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Wayside Technology Group Reports Third Quarter 2020 Results
- Net Sales up 16% to $60.9 Million, Demonstrating Operational Resilience Amid COVID-19 –
- Recently Announced Acquisitions to Drive New Growth Opportunities in 2021 -
Eatontown, NJ – November 10, 2020 – Wayside Technology Group, Inc. (NASDAQ: WSTG) (“Wayside” or the “Company”), an IT channel company providing innovative sales and distribution solutions, is reporting results for the third quarter ended September 30, 2020.
Third Quarter 2020 Summary vs. Same Year-Ago Quarter
|●||Net sales increased 16% to $60.9 million compared to $52.4 million.|
|●||Gross profit increased 3% to $7.2 million compared to $7.1 million.|
|●||Net income was $0.5 million or $0.13 per share, compared to $1.4 million or $0.32 per share.|
|●||Net income excluding legal and financial advisory expenses, net - unsolicited bid and related matters and acquisition related costs, net of taxes (a non-GAAP financial measure defined below) was $0.8 million or $0.19 per share, compared to $1.4 million or $0.32 per share|
|●||Adjusted EBITDA (a non-GAAP financial measure defined below) was $1.9 million compared to $2.4 million.|
“During the third quarter, we made progress in our recovery from the industry-wide lows of the pandemic in Q2,” said Dale Foster, CEO of Wayside. “We drove improvements in both net sales and gross profit as we continued our integration of Interwork and added several new vendors to our line card. Even as we operate amid pandemic-related uncertainties, our resilient strategy has allowed us to continue improving our market position in emerging technology distribution.
“Our investments in sales and marketing over the past year have enabled us to continue meeting the needs of our vendors and customers within this challenged environment. Just last month, we completed the integration of our U.S. sales team with Interwork’s Canadian sales team, and they have already begun to execute on multiple cross-sell opportunities in both geographies. The overall integration process has continued to progress smoothly, and we expect to realize additional cost synergies with Interwork in the fourth quarter.
“Yesterday, we announced our acquisition of CDF Group (CDF), a UK-based cloud, software and IT distributor and services provider. CDF’s two main go-to-market brands comprise Grey Matter, a value-added reseller that provides cloud, software, and technical services, and Sigma Software Distribution, which delivers innovative software products to resellers throughout the EMEA region.
“CDF brings a robust cloud services platform that will strategically enhance our positioning with both current and prospective vendors and customers, while significantly expanding our presence in the EMEA market. Businesses and consumers have become increasingly dependent on cloud-based infrastructures, and CDF’s cloud offerings will present a long-term opportunity to add more value-oriented services via Grey Matter’s consulting business, Cloud Know How, which will be margin accretive to our business.
The following information was filed by Wayside Technology Group, Inc. (WSTG) on Tuesday, November 10, 2020 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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