Systemax Inc. (NYSE: SYX) today announced financial results for the second quarter and six months ended June 30, 2011.
|(U.S. dollars in millions, except per share data)|
|Highlights||Quarter Ended June 30,||Six Months Ended June 30,|
|Diluted earnings per share||$0.42||$0.25||$0.78||$0.56|
|Special (gains) charges, net||$(7.1)||$0.3||$(6.6)||$0.3|
|Special (gains) charges, net, per diluted share, after tax||$(0.13)||$0.01||$(0.12)||$0.01|
Second Quarter 2011 Financial Highlights:
- Consolidated sales grew 8% to a record $872.2 million in U.S. dollars. On a constant currency basis, sales grew 4%.
- Business to business channel sales grew 16% to $482.5 million in U.S. dollars. On a constant currency basis, sales grew 10%.
- Consumer channel sales were flat at $389.7 million in U.S. dollars. On a constant currency basis, sales declined 1%.
- “Same store” business to business sales grew 7% and same store consumer sales declined 4% on a constant currency basis.
- The Company recorded special gains, net of legal and professional fees, of $7.1 million on a pre-tax basis, or approximately $0.13 per diluted share, after tax, related to the previously disclosed investigation and settlement with a former officer and director.
- Diluted earnings per share (EPS) were $0.42.
Six Months 2011 Financial Highlights:
- Consolidated sales grew 5% to a record $1.8 billion in U.S. dollars. On a constant currency basis, sales grew 3%.
- Business to business channel sales grew 12% to $963.0 million in U.S. dollars. On a constant currency basis, sales grew 8%.
- Consumer channel sales declined 2% to $839.1 million in U.S. dollars. On a constant currency basis, sales declined 3%.
- The Company recorded special gains, net of legal and professional fees, of $6.6 million on a pre-tax basis, or approximately $0.12 per diluted share after tax, related to the previously disclosed investigation and settlement with a former officer and director.
- Diluted earnings per share (EPS) were $0.78.
Richard Leeds, Chairman and Chief Executive Officer, said, “We delivered solid top line growth in the quarter. Our business to business operations continue to perform well and once again led our performance as customers update their IT infrastructure. In addition, the Industrial Products group had another outstanding quarter, delivering 27% revenue growth as we continue to execute on our growth initiatives in this segment. Consumer channel sales were flat, reflecting a very competitive consumer technology market, particularly on the web. However, our retail stores once again showed solid growth.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV