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<SEC-DOCUMENT>0000899681-04-000594.txt : 20040811
<SEC-HEADER>0000899681-04-000594.hdr.sgml : 20040811
<ACCEPTANCE-DATETIME>20040811145710
ACCESSION NUMBER:		0000899681-04-000594
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040810
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20040811

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:		04966832

	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
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<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>August 10, 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 Second Quarter 2004 financial results and other matters was
issued by the Company on August 10, 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 SECOND QUARTER RESULTS</B></FONT></P>

<P><FONT SIZE=3><B>PORT WASHINGTON, NY, August 10, 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 second quarter ended June 30, 2004. </FONT></P>

<P><FONT SIZE=3>Net sales for the second quarter were $431.0 million compared to
$388.8 million in the year ago quarter, an increase of 10.9%. Sales in North
America increased 14.4% compared to the year ago quarter, fueled by strong
internet sales at the Company&#146;s Tiger Direct subsidiary. European sales
increased 5.1% in US dollars (however they were generally lower than year ago
levels in local currencies). Net income was $671,000 ($.02 per fully diluted
share) compared to a loss of $1.9 million ($.05 per fully diluted share) in the
same period last year. Results include $973,000 in 2004 and $2.6 million in 2003
of pretax restructuring and other charges. Excluding the effects of
restructuring and other charges, net income would have been $1.2 million, or
$.04 per diluted share, compared to $700,000, or $.02 per diluted share, last
year. </FONT></P>

<P><FONT SIZE=3>For the six months ended June 30, 2004, net sales increased
12.4% to $916.7 million compared to $815.3 million in the year-ago period. Net
income for the six months was $3.1 million or $.09 per diluted share compared to
$3.2 million or $.09 per diluted share last year. Results for 2004 include $5.0
million of pretax restructuring and other charges and 2003 results include a
$2.6 million pretax charge for goodwill impairment. Excluding the effects of the
restructuring and other charges, net income would have been $6.5 million, or
$.18 per diluted share, compared to $5.8 million, or $.17 per diluted share,
last year. </FONT></P>

<P><FONT SIZE=3>A reconciliation between income from operations, as reported for
the three and six months ended June 30, 2004 and 2003 in accordance with GAAP,
and <I>pro forma</I> net income, excluding the adjustments discussed above, has
been provided. </FONT></P>

<P><FONT SIZE=3>Richard Leeds, Chairman and Chief Executive Officer, stated,
&#147;We continue to achieve sales growth in our North American computer
business through our expanded e-commerce activities, especially in the consumer
market. I am particularly encouraged by the overall growth of our consolidated
e-commerce sales which amount to 25% of consolidated net sales this year
compared to 21% last year. Our previously announced computer business
reorganization is nearly complete, with approximately $2.5 million realized in
the second quarter from workforce reduction.&#148; Mr. Leeds added that
increased sales and improved margins in the Company&#146;s Industrial Division
had a positive impact on second quarter results. </FONT></P>

<P><FONT SIZE=3>Gross profit for the second quarter was $67.8 million, or 15.7%
of net sales, compared to $63.5 million, or 16.3% of net sales, in the year-ago
period, an increase of $4.3 million.&#160;&#160;The increase in gross profit
includes an increase of $2.7 million in the amount of vendor allowances
reclassified from selling, general and administrative expenses as a result of
the adoption of Emerging Issues Task Force Issue 02-16, &#147;Accounting for
Consideration Received From a Vendor by a Customer (Including a Reseller of the
Vendor&#146;s Products)&#148; in 2003. The overall decline in gross profit
percentage was due to continued pricing pressure and a change in the mix of
products sold. </FONT></P>

<P><FONT SIZE=3>Selling, general and administrative expenses for the second
quarter increased by $2.4 million or 3.3% to $64.1 million compared to $61.7
million for the same period last year. This resulted from increases of $2.7
million in the amount of vendor consideration reclassified to cost of sales in
2004 and $2.3 million representing the adverse effect of movements in foreign
exchange rates on our European costs. These increases were offset by savings of
$2.5 million from workforce reductions in the U. S. associated with our first
quarter 2004 computer business streamlining plan and reductions in catalog
spending. As a percentage of sales, these expenses decreased to 14.9% compared
to 15.9% in the year-ago period. </FONT></P>

<P><FONT SIZE=3>The Company also announced today that it is cooperating in an
investigation by the United States Attorney&#146;s Office for the Southern
District of Florida of one or more government employees and certain former
employees of the Company of possible misuse of certain previously terminated
incentive programs offered by a subsidiary of the Company. The Government has
informed the Company that it is not a subject of the investigation at this time.</FONT></P>

<P><FONT SIZE=3>&#147;We believe that Systemax, as a result of the streamlining
of our computer business and cost reduction programs implemented throughout the
Company, is well positioned to serve the needs of our customers and take
advantage of the improving economies in the markets we serve,&#148; Mr. Leeds
added. </FONT></P>

<P><FONT SIZE=3>Steve Goldschein, Chief Financial Officer, commented that the
Company reduced its inventory by $28.4 million during the second quarter. This
contributed to the generation of $17.7 million of cash since the beginning of
the fiscal year. At June 30, 2004 the Company had $56.4 of cash and cash
equivalents. </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>

<PAGE>

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

<PRE>
<FONT SIZE=1>
<B>
                                                            Three Months Ended              Six Months Ended
                                                            ------------------              ----------------
                                                             June 30,                         June 30,
                                                             --------                         --------
                                                           2004              2003           2004             2003</B>
                                                           ----              ----           ----             ----
Net Sales                                              $430,990          $388,798       $916,726         $815,259
Cost of Sales                                           363,172           325,273        774,088          679,256
                                                  -------------      ------------   ------------     ------------
Gross Profit                                             67,818            63,525        142,638          136,003
Selling, General and Administrative Expenses             64,101            61,682        129,676          125,483
Restructuring and Other Charges                             973                            5,015              112
Goodwill Impairment                                                         2,560                           2,560
                                                  -------------      ------------   ------------     ------------
Income (Loss) From Operations                             2,744              (717)         7,947            7,848
Interest And Other Expense, Net                             426               319          1,073              533
                                                  -------------      ------------   ------------     ------------
Income (Loss) Before Income Taxes                         2,318            (1,036)         6,874            7,315
Provision For Income Taxes                                1,647               828          3,791            4,144
                                                  -------------      ------------   ------------     ------------
Net Income (Loss)                                          $671           $(1,864)        $3,083           $3,171
                                                  =============      ============   ============     ============

Net Income (Loss) Per Common Share:
Basic                                                      $.02            $(.05)           $.09             $.09
                                                  =============      ============   ============     ============
Diluted                                                    $.02            $(.05)           $.09             $.09
                                                  =============      ============   ============     ============

Weighted Average Common And Common Equivalent Shares:
Basic                                                    34,371            34,108         34,338           34,106
                                                  =============      ============   ============     ============
Diluted                                                  35,224            34,108         35,227           34,312
                                                  =============      ============   ============     ============
</FONT>
</PRE>

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

<PRE>
<FONT SIZE=1>
<B>                                                                                             As of
                                                                           As of         December 31,
                                                                       June 30, 2004         2003
                                                                       -------------     ------------</B>
CURRENT ASSETS:
Cash and cash equivalents                                                   $56,358           $38,702
Accounts receivable, net                                                    156,560           152,435
Inventories                                                                 126,230           133,905
Prepaid expenses and other current assets                                    35,968            36,981
                                                                     --------------   ---------------
Total Current Assets                                                        375,116           362,023
Property, plant and equipment, net                                           65,209            68,647
Other assets                                                                 11,791            14,982
                                                                     --------------   ---------------
TOTAL                                                                      $452,116          $445,652
                                                                     ==============   ===============

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and notes payable to banks                $23,709           $20,814
Accounts payable, accrued expenses and other current liabilities            192,963           192,143
                                                                     --------------   ---------------
Total Current Liabilities                                                   216,672           212,957
Long-term debt                                                               17,590            18,353
Other liabilities                                                             1,732             1,768

Shareholders' equity                                                        216,122           212,574
                                                                     --------------   ---------------
TOTAL                                                                      $452,116          $445,652
                                                                     ==============   ===============
</FONT>
</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>
<FONT SIZE=1>
<B>                                                          Three months ended         Six months ended
                                                                June 30,                    June 30,
                                                            2004         2003          2004         2003
                                                            ----         ----          ----         ----</B>
    Income (loss) from operations                         $2,744       $(717)        $7,947       $7,848
    Adjustments:
    Restructuring and other charges (1)                      973        2,560         5,015        2,672
                                                          ------       ------        ------       ------
    Earnings excluding certain charges before
    interest and income taxes                              3,717        1,843        12,962       10,520
    Interest and other expense, net                          426          319         1,073          533
                                                          ------       ------        ------       ------
    Earnings excluding certain charges before
    income taxes                                           3,291        1,524        11,889        9,987
    Provision for income taxes                             2,054          828         5,419        4,178
                                                          ------       ------        ------       ------
    Earnings excluding certain charges                    $1,237         $696        $6,470       $5,809
                                                          ======       ======        ======       ======

    Earnings excluding certain charges per
    diluted share                                           $.04         $.02          $.18         $.17
                                                          ======       ======        ======       ======    Diluted weighted average shares outstanding
                                                          35,224       34,108        35,227       34,312
                                                          ======       ======        ======       ======
</FONT>
</PRE>

<P ALIGN=LEFT><FONT SIZE=3>(1) Restructuring and other charges in 2004 includes $4 million of severance and
related costs for personnel terminated in the first quarter in connection with
the Company's US computer streamlining plan and $1 million of costs in the
second quarter associated with restructuring actions taken in Europe. In 2003,
this line includes $2.6 million of goodwill written off in connection with the
Company's purchase of the minority interest in its Netherlands subsidiary.</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>-- End &#150;</B></FONT></P>

<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: August 11, 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-----
