|By Business Wire||
|August 7, 2014 04:01 PM EDT||
PCM, Inc. (NASDAQ: PCMI), a leading technology solutions provider, today reported financial results for the second quarter of 2014. Consolidated net sales in Q2 2014 were $339.6 million, a decrease of $15.9 million, or 4%, from $355.5 million in Q2 2013. Consolidated gross profit for Q2 2014 was $48.6 million, a decrease of $1.4 million, or 3%, from $50.0 million in Q2 2013. Consolidated gross profit margin was 14.3% in Q2 2014 compared to consolidated gross profit margin of 14.1% in Q2 2013. EBITDA (as defined below) for Q2 2014 decreased $2.8 million, or 30%, to $6.6 million from $9.4 million in Q2 2013. Consolidated operating profit for Q2 2014 decreased $2.8 million, or 42%, to $3.9 million compared to $6.7 million for Q2 2013. Consolidated income from continuing operations decreased $1.5 million, or 45%, to $1.8 million in Q2 2014 compared to $3.4 million for Q2 2013. Consolidated net income (including discontinued operations) decreased $2.0 million, or 64%, to $1.1 million in Q2 2014 compared to $3.2 million for Q2 2013. Diluted EPS from continuing operations for Q2 2014 was $0.14 compared to diluted EPS from continuing operations of $0.29 for Q2 2013, a decrease of 52%.
Commenting on the Company’s results, Frank Khulusi, Chairman, President and CEO of PCM, Inc. said, “Our second quarter results were in line with our previously stated expectations for the quarter primarily due to difficult year over year comparisons (for example, our public sector business grew 71% in Q2 last year over the prior year), the timing of certain large transactions last year that did not repeat and the strategic investments we made in the second quarter, which we believe will benefit our near and long term performance. We also continue to expect that our sales growth in each of the third and fourth quarters will be strong, and our July demand was consistent with that expectation.”
Khulusi continued, “We continue with our strategic efforts to transform our Company from PC Mall, which was primarily known as a direct marketer of personal computers and related products, to PCM, a leading IT solutions provider with world-class capabilities in ‘procurement, consulting and managed services’ (PCM). This is a journey, not an event, the primary goals of which are to achieve much more relevance, loyalty, and penetration with both new and existing customers, resulting in significant improvement to our profitability. As we continue on this path, these improvements may not manifest themselves every quarter, but overall, the trend line is very solid. In the second quarter, we entered the next phase of this transformation. To that end, we made strategic and significant additions in headcount in our technical resources and sales force with the goal of accelerating our sales growth beginning in the second half of 2014.”
Khulusi continued, “I am also very happy to say that late in the second quarter we opened our new flagship cloud data center in New Albany, Ohio as expected. We believe this state-of-the-art cloud data center further exemplifies our path towards becoming a leading IT solutions provider with world-class consulting and managed services capabilities. Increasingly, we are engaging with our customers to design, build and deliver leading complex technology services and solutions. We believe this positions us very well for customers who are exploring ways to move to a utility consumption model for their infrastructure as they seek to optimize their own IT environments. We will continue to look for ways to accelerate our growth in these areas, including the development of additional capabilities and the provisioning and development of tools that better enable our account executives to engage their customers in thoughtful conversations related to these services.”
Khulusi continued, “As a further step towards this transformation, in the second quarter we closed and walked away from our OnSale and eCost businesses and two of our four MacMall retail stores. In the third quarter, we intend to close a third store and just entered into a definitive agreement for the sale of the real property of our last remaining retail store for $20.2 million, subject to diligence and closing conditions. The book value of this real property is only $4.4 million, so we expect to have a significant gain north of $15 million upon closing. We intend to shut down the operations of this last retail store upon consummation of this sale. We expect these strategic changes will significantly simplify our MacMall segment allowing us to increase our focus on its remaining web and outbound business-to-business components.”
Khulusi concluded, “In closing, we are committed to the ongoing transformation of PCM that we have discussed and have and continue to make significant investments towards this end. We look forward to our resulting prospects for significant future profitable growth and very significant increases in shareholder value.”
Results of Operations
During the second quarter of 2014, we discontinued the operation of two of our retail stores and our OnSale and eCost businesses. We reflected the results of these operations, which were historically reported as a part of our MacMall segment, as discontinued operations for all periods presented herein on our Consolidated Statements of Operations and Consolidated Balance Sheets.
The following table presents our net sales by segment for the periods presented (in thousands):
|Three Months Ended June 30,|
|Percentage of||Percentage of||Percent|
|Net Sales||Total Net Sales||Net Sales||Total Net Sales||Dollar Change||Change|
|Corporate & Other||(7||)||—||(1||)||—||(6||)||NM(1)|
Consolidated net sales were $339.6 million in Q2 2014 compared to $355.5 million in Q2 2013, a decrease of $15.9 million, or 4%. Consolidated sales of services were 9% of net sales in each of Q2 2014 and Q2 2013.
Commercial net sales were $256.4 million in Q2 2014 compared to $257.4 million in Q2 2013, a decrease of $1.0 million. The decrease in Commercial net sales in Q2 2014 was primarily due to the non-recurrence of projects for certain large enterprise customers as compared to the prior year. Sales of services in the Commercial segment were 11% of Commercial net sales in Q2 2014 and 12% in Q2 2013.
Public Sector net sales were $50.9 million in Q2 2014 compared to $61.2 million in Q2 2013, a decrease of $10.3 million, or 17%. This decrease in Public Sector net sales was due to a $11.5 million decrease in sales in our federal government business, primarily related to a reduction in sales made under our Social Security Administration and FBI contracts due to its unseasonably strong Q2 of 2013, which at the time grew 218% over Q2 2012, partially offset by an increase of $1.2 million in our state and local government and educational institutions business (SLED) resulting from increased account executive productivity in part related to the Common Core standards initiatives in the education sector.
MacMall net sales were $32.4 million in Q2 2014 compared to $36.9 million in Q2 2013, a decrease of $4.5 million, or 12%. The decrease in MacMall net sales was primarily due to a reduction in sales of MacBook Pro units, which were negatively impacted by pricing pressure from large online and retail competitors, partially offset by increases in Apple iMacs and MacBook Airs.
Gross Profit and Gross Profit Margin
Consolidated gross profit was $48.6 million in Q2 2014, a decrease of $1.4 million, or 3%, from $50.0 million in Q2 2013. Consolidated gross profit margin grew to 14.3% in Q2 2014 from 14.1% in Q2 2013. The decrease in gross profit was primarily related to the decreased sales. The increase in gross profit margin in Q2 2014 was primarily due to an improved solution sales mix, which contributed to an increase in vendor consideration, and increased agent fees associated with sales of enterprise software agreements.
Selling, General & Administrative Expenses
Consolidated SG&A expenses were $44.8 million in Q2 2014 compared to $43.4 million in Q2 2013, an increase of $1.4 million, or 3%. Consolidated SG&A expenses as a percentage of net sales increased to 13.2% in Q2 2014 from 12.2% in Q2 2013. The increase in consolidated SG&A expenses in Q2 2014 was primarily due to a $0.4 million increase in personnel costs and a $0.3 million increase in professional services fees.
The following table presents our operating profit and operating profit margin by segment for the periods presented (in thousands):
|Three Months Ended|
|Corporate & Other||(12,654||)||(3.7||
|(1)||Operating profit margin for Corporate & Other is computed based on consolidated net sales. Operating profit margin for each of the other segments is computed based on the respective segment’s net sales.|
Consolidated operating profit was $3.9 million in Q2 2014 compared to $6.7 million in Q2 2013, a decrease of $2.8 million, or 42%.
Commercial operating profit was $14.2 million in Q2 2014 compared to $17.0 million in Q2 2013, a decrease of $2.8 million, or 16%, primarily due to a $0.6 million decrease in Commercial gross profit and increased personnel costs of $1.6 million, which was primarily due to investments including software, technical solutions and sales personnel supporting our future growth initiatives, including our new office in Austin, Texas.
Public Sector operating profit was $2.0 million in Q2 2014 compared to $1.8 million in Q2 2013, an increase of $0.2 million, or 16%. This increase in Public Sector operating profit in Q2 2014 was primarily due to lower variable fulfillment costs.
MacMall operating profit was $0.3 million in Q2 2014 compared to $1.0 million in Q2 2013, a decrease of $0.7 million, primarily due to a decrease in MacMall gross profit associated with the reduction in sales.
Corporate & Other operating expenses include corporate related expenses such as legal, accounting, information technology, product management and certain other administrative costs that are not otherwise included in our reportable operating segments. Corporate & Other operating expenses were $12.7 million in Q2 2014 compared to $13.1 million in Q2 2013, a decrease of $0.4 million, or 4%, primarily due to reduced personnel costs of $0.9 million, partially offset by a $0.3 million increase in depreciation expense.
Consolidated Balance Sheet and Cash Flow
We generated cash flow from operations for the six months ended June 30, 2014 of $61.6 million, compared to cash used in operations for the six months ended June 30, 2013 of $10.4 million. Accounts receivable at June 30, 2014 was $173.1 million, a decrease of $22.7 million from December 31, 2013. Inventory at June 30, 2014 was $49.5 million, a decrease of $65.8 million from December 31, 2013 due to the sell through of a majority of the inventory purchased for specific customer contracts and large strategic purchases made near the end of the year. Accounts payable at June 30, 2014 was $95.5 million, a decrease of $35.4 million from December 31, 2013. We invested in capital expenditures during the six months ended June 30, 2014 totaling $9.4 million compared to capital expenditures of $5.7 million during the six months ended June 30, 2013. The increase in capital expenditures during the six months ended June 30, 2014 was primarily due to leasehold improvements and other build-out costs related to our new Chicago and Austin offices, as well as increased costs associated with our ERP upgrade. Outstanding borrowings under our line of credit decreased by $57.8 million to $52.7 million at June 30, 2014 compared to December 31, 2013. Working capital increased to $62.6 million at June 30, 2014 from $57.6 million at December 31, 2013.
Account Executive Headcount
The following table presents our average account executive headcount, by segment, for the periods presented:
Three Months Ended
|Average Account Executive||
|Headcount By Segment(1):||
|(1)||Headcount numbers are calculated based on an average of all sales executives and trainees employed during the period.|
Product Sales Mix
The following table sets forth our net billed sales by major categories as a percentage of total net billed sales for the periods presented, determined based upon our internal product code classifications, and excluding the results of our discontinued operations, which are discussed above.
|Three Months Ended||Y/Y|
|Product Sales Mix:||2014||2013||Growth|
|Manufacturer service and warranty (1)||5||5||2|
|(1)||Software, including software licenses, maintenance and enterprise agreements, and manufacturer service and warranties are shown, for purposes of this table, on a gross sales billed to customers basis, net of returns and do not reflect the net down impact related to revenue recognition for sales of such products.|
|(2)||All other includes power, printers, supplies, consumer electronics, memory, iPod/MP3 and miscellaneous other items.|
We are presenting earnings before interest, taxes, depreciation and amortization expenses (EBITDA), which is a financial measure that is not determined in accordance with accounting principles generally accepted in the United States of America, or GAAP. EBITDA should be used in conjunction with other GAAP financial measures and is not presented as an alternative measure of operating results, as determined in accordance with GAAP. We believe that EBITDA allows 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 measure is included in a table below.
Management will hold a conference call, which will be webcast, on August 7, 2014 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its second quarter results. To listen to PCM management’s discussion of its second quarter results live, access http://investor.pcm.com/events.cfm.
The archived webcast can be accessed at www.investor.pcm.com under “Events & Presentations.” A replay of the conference call by phone will be available from 7:30 p.m. ET on August 7, 2014 until August 13, 2014 and can be accessed by calling (855) 859-2056 (International (404) 537-3406) and inputting pass code 82233137.
About PCM, Inc.
PCM, 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. In the 12 months ended June 30, 2014, we generated approximately $1.4 billion in revenue and now have over 2,800 employees, 65% of which are in sales or service positions. For more information please visit investor.pcm.com or call (310) 354-5600.
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 the impact of strategic investments; statements regarding our relevance, loyalty and penetration with our customers; statements regarding our beliefs related to our positioning with our customers; and statements regarding the impacts of discontinuing operations on the future of our continuing operations. 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 certain product categories, our brands and new go to market strategy, our expanded business models, including without limit, our services and consultative selling capabilities and new data center; 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 our pricing strategy on our operating results; potential decreases in sales related to changes in our vendors products; the potential lack of availability of government funding applicable to our PCMG 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 March 31, 2014, 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.
-Financial Tables Follow-
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|(unaudited, in thousands, except per share amounts)|
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Cost of goods sold||290,985||305,463||572,189||582,705|
|Selling, general and administrative expenses||44,758||43,379||88,168||85,572|
|Interest expense, net||750||781||1,693||1,553|
|Income from continuing operations before income taxes||3,131||5,874||8,296||8,277|
|Income tax expense||1,293||2,502||3,430||3,496|
|Income from continuing operations||1,838||3,372||4,866||4,781|
|Loss from discontinued operations, net of taxes||(692||)||(209||)||(833||)||(382||)|
|Basic and Diluted Earnings Per Common Share|
|Income from continuing operations||$||0.15||$||0.30||$||0.40||$||0.41|
|Loss from discontinued operations, net of taxes||(0.06||)||(0.02||)||(0.07||)||(0.03||)|
|Income from continuing operations||$||0.14||$||0.29||$||0.37||$||0.40|
|Loss from discontinued operations, net of taxes||(0.05||)||(0.02||)||(0.06||)||(0.03||)|
|Weighted average number of common shares outstanding:|
|RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO|
|CONSOLIDATED OPERATING PROFIT|
|(unaudited, in thousands)|
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Consolidated operating profit||$||3,881||$||6,655||$||9,989||$||9,830|
|Add: Consolidated depreciation expense||2,637||2,278||5,132||4,587|
|Consolidated amortization expense||84||470||172||941|
|(a)||EBITDA — earnings from continuing operations before interest, taxes, depreciation and amortization.|
|CONSOLIDATED BALANCE SHEETS|
|(unaudited, in thousands, except per share amounts and share data)|
|June 30,||December 31,|
|Cash and cash equivalents||$||6,669||$||9,992|
|Accounts receivable, net of allowances of $566 and $1,408||173,095||195,805|
|Prepaid expenses and other current assets||30,523||14,893|
|Deferred income taxes||2,424||2,583|
|Current assets of discontinued operations||277||1,973|
|Total current assets||262,458||340,507|
|Property and equipment, net||70,134||55,840|
|Deferred income taxes||135||225|
|Intangible assets, net||4,513||4,684|
|Non-current assets of discontinued operations||14||1,248|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accrued expenses and other current liabilities||27,718||29,204|
|Line of credit||52,652||110,499|
|Notes payable — current||2,906||1,167|
|Current liabilities of discontinued operations||981||1,716|
|Total current liabilities||199,900||282,912|
|Notes payable and other long-term liabilities||26,657||18,247|
|Deferred income taxes||7,599||7,901|
|Commitments and contingencies|
|Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued and outstanding||—||—|
Common stock, $0.001 par value; 30,000,000 shares authorized; 15,674,622 and 15,053,067 shares issued; and 12,369,363 and 11,790,674 shares outstanding
|Additional paid-in capital||119,677||115,801|
|Treasury stock, at cost: 3,305,259 and 3,262,393 shares||(15,751||)||(15,321||)|
|Accumulated other comprehensive income||1,794||1,816|
|Total stockholders’ equity||133,220||125,762|
|Total liabilities and stockholders’ equity||$||367,376||$||434,822|
|CONSOLIDATED STATEMENTS OF CASH FLOWS|
|(unaudited, in thousands)|
|Six Months Ended|
|Cash Flows From Operating Activities|
|Adjustments to reconcile net income to net cash provided by (used in) operating activities:|
|Depreciation and amortization||6,485||5,897|
|Provision for deferred income taxes||379||726|
|Excess tax benefit related to stock option exercises||(269||)||(37||)|
|Non-cash stock-based compensation||635||783|
|Change in operating assets and liabilities:|
|Prepaid expenses and other current assets||(15,661||)||(8,532||)|
|Accrued expenses and other current liabilities||445||(717||)|
|Net cash provided by (used in) operating activities||61,554||(10,358||)|
|Cash Flows From Investing Activities|
|Purchases of property and equipment||(9,372||)||(5,732||)|
|Net cash used in investing activities||(9,372||)||(5,732||)|
|Cash Flows From Financing Activities|
|Net (payments) borrowings under line of credit||(57,847||)||12,766|
|Capital lease proceeds||—||206|
|Borrowing under note payable||—||2,393|
|Payments under notes payable||(714||)||(458||)|
|Change in book overdraft||1,421||8,722|
|Payments of obligations under capital lease||(1,421||)||(1,431||)|
|Net proceeds from stock issued under stock option plans||3,242||1,399|
|Payment for deferred financing costs||(30||)||(752||)|
|Common shares repurchased and held in treasury||(430||)||(1,558||)|
|Excess tax benefit related to stock option exercises||269||37|
|Net cash (used in) provided by financing activities||(55,510||)||21,324|
|Effect of foreign currency on cash flow||5||(391||)|
|Net change in cash and cash equivalents||(3,323||)||4,843|
|Cash and cash equivalents at beginning of the period||9,992||6,535|
|Cash and cash equivalents at end of the period||$||6,669||$||11,378|
|Supplemental Cash Flow Information|
|Income taxes paid||5,688||1,820|
|Supplemental Non-Cash Investing and Financing Activities|
|Purchase of property and equipment||$||10,039||$||1,985|
|Deferred financing costs||—||228|
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