SHREWSBURY, N.J., Oct 30, 2003 (BUSINESS WIRE) -- Programmer's Paradise(R), Inc. (PROG, Trade) today reported financial results for the third quarter ended September 30, 2003. The results will be discussed in a conference call to be held on Friday, October 31, 2003 at 10:00 AM Eastern time. The dial-in telephone number is (952) 556-2869 and the pass code is "PROG".
Revenue for the quarter ended September 30, 2003 was $18.4 million compared with $15.8 million for the quarter ended September 30, 2002. The 16% increase in year-over-year sales reflects the improved productivity of our account executive team. In addition sales increased 14% over the immediately preceding quarter.
Bill Willett, Chairman and Chief Executive Officer, stated, "This increase in sales and our continued focus on expense control has resulted in another profitable quarter for our Company."
Earnings for the quarter were $.3 million or $.09 per share.
Programmer's Paradise, Inc. is a marketer of technical software and hardware for microcomputers, servers and networks in the United States and Canada. Programmer's Paradise offers a wide variety of technical and general business application software, PC hardware and components from a broad range of publishers and manufacturers. Additional information can be found by visiting www.programmersparadise.com.
Contact Programmer's Paradise, Inc. via Bill Willett, CEO of Programmer's Paradise, Inc. at (732) 389-8950 or bill.willett@programmers.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.
PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Sept. 30, Dec. 31,
2003 2002
------ ------
(Unaudited) (Audited)
ASSETS
Current assets
Cash and cash equivalents $ 5,263 $ 6,072
Marketable Securities 6,436 5,110
Accounts receivable, net 6,420 6,342
Inventory - finished goods 762 1,151
Prepaid expenses and other current assets 348 264
----------- ---------
Total current assets 19,229 18,939
Equipment and leasehold improvements, net 324 460
Other assets 55 69
----------- ---------
Total assets $ $ 19,608 $ $ 19,468
=========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 8,194 $ 7,772
Dividend payable 369 -
----------- ---------
Total current liabilities 8,563 7,772
Commitments and contingencies
Stockholders' equity
Common stock, $.01 par value; authorized,
10,000,000 shares; issued 5,257,750 shares
and 5,230,250 shares, respectively 53 52
Additional paid-in capital 34,416 35,484
Treasury stock, at cost, 1,561,970 shares and
1,389,576 shares, respectively (4,561) (4,184)
Accumulated deficit (18,934) (19,511)
Accumulated other comprehensive income (loss) 71 (145)
----------- ---------
Total stockholders' equity 11,045 11,696
----------- ---------
Total liabilities and stockholders' equity $ 19,608 $ 19,468
========== ==========
PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
(Unaudited)
(In thousands, except per share data)
Nine months ended Three months ended
September 30, September 30,
------------------- -------------------
2003 2002 2003 2002
--------- --------- --------- ---------
Net sales $49,604 $50,271 $18,355 $15,798
Cost of sales 43,199 43,735 16,061 13,782
--------- --------- --------- ---------
Gross profit 6,405 6,536 2,294 2,016
Selling, general and
administrative expenses 5,940 6,453 2,001 2,087
Litigation settlement - 348 - 348
--------- --------- --------- ---------
Income (loss) from operations 465 (265) 293 (419)
Realized gain on sale of
available-for-sale securities - 141 - 141
Interest income, net 93 195 43 66
Foreign exchange gain (loss) 71 (9) (9) (2)
--------- --------- --------- ---------
Income (loss) before income
taxes 629 62 327 (214)
Provision (benefit) for income
taxes 52 (257) (6) (4)
--------- --------- --------- ---------
Net income (loss) $ 577 $ 319 $ 333 $ (210)
========= ========= ========= =========
Net income (loss) per common
share - Basic $ 0.16 $ 0.07 $ 0.09 $(0.05)
========= ========= ========= =========
Net income (loss) per common
share - Diluted $ 0.15 $ 0.07 $ 0.09 $(0.05)
========= ========= ========= =========
Weighted average number of
common shares outstanding
Basic 3,722 4,639 3,694 4,213
========= ========= ========= =========
Diluted 3,816 4,654 3,788 4,213
========= ========= ========= =========
Reconciliation of net income
(loss) to comprehensive
income (loss):
Net income (loss) $ 577 $ 319 $ 333 $ (210)
--------- --------- --------- ---------
Other comprehensive income,
net of tax:
Reclassification adjustment for
gain realized on sale of
available-for-sale securities - (78) (78)
Unrealized gain on available-for-
sale securities 16 173 2 73
Foreign currency translation
adjustments 200 347 (10) (47)
Total comprehensive income
(loss) $ 793 $ 761 $ 325 $ (262)
========= ========= ========= =========
SOURCE: Programmer's Paradise(R), Inc.
Programmer's Paradise(R), Inc.
Bill Willett, (732)-389-8950
bill.willett@programmers.com
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