Wayside Technology Group, Inc. (WSTG) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Wayside Technology Group, Inc.
Ticker: WSTG CIK: 945983

Exhibit 99.1

Wayside Technology Group, Inc. Reports 2017 Second Quarter Results

and Declares Quarterly Dividend

Q2 2017:

Revenue:$103.0 million

Income from operations: $1.7 million

Net income:$1.3 million

Diluted earnings per share: $0.30 per share

Dividend declared - $0.17 per share

EATONTOWN, NJ, July 27, 2017

– Wayside Technology Group, Inc. (NASDAQ: WSTG) today announced financial results for the second quarter ended June 30, 2017. The results will be discussed in a conference call to be held on Friday, July 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.

“We are pleased to report solid financial results. Our Lifeboat Distribution segment continued to deliver year over year sales growth, while our TechXtend division was down as compared to an exceptionally strong quarter last year. We see opportunities for growth in the remainder of this year.” said Simon F. Nynens, Chairman and Chief Executive Officer. “On a year to date basis, our earnings per share are up $0.04 or 7%.”

Operating Results:

Net sales for the quarter ended June 30, 2017 decreased 2% to $103.0 million compared to $105.3 million for the same period in 2016 as growth in our Lifeboat Distribution segment was offset by a decline in TechXtend due to quarterly variability in enterprise account sales. Lifeboat Distribution segment net sales for the quarter ended June 30, 2017 increased 7% to $95.7 million, compared to $89.7 million for the same period in 2016. TechXtend segment net sales for the quarter ended June 30, 2017 decreased 53% to $7.3 million, compared to $15.6 million for the same period in 2016. The decrease was primarily due to a large enterprise sale of approximately $7.0 million recorded in the second quarter of 2016 which affects the comparability of results. Sales in our TechXtend segment may vary significantly from quarter to quarter based on the timing of IT spending decisions by our larger customers. Gross profit for the quarter ended June 30, 2017 decreased 6% to $6.6 million compared to $7.0 million for the same period in 2016. Lifeboat Distribution segment gross profit for the quarter ended June 30, 2017 increased 1% to $5.6 million, compared to $5.5 million in the same period in 2016. TechXtend segment gross profit for the second quarter of 2017 decreased 34% to $1.0 million, compared to $1.5 million in 2016.

Gross profit margin (gross profit as a percentage of net sales) for the quarter ended June 30, 2017 decreased by 0.3 percentage points to 6.4%, compared to 6.7% for the same period in 2016. Lifeboat Distribution segment gross profit margin for the quarter ended June 30, 2017 decreased by 0.3 percentage points to

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