45 ) 58 Net change
in cash and cash equivalents (3,019 ) (4,502 ) Cash and cash
equivalents at beginning of the period 9,484 10,711 Cash and cash
equivalents at end of the period $ 6,465 $ 6,209
Supplemental
Cash Flow Information Interest paid $ 2,459 $ 2,054 Income
taxes paid 1,404 3,938
Supplemental Non-Cash Investing and
Financing Activities Purchase of infrastructure system $ 858 $
2,552 Deferred financing costs — 346
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