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Exhibit 99. 1
Wayside Technology Group, Inc. Reports 2018 Second Quarter
and Declares Quarterly Dividend
Net operating results include impact of separation expenses, net of taxes of $2.0 million
Second quarter 2018 Financial Highlights:
Net sales $43.9 million
Net Loss $1.1 million
Diluted net loss per share $0.25 per share
Net income excluding separation expenses, net of related taxes$0.9 million (non-GAAP)
Diluted earnings per share excluding separation expenses,
net of related taxes $0.20 per share (non-GAAP)
Dividend declared - $0.17 per share
EATONTOWN, NJ, August 6, 2018 – Wayside Technology Group, Inc. (NASDAQ: WSTG) today announced financial results for the second quarter ended June 30, 2018. The results will be discussed in a conference call to be held on Tuesday, August 7, 2018 at 9:00 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 loss for the quarter ended June 30, 2018 includes $2.0 million in expenses related to a separation and release agreement the Company entered into with its former Chairman and Chief Executive Officer upon his resignation on May 11, 2018, consisting of $1.7 million in accelerated vesting of restricted stock and $0.8 million in cash payments, net of $0.4 million in tax benefits. Steve DeWindt, a member of the Company’s Board of Directors was named Interim President and Chief Executive Officer effective May 11, 2018. The separation expenses impacted the Company’s net operating results by $2.0 million resulting in a net loss of $1.1 million for the quarter ended June 30, 2018. The impact on the Company’s earnings per share for the quarter ended June 30, 2018 was approximately $0.45 per share. A table reconciling net income (loss) to net income excluding separation charges is included in this release.
“This was a quarter of change for our Company” said Steve DeWindt, Interim President and Chief Executive Officer. “I am looking forward to building upon the strong foundation our employees have established by putting our vendor partners and customers first. With a thirty-year history in the IT channel, we have a strong network of relationships and we are taking this opportunity to strengthen our strategic approach to delivering value to our customers, vendors and shareholders.”
Operating Results Highlights:
Net sales for the quarter ended June 30, 2018 increased 13% to $43.9 million compared to $39.0 million for the same period in 2017. Lifeboat Distribution segment net sales for the quarter ended June 30, 2018 increased 8% to $38.3 million, compared to $35.3 million for the same period in 2017. TechXtend segment net sales for the quarter ended June 31, 2018 increased 52% to $5.6 million, compared to $3.7 million for the same period in 2017.
The following information was filed by Wayside Technology Group, Inc. (WSTG) on Monday, August 6, 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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