PC Mall Reports Third Quarter 2011 Results
PC Mall, Inc. (NASDAQ:MALL), a leading IT solutions provider, today reported financial results for the third quarter of 2011. Consolidated net sales for Q3 2011 were $367.5 million, an increase of 9%, from $336.1 million in Q3 2010. Consolidated gross profit for Q3 2011 increased 16% to $50.2 million from $43.2 million in Q3 2010. Consolidated gross profit margin was 13.7% in Q3 2011 compared to 12.9% in Q3 2010. Consolidated operating profit for Q3 2011 decreased 5% to $3.9 million compared to $4.0 million for Q3 2010. Consolidated operating profit margin for Q3 2011 decreased to 1.0% compared to 1.2% in Q3 2010. Non-GAAP operating profit (as defined below) was $5.2 million in Q3 2011 compared to $4.1 million in Q3 2010. Non-GAAP operating profit margin (as defined below) was 1.5% in Q3 2011 compared to 1.2% in Q3 2010. Consolidated net income for Q3 2011 decreased to $1.8 million compared to $2.1 million for Q3 2010. Diluted EPS for Q3 2011 was $0.14 compared to diluted EPS of $0.17 for Q3 2010. Non-GAAP diluted EPS, excluding the results of our OnSale segment and the special items discussed below, was $0.21 for Q3 2011 and $0.17 for Q3 2010. Adjusted EBITDA (as defined below) for Q3 2011 increased 19% to $8.3 million from $7.0 million in Q3 2010.
Commenting on the Company’s third quarter results, Frank Khulusi, Chairman, President and CEO of PC Mall, Inc. said, “I am pleased with our record third quarter performance. While continuing economic uncertainty makes it difficult to predict IT spending patterns, our team continues to work hard and execute well on our strategy, which includes both growth and investment. Our record third quarter revenue and gross profit, with growth of 9% and 16% respectively, is a result of continuing execution on the part of our sales organizations, along with an increasing mix of sales of services and solutions, something we have been driving towards for some time. In fact, we are very proud of our gross margin increase from 12.9% last Q3 to 13.7% in Q3 this year. In addition, our non-GAAP operating profit increased by 29%, demonstrating the operating leverage in our model. We continue to invest significant dollars in our IT upgrades and other systems improvements, and continue to selectively add headcount in our technical support and services businesses. In so doing, we believe we will be well positioned heading into 2012 and beyond.”
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