Exhibit 99.1

 

 

Wayside Technology Group, Inc. Reports 2014 Fourth Quarter & Full Year Results

and Declares Quarterly Dividend

Vito Legrottaglie and Kevin Scull promoted

 

 

 

Q4 2014:

 

Year 2014:

 

Revenue:

 

$94.1 million

 

$340.8 million

 

Income from operations:

 

$2.7 million

 

$8.3 million

 

Net income:

 

$1.8 million

 

$5.8 million

 

Diluted earnings per share:

 

$0.39 per share

 

$1.23 per share

 

 

Dividend declared - $0.17 per share

 

SHREWSBURY, NJ, February 5, 2015

— Wayside Technology Group, Inc. (NASDAQ: WSTG) today announced financial results for the fourth quarter and year ended December 31, 2014.  The results will be discussed in a conference call to be held on Friday, February 6, 2015 at 10:00 a.m. EST.  The dial-in telephone number is (866) 847-7864 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.

 

Cash and long term receivables amounted to $30.8 million as compared to $29.6 million as of December 31, 2013. Cash and long term receivables represented 78% of equity and amounted to $6.29 per share as of December 31, 2014. Working capital amounted to $31.2 million, representing 79% of equity as of December 31, 2014.

 

“2014 was another strong year for Wayside, despite the fact that our TechXtend division underperformed in the fourth quarter, with a 13% overall increase in revenue. We continued to execute our strategy of increased market penetration and adding new product lines to our portfolio. We will continue to invest in our future by hiring new talent and adding new vendor partnerships.” said Simon F. Nynens, Chairman and Chief Executive Officer. “In December 2014, the Board approved an increase of 500,000 shares of Common Stock to the number of shares of Common Stock available for repurchase and we will continue to buy back shares according to our 10-b5 Stock Repurchase Plan.”

 

Net sales for the fourth quarter ended December 31, 2014 increased 5% to $94.1 million compared to $89.9 million for the same period in 2013.  Net sales for the fourth quarter of 2014 for our Lifeboat Distribution segment were $83.8 million compared to $65.7 million in the fourth quarter of 2013, representing an increase of 28%.  Net sales for the fourth quarter of 2014 for our TechXtend segment were $10.3 million compared to $24.2 million in the fourth quarter of 2013, representing a decrease of 57%.

 

Net sales for the year ended December 31, 2014 increased 13% to $340.8 million compared to $300.4 million in 2013. Net sales for our Lifeboat Distribution segment in 2014 were $290.4 million compared to $237.6 million in 2013, representing a 22% increase. Total sales for the TechXtend segment in 2014 amounted to $50.3 million, compared to $62.8 million in 2013, representing a decrease of 20%.

 

The increases in net sales for the three months and full year ended December 31, 2014, compared to the same periods in 2013, in our Lifeboat Distribution segment were mainly a result of the strengthening of our account penetration and the addition of several key product lines. The decreases in net sales for the

 


The following information was filed by Wayside Technology Group, Inc. (WSTG) on Thursday, February 5, 2015 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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