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PC Connection, Inc. Reports Second Quarter Results

Stocks in this article: PCCC

PC Connection, Inc. (NASDAQ: PCCC), a provider of a full range of information technology (IT) solutions to business, government, and education markets, today announced results for the quarter ended June 30, 2013. Net sales for the second quarter of 2013 were $557.3 million, an increase of 2.7% compared to $542.6 million for the second quarter of 2012. Net income for the quarter ended June 30, 2013 was $9.2 million, or $0.35 per share, compared to net income of $8.8 million, or $0.33 per share, for the corresponding prior year quarter.

Net sales for the six months ended June 30, 2013 were $1,062.7 million, an increase of $21.4 million or 2.1%, compared to $1,041.3 million for the six months ended June 30, 2012. Net income for the six months ended June 30, 2013 was $15.3 million, or $0.58 per share, compared to net income of $14.3 million, or $0.54 per share, for the six months ended June 30, 2012. Earnings before interest, taxes, depreciation and amortization, stock-based compensation expense, and special charges (“Adjusted EBITDA”) totaled $64.1 million for the twelve months ended June 30, 2013, as compared to $59.5 million for the twelve months ended June 30, 2012.

Quarterly Sales by Segment:

  • Net sales for the SMB segment increased by 5.5% in the quarter to $242.2 million, compared to net sales in the second quarter of 2012. Net/com sales had the strongest growth during the quarter due to increased enterprise networking sales. SMB software sales also continue to be strong due to increased demand in security, virtualization, and operating systems software.
  • Net sales for the Large Account segment of $196.2 million were relatively level compared to net sales in the second quarter of 2012. Growth in software and video, imaging, and sound sales was offset by declines in storage and net/com products. Commercial sales, which consists of SMB and Large Account sales, increased by 2.8% from the prior year quarter.
  • Net sales to government and education customers (Public Sector segment) increased by 2.5% year over year to $118.9 million. Sales to state and local government and educational institutions increased by 11.3% compared to last year. Federal budget constraints led to a 22.2% decrease in federal government sales.

Net sales to healthcare customers, which are included in each of the three selling segments, increased 25% versus the prior year quarter.

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