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Wayside Technology Group, Inc. Reports 2017 Third Quarter Results
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, October 26, 2017 – Wayside Technology Group, Inc. (NASDAQ: WSTG) today announced financial results for the third quarter ended September 30, 2017. The results will be discussed in a conference call to be held on Friday, October 27, 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.
“Despite intense market competition, we delivered satisfactory results. Net sales increased 7% and earnings per share increased slightly to $0.30 per share for the quarter,” said Simon F. Nynens, Chairman and Chief Executive Officer. “On a year- to- date basis, our earnings per share are up $0.04 or 5%.
“I would also like to share that William Botti has announced his intention to retire from his position as Executive Vice President effective December 31, 2017. Bill will continue in his current role as he transitions his responsibilities to other team members. We would like to thank Bill for his contributions during his tenure as a member of our team.”
Net sales for the quarter ended September 30, 2017 increased 7% to $106.6 million compared to $99.6 million for the same period in 2016 as growth in our Lifeboat Distribution segment was offset by a decline in TechXtend net sales. Lifeboat Distribution segment net sales for the quarter ended September 30, 2017 increased 10% to $100.2 million, compared to $91.1 million for the same period in 2016. TechXtend segment net sales for the quarter ended September 30, 2017 decreased 24% to $6.5 million, compared to $8.5 million for the same period in 2016, due to a decline in extended payment term transactions which typically vary significantly from quarter to quarter based on the timing of IT spending decisions by our larger customers.
Gross profit for the quarter ended September 30, 2017 decreased 2% to $6.2 million compared to $6.4 million for the same period in 2016. Lifeboat Distribution segment gross profit for the quarter ended September 30, 2017 and 2016 was consistent with the prior year at $5.4 million. TechXtend segment gross profit for the third quarter of 2017 decreased 11% to $0.8 million, compared to $0.9 million in 2016.
The following information was filed by Wayside Technology Group, Inc. (WSTG) on Thursday, October 26, 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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