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CDW Reports Second Quarter 2013 Results

Stocks in this article: CDW

Gross profit for the first six months of 2013 was $853.6 million, compared to $811.5 million in the first six months of 2012, representing an increase of 5.2 percent.

Total selling and administrative expenses, including advertising expense, were $579.9 million in the first six months of 2013, compared to $571.5 million in the first six months of 2012, representing an increase of 1.5 percent. Adjusted EBITDA was $391.2 million in the first six months of 2013, compared to $367.0 million in the first six months of 2012, representing an increase of 6.6 percent.

Net income was $75.0 million for the first six months of 2013, up 57.1 percent compared to net income of $47.7 million in the first six months of 2012. Debt extinguishment charges were $14.2 million in the first six months of 2013, compared to $9.4 million for the same period in 2012. Interest expense was $142.4 million for the first six months of 2013, 8.5 percent below interest expense of $155.8 million for the same period in 2012. The effective tax rate for the first six months of 2013 was 36.3 percent versus 36.2 percent for the first six months of 2012.

Non-GAAP net income, which excludes amortization related to the 2007 going-private transaction and certain debt refinancing and other costs, was $135.5 million in first half of 2013, compared to $113.1 million in the first half of 2012, representing an increase of 19.8 percent driven by higher operating results and lower interest expense.

Other

On July 2, 2013, CDW successfully completed its initial public offering of 23,250,000 shares of common stock at a price of $17.00 per share (the “IPO”). The common stock is listed on the NASDAQ Global Select Market under the symbol “CDW.” The underwriters also exercised in full their option to purchase an additional 3,487,500 shares from CDW. Net proceeds from the IPO, after underwriting discounts and commissions and before expenses, were $373.5 million. As a result of the underwriters’ exercise of their option to purchase additional shares, CDW received an additional $56.0 million of proceeds, after underwriting discounts and commissions and before expenses.

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