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and Declares Quarterly Dividend
Income from operations: $1.8 million
Net income:$1.3 million
Diluted earnings per share: $0.30 per share
Dividend declared - $0.17 per share
EATONTOWN, NJ, April 27, 2017 – Wayside Technology Group, Inc. (NASDAQ: WSTG) today announced financial results for the first quarter ended March 31, 2017. The results will be discussed in a conference call to be held on Friday, April 28, 2017 at 10:00 a.m. EDT. The dial-in telephone number is (844) 683-0552 and the pass code is “WSTG.” This conference call will be webcast by NASDAQ OMX and can be accessed at Wayside Technology’s website at www.waysidetechnology.com/site/content/webcasts.
Net income for the quarter ended March 31, 2017 increased 28% to $1.3 million, compared to $1.0 million during same period last year.
Diluted earnings per share for the quarter ended March 31, 2017 increased 35% to $0.30, compared to $0.22, for the same period in 2016.
On April 26, 2017, the Board of Directors declared a quarterly dividend of $0.17 per share of its common stock payable May 17, 2017 to shareholders of record on May 10, 2017.
“We are very pleased to report a great first quarter of 2017” said Simon F. Nynens, Chairman and Chief Executive Officer. “In cooperation with our vendor partners we continue to offer innovative security, virtualization and cloud solutions to our customers. As an entrepreneurial and flexible specialty distributor, we meet the demands of our partners in these high growth markets. In addition, we will continue to utilize our capital to maximize our shareholder return in 2017. We paid dividends now for 57 consecutive quarters and during this quarter we bought back 95,015 shares of our stock.”
Net sales for the quarter ended March 31, 2017 increased 21% to $112.8 million compared to $93.3 million for the same period in 2016. Lifeboat Distribution segment net sales for the quarter ended March 31, 2017 increased 21% to $104.5 million, compared to $86.3 million for the same period in 2016. TechXtend segment net sales for the quarter ended March 31, 2017 increased 19% to $8.3 million, compared to $7.0 million for the same period in 2016.
The following information was filed by Wayside Technology Group, Inc. (WSTG) on Thursday, April 27, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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