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PCM Reports Full Year And Fourth Quarter 2013 Results

PCM, Inc. (NASDAQ:PCMI), a leading technology solutions provider, today reported financial results for its full year and fourth quarter of 2013. Consolidated net sales for the full year 2013 were $1,424.2 million, an increase of $3.3 million from $1,420.9 million in 2012. Consolidated gross profit for 2013 increased $3.6 million, or 2%, to $197.8 million from $194.2 million in 2012. Consolidated gross profit margin was 13.9% in 2013, up from 13.7% in 2012. EBITDA (as defined below) for 2013 increased $4.1 million, or 16%, to $29.2 million from $25.1 million in 2012. Consolidated operating profit for 2013 increased $4.7 million, or 38%, to $17.3 million compared to $12.6 million for 2012. Consolidated net income increased $3.0 million, or 59%, to $8.1 million in 2013 compared to $5.1 million for 2012. Diluted EPS for 2013 was $0.68 compared to diluted EPS of $0.42 for 2012, an increase of 62%. Adjusted EPS for 2013 was $0.79 compared to adjusted EPS of $0.56 for 2012, an increase of 41%, excluding severance and restructuring related costs.

Consolidated net sales for Q4 2013 were $372.1 million, a decrease of $9.9 million, or 3%, from $382.0 million in Q4 2012. Consolidated gross profit for Q4 2013 decreased $0.4 million, or 1%, to $50.1 million from $50.5 million in Q4 2012. Consolidated gross profit margin was 13.5% in Q4 2013, up from 13.2% in Q4 2012. EBITDA for Q4 2013 decreased $1.1 million, or 14% to $7.0 million from $8.1 million in Q4 2012. Consolidated operating profit for Q4 2013 decreased $1.0 million, or 20%, to $4.0 million compared to $5.0 million for Q4 2012. Consolidated net income decreased $0.5 million, or 22%, to $1.8 million in Q4 2013 compared to $2.3 million for Q4 2012. Diluted EPS for Q4 2013 was $0.15 compared to diluted EPS of $0.19 for Q4 2012, a decrease of 21%. Adjusted EPS for Q4 2013 was $0.18 compared to adjusted EPS of $0.21 for Q4 2012, a decrease of 14%, excluding severance and restructuring related costs.

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