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PCM Reports Record Second Quarter Results

PCM, Inc. (NASDAQ: PCMI), a leading technology solutions provider, today reported financial results for the second quarter of 2013. Consolidated net sales for Q2 2013 were $366.4 million, an increase of $14.7 million, or 4%, from $351.7 million in Q2 2012. Consolidated gross profit for Q2 2013 increased $2.6 million, or 5%, to $51.1 million from $48.5 million in Q2 2012. Consolidated gross profit margin was 14.0% in Q2 2013, up from 13.8% in Q2 2012. EBITDA (as defined below), which includes $0.1 million and $0.6 million of severance and restructuring related costs for Q2 2013 and Q2 2012, respectively, increased $2.6 million, or 40%, to $9.2 million from $6.6 million in Q2 2012. Consolidated operating profit for Q2 2013, which includes $0.4 million and $0.8 million of severance and restructuring related costs in Q2 2013 and Q2 2012, respectively, increased $2.9 million, or 84%, to $6.3 million compared to $3.4 million for Q2 2012. Consolidated net income, which includes $0.2 million and $0.4 million of severance and restructuring related costs, net of tax, in Q2 2013 and Q2 2012, respectively, increased $1.8 million, or 121%, to $3.2 million in Q2 2013 compared to $1.4 million for Q2 2012. Diluted EPS for Q2 2013 was $0.27 compared to diluted EPS of $0.12 for Q2 2012, an increase of 125%. Excluding severance and restructuring related costs, adjusted EPS was $0.29 in Q2 2013 compared to diluted EPS of $0.15 for Q2 2012, an increase of 93%.

Commenting on the Company’s second quarter results, Frank Khulusi, Chairman, President and CEO of PCM, Inc. said, “I am very pleased to report our record second quarter results. In a stable but still challenging demand environment, we believe we were able to grow our market-share by increasing sales by 4% year-over-year and 9% sequentially. More importantly, we grew our gross profit margin to 14.0% from 13.8%, despite lower margin sales to certain government accounts and nearly doubled our operating profit to a Q2 record. While achieving this faster than market growth, our teams improved our commercial sales mix and kept SG&A expenses flat, resulting in the operating leverage that drove our Q2 record $0.29 in EPS for this quarter, excluding severance and restructuring related costs. We saw strength in many of our strategic offerings, including software, networking, storage and notebooks, which increased 20%, 24%, 37% and 25%, respectively. The productivity of our teams continues to improve, and we remain focused on the growth of our solutions portfolio and on providing our customers with customized IT solutions. Our rebranding and other growth initiatives and investments continue, and we look forward to those initiatives making more substantive contributions to our future results.”

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