PC Connection, Inc. Reports Fourth Quarter And Full Year 2012 Results

PC Connection, Inc. (NASDAQ: PCCC):

FOURTH QUARTER SUMMARY:
   

FULL YEAR SUMMARY:
  • Diluted EPS: $0.33 per share, up 18% y/y
  • Pro forma diluted EPS: $1.27, up 19% y/y
  • Net sales: $556.2 million, up 1% y/y
  • Net sales: $2.159 billion, up 2.6% y/y
  • Gross margin: 12.9%, increase of 50 basis points y/y
  • Gross margin: 13.1%, increase of 50 basis points y/y
  • Operating income: $14.6 million, 2.6% of net sales
  • Cash $39.9 million, up $35.3 million from 2011
 

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 and year ended December 31, 2012. Net sales for the fourth quarter of 2012 increased by 0.6% year over year to $556.2 million compared to $553.2 million for the fourth quarter of 2011. Overall gross profit dollars for the quarter increased by 4.3% to $71.7 million compared to the prior year quarter. Net income for the quarter increased to $8.9 million, or $0.33 per share, compared to $7.4 million, or $0.28 per share, for the prior year quarter.

Net sales for the year ended December 31, 2012 were $2.2 billion, an increase of $55.6 million, or 2.6%, compared to $2.1 billion for the year ended December 31, 2011. Net income for the year ended December 31, 2012 increased 14.9% to $33.1 million, or $1.24 per share, compared to $28.8 million, or $1.07 per share, for the year ended December 31, 2011. Excluding special charges related to retirement and severance payments, pro forma net income for the year ended December 31, 2012 would have been $33.8 million, or $1.27 per share, representing 18.7% EPS growth over prior year. We did not record any special charges for the year ended December 31, 2011. Earnings before interest, taxes, depreciation and amortization, stock-based compensation expense, and special charges (“Adjusted EBITDA”) totaled $63.3 million for 2012, as compared to $54.4 million for 2011.

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