Exhibit 99.1

Picture 1

Wayside Technology Group, Inc. Reports 2018 Fourth Quarter & Full Year Results

and Declares Quarterly Dividend

 

 

    

Q4 2018:

    

Year 2018:

Net Sales:

 

$49.1 million

 

$181.4 million

Income from operations:

 

$2.2 million

 

$4.2 million

Net income:

 

$1.7 million

 

$3.5 million

Diluted earnings per share:

 

$0.39 per share

 

$0.78 per share

Net income excluding separation expenses, net of related taxes:

 

$1.7 million (non‑GAAP)

 

$5.5 million (non‑GAAP)

Diluted earnings per share excluding separation expenses, net of related taxes:

 

$0.39 per share (non‑GAAP)

 

$1.23 per share (non‑GAAP)

 

Dividend declared - $0.17 per share

EATONTOWN, NJ, February 25, 2019

 – Wayside Technology Group, Inc. (NASDAQ: WSTG) today announced financial results for the fourth quarter and year ended December 31, 2018.    The results will be discussed in a conference call to be held on Tuesday, February 26, 2019 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.  

“2018 was a transition year for Wayside” said Steve DeWindt, President and Chief Executive Officer. “We added resources to our vendor recruitment and field sales organizations to position our company for the future. We are excited about the opportunities in positioning Wayside and Lifeboat as the go-to channel solution for new and growing technology providers” added Mr. DeWindt.

 

Net income for the year ended December 31, 2018 was $3.5 million, which 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. Net income excluding separation expenses, net of related taxes (non-GAAP) for the year ended December 31, 2018 was $5.5 million. The impact on the Company’s earnings per share for the year ended December 31, 2018 was approximately $0.45 per share. A table reconciling net income to net income excluding separation charges, net of related taxes (non-GAAP) is included in this release.

 

The Company paid $3.1 million in dividends and utilized $1.0 million of cash for stock buybacks during 2018. Stockholders’ equity was $40.6 million at December 31, 2018 compared to $38.7 million at December 31, 2017. Total working capital was $36.2 million at December 31, 2018, compared to $29.9 million at December 31, 2017. Cash and cash equivalents were $14.9 million at December 31, 2018 and $5.5 million at December 31, 2017.

 

Operating Results:

 

Net sales for the quarter ended December 31, 2018 increased 10% to $49.1 million compared to $44.4 million for the same period in 2017. Lifeboat Distribution segment net sales for the quarter ended December


The following information was filed by Wayside Technology Group, Inc. (WSTG) on Monday, February 25, 2019 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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