Wayside Technology Group, Inc. (WSTG) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

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 2018 First Quarter

and Declares Quarterly Dividend

Q1 2018:

Net sales:$40.5 million

Income from operations: $1.8 million

Net income:$1.6 million

Diluted earnings per share: $0.36 per share

Dividend declared - $0.17 per share

EATONTOWN, NJ, May 3, 2018

– Wayside Technology Group, Inc. (NASDAQ: WSTG) today announced financial results for the first quarter ended March 31, 2018. The results will be discussed in a conference call to be held on Friday, May 4, 2018 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 a great first quarter of 2018. Income before tax increased 7.5% and diluted earnings per share increased 23%”, said Simon F. Nynens, Chairman and Chief Executive Officer. “We strive to be the most proactive, knowledgeable and diligent provider of proven and emerging IT products. Our culture of innovation and adaptability matches that of the vendors we represent.”

Operating Results:

Net sales for the quarter ended March 31, 2018 increased 6% to $40.5 million compared to $38.1 million for the same period in 2017. Lifeboat Distribution segment net sales for the quarter ended March 31, 2018 increased 9% to $36.8 million, compared to $33.8 million for the same period in 2017. TechXtend segment net sales for the quarter ended March 31, 2018 decreased 13% to $3.7 million, compared to $4.3 million for the same period in 2017. The decrease in TechXtend sales was primarily driven by a decrease in extended payment term sales.

Adjusted gross billings for the quarter ended March 31, 2018 increased 11% or $12.3 million to $125.1 million compared to $112.8 million for the same period last year (see attached table for a discussion of adjusted gross billings).

Gross profit for the quarter ended March 31, 2018 increased 2% to $6.9 million compared to $6.8 million for the same period in 2017. Lifeboat Distribution segment gross profit for the quarter ended March 31, 2018 increased 6% to $6.1 million, compared to $5.8 million in the same period in 2017. TechXtend segment gross profit for the quarter ended March 31, 2018 decreased 23% to $0.7 million, compared to $0.9 million in 2017 due to lower extended payment term sales.

Gross profit margin (gross profit as a percentage of net sales) for the quarter ended March 31, 2018 decreased by 0.7 percentage points to 17.0%, compared to 17.7% for the same period in 2017. Lifeboat Distribution segment gross profit margin for the quarter ended March 31, 2018 decreased by 0.5 percentage points to 16.8%, compared to 17.3% for the same period in 2017. TechXtend segment gross

The following information was filed by Wayside Technology Group, Inc. (WSTG) on Thursday, May 3, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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