Exhibit 99.1

 

Company Contact:

Tom Flaherty, Chief Financial Officer

Wayside Technology Group, Inc.

(732) 389-0932  tom.flaherty@waysidetechnology.com

 

 

WAYSIDE TECHNOLOGY GROUP, INC. REPORTS FOURTH QUARTER 2012 RESULTS

AND DECLARES QUARTERLY DIVIDEND

 

 

 

Q4 2012:

 

Year 2012:

Revenue:

 

$85.5 million

 

$297.1 million

Income from operations:

 

$2.8 million

 

$8.5 million

Net income:

 

$1.8 million

 

$5.5 million

Diluted earnings per share:

 

$0.39 per share

 

$1.19 per share

Dividend declared:

 

$0.16 per share

 

$0.64 per share

 

SHREWSBURY, NJ, January 31, 2013

— Wayside Technology Group, Inc. (NASDAQ: WSTG) today reported financial results for the fourth quarter ended December 31, 2012.  The results will be discussed in a conference call to be held on Friday, February 1, 2013 at 10:00 AM Eastern time.  The dial-in telephone number is (866) 793-1341 and the pass code is “WSTG.”  This conference call will be available via live webcast — in listen-mode only — at www.earnings.com.  A replay will also be available on the company’s website at www.waysidetechnology.com.

 

“The fourth quarter was our best quarter in 2012.  Revenues, gross profit, income from operations and net income all contributed to deliver our best quarter in 2012,” said Simon F. Nynens, Chairman and Chief Executive Officer. “Our TechXtend division performed exceptionally well in Q4 with Lifeboat Distribution delivering solid results.  Overall, we grew our product line offerings as we continue to pursue our mission to become the most trusted and respected IT provider in our industry.”

 

Cash and marketable securities amounted to $14.2 million, representing 44% of equity as of December 31, 2012. Working capital amounted to $19.6 million, representing 61% of equity as of December 31, 2012.

 

Net sales for the fourth quarter ended December 31, 2012 increased 15%, or $11.2 million, to $85.5 million compared to $74.2 million for the same period in 2011.  Net sales for the fourth quarter of 2012 for our Lifeboat Distribution segment were $58.5 million compared to $55.1 million in the fourth quarter of 2011, representing an increase of $3.4 million or 6%.  Net sales for the fourth quarter of 2012 for our TechXtend segment were $26.9 million compared to $19.1 million in the fourth quarter of 2011, representing an increase of $7.8 million or 41%.

 

Net sales for the year ended December 31, 2012 increased 19%, or $46.9 million, to $297.1 million compared to $250.2 million in 2011. Total sales for our Lifeboat Distribution segment in 2012 were $217.3 million compared to $192.7 million in 2011, representing an increase of $24.6 million or 13%. Total sales for the TechXtend segment in 2012 amounted to $79.7 million, compared to $57.4 million in 2011, representing an increase of $22.3 million or 39%.

 

The increase in net sales for the three month and full year ended December 31, 2012, compared to the same periods in 2011, was mainly a result of strengthening of our account penetration, our continued focus on the expanding virtual infrastructure-centric business, our solution focus selling and an increase in large deals on extended payment terms.

 

Gross Profit for each of the fourth quarters ended December 31, 2012 and December 31, 2011 was $7.0 million.  Gross profit for our Lifeboat Distribution segment for the fourth quarter of 2012 was $4.5 million compared to $5.0 million in the fourth quarter of 2011, representing a 10% decrease. Gross profit for our TechXtend segment was $2.6 million compared to $2.1 million in the fourth quarter of 2011, representing a 23% increase.  Vendor rebates and discounts for the quarter ended December 31, 2012 amounted to $0.6 million compared to $0.8 million for the fourth quarter of 2011.

 


The following information was filed by Wayside Technology Group, Inc. (WSTG) on Thursday, January 31, 2013 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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