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"We are pleased to report solid first quarter 2009 financial results given the overall economic climate," said Mark Layton, Chairman and Chief Executive Officer of PFSweb. "On lower revenue and cost levels, our consolidated Adjusted EBITDA performance of $2.7 million for the quarter was virtually flat compared to last year. Given the economic challenges that many companies have been facing, including us, and the non-renewal of a large U.S. Government contract effective in the March quarter, I am quite pleased with our overall performance for the quarter.
"During the quarter we shed costs and adjusted our operational approach to better align our business with the evolving macroeconomic landscape, while also ensuring that we preserve our ability to effectively compete for new opportunities as they arise. Our services segment's new business pipeline remains at near record levels. We believe many of these new business opportunities are a result of PFSweb's End2End eCommerce offering that we launched last year. The successful rollout of this new capability has made us a provider of the web commerce solutions market."
In a release dated May 13, the company stated:
Summary of consolidated results for the first quarter ended March 31:
- Total reported revenue was $88.9 million compared to $118.5 million for the first quarter of 2008
- Adjusted EBITDA was $2.7 million versus $2.8 million for the same period last year
- Net loss was $0.2 million, or $(0.02) per basic and diluted share, compared to net income of $0.4 million, or $0.04 per basic and diluted share, for the first quarter of 2008
- Non-GAAP net loss was $0.1 million, or $(0.01) per basic and diluted share, compared to non-GAAP net income of $0.8 million, or $0.08 per basic and diluted share, for the first quarter of 2008
- Total cash, cash equivalents and restricted cash equaled $17.6 million as of March 31, compared to $18.1 million as of December 31, 2008
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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