3SOF

Lets see how much this moves MALL

Source: PC Mall, Inc.


PC Mall Reports Record Fourth Quarter Results
Thursday February 7, 9:00 am ET


TORRANCE, Calif.--(BUSINESS WIRE)--PC Mall, Inc. (NASDAQ:MALL - News):
Fourth Quarter Highlights:

-- Consolidated net sales for the quarter were a record $408.0 million, up 38% year-over-year. 
-- Commercial net sales for the quarter increased 42% year-over-year. 
-- Public sector net sales for the quarter increased 37% year-over-year. 
-- Consumer net sales for the quarter increased 21% year-over-year. 
-- Gross profit for the quarter was a record $47.9 million, up 41% year-over-year. 
-- Operating profit for the quarter was a record $8.7 million, up 131% year-over-year. 
-- Operating profit margin for the quarter was 2.1%, up 62% year-over-year. 
-- Net income for the quarter was $4.6 million, up 169% year-over-year. 
-- Diluted EPS for the quarter was $0.32 per share, up 146% year-over-year. 


PC Mall, Inc. (NASDAQ:MALL - News) today reported record fourth quarter sales, gross profit, and operating profit, resulting in diluted earnings per share of $0.32 in Q4 2007 compared with $0.13 for Q4 2006. Net income for Q4 2007 was $4.6 million, an increase of $2.9 million or 169% from Q4 2006. Results in the prior year include an after-tax charge of approximately $1.0 million related to a lawsuit settlement. Consolidated net sales for Q4 2007 were $408.0 million, an increase of $112.7 million or 38% from consolidated net sales of $295.3 million in Q4 2006.

Frank Khulusi, Chairman, President and CEO of PC Mall, Inc., said, "Once again, we are very pleased to report another record quarter for PC Mall. Our fourth quarter 2007 net sales of over $408 million represents the largest revenue quarter ever for our Company, and our fourth quarter 2007 earnings per share of $0.32 represents an increase of 146% over the fourth quarter of 2006."

Khulusi continued, "On the heels of completing our acquisition of SARCOM in September 2007, we worked efficiently and expeditiously to begin the integration of SARCOM with PC Mall, and continued to drive our focus on sales growth and profitability. SARCOM contributed approximately $0.04 per share to our EPS in Q4 2007. As compared to the rest of the business, SARCOM's business model is more project oriented, which may result in a greater degree of variability in its results on a quarterly basis."

Q4 2007 consolidated net sales were $408.0 million compared to $295.3 million in Q4 2006, an increase of $112.7 million or 38%. Core business (which excludes OnSale.com) net sales for Q4 2007 were $402.7 million compared with $293.5 million in Q4 2006, an increase of 37%. Commercial net sales grew 42% to $283.9 million in Q4 2007 compared to Q4 2006, primarily due to $59 million of SARCOM's sales during Q4 2007 and increases in our SMB sales which resulted primarily from increased account executive productivity. SARCOM was acquired on September 17, 2007. Public sector sales increased by 37% to $45.4 million in Q4 2007 compared to Q4 2006, primarily due to several large sales in the fourth quarter of 2007 under new contracts won during the current year. Consumer net sales increased by 21% to $73.4 million in Q4 2007 compared to the same quarter last year primarily due to increased sales of Apple products, driven by increased Apple demand in the marketplace and our aggressive promotional strategy. OnSale.com net sales were $5.3 million in Q4 2007, an increase of 189% from Q4 2006, which we believe resulted primarily from our efficient marketing and advertising efforts and our aggressive pricing strategy to increase OnSale.com's market share.

Consolidated gross profit in Q4 2007 increased to $47.9 million compared to $33.9 million in Q4 2006 primarily due to the increase in sales discussed above. Consolidated gross profit margin increased to 11.7% in Q4 2007 from 11.5% in Q4 2006. The increase in gross profit margin resulted primarily from higher gross margins achieved by our new SARCOM business, partially offset by a decrease in gross margin for our Core business excluding SARCOM which resulted primarily from an aggressive consumer pricing strategy and promotional offers. Consolidated gross profit margin for Q4 2007 also includes the effect of a year-over-year increase in certain federal government sales at lower gross margins. Other factors which may cause our gross profit margin to vary in future periods include the continuation of key vendor support programs, including price protections, rebates and return policies, our product or customer mix, product acquisition and shipping costs, competition and other factors. We expect that there will be fluctuations in our quarterly operating profit margin, in part as a result of probable fluctuations in sales and the various components of gross margin, and other factors.

Consolidated SG&A expenses as a percent of net sales declined to 9.6% in Q4 2007 compared to 10.2% in Q4 2006. SG&A expenses in the prior year included approximately $1.7 million of expenses related to a lawsuit settlement. Further, SG&A expenses as a percentage of net sales are higher for our new SARCOM business, but were offset by decreases in SG&A as a percentage of sales due to increased account executive productivity and operating leverage in other areas of our business.

Commercial and public sector account executive headcount included in SG&A, excluding SARCOM, at the end of Q4 2007 amounted to 644 employees, up 70 account executives from Q4 2006 and up 75 account executives from Q3 2007. Total account executives, including those focused on commercial, public sector and consumer customers, excluding SARCOM, numbered 738 at the end of Q4 2007, up 72 account executives from Q4 2006, and up 73 account executives from Q3 2007. The increase in account executives was primarily driven by additional hires at the end of the quarter in our Canadian call center supporting our SMB business. Average tenure for a commercial and public sector account executive at the end of Q4 2007 was 36 months, with 10% of the commercial and public sector workforce in training, 31% with less than one year experience and 46% with less than two years experience.


We had cash and cash equivalents of $6.6 million at December 31, 2007 compared to $5.8 million at December 31, 2006. Accounts receivable at December 31, 2007 of $159.4 million increased by $45.2 million from December 31, 2006, primarily due to the acquisition of SARCOM as well as increased receivables from our government customers. Our inventory of $64.5 million at December 31, 2007 represents an increase of $13.2 million from December 31, 2006. Accounts payable increased by $34.9 million from December 31, 2006, primarily due to timing of vendor payables and the addition of payables of SARCOM. Total outstanding borrowings under our line of credit and term note increased by $24.4 million net to $59.1 million at December 31, 2007 from December 31, 2006, primarily due to financing related to the SARCOM acquisition.

MALL is firmly above the $10.00 resistance now. +29%

I feel like crying over SYX's loss, which now amounts to 46.7%

It doesn't pay to be a contrarian in individual stocks, it hurts to go against the trend and the herd mentality.

People believe US consumption will go down in 2008. I disagree, I think it will be up 0.5%-1%. And with the US consumption up by this much, online spending should be up 5-10%. And with online spending up by this much, SYX's revenues would be up 15% and SYX's EPS would be up 25% to $1.9 in 2008.

This would put SYX at 6.2 times earnings while it grows them by 25%.

I firmly believe in this macroeconomic scenario and the continuous growth of online spending, much faster than traditional consumption, therefore I find this stock extremely attractive at these prices.

The market doesn't share my views and that's hurting. But if I'm right I expect to be paid handsomely. If I'm wrong, if there's a deep economic recession and SYX turns its profits into losses, I'll lose.

I see the pessimistic scenario as almost completely priced in already.

I should have been much more patient before buying and should have understand that multiples can contract to the 5 area when investors are really pessimistic about the outlook. 10 times EPS isn't cheap enough. "Wait for 5", is my lesson.

But I'm not willing to correct a mistake with what seems to be another mistake, which would be selling now at this deep discount price.

I'll patiently keep holding SYX.

Just registering that SYX closed 2.4% below its support level of $11.55, which isn't enough of a movement to consider this a valid technical breakdown.

Anyway, no doubt the medium term trend is bearish.

I wonder if I shouldn't go back to my old money management rule of never letting a loss exceed 2% of total equity, or about 32% for an individual holding. This way perhaps I would free myself of the losers and focus on finding new and more promising opportunities.

This is something to think about in the future but not right now. Right now the best thing to do is to just stand still and keep holding all stocks one believes in.

The Main Portfolio is now just a bit shy of the S&P 500 and better than the Russel 2000 in 2008. Even with all my mistakes. And my take is, with the general market rising from this point, the Main will outperform, and the most depressed stocks will probably rally the most in the upcoming months.

We'll see in the next few days if SYX's break was a real one or a fake. I'll keep holding SYX.

QuoteJust registering that SYX closed 2.4% below its support level of $11.55, which isn't enough of a movement to consider this a valid technical breakdown.

We'll see in the next few days if SYX's break was a real one or a fake.

SYX was just one small step shy of closing back above the $11.55 prior support, now resistance level. Volume was above average yesterday.

I felt some more confidence yesterday in consumer related stocks, as the market reacted positively to poor consumer sentiment data. But today the bears are coming back with a vengeance, as the general market is set to open sharply lower.

We're not out of the woods yet, but I think this is just the bottoming process running its course. 6 months down the road we'll be at all time highs and sellers at this point will be scratching their heads, thinking "how did I sell that stock for 6 times earnings?"

At least this is my expectation at this point. I'll keep holding SYX.

SYX looks perfectly bearish from a technical standpoint. I think this has happened because most people have very negative expectations for US consumption in 2008.

If I had incorporated the macro-economic outlook in my company specific analysis I probably would have avoided SYX. I didn't and so the Main is losing 53% on this holding, which is quite a lot in a short period of time.

I'm still unsure if a potential decline in sales (which I don't think it will happen, because the way I see things, online shopping will continue to grow in 2008, probably at a more moderate single digits pace, but still growth) will hurt SYX's profitability or not. I say this because SYX sometimes reports lower sales and higher profits or higher sales and lower profits. I believe the company's profit margins are more due to their internal costs controls than the level of sales.

Anyway, I'm glad that we'll know more tomorrow when the company reports 4th quarter results:

• Systemax Inc. Schedules Earnings Conference Call and Webcast Announcing 2007 Fourth Quarter and Full Year Results
Business Wire (Mon 4:31pm)

There aren't any analysts following the stock, so no estimates to beat or miss. I say that anything more than the $0.23 EPS SYX reported in 4th quarter 2006 would be great, given the stock's price ...

I'll hold SYX through earnings.

I have a big book here, which is this:

Contrarian Investment Strategies: The Next Generation, by David Dreman

The author shares an extensive study covering thousands of stocks for several decades which concludes that low p/e stocks are the best long term category of stocks. He defends this happens because analysts and investors are many times wrong in their predictions of the future and positive surprises is what propels stocks to move higher.

SYX will disclose 4th quarter results today after the close. Obviously everyone is pessimistic about SYX's future, why else would the stock be trading at just 7 times 2007 estimated EPS? (I'm expecting $0.30 EPS in the 4th quarter - for a full year EPS of $1.51, which would still be the worst quarterly result of 2007).

There's room for positive surprises in SYX, since the stock is already discounting a very bleak scenario for 2008 and beyond.

I'll keep holding SYX!

Systemax Inc. Reschedules Earnings Conference Call and Webcast Announcing 2007 Fourth Quarter and Full Year Results to Monday, March 10, 2008
Wednesday March 5, 3:37 pm ET


PORT WASHINGTON, N.Y.--(BUSINESS WIRE)--Systemax Inc. (NYSE:SYX), announced today that it has rescheduled its conference call that was originally scheduled for today at 5:00 p.m. until Monday, March 10 at 5:00 p.m. EST to discuss the company's results for the fourth quarter and full year of 2007, which they will be releasing at the close of market on March 10. The reason for rescheduling the call is to allow for additional time to complete the consolidation and review of its worldwide financial results. To participate in the call, interested parties can dial 888-713-4213 (domestic) and 617- 213-4865 (international), access code: 44070001 to register ten minutes before the call is scheduled to begin. This call is being webcast by CCBN and can be accessed at Systemax's web site at www.systemax.com.
ADVERTISEMENT


If you are unable to listen to the live presentation, a telephone replay will be available from March 10, 2008 at 7:00 pm ET until the close of business on April 10, 2008 and can be accessed by dialing 888-286-8010 (domestic) and 617-801-6888 (international) and entering access code: 45587577.

The webcast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at www.fulldisclosure.com or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (www.streetevents.com).

About Systemax Inc.

Systemax Inc. (www.systemax.com), a Fortune 1000 company, sells personal computers, computer supplies, consumer electronics and industrial products through a system of branded e-commerce web sites, direct mail catalogs, relationship marketers and retail stores in North America and Europe. The primary brands are TigerDirect, CompUSA, Misco and Global Industrial. It also manufactures and sells personal computers under the Systemax and Ultra brands and develops and markets ProfitCenter Software, a web-based, on-demand application for multichannel direct marketing companies.



Contact:
Systemax Inc.
Donna Gehnrich, 516-608-7020
[email protected]

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Do we interpret this positively or negatively? I fear the worst,based on market sentiment.

Quote from: soxguy on March 05, 2008, 06:54:46 PM
Do we interpret this positively or negatively? I fear the worst,based on market sentiment.

And you were right soxguy.

Considering yesterday's news ...

Systemax Inc. Reschedules Earnings Conference Call and Webcast Announcing 2007 Fourth Quarter and Full Year Results to Monday, March 10, 2008
Business Wire(Wed, Mar 5)

... it would be mostly irrelevant if we were talking about any other company, but because of SYX's past, this reminded investors of SYX's poor internal controls and the auditors remarks on this issue.

I mean, the following justification for changing the earnings release date is weak:

«The reason for rescheduling the call is to allow for additional time to complete the consolidation and review of its worldwide financial results.»

So, they were going to release earnings without the completion of this consolidation and review? Didn't they know this before announcing the earnings date?

I'm pretty sure that 4th quarter earnings will be good and SYX is now trading at about 6 times 2007 EPS. Probably there will be a pop when the company reports earnings next Monday (the pop would be on Tuesday).

The problem is people won't trust SYX's numbers.

And investors are wary about the future of this business, they think US consumption will go down sharply in the quarters to come and these online retailers will return to losses, therefore considering the very low p/e would be misleading, if bears are right.

I admit I was going to just dump SYX today, not without feeling very sorry for taking so long to see the disgrace, but since the earnings report will be on Monday after the close and I'm pretty sure numbers will look great on paper, I'll just hold this one for a few more days, hoping to sell a bit higher than what it is now.

I'll HOLD SYX for now.

QuoteI'm pretty sure that 4th quarter earnings will be good and SYX is now trading at about 6 times 2007 EPS. Probably there will be a pop when the company reports earnings next Monday (the pop would be on Tuesday).

QuoteI admit I was going to just dump SYX today, not without feeling very sorry for taking so long to see the disgrace, but since the earnings report will be on Monday after the close and I'm pretty sure numbers will look great on paper, I'll just hold this one for a few more days, hoping to sell a bit higher than what it is now.

SYX's results will be out today after the close and I expect them to be fairly good. I'll probably be a seller on the good news, respecting the technical trend and what that shows in terms of investors expectations about the future. I was exceptionally slow to accept the loss on this stock (and others) and obviously I'll have to pay a big price.

I'll hold SYX until tomorrow.

Quote from: David Randolph on March 10, 2008, 09:14:03 AM

QuoteI'm pretty sure that 4th quarter earnings will be good and SYX is now trading at about 6 times 2007 EPS. Probably there will be a pop when the company reports earnings next Monday (the pop would be on Tuesday).

QuoteI admit I was going to just dump SYX today, not without feeling very sorry for taking so long to see the disgrace, but since the earnings report will be on Monday after the close and I'm pretty sure numbers will look great on paper, I'll just hold this one for a few more days, hoping to sell a bit higher than what it is now.

SYX's results will be out today after the close and I expect them to be fairly good. I'll probably be a seller on the good news, respecting the technical trend and what that shows in terms of investors expectations about the future. I was exceptionally slow to accept the loss on this stock (and others) and obviously I'll have to pay a big price.

I'll hold SYX until tomorrow.

I decided to take a gamble on it and just bought below $9.20. Hoping to sell around 12, depending. I just hope they don't postpone again or will have to dump immediately.

Looks good AH so far

WOW! If this don't move the stock bigtime, nothing will.

Systemax Reports All-Time Record Results for Fourth Quarter and Full Year 2007; Announces Special $1.00 Per Share Dividend
Monday March 10, 4:02 pm ET 
Fourth Quarter Highlights:
-- Sales: $769 million, up 19% - all time record
-- Operating Income: $28 million, up 149% - all time record
-- Net Income: $ 24 million, up 201% - all time record
-- Diluted Earnings Per Share: $.64 vs. $.22, up 191% - all time record
Full Year Highlights:
-- Sales: $2.8 billion, up 19% - all time record
-- Operating Income: $95.5 million, up 54% - all time record
-- Net Income: $69.5 million, up 54% - all time record
-- Diluted Earnings Per Share: $1.84 vs. $1.22, up 51% - all time record


PORT WASHINGTON, N.Y.--(BUSINESS WIRE)--Systemax Inc. (NYSE:SYX - News) today announced its financial results for the fourth quarter and full year ended December 31, 2007.
ADVERTISEMENT


Net sales for the quarter increased 19% to $769 million compared to $648 million in the fourth quarter of 2006. Sales of technology products (computers, computer supplies and consumer electronics) grew by 19% and sales of industrial products grew by 13%. Gross margin for the quarter improved to 15.5% from 12.9% last year. Operating income increased 149% to $28.0 million compared to $11.3 million last year. Operating margin improved to 3.6% from 1.7% last year. Net income increased 201% to $24 million, or $.64 per diluted share, compared to $8.0 million, or $.22 per diluted share, last year. Included in net income during 2007 is a net gain of $4.2 million or $.11 per diluted share related to non-cash adjustments of valuation allowances for deferred tax assets.

Net sales for the full year ended December 31, 2007 increased 19% to $2.8 billion compared to $2.3 billion during 2006. Gross margin improved to 15.3% during 2007 compared to 14.6% last year. Operating income increased 54% to $95.5 million from $61.9 million last year. Operating margin improved to 3.4% from 2.6% last year. Net income increased 54% to $69.5 million, or $1.84 per diluted share, compared to $45.1 million, or $1.22 per diluted share, last year. In addition to the aforementioned gain related to deferred tax assets, included in net income during 2007 (in the first quarter) is an after tax gain of approximately $1.5 million or $.04 per diluted share related to a favorable lawsuit settlement. Included in net income during 2006 (in the first quarter) is an after tax gain of $4.3 million, or $.12 per diluted share from the sale of a warehouse facility.

Richard Leeds, Chairman and Chief Executive Officer, said: "Our all-time record fourth quarter 2007 results – highlighted by our 19% growth in sales, improved gross margin and 149% growth in operating income – is the result of continued execution of our growth plan and demonstrates the leverage in our business model. Our consolidated gross margin has improved significantly and consistently over the past year, increasing from 12.9% in the fourth quarter of 2006 to 14.3% in the first quarter of 2007, 15.3% in the second quarter, 16.1% in the third quarter and 15.5% in the fourth quarter. Our selling, general and administrative expenses have remained relatively flat as a percentage of sales, despite significantly increased consulting and staffing costs associated with the requirements of Section 404 of the Sarbanes-Oxley Act.

"As a result of our strong 2007 financial performance and our strong and liquid balance sheet, I am pleased to announce that our Board of Directors has declared a special dividend for our shareholders. This dividend was declared on March 3, 2008 by our Board to be $1.00 per share and will be paid on April 2, 2008 to shareholders of record on March 21, 2008."

Gilbert Fiorentino, President of Systemax's Technology Products segment, noted: "Strong sales growth in both the North American and European markets continued in the fourth quarter. North American technology product sales grew 18%, driven by growth in all sales channels. European sales grew 21% overall, 11% excluding the effect of exchange rate changes, driven primarily by growth in internet sales and public sector customers. We also have substantially completed the CompUSA acquisition; the new, improved CompUSA.com has been operational since mid January and we have begun to reopen the new and improved CompUSA retail stores. We are excited by the three strong brands that we now primarily operate under – TigerDirect and CompUSA in North America and Misco in Europe – and by the strong performance across our multiple sales channels – business to business, business to consumer, retail and television shopping."

Richard Leeds, commenting on other operations, noted that "in the industrial products segment, sales grew 13% in the fourth quarter, driven primarily by increased internet sales and continuing competitive advantages due to our worldwide sourcing and aggressive pricing strategies. In our ProfitCenter Software hosted application business, we have continued product development and are poised to bring several household name customers live in the coming months."

Larry Reinhold, Chief Financial Officer, noted that the Company's overall financial condition remains solid as evidenced by its working capital of $273 million, including cash and equivalents of $128 million. Cash flow from operations for the quarter was approximately $33.5 million and for the full year we generated cash from operations of approximately $97 million while investing $8 million in capital expenditures. This strong cash generation enabled our $37 million special dividend for our shareholders during 2007, and our current strong and liquid balance sheet enables another special dividend of $1.00 per share this year. Days sales outstanding were 24 days at December 29, 2007, and inventory turned at an annual rate of approximately 10 times during the fourth quarter. Our effective tax rate was 30.7% during 2007, down significantly from last year due primarily to the aforementioned gain related to deferred tax assets.

Systemax Inc. (www.systemax.com), a Fortune 1000 company, sells personal computers, computer supplies, consumer electronics and industrial products through a system of branded e-commerce web sites, direct mail catalogs, relationship marketers and retail stores in North America and Europe. The primary brands are TigerDirect, CompUSA, Misco and Global Industrial. It also manufactures and sells personal computers under the Systemax and Ultra brands and develops and markets ProfitCenter Software, a web-based, on-demand application for multichannel direct marketing companies.

SYSTEMAX INC.

Condensed Consolidated Statements of Operations – Unaudited 
(In thousands, except per share amounts) 
   
    Quarter Ended     Year Ended 
  December 31*,   December 31*, 
  2007     2006   2007     2006 
Net sales   $  769,334    $  647,974    $  2,779,875    $  2,345,165   
Cost of sales      649,678         564,702         2,353,574         2,002,246     
Gross profit    119,656     83,272     426,301     342,919   
Gross margin    15.5  %    12.9  %    15.3  %    14.6  % 
Selling, general and administrative expenses      91,564         71,985         330,797         281,015     
Operating income    28,092     11,287     95,504     61,904   
Operating margin      3.6  %      1.7  %      3.4  %      2.6  % 
Interest and other (income) expense, net      (1,708  )      (680  )      (4,519  )      (7,791  ) 
Income before income taxes    29,800     11,967     100,023     69,695   
Provision for income taxes    5,620     3,934     30,542     24,548   
Effective tax rate      18.9  %      32.9  %      30.5  %      35.2  % 
Net income   $  24,180      $  8,033      $  69,481      $  45,147     
Net margin    3.1  %    1.2  %    2.5  %    1.9  % 
           
Net income per common share:         
Basic   $  .67    $  .23    $  1.93    $  1.29   
Diluted   $  .64    $  .22    $  1.84    $  1.22   
           
Weighted average common and
common equivalent shares:
         
Basic    36,089     35,177     35,968     34,960   
Diluted    37,753     37,258     37,688     36,881   
SYSTEMAX INC.

Condensed Consolidated Balance Sheets 
(In thousands) 
   
    December 31*,

  2007     2006 
Current assets:     
Cash and cash equivalents   $  128,021   $  86,964 
Accounts receivable, net    197,397    164,615 
Inventories    250,222    233,136 
Prepaid expenses and other current assets      29,949      34,646 
Total current assets    605,589    519,361 
Property, plant and equipment, net    48,480    48,586 
Deferred income taxes and other assets      19,802      16,214 
Total assets   $  673,871   $  584,161 
       
Current liabilities:     
Short-term debt   $  449   $  12,788 
Accounts payable and accrued expenses      331,687      277,174 
Total current liabilities    332,136    289,962 
Long-term debt    254    483 
Other liabilities    5,646    4,226 
       
Shareholders' equity      335,835      289,490 
Total liabilities and shareholders' equity   $  673,871   $  584,161 
*
    Systemax manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation, fiscal years and quarters are described as if they ended on the last day of the respective calendar month. The actual fiscal year and quarter ended on December 29, 2007. Both 2007 and 2006 included 52 weeks and the fourth quarters of both 2007 and 2006 included 13 weeks. 


Forward-Looking Statements

This press release contains forward-looking statements about the Company's performance. These statements are based on management's estimates, assumptions and projections and are not guarantees of future performance. The Company assumes no obligation to update these statements. Actual results may differ materially from results expressed or implied in these statements as the result of risks, uncertainties and other factors including, but not limited to: (a) unanticipated variations in sales volume, (b) economic conditions and exchange rates, (c) actions by competitors, (d) the continuation of key vendor relationships, (e) the ability to maintain satisfactory loan agreements with lenders, (f) risks associated with the delivery of merchandise to customers utilizing common carriers, (g) the operation of the Company's management information systems, and (h) unanticipated legal and administrative proceedings. Please refer to "Risk Factors" and the Forward Looking Statements sections contained in the Company's Form 10-K for a more detailed explanation of the inherent limitations in such forward-looking statements.



Contact:
Systemax Inc.
Investors:
Donna Gehnrich, 516-608-7000

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congrats everyone...up to $12 after hours.  Unfortunately this is one I didn't own before earnings.