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PC Connection, Inc. Reports Fourth Quarter And Full Year Results

PC Connection, Inc. (NASDAQ: PCCC):

FOURTH QUARTER SUMMARY:

     

FULL YEAR SUMMARY:

 
  • Net sales: $555.6 million, up 20% y/y
  • Net sales: $1.97 billion, up 26% y/y
  • SG&A: 9.3% of net sales
  • SG&A: 9.7% of net sales
  • Operating income: $11.7 million, 2.1% of net sales
  • Operating income: $38.7 million, 2.0% of net sales
  • Diluted earnings per share: $0.26 per share
  • Diluted earnings per share: $0.85 per share

PC Connection, Inc. (NASDAQ: PCCC), a leading direct marketer of information technology (IT) products and services, today announced results for the quarter and year ended December 31, 2010. Net sales for the fourth quarter were $555.6 million, an increase of $92.5 million or 20.0%, compared to $463.1 million for the three months ended December 31, 2009. Net sales growth was driven primarily by the Company’s small- and medium-sized business (SMB) and Large Account segments. Net income for the three months ended December 31, 2010 was $6.9 million, or $0.26 per share, compared to net income of $4.0 million, or $0.15 per share, for the corresponding prior year period. The strong net sales and operating leverage this quarter resulted in earnings that were 73% higher than earnings in the fourth quarter of 2009.

Net sales for the year ended December 31, 2010 were $1,974.2 million, an increase of $404.5 million or 25.8%, compared to $1,569.7 million for the year ended December 31, 2009. Net income for the year ended December 31, 2010 was $23.0 million, or $0.85 per share, compared to a net loss of $1.2 million, or $0.05 per share, for the year ended December 31, 2009. The year ended December 31, 2009 included special charges that reduced earnings and earnings per share in that year. Pro forma net income for the year ended December 31, 2009, excluding these special charges, was $6.8 million, or $0.25 per share. The Company did not record any special charges in 2010. A reconciliation between net loss on a GAAP basis and pro forma net income for the year ended December 31, 2009 is provided in a table below immediately following the Consolidated Statements of Operations.

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