Exhibit 99.1

 

 

Wayside Technology Group, Inc. Reports 2015 Fourth Quarter & Full Year Results

and Declares Quarterly Dividend

 

 

 

Q4 2015:

 

Year 2015:

 

 

 

 

 

 

 

Revenue:

 

$

99.8 million

 

$

382.1 million

 

Income from operations:

 

$

2.4 million

 

$

8.5 million

 

Net income:

 

$

1.6 million

 

$

5.8 million

 

Diluted earnings per share:

 

$

0.35 per share

 

$

1.25 per share

 

 

Dividend declared - $0.17 per share

 

SHREWSBURY, NJ, February 4, 2016

— Wayside Technology Group, Inc. (NASDAQ: WSTG) today announced financial results for the fourth quarter and year ended December 31, 2015.  The results will be discussed in a conference call to be held on Friday, February 5, 2016 at 10:00 a.m. EST.  The dial-in telephone number is (866) 814-1918 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 $31.2 million as compared to $30.8 million as of December 31, 2014. Cash and long term receivables represented 81% of equity and amounted to $6.64 per share as of December 31, 2015. Working capital amounted to $30.6 million, representing 79% of equity as of December 31, 2015.

 

“2015 was another strong year for Wayside, as sales increased 12% to a record $382 million. In 2015 we invested heavily in additional sales staff for our Lifeboat division. We continued to execute our strategy of increased market penetration and adding new product lines to our portfolio.” said Simon F. Nynens, Chairman and Chief Executive Officer. “We bought back a total of approximately 274,000 shares in 2015 and we still have approximately 458,000 shares of Common Stock available for future repurchase.  We will continue to buy back shares according to our 10-b5 Stock Repurchase Plan.”

 

Net sales for the fourth quarter ended December 31, 2015 increased 6% to $99.8 million compared to $94.1 million for the same period in 2014.  Net sales for the fourth quarter of 2015 for our Lifeboat Distribution segment were $89.4 million compared to $83.8 million in the fourth quarter of 2014, representing an increase of 7%.  Net sales for the fourth quarter of 2015 for our TechXtend segment were $10.4 million compared to $10.3 million in the fourth quarter of 2014.

 

Net sales for the year ended December 31, 2015 increased 12% to $382.1 million compared to $340.8 million in 2014. Net sales for our Lifeboat Distribution segment in 2015 were $339.7 million compared to $290.4 million in 2014, representing a 17% increase. Total sales for the TechXtend segment in 2015 amounted to $42.4 million, compared to $50.3 million in 2014, representing a decrease of 16%.

 

The increases in net sales for the three months and full year ended December 31, 2015, compared to the same periods in 2014, 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  year ended December 31, 2015 compared to the same period in 2014 in our TechXtend segment was primarily due to a decrease in extended payment terms sales transactions and large sales transactions in 2015.

 


The following information was filed by Wayside Technology Group, Inc. (WSTG) on Thursday, February 4, 2016 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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