Exhibit 99.1

Picture 1

 

Wayside Technology Group, Inc. Reports 2017 Fourth Quarter & Full Year Results

and Declares Quarterly Dividend

 

Jeffrey R. Geygan Appointed to Board of Directors

 

Provides Expected Adjustments Related to Adoption of New Revenue Standard Effective January 1, 2018

 

 

 

 

 

 

Q4 2017:

Year 2017:

Net Sales:

$127.0 million

$449.4 million

Income from operations:

$2.5 million

$7.8 million

Net income:

$1.1 million

$5.1 million

Diluted earnings per share:

$0.25 per share

$1.13 per share

 

 

Dividend declared - $0.17 per share

EATONTOWN, NJ, February 27, 2018 – Wayside Technology Group, Inc. (NASDAQ: WSTG) today announced financial results for the fourth quarter and year ended December 31, 2017.    The results will be discussed in a conference call to be held on Wednesday, February 28, 2018 at 10:00 a.m. EST.  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.  

“2017 was another strong year for Wayside, especially as compared to a strong 2016. While our contribution from extended payment sales was down versus the prior year, we view these transactions as an opportunistic way to deploy excess cash resources when they are available, which varies from period to period.” said Simon F. Nynens, Chairman and Chief Executive Officer. “We are excited about the recent additions of Dale Foster and Charles Bass to our management team, as well as the addition of Jeff Geygan to our Board.”

 

2017 net income includes income tax charges of $0.2 million resulting from the revaluation of deferred tax assets and transition tax for foreign unrepatriated earnings under the 2017 Tax Cuts and Jobs plan and approximately $0.4 million related to a provision for state taxes for states with economic nexus statutes and other adjustments. These adjustments impact diluted earnings per share by approximately $0.14. The Tax Cuts and Jobs Act of 2017 is expected to reduce our effective tax rate in 2017 to a range of 24%-26%.

 

The Company paid $3.1 million in dividends and utilized $3.0 million in stock buybacks during 2017. Stockholders’ equity was $38.7 million at December 31, 2017 compared to $37.6 million at December 31, 2016. Total working capital plus accounts receivable-long term was $36.5 million at December 31, 2017, compared to $35.1 million at December 31, 2016. Cash and cash equivalents was $5.5 million at December 31, 2017 and $13.5 million at December 31, 2016, representing 14% and 36% of equity, respectively.

 

Jeffrey R. Geygan joins our Board of Directors effective today, February 27, 2018. Jeffrey is President and CEO of Global Value Investment Corp., an investment research and advisory services firm he founded in 2007. The firm manages assets for individual and institutional clients across the United Sates while investing on a global basis. Prior to founding Global Value Investment Corp., Mr. Geygan served as a


The following information was filed by Wayside Technology Group, Inc. (WSTG) on Wednesday, February 28, 2018 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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