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"Our consolidated results for the second quarter are within our expectations, which take into account the current economic environment and changes to our client mix. We are encouraged by the addition of several new service fee client programs that have been or are in the process of being finalized and which we expect to ramp up in the second half of 2009 and first quarter of 2010. When combined with our existing operations, we expect these new client agreements to help us achieve improved top and bottom line results on a consolidated basis starting in the third quarter," said Mark Layton, Chairman and Chief Executive Officer of PFSweb. "We have a solid financial footing to support our operations through this tough economic period, with approximately $17 million in cash and cash equivalents in addition to our lenders renewing our lines of credit earlier this year. We continue to target breakeven to positive free cash flow performance in calendar year 2009."
In a release dated August 14, the company stated:
Summary of consolidated results for the quarter ended June 30,:
- Total reported revenue was $82.3 million compared to $110.7 million for the second quarter of 2008;
- Adjusted EBITDA was $(0.7) million versus $2.5 million for the same period last year;
- Net loss was $2.5 million, or $0.25 per basic and diluted share, compared to net income of $0.1 million, or $0.01 per basic and diluted share, for the second quarter of 2008;
- Non-GAAP net loss was $2.4 million, or $0.24 per basic and diluted share, compared to non-GAAP net income of $0.4 million, or $0.04 per basic and diluted share, for the second quarter of 2008; and
- Total cash, cash equivalents and restricted cash equaled $17.2 million as of June 30, compared to $18.1 million as of December 31, 2008.
Summary of consolidated results for the six months ended June 30,:
- Total reported revenue was $171.3 million, compared to $229.2 million for the six months ended June 30, 2008;
- Adjusted EBITDA was $1.9 million versus $5.2 million for the same period last year;
- Net loss was $2.8 million, or $0.28 per basic and diluted share, compared to net income of $0.5 million, or $0.05 per basic and diluted share, for the six month period ended June 30, 2008;
- Non-GAAP net loss was $2.5 million, or $0.25 per basic and diluted share, compared to non-GAAP net income of $1.2 million, or $0.12 per basic and diluted share, for the same period last year;
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