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PFSweb Reports 50% Service Fee Revenue Growth In First Quarter Of 2012 Compared To Prior Year

Stocks in this article: PFSW

PFSweb, Inc. (Nasdaq: PFSW), an international provider of end-to-end web commerce solutions, today announced its financial results for the first quarter ended March 31, 2012.

“New business agreements and expanding existing client engagements continue to drive our strong Service Fee Business growth, resulting in a 50% increase in Service Fee revenue for the first quarter of 2012 compared to the first quarter of 2011,” stated Mark Layton, Chairman and Chief Executive Officer of PFSweb. “This strong Service Fee revenue growth, coupled with an ongoing focus on costs, enabled us to report a significant improvement in our Adjusted EBITDA, which increased more than 475% to $2.6 million for the first quarter of 2012 compared to the same period last year.”

Summary of consolidated results for the first quarter ended March 31, 2012:

  • Service Fee revenue increased 50% to $28.4 million, compared to $18.9 million for the same period in 2011; Service Fee Equivalent revenue (as defined) increased 44% to $31.2 million, compared to $21.7 million for the same period in 2011;
  • Total revenue increased to $74.5 million, compared to $72.4 million for the first quarter of 2011;
  • Adjusted EBITDA (as defined) increased more than 475% to $2.6 million, compared to $0.5 million for the same period in 2011;
  • Net loss was $1.3 million, or $0.10 per basic and diluted share, compared to a net loss of $2.3 million, or $0.19 per basic and diluted share, for the first quarter of 2011. Net loss for the first quarter of 2012 included approximately $0.6 million of relocation related costs and approximately $0.5 million of lease termination costs, which were both reflected in selling, general and administrative expenses;
  • Non-GAAP net income (as defined) was $0.1 million, or $0.01 per basic and diluted share, compared to Non-GAAP net loss of $1.4 million, or $0.11 per basic and diluted share, for the quarter ended March 31, 2011;
  • Total cash, cash equivalents and restricted cash was $18.4 million as of March 31, 2012, compared to $18.5 million as of December 31, 2011.

“Our outlook for fiscal 2012 remains positive and we continue to pursue exciting opportunities within the eCommerce sector. On an overall basis, we are targeting a year-over-year increase in Service Fee Equivalent revenue (as defined) of approximately 20% in 2012. This includes growth from existing and new Service Fee clients, partially offset by the impact from client programs that we expect will conclude or significantly reduce operations during 2012 and reduced product revenue. While we continue to make certain investments to support our growth, we are targeting consolidated Adjusted EBITDA of approximately $8 million to $10 million for fiscal 2012,” Mr. Layton concluded.

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