PC Mall Reports Second Quarter 2012 Results
PC Mall, Inc. (NASDAQ:MALL), a leading IT solutions provider, today reported financial results for the second quarter of 2012. Consolidated net sales for Q2 2012 were a second quarter record $362.6 million, an increase of $0.7 million, from $361.9 million in Q2 2011, and was impacted by a $16.7 million decrease in sales to promotional companies under a vendor program change in Q4 by a large vendor. Excluding the effect of this program change, our sales grew $17.4 million, or 5% compared to Q2 2011. Consolidated gross profit for Q2 2012 increased 5% to a second quarter record $48.5 million from $46.4 million in Q2 2011. Consolidated gross profit margin was 13.4% in Q2 2012 compared to 12.8% in Q2 2011. EBITDA (as defined below), which includes $0.5 million of severance and restructuring related costs for Q2 2012, increased $1.6 million to $6.6 million from $5.0 million in Q2 2011. Consolidated operating profit for Q2 2012, which includes $0.7 million of severance and restructuring related costs, increased 33% to $3.4 million compared to $2.6 million for Q2 2011. Consolidated net income for Q2 2012 was $1.4 million compared to $1.0 million for Q2 2011. Diluted EPS for Q2 2012 was $0.12 compared to diluted EPS of $0.08 for Q2 2011.
Commenting on the Company’s second quarter results, Frank Khulusi, Chairman, President and CEO of PC Mall, Inc. said, “We are pleased that, despite an uncertain macro environment, we were able to grow our sales by 5% year over year in Q2 excluding the vendor program change, while increasing our gross margin to 13.4%. We continue to be focused on our operating expenses, and through disciplined cost controls we were able to grow our EBITDA by 31% and our diluted EPS by 50% year over year. Included in EBITDA are $0.5 million of severance and restructuring related costs and, excluding those costs, our EBITDA would have been $7.1 million in Q2. Our focus on our services business is paying off, as evidenced by strong services growth in the first half of 2012 of 27%. We are also excited about the pending changes associated with our rebranding, which we expect to be effected on January 1, 2013. We look forward to sharing more information and details regarding our rebranding strategies in the weeks to come.”
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