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Wayside Technology Group Reports Record Fourth Quarter and Full Year 2020 Results
- Q4 & FY 2020 Net Sales, Gross Profit and Gross Billings Increase to Record Levels -
- Q4 Net Income up 25% to $2.5 Million; Adjusted EBITDA up 44% to $4.4 Million -
- Robust Year-end Performance Validates Resilience of Growth Strategy -
Eatontown, NJ – March 1, 2021 – Wayside Technology Group, Inc. (NASDAQ: WSTG) (“Wayside” or the “Company”), a cloud-based, value-added IT channel company providing innovative sales and distribution solutions for emerging technology vendors, is reporting results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Highlights vs. Same Year-Ago Quarter
|●||Net sales increased 17% to $71.4 million compared to $60.9 million.|
|●||Gross profit increased 34% to $10.5 million compared to $7.9 million.|
|●||Net income increased 25% to $2.5 million or $0.58 per share, compared to $2.0 million or $0.45 per share.|
|●||Net income excluding legal and financial advisory expenses, net - unsolicited bid and related matters and acquisition related costs, net of taxes (a non-GAAP financial measure defined below) increased 37% to $2.9 million or $0.69 per share, compared to $2.1 million or $0.48 per share.|
|●||Adjusted EBITDA (a non-GAAP financial measure defined below) increased 44% to $4.4 million compared to $3.0 million.|
Full Year 2020 Highlights vs. 2019
|●||Net sales increased 21% to $251.6 million compared to $208.8 million.|
|●||Gross profit increased 10% to $33.0 million compared to $30.0 million.|
|●||Net income was $4.5 million or $1.01 per share, compared to $6.8 million or $1.51 per share.|
|●||Net income excluding legal and financial advisory expenses, net - unsolicited bid and related matters and acquisition related costs, net of taxes (a non-GAAP financial measure defined below) increased to $7.2 million or $1.67 per share, compared to $6.9 million or $1.56 per share.|
|●||Adjusted EBITDA (a non-GAAP financial measure defined below) increased 9% to $11.4 million compared to $10.5 million.|
“We delivered growth across all key financial metrics during the fourth quarter and ended 2020 on strong footing,” said Dale Foster, CEO of Wayside. “Our fourth quarter and full year net sales, gross billings and gross profit reached record levels, and we made exceptional progress in our recovery from the mid-year lows of the pandemic. From an operational standpoint, we maintained our focus on adding
The following information was filed by Wayside Technology Group, Inc. (WSTG) on Monday, March 1, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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