Exhibit 99.1

 

 

Wayside Technology Group, Inc. Reports 2013 Fourth Quarter & Full Year Results

and Declares Quarterly Dividend

 

 

 

Q4 2013:

 

Year 2013:

Revenue:

 

$89.9 million

 

$300.4 million

Income from operations:

 

$3.5 million

 

$8.9 million

Net income:

 

$2.5 million

 

$6.4 million

Diluted earnings per share:

 

$0.55 per share

 

$1.41 per share

 

Dividend declared - $0.17 per share

 

SHREWSBURY, NJ, February 6, 2014

— Wayside Technology Group, Inc. (NASDAQ: WSTG) today announced financial results for the fourth quarter and year ended December 31, 2013.  The results will be discussed in a conference call to be held on Friday, February 7, 2014 at 10:00 a.m. EST.  The dial-in telephone number is (866) 793-1341 and the pass code is “WSTG.”  This conference call will be webcast by NASDAQ OMX and can be accessed at Wayside Technology’s Web site at www.waysidetechnology.com/earnings-call.

 

“I am very pleased to report a strong finish to 2013 with the fourth quarter being our best quarter of the year,” said Simon F. Nynens, Chairman and Chief Executive Officer. “Q4 2013 income from operations increased by 25%, as compared to Q4 of 2012. We achieved record net income of $6.4 million for 2013.”

 

Cash, marketable securities and long term receivables amounted to $29.6 million, representing 85% of equity as of December 31, 2013 and $6.25 per share as per December 31, 2013. Working capital amounted to $24.0 million, representing 69% of equity as of December 31, 2013.

 

Net sales for the fourth quarter ended December 31, 2013 increased 5% to $89.9 million compared to $85.5 million for the same period in 2012.  Net sales for the fourth quarter of 2013 for our Lifeboat Distribution segment were $65.7 million compared to $58.5 million in the fourth quarter of 2012, representing an increase of 12%.  Net sales for the fourth quarter of 2013 for our TechXtend segment were $24.2 million compared to $26.9 million in the fourth quarter of 2012, representing a decrease of 10%.

 

Net sales for the year ended December 31, 2013 increased 1% to $300.4 million compared to $297.1 million in 2012. Net sales for our Lifeboat Distribution segment in 2013 were $237.7 million compared to $217.3 million in 2012, representing a 9% increase. Total sales for the TechXtend segment in 2013 amounted to $62.8 million, compared to $79.7 million in 2012, representing a decrease of 21%.

 

The increases in net sales for the three month and full year ended December 31, 2013, compared to the same periods in 2012, in our Lifeboat Distribution segment were mainly a result of the strengthening of our account penetration, our continued focus on the expanding virtual infrastructure-centric business and the addition of several key product lines, and resulted primarily from sales generated out of the USA sales office. The decrease in net sales in our TechXtend segment was primarily due to a decrease in large single sales transactions and a decrease in extended payment terms sales transactions in the first three quarters of 2013 as compared to exceptionally strong levels of large single sales transactions and extended payment terms sales transactions in 2012.

 


The following information was filed by Wayside Technology Group, Inc. (WSTG) on Thursday, February 6, 2014 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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