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<SEC-DOCUMENT>0000899681-04-000382.txt : 20040505
<SEC-HEADER>0000899681-04-000382.hdr.sgml : 20040505
<ACCEPTANCE-DATETIME>20040505165848
ACCESSION NUMBER:		0000899681-04-000382
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040504
ITEM INFORMATION:		
FILED AS OF DATE:		20040505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYSTEMAX INC
		CENTRAL INDEX KEY:			0000945114
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				113262067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13792
		FILM NUMBER:		04782232

	BUSINESS ADDRESS:	
		STREET 1:		22 HARBOR PARK DR
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5166087000

	MAIL ADDRESS:	
		STREET 1:		22 HARBOR PARK DRIVE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLOBAL DIRECTMAIL CORP
		DATE OF NAME CHANGE:	19950509
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>systemax-8k_050504.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>
<P ALIGN=CENTER><FONT SIZE=3><B>SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</B></FONT></P>

<HR SIZE=1 NOSHADE WIDTH=25% ALIGN=CENTER>

<P ALIGN=CENTER><FONT SIZE=3><B>FORM 8-K</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>
<BR>
<BR>
<BR>
<BR>
<P ALIGN=CENTER>Date of Report (Date of earliest event reported)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>May 4, 2004</U></P>

<BR>
<BR>
<BR>
<BR>

<P ALIGN=CENTER><FONT SIZE=3><B> <U>Systemax Inc.</U></B><BR>
(Exact name of registrant as specified in its charter)</FONT></P>
<BR>
<BR>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=33% ALIGN=CENTER>
<B><U>Delaware</U></B><BR>
(State or other jurisdiction of<BR>
incorporation or organization)</TD>
<TD WIDTH=33% ALIGN=CENTER>
<B><U>1-13792</U></B><BR>
(Commission File<BR>
number)</TD>
<TD WIDTH=34% ALIGN=CENTER>
<B><U>11-3262067</U></B><BR>
(I.R.S. Employe<BR>
Identification No.)
</TD>
</TR>
</TABLE>
<BR>
<BR>
<BR>



<P ALIGN=CENTER><FONT SIZE=3><B> <U>11 Harbor Park Drive, Port Washington, New York 11050</U></B><BR>
(Address of principal executive offices) (Zip Code)</FONT></P>


<P ALIGN=CENTER><FONT SIZE=3>Registrant's telephone number, including area code:&nbsp;&nbsp;
<B> <U>(516) 608-7000</U></B></FONT></P>





<P ALIGN=LEFT><FONT SIZE=3><B> Item 12. <U>Results of Operation and Financial Condition</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following press release regarding First Quarter 2004
financial results was issued by the Company on May 4, 2004: </FONT></P>

<IMG SRC="system.jpg">
<BR>




<P ALIGN=LEFT><FONT SIZE=3>FOR IMMEDIATE RELEASE</FONT></P>


<P ALIGN=LEFT><FONT SIZE=3><B>INVESTOR CONTACT:<BR>
Steven M. Goldschein<BR>
516-608-7000</B></FONT></P>
<HR SIZE=1 NOSHADE>

<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX REPORTS RECORD QUARTERLY SALES</B></FONT></P>

<P><FONT SIZE=3><B>PORT WASHINGTON, NY, May 4, 2004</B> - Systemax Inc.
(NYSE:SYX), a leading manufacturer and distributor of PC hardware, related
computer products and industrial products in North America and Europe, today
announced results for the first quarter ended March 31, 2004. </FONT></P>

<P><FONT SIZE=3>Net sales for the first quarter were a record $485.7 million
compared to $426.5 million in the year ago quarter, an increase of 13.9% and 11%
higher than fourth quarter sales in 2003 which is typically the Company&#146;s
strongest quarter. Sales in North America increased 13.9% compared to the year
ago quarter, fueled by strong internet sales at the Company&#146;s Tiger Direct
subsidiary. European sales increased 13.9% in US dollars and were generally
above year ago levels in local currencies. Net income was $2.4 million ($.07 per
fully diluted share) compared to $5.0 million ($.15 per fully diluted share) in
the same period last year. Results in 2004 include $4.0 million of pretax
restructuring charges relating to the Company&#146;s reorganization of its
computer business. Excluding the effects of restructuring and other charges, net
income would have been $5.2 million, or $.15 per diluted share, compared to $5.1
million, or $.15 per diluted share, last year. (A reconciliation between income
from operations, as reported in accordance with GAAP, and pro forma net income,
excluding the adjustments discussed above, has been provided.) </FONT></P>

<P><FONT SIZE=3>Richard Leeds, Chairman and Chief Executive Officer, stated,
"We continue to record strong sales in our North American computer business
through our expanded e-commerce activities in the consumer market. I am
particularly encouraged by the overall growth of our consolidated e-commerce
sales which amounted to 25.1% of consolidated net sales this year compared to
20.9% last year. Our previously announced computer business reorganization is
almost complete. In the second quarter we should begin to see the effect of the
reductions in personnel and expenses that we have made." Mr. Leeds added,
"The pressure on gross margins eased somewhat during the first quarter,
especially in Europe, improving overall to 15.4% of net sales from 14.9% in the
prior quarter. However, it is still below the 17.0% achieved a year ago."
</FONT></P>

<P><FONT SIZE=3>Systemax Inc. (<U>www.systemax.com</U>) has developed an
integrated system of branded e-commerce web sites, direct mail catalogs,
infomercials and relationship marketers to sell PC hardware, related computer
products and industrial products in North America and Europe. Systemax is a
Fortune 1000 company. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC.<BR>
Condensed Consolidated Statements of<BR>
Operations</B><BR>
(In thousands, except per share and share amounts)</FONT></P>
<PRE>

<B>                                                          Three Months Ended
                                                              March 31,
                                                              --------
                                                        2004                 2003</B>
                                                        ----                 ----
Net Sales                                              $485,736             $426,461
Cost of Sales                                           410,916              353,983
                                                  --------------        -------------
Gross Profit                                             74,820               72,478
Selling, General and Administrative Expenses             65,575               63,801
Restructuring and Other Charges                           4,042                  112
                                                  --------------        -------------
Income From Operations                                    5,203                8,565
Interest And Other Expense, Net                             647                  214
                                                  --------------        -------------
Income Before Income Taxes                                4,556                8,351
Provision For Income Taxes                                2,144                3,316
                                                  --------------        -------------
Net Income                                               $2,412               $5,035
                                                  ==============        =============

Net Income Per Common Share:
Basic                                                      $.07                 $.15
                                                  ==============        =============
Diluted                                                    $.07                 $.15
                                                  ==============        =============

Weighted Average Common And Common Equivalent Shares:
Basic                                                34,304,883           34,104,290
                                                  ==============        =============
Diluted                                              35,218,480           34,104,290
                                                  ==============        =============

</PRE>


<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC.<BR>
Condensed Consolidated Balance Sheet<BR></B>
(In thousands)</FONT></P>
<PRE>

<B>                                                                 As of             As of
                                                               March 31,       December 31,
                                                                 2004             2003</B>
                                                                 ----             ----
CURRENT ASSETS:
Cash and cash equivalents                                       $39,634           $38,702
Accounts receivable, net                                        162,754           152,435
Inventories                                                     154,592           133,905
Prepaid expenses and other current assets                        33,135            36,984
                                                           -------------  ----------------
Total Current Assets                                            390,115           362,026
Property, plant and equipment, net                               67,173            68,647
Other assets                                                     11,628            14,982
                                                           -------------  ----------------
TOTAL                                                          $468,916          $445,655
                                                           =============  ================

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and notes payable to
banks                                                           $23,069           $20,814
Accounts payable and accrued expenses                           211,034           192,146
                                                           -------------  ----------------
Total Current Liabilities                                       234,103           212,960
Long-term debt                                                   18,149            18,353
Other liabilities                                                 1,702             1,768

Shareholders' equity                                            214,962           212,574
                                                           -------------  ----------------
TOTAL                                                          $468,916          $445,655
                                                           =============  ================

</PRE>
<P ALIGN=LEFT><FONT SIZE=3><B>Systemax Inc.</B><BR>
Reconciliation of GAAP income to earnings excluding certain charges<BR>
(In thousands, except per share data)<BR>
(Unaudited)</FONT></P>

<PRE>
<B>                                                                Three months ended
                                                                     March 31,
                                                             2004               2003</B>
                                                             ----               ----
    Income from operations                                  $5,203             $8,565
    Adjustments:
    Restructuring charges (1)                                4,042                112
    Earnings excluding certain charges before                -----                ---
    interest and income taxes                                9,245              8,677
    Interest and other expense, net                            647                214
    Earnings excluding certain charges before                  ---                ---
    income taxes                                             8,598              8,463
    Provision for income taxes                               3,365              3,350
                                                             -----              -----
    Earnings excluding certain charges                      $5,233             $5,113
                                                            ------             ------
    Earnings excluding certain charges per
    diluted share                                             $.15               $.15
    Diluted weighted average shares outstanding               ----               ----
                                                            35,218             34,104
                                                            ======             ======
</PRE>

<P ALIGN=LEFT><FONT SIZE=3>(1) The $4.0 million of restructuring charges in the
first quarter of 2004 is comprised primarily of severance and related costs for
personnel terminated in the quarter.</FONT></P>


<P><FONT SIZE=3>NOTE - The above reconciliation is intended to present
Systemax's operating results, excluding certain charges and providing income
taxes (benefits) at local effective tax rates. This reconciliation is not in
accordance with, or an alternative method for, generally accepted accounting
principles in the United States, and may be different from similar measures
presented by other companies. The presentation of this financial measure
facilitates meaningful comparison with prior periods. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>Forward-Looking Statements</B></FONT></P>

<P><FONT SIZE=3>This press release contains forward-looking statements about the
Company&#146;s performance. These statements are based on management&#146;s
estimates, assumptions and projections and are not guarantees of future
performance. The Company assumes no obligation to update these statements.
Actual results may differ materially from results expressed or implied in these
statements as the result of risks, uncertainties and other factors including,
but not limited to: (a) unanticipated variations in sales volume, (b) economic
conditions and exchange rates, (c) actions by competitors, (d) the continuation
of key vendor relationships, (e) the ability to maintain satisfactory loan
agreements with lenders, (f) risks associated with the delivery of merchandise
to customers utilizing common carriers, (g) the operation of the Company&#146;s
management information systems, and (h) unanticipated legal and administrative
proceedings. Please refer to the Forward Looking Statements section contained in
Item 7 of the Company&#146;s Form 10-K for a more detailed explanation of the
inherent limitations in such forward-looking statements. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>&#150; End &#150;</B></FONT></P>

<PAGE>

<P ALIGN=CENTER><FONT SIZE=3><B> <U>SIGNATURE</U></B> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT>Date: May 5, 2004</TD>
<TD WIDTH=50%>
SYSTEMAX INC.<BR>
<BR>
<BR>
By: <U>/s/ Steven M. Goldschein</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven M. Goldschein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and Chief<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Officer</TD>
</TR>
</TABLE>





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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
