Global Industrial Launches New Brand Identity
- ‘We Can Supply That' Tagline Conveys Deep Customer Insights and Ability to Deliver Today's and Tomorrow's Solutions PORT WASHINGTON, NY / ACCESSWIRE / January 11, 2021 / Global Industrial, a value-added national distributor of industrial products and MRO supplies, and a Systemax Inc. (NYSE:SYX) company, today announced the launch of a new brand identity and promise that honors our 70-plus year history, reflects our commitment to customers, partners and employees, and aligns with our strategic direction. Barry Litwin, Chief Executive Officer of Systemax, said, "For more than 70 years, Global Industrial has been a trusted partner and go to resource for our customers.
- 01/11/2021
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Systemax, Inc. (SYX) CEO Barry Litwin on Q3 2020 Results - Earnings Call Transcript
- Systemax, Inc. (SYX) CEO Barry Litwin on Q3 2020 Results - Earnings Call Transcript
- 10/27/2020
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Systemax (SYX) Beats Q3 Earnings and Revenue Estimates
- Systemax (SYX) delivered earnings and revenue surprises of 60.00% and 10.31%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?
- 10/27/2020
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Recap: Systemax Q3 Earnings
- Shares of Systemax (NYSE:SYX) rose 3.5% in after-market trading after the company reported Q3 results. Quarterly Results Earnings per share were up 77.78% year over year to $0.64, which beat the estimate of $0.40.
- 10/27/2020
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TigerDirect’s Black Friday Starts Wednesday
- MIAMI--(BUSINESS WIRE)--TigerDirect, a subsidiary of Systemax Inc. (NYSE: SYX), has announced its door-busting plans for this year’s Black Friday that begin the Wednesday before Thanksgiving. Similar to Costco, GameStop and Nordstrom, all TigerDirect retail locations will be closed on Thanksgiving to allow employees to spend the holiday with their families. Rather than have shoppers wait in line and face the cold on Thanksgiving day, TigerDirect will instead commence its annual sale on Black Wednesday, November 26. “We owe the continuing success of our company to the efforts of our employees and our customers,” said Terry Perrin, President of TigerDirect. “We want to ensure they enjoy their Thanksgiving with those who matter most.” Renowned for the highest quality consoles, gaming technology, and televisions, TigerDirect is always ready with the ultimate deals, and this Thanksgiving weekend will be like no other. Customers can continue taking advantage of the additional holiday weekend markdowns through Black Friday and all the way to Cyber Monday. Store hours below. Wednesday: 8AM-10PM Thursday: Closed Black Friday: 5AM-9PM Saturday: 8AM-10PM Sunday: 10AM-7PM Monday: 9AM-7PM ABOUT TIGERDIRECT: For over 25 years, TigerDirect has served the needs of both personal and business computer users, selling consumer electronics, computers, digital media technology and peripherals via catalog, business to business, and Internet channels. TigerDirect, Inc. is a subsidiary of Systemax Inc. (NYSE: SYX). ABOUT Systemax Inc.: Systemax Inc. (http://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™, MISCO™, Inmac WStore™ and Global Industrial™.
- 11/20/2014
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CORRECTING and REPLACING TigerDirect.com and Lenovo® Celebrate the 16th
Annual Build Your Own PC Race for Charity at the 2014 Consumer
Electronics Show
- MIAMI--(BUSINESS WIRE)--Headline of release dated Dec. 10, 2013, should read: TigerDirect.com and Lenovo® Celebrate the 16th Annual Build Your Own PC Race for Charity at the 2014 Consumer Electronics Show (sted TigerDirect.com and Lenovo® Celebrate the 16th Annual Build Your Own PC Race for Charity at the 2013 Consumer Electronics Show). The corrected release reads: TIGERDIRECT.COM AND LENOVO® CELEBRATE THE 16TH ANNUAL BUILD YOUR OWN PC RACE FOR CHARITY AT THE 2014 CONSUMER ELECTRONICS SHOW TigerDirect.com, a subsidiary of Systemax, announced today that they will partner with Lenovo® to host their 16th annual "Build Your Own PC Race” for charity on January 7th from 6pm – 9pm at the Wynn Las Vegas Resort and Convention Center during the 2014 Consumer Electronics Show. This year, TigerDirect is “gearing up” to host its National Finals PC Race as the grand finale to 15 regional PC Races, which took place across the country this past year. The PC Race Finals will be followed by a competition among journalist racers under one big, Victorian steampunk-themed parasol. TigerDirect’s "Build Your Own PC Race” for charity has become one of the most highly produced and memorable events during CES. Since 1997, TigerDirect has tasked the top industry journalists to build systems based on a processor in record time. Last year’s race set a new record by Benjamin Heide, which has since been shattered by a regional racer from Chicago with a new time of 3:05-the fastest race yet. Throughout 2013, Regional PC Races have been taking place at TigerDirect.com retail stores across the country, all leading up to another memorable extravaganza during CES. The 2014 racers will uphold the fun and excitement of previous years as they battle against one another to compile processors, motherboards and hard drives into a comprehensive PC. There will be several great hardware bundles being donated to charities, with cash donations for the top three finalists. Since its inception, TigerDirect has raised millions in case and computer equipment donations for schools and non-profit organizations. By extending the chance to compete to additional racers, TigerDirect expects to receive even more systems to donate along with an array of corresponding monitors, printers and other supplies. The Latour Ballroom will be decorated with a fine balance of form and function, taking the steampunk theme to blur the lines between tool and decoration. Brand ambassadors will dress up for the event in their finest Victorian garb with polished brass, iron, wood, and leather embellishments. Additional information about the event regarding competing and attending can be found at www.charitypcrace.com. ABOUT TIGERDIRECT For over 25 years TigerDirect.com has served the needs of both personal and business computer users, selling consumer electronics, computers, digital media technology and peripherals via catalog, business to business, and Internet channels. TigerDirect.com is a subsidiary of Systemax Inc. (NYSE: SYX). About Systemax Inc. Systemax Inc. (http://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, MISCO, WStore and Global Industrial.
- 12/12/2013
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TigerDirect.com Integrates V.me by Visa
- MIAMI--(BUSINESS WIRE)--Technology retail giant TigerDirect.com announced it has begun accepting V.me by Visa to help simplify online payments at its Internet Retailer Top-25 ranked TigerDirect.com e-commerce site, as well as its mobile and tablet web sites at M.tigerdirect.com and T.tigerdirect.com. V.me is a simple, secure way for people to pay online, letting consumers checkout by simply entering a username and password. Once enrolled, consumers can more easily manage online shopping payments anywhere that accepts V.me. The marketing and technology integration between TigerDirect.com and Visa is one of many strides TigerDirect.com has taken to minimize payment friction, giving customers one more reason to complete their purchases with TigerDirect.com. Because customers can complete their purchases in fewer steps and without ever leaving the TigerDirect.com web or mobile site, V.me helps reduce the likelihood of cart abandonment. With the V.me by Visa digital wallet, consumers can checkout securely using any major credit or debit card, without re-entering card number and shipping preferences. Customers store their major credit or debit cards (Visa, MasterCard, American Express, Discover) and shipping information in their V.me account. To pay, customers at TigerDirect.com click the V.me checkout button and complete their purchase with only a simple username and password. TigerDirect.com customers enjoy not only existing benefits from their credit cards of choice, but TigerDirect.com has provided an added bonus during the holiday season: Customers who checkout on TigerDirect.com using V.me by Visa will receive at least $20 off any $100 order. This is the perfect perk for consumers looking to get more from TigerDirect.com’s already unbeatable deals and savings and this instant savings is another marketplace-disrupting value from two companies dedicated to innovation and complete customer satisfaction. “We are so pleased to bring this value-added service and special savings opportunity to our customers in time for the holiday shopping season,” said Richard Leeds, Chairman and CEO of Systemax, Inc., the parent company of TigerDirect.com. “In addition to our existing customers, we’re excited that we may attract new customers who already know and trust Visa. And, $20 savings doesn’t hurt, either.” Known for high quality products and fantastic offerings, TigerDirect.com has once again stepped up its game with the V.me by Visa integration by improving with this additional method of checkout. ABOUT TIGERDIRECT For over 25 years TigerDirect.com has served the needs of both personal and business computer users, selling consumer electronics, computers, digital media technology and peripherals via catalog, business to business, and Internet channels. TigerDirect.com is a subsidiary of Systemax Inc. (NYSE: SYX). @tigerdirect
- 12/06/2013
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Systemax Inc. to Report Second Quarter 2013 Results On August 6, 2013
- PORT WASHINGTON, N.Y.--(BUSINESS WIRE)--Systemax Inc. (NYSE: SYX) today announced that it will release financial results for the second quarter ended June 30, 2013 on Tuesday, August 6, 2013 after U.S. market hours. The Company will host a teleconference at 5:00 p.m. Eastern Time on that day to discuss the quarterly results. To access the teleconference, please dial 970-315-0463 and use conference ID number 16750619, ten minutes prior to the start time. The teleconference will also be available via live webcast on the Company’s website at www.systemax.com in the investor relations section. If you cannot listen to the teleconference at its scheduled time, the webcast will be archived on www.systemax.com for approximately 90 days. About Systemax Inc. Systemax Inc. (http://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, (b) economic conditions and exchange rates, (c) actions by competitors, (d) the continuation of key vendor relationships, (e) the ability to maintain satisfactory loan agreements with lenders, (f) risks associated with the delivery of merchandise to customers utilizing common carriers, (g) the operation of the Company’s management information systems, and (h) unanticipated legal and administrative proceedings. Please refer to “Risk Factors” and the Forward Looking Statements sections contained in the Company’s Form 10-K for a more detailed explanation of the inherent limitations in such forward-looking statements.
- 08/02/2013
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Systemax Reports First Quarter 2013 Financial Results
- PORT WASHINGTON, N.Y.--(BUSINESS WIRE)--Systemax Inc. (NYSE: SYX) today announced financial results for the first quarter ended March 31, 2013. Performance Summary(U.S. dollars in millions, except per share data) (0.1 )% * 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. First Quarter 2013 Financial Highlights: Consolidated sales declined 3.6% to $880.7 million in U.S. dollars. On a constant currency basis, sales declined 3.4%. Business to business channel sales grew 1.6% to $543.8 million in U.S. dollars. On a constant currency basis, sales grew 2.0%. Consumer channel sales declined 10.9% to $336.9 million in U.S. dollars. On a constant currency basis, sales declined 10.9%. “Same store” business to business sales grew 2.0% and same store consumer sales declined 10.7% on a constant currency basis. GAAP operating income declined to a loss of $8.7 million compared to income of $10.8 million last year. Non-GAAP operating income was a loss of $0.7 million compared to income of $14.0 million last year. GAAP diluted net income per share declined to a loss of $0.17. Non-GAAP diluted income per share declined to a loss of $0.02. Richard Leeds, Chairman and Chief Executive Officer, said, “On an overall basis, I am pleased that we substantially improved the performance of the business from what we reported in the fourth quarter. However, an operating loss, no matter how small, is still unacceptable to us and we are working diligently to improve the business. Our balance sheet and cash position remain extremely strong and this provides us the resources to continue our operating improvement initiatives. Our Industrial Products Group once again delivered a solid performance with a revenue increase of 17%, driving topline growth in our B2B channel overall. Our B2B technology operations in Europe and North America were down modestly and our consumer operations continued to be soft, which are reflected in our consolidated performance. In our Technology segment we grew our computer sales while industry analysts reported broad declines in the overall market. However these gains were more than offset by declines in consumer electronics. On a sequential quarter basis, we improved the bottom line of our Industrial Products business and narrowed our operating loss in North American Technology as we have started to see some benefits of our ongoing performance initiatives.” “While the operating environment for our technology businesses remains challenging, we are seeing growth opportunities within our B2B businesses both in Europe and North America. We are focused on optimizing our operations and strengthening our management and sales teams to better position us to capitalize on our growth strategy. We are taking proactive actions to improve our financial performance, particularly in North American Technology where we are right sizing our cost structure, stabilizing our performance and managing the business with a different leadership team. We have a strong cash position and will continue to make investments to drive our long-term performance,” Leeds concluded. At the end of the first quarter of 2013, the Company had working capital of $351.6 million, cash and cash equivalents of $134.7 million, and availability under its credit facility of $104.6 million. Short and long-term debt totaled approximately $7.4 million at March 31, 2013. Earnings Conference Call Details Systemax Inc. will host a teleconference to comment on first quarter 2013 results today, April 30, 2013 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. (http://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, (b) economic conditions and exchange rates, (c) actions by competitors, (d) the continuation of key vendor relationships, (e) the ability to maintain satisfactory loan agreements with lenders, (f) risks associated with the delivery of merchandise to customers utilizing common carriers, (g) the operation of the Company’s management information systems, and (h) unanticipated legal and administrative proceedings. Please refer to “Risk Factors” and the Forward Looking Statements sections contained in the Company’s Form 10-K for a more detailed explanation of the inherent limitations in such forward-looking statements. Supplemental Channel Sales, Product Category and Business Unit Summary (in millions) * 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 segments2 Includes sales from retail stores, consumer websites, inbound call centers and television shopping 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. (in millions) (in millions) (in millions) (0.1 )% * 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. common equivalent shares: SYSTEMAX INC. * 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 March 30, 2013. The first quarters of both 2013 and 2012 included 13 weeks. SYSTEMAX INC. Technology Products: Industrial Products: Corporate and Other: * Management believes that by excluding the adjustments above from GAAP Operating Income, investors have an additional meaningful measurement of the Company’s operating results. SYSTEMAX INC. Non-recurring Recurring
- 04/30/2013
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Systemax Inc. To Report First Quarter 2013 Results On April 30, 2013
- PORT WASHINGTON, NY--(BUSINESS WIRE)--Systemax Inc. (NYSE: SYX) today announced that it will release financial results for the first quarter ended March 31, 2013 on Tuesday, April 30, 2013 after U.S. market hours. The Company will host a teleconference at 5:00 p.m. Eastern Time on that day to discuss the quarterly results. To access the teleconference, please dial 970-315-0463 and use conference ID number 51861645, ten minutes prior to the start time. The teleconference will also be available via live webcast on the Company’s website at www.systemax.com in the investor relations section. If you cannot listen to the teleconference at its scheduled time, the webcast will be archived on www.systemax.com for approximately 90 days. About Systemax Inc.: Systemax Inc. (http://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, (b) economic conditions and exchange rates, (c) actions by competitors, (d) the continuation of key vendor relationships, (e) the ability to maintain satisfactory loan agreements with lenders, (f) risks associated with the delivery of merchandise to customers utilizing common carriers, (g) the operation of the Company’s management information systems, and (h) unanticipated legal and administrative proceedings. Please refer to “Risk Factors” and the Forward Looking Statements sections contained in the Company’s Form 10-K for a more detailed explanation of the inherent limitations in such forward-looking statements.
- 04/26/2013
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TigerDirect.com Expands PC Race Series, Announces Locations and
Lenovo Sponsorship
- MIAMI--(BUSINESS WIRE)--TigerDirect, a subsidiary of Systemax, is proud to announce the expansion of its 16th annual Build Your Own PC Race For Charity Presented by Lenovo, world’s second-largest PC vendor. In response to the race’s increasing popularity, TigerDirect will extend the competition to more than 10 North American locations. Tasked with assembling a Lenovo Gaming PC from its basic component level, the racer with the fastest time in each city will win an all expenses paid trip to the finals during the 2014 Consumer Electronics Show and a donation to their charity of choice. Since its inception in 1997, TigerDirect’s PC Race has been hailed as one of the most exciting events during the Consumer Electronics Show and until 2012 was only available to journalists. Last year, when TigerDirect opened the races to the public, they received an overwhelming response from consumers and tech enthusiasts who were interested in competing and attending the events. With the help of Lenovo’s sponsorship and due to popular demand, TigerDirect has increased the number of racers per region from 10 to 20 and the number of cities from 5 to more than 10. Furthering the program and capitalizing on the growing DIY tech trend, each of TigerDirect’s Regional PC builds will be supplemented by a “Tiger Tech Labs” Build Your Own PC Seminar. As part of TigerDirect’s ongoing "Tiger Tech Labs" seminar series, the retailer will schedule guided instructional seminars two weeks prior to each of the regional races to encourage additional people to learn about building their own PCs and generate initial excitement around the race events. The first to assemble and boot their PCs in each market will win a trip to Las Vegas to compete in the National Finals in January 2014 during CES and the top three finishers will receive a TigerDirect Gift Card and a donation to their charity of choice. Current locations for the 2013 races include: Miami, FL; Jacksonville, FL; Dover, DE; Chicago, IL; Dallas, TX; Raleigh, NC; Jefferson, GA; Los Angeles, CA; San Francisco, CA; Ponce, PR; and NYC, NY. From the year of its launch the race has supported hundreds of charities with millions in donations, including cash and hardware. Additional details and how to register for both the races and Tiger Tech Lab series can be found at www.charitypcrace.com. About Systemax Inc. Systemax Inc. (http://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, MISCO, WStore and Global Industrial. About TigerDirect For over 20 years, TigerDirect (http://www.tigerdirect.com) has served the needs of both personal and business computer users, selling consumer electronics, computers, digital media technology and peripherals via catalog, business to business, and Internet channels. TigerDirect is a subsidiary of Systemax Inc. (NYSE: SYX). About Lenovo Lenovo (HKSE: 992) (ADR: LNVGY), the world’s second-largest PC vendor, is a $US30 billion personal technology company serving customers in more than 160 countries. Dedicated to building exceptionally engineered PCs and mobile Internet devices, Lenovo’s business is built on product innovation, a highly-efficient global supply chain and strong strategic execution. Formed by Lenovo Group’s acquisition of the former IBM Personal Computing Division, the company develops, manufactures and markets reliable, high-quality, secure and easy-to-use technology products and services. Its product lines include legendary Think-branded commercial PCs and Idea-branded consumer PCs, as well as servers, workstations, and a family of mobile Internet devices, including tablets and smart phones. Lenovo has major research centers in Yamato, Japan; Beijing, Shanghai and Shenzhen, China; and Raleigh, North Carolina. For more information see www.lenovo.com.
- 03/28/2013
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Systemax Reports Fourth Quarter and Full Year 2012 Financial Results
- PORT WASHINGTON, N.Y.--(BUSINESS WIRE)--Systemax Inc. (NYSE: SYX) today announced financial results for the fourth quarter and full year ended December 31, 2012. Performance Summary (U.S. dollars in millions, except per share data) Quarter EndedDecember 31, Year Ended December 31, * 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 2012 Financial Highlights: Consolidated sales declined 4.4% to $935.2 million in U.S. dollars. On a constant currency basis, sales declined 3.7%. Business to business channel sales grew 2.5% to $526.7 million in U.S. dollars. On a constant currency basis, sales grew 3.5%. Consumer channel sales declined 12.1% to $408.5 million in U.S. dollars. On a constant currency basis, sales declined 11.5%. “Same store” business to business sales grew 4.1% and same store consumer sales declined 11.3% on a constant currency basis. GAAP operating income declined to a loss of $(46.8) compared to income of $21.1 million last year. The GAAP operating loss reflects the Company’s previously announced consolidation of its United States consumer brands and subsequent write off of the intangible assets of CompUSA and Circuit City of approximately $35.3 million, and the Company’s exit from the computer manufacturing business and subsequent write down of the carrying cost of the Company’s computer manufacturing facilities, related equipment, and inventory of approximately $4.6 million. Non-GAAP operating income was a loss of $5.6 million compared to income of $22.8 million last year. GAAP diluted earnings per share (EPS) declined to a loss of $(0.73). Non-GAAP diluted earnings per share declined to $(0.06). Dividend declared $0.25 per share. Full Year 2012 Financial Highlights: Consolidated sales declined 3.7% to $3.5 billion in U.S. dollars. On a constant currency basis, sales declined 1.9%. Business to business channel sales grew 5.1% to $2.1 billion in U.S. dollars. On a constant currency basis, sales grew 8.0%. Consumer channel sales declined 14.0% to $1.5 billion in U.S. dollars. On a constant currency basis, sales declined 13.7%. GAAP operating income declined to a loss of $(39.9) million compared to income of $80.8 million last year. The GAAP operating loss reflects the aforementioned consolidation of its United States consumer brands and subsequent write off of the intangible assets of CompUSA and Circuit City of approximately $35.3 million, and the Company’s exit from the computer manufacturing business and subsequent write down of the carrying cost of the Company’s computer manufacturing facilities, related equipment, and inventory of approximately $4.6 million. Non-GAAP operating income was $12.0 million compared to $78.6 million last year. GAAP diluted EPS declined to a loss of ($0.22). Non-GAAP diluted earnings per share was $0.21. Dividend declared $0.25 per share. Richard Leeds, Chairman and Chief Executive Officer, said, “Our B2B operations delivered solid performance in the fourth quarter and full year 2012. This strength was demonstrated by our Industrial Products Group, which delivered its third consecutive year of more than 25% organic revenue growth, and our European business, which recorded 10% organic revenue growth on a constant currency basis. In our consumer business, buying patterns remain challenged, in part due to an eroding demand and pricing environment, which is reflected in our consolidated performance. In addition, the fiscal cliff and ongoing U.S. budget discussions have been an overhang on both businesses and consumers.” “In 2012 we executed on a number of initiatives to strengthen our businesses and drive our long-term performance. As previously announced, we consolidated our U.S. consumer technology brands under TigerDirect, exited our PC manufacturing business, opened a new distribution center for Industrial Products, realigned our European operations and moved ahead with our new shared services center in Hungary. These actions will strengthen our Company for the future and our work is not yet complete. We are focused on optimizing our performance and capitalizing on our growth opportunities and the review of our operations from a strategic and execution standpoint is ongoing. In Industrial, we continue to invest in our operations, building on our success and driving growth. We are strengthening and streamlining our European business to better capitalize on the opportunities we see in the region and to accelerate our performance. In our North American Technology business, we are focused on addressing the challenges in this market and are committed to improving our performance. Overall, we have a business that is diversified by market, channel and customer, as well as a strong balance sheet giving us a solid foundation to execute on our business plan,” Leeds concluded. In 2012 working capital increased $6.0 million to $360.8 million, and cash and cash equivalents increased by $53.4 million to $150.7 million at December 31, 2012. The Company had availability under its credit facility of approximately $104.6 million and total cash and available liquidity of approximately $255.3 million at December 31, 2012. Short and long-term debt totaled approximately $8.1 million at December 31, 2012. The Company’s effective tax rate for the fourth quarter of 2012 was a benefit of 42.2% compared to a 25.3% provision last year. The effective tax rate for the year ended December 31, 2012 was a benefit of 80.8% compared to a 30.9% provision last year. The tax benefit in 2012 is primarily the result of reversals of valuation allowances in France and operating losses in the U.S., including impacts of the asset impairment charges recorded. Earnings Conference Call Details Systemax Inc. will host a teleconference to discuss its fourth quarter and full year 2012 results today, March 5, 2013 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. (http://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, MISCO, Global Industrial 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, (b) economic conditions and exchange rates, (c) actions by competitors, (d) the continuation of key vendor relationships, (e) the ability to maintain satisfactory loan agreements with lenders, (f) risks associated with the delivery of merchandise to customers utilizing common carriers, (g) the operation of the Company’s management information systems, and (h) unanticipated legal and administrative proceedings. Please refer to “Risk Factors” and the Forward Looking Statements sections contained in the Company’s Form 10-K for a more detailed explanation of the inherent limitations in such forward-looking statements. Supplemental Channel Sales, Product Category and Business Unit Summary (in millions) % ofSales Changey/y % ofSales % ofSales Changey/y % ofSales 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 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. (in millions) Changey/y % ofSales Changey/y % ofSales 25.6% $255.9 26.1% $970.8 $1,025.0 (in millions) % ofSales Changey/y % ofSales % ofSales Changey/y % ofSales (in millions) * 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. Income (loss) from continuingoperations before income taxes Weighted average common andcommon equivalent shares: Dividend declared per share SYSTEMAX INC. * 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 29, 2012. The fourth quarters of both 2012 and 2011 included 13 weeks. The full years of both 2012 and 2011 included 52 weeks. SYSTEMAX INC. Technology Products: Industrial Products: Corporate and Other: * Management believes that by excluding the adjustments above from GAAP Operating Income, investors have an additional meaningful measurement of the Company’s operating results. SYSTEMAX INC. Non- recurring Recurring (5) Assumed tax rate of 40%
- 03/05/2013
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Systemax Inc. To Report Fourth Quarter and Full Year 2012 Results On
March 5, 2013
- PORT WASHINGTON, N.Y.--(BUSINESS WIRE)--Systemax Inc. (NYSE: SYX) today announced that it will release financial results for the fourth quarter and full year ended December 31, 2012 on Tuesday, March 5, 2013 after U.S. market hours. The Company will host a teleconference at 5:00 p.m. Eastern Time on that day to discuss the quarterly results. To access the teleconference, please dial 970-315-0463 and use conference ID number 95614340, ten minutes prior to the start time. The teleconference will also be available via live webcast on the Company’s website at www.systemax.com in the investor relations section. If you cannot listen to the teleconference at its scheduled time, the webcast will be archived on www.systemax.com for approximately 90 days. About Systemax Inc.: Systemax Inc. (http://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, (b) economic conditions and exchange rates, (c) actions by competitors, (d) the continuation of key vendor relationships, (e) the ability to maintain satisfactory loan agreements with lenders, (f) risks associated with the delivery of merchandise to customers utilizing common carriers, (g) the operation of the Company’s management information systems, and (h) unanticipated legal and administrative proceedings. Please refer to “Risk Factors” and the Forward Looking Statements sections contained in the Company’s Form 10-K for a more detailed explanation of the inherent limitations in such forward-looking statements.
- 03/04/2013
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