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<SEC-DOCUMENT>0000899681-05-000188.txt : 20050222
<SEC-HEADER>0000899681-05-000188.hdr.sgml : 20050221
<ACCEPTANCE-DATETIME>20050222124413
ACCESSION NUMBER:		0000899681-05-000188
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050221
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050222
DATE AS OF CHANGE:		20050222

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:		05630154

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>systemax-8k_021805.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>


<P ALIGN=CENTER><FONT SIZE=3>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</FONT></P>

<HR SIZE=1 WIDTH=35% ALIGN=CENTER>

<P ALIGN=CENTER><FONT SIZE=3>FORM 8-K<BR>
<BR>
CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(D) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934<BR>
<BR>
Date of Report (Date of earliest event reported):  February 21, 2005<BR>
<BR>
<B>Systemax Inc.</B><BR>
(Exact Name of Registrant as Specified in Charter)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=33% ALIGN=CENTER>
<B>Delaware</B><BR>
(State or Other Jurisdiction<BR>
of Incorporation)</TD>
<TD WIDTH=33% ALIGN=CENTER>
<B>1-13792</B><BR>
(Commission<BR>
File Number)</TD>
<TD WIDTH=34% ALIGN=CENTER>
<B>11-3262067</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
</TABLE>
<BR>


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

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

<P ALIGN=CENTER><FONT SIZE=3><B>N.A.</B><BR>
(Former Name or Former Address, if Changed Since Last Report)</FONT></P>

<P><FONT SIZE=3>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligations of the registrant
under any of the following provisions (<I>see</I> General Instruction A.2
below): </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>/&nbsp;&nbsp;&nbsp;/</TD>
<TD WIDTH=95%>Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) </TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>/&nbsp;&nbsp;&nbsp;/</TD>
<TD WIDTH=95%>Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14-12)</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>/&nbsp;&nbsp;&nbsp;/</TD>
<TD WIDTH=95%>Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240-14d-2(b))</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>/&nbsp;&nbsp;&nbsp;/</TD>
<TD WIDTH=95%>Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CRF 240.13e-4(c))</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT><B><U>ITEM 4.02</U></B></TD>
<TD WIDTH=90%><B><U>Non-Reliance on Previously Issued Financial Statements or a
Related Audit Report or Completed Interim Review.</U></B></TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
press release regarding the need for a restatement of 2003 year end and 2004
quarterly financial statements following the discovery of certain errors in
accounting for inventory at its United Kingdom subsidiary was issued by the
Company on February 21, 2005, a copy of which is filed as an exhibit.</FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT><B><U>ITEM 9.01</U></B></TD>
<TD WIDTH=90%><B><U>Financial Statements and Exhibits</U></B></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT><I>(a)</I></TD>
<TD WIDTH=95%><I>Financial Statements of Business Acquired - not applicable</I></TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT><I>(b)</I></TD>
<TD WIDTH=95%><I>Pro Forma Financial Information - not applicable</I></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT><I>(c)</I></TD>
<TD WIDTH=95%><I>Exhibits</I></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>99.1</TD>
<TD WIDTH=90%>Press release, issued February 21, 2005, regarding the need for a
restatement of 2003 year end and 2004 quarterly financial statements</TD>
</TR>
</TABLE>
<BR>




<P ALIGN=CENTER><FONT SIZE=3><B>SIGNATURES</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 hereunto duly authorized. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
SYSTEMAX INC.<BR>
<BR>
By: <U>/s/ Steven Goldschein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Steven Goldschein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Vice President and CFO
</TD>
</TR>
</TABLE>
<BR>
<BR>

<P><FONT SIZE=3>Dated:  February 21, 2005</FONT></P>


<PAGE>

<P ALIGN=CENTER><FONT SIZE=3>EXHIBIT INDEX</FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>99.1</TD>
<TD WIDTH=95%>Press release, issued February 21, 2005, regarding the need for a
restatement of 2003 year end and 2004 quarterly financial statements</TD>
</TR>
</TABLE>
<BR>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>systemax-ex991_021805.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 99.1</TITLE>
</HEAD>
<BODY>


<P ALIGN=RIGHT><FONT SIZE=3>EXHIBIT 99.1</FONT></P>


<IMG SRC="system.jpg">


<P ALIGN=LEFT><FONT SIZE=3><B><U>FOR IMMEDIATE RELEASE:</U></B></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><FONT SIZE=3><B>PORT WASHINGTON, NY, February 21, 2005</B> - Systemax Inc.
(NYSE:SYX), a leading distributor and manufacturer of PC hardware, related
computer products and industrial products in North America and Europe, announced
today that it will restate its financial statements for each of the first three
quarters of 2004 and the year ended December 31, 2003, following the discovery
of certain errors in accounting for inventory at its United Kingdom subsidiary.
Investors are cautioned not to rely on the Company's historical financial
statements for the aforementioned periods. </FONT></P>

<P><FONT SIZE=3>The Company is in the process of completing its review of the
periods in question. Once this review is complete, the Company will restate its
historical results for these periods. The Company expects to complete its review
of this matter prior to issuing its earnings release for the quarter and fiscal
year ended December 31, 2004. It is presently anticipated that net income for
the full year of 2003 (previously reported as $5.6 million) will be reduced by
approximately $2.1 million to $2.5 million and net income for the nine months of
2004 (previously reported as $5.8 million) will be reduced by approximately $1.3
million to $1.6 million as a result of the correction of these errors. The
restatement will result in reducing previously reported diluted earnings per
share by $.06 to $.07 for the year ended December 31, 2003 (previously reported
as $.16) and by $.04 to $.05 for the nine months ended September 30, 2004
(previously reported as $.16). The Company currently anticipates that it will be
able to file its Form 10-K/A for 2003, amended Form 10-Q&#146;s for the first
three quarters of 2004 and Form 10-K for 2004 by March 31, 2005. </FONT></P>

<P><FONT SIZE=3>Although the Company is not currently required to comply with
Section 404 of the Sarbanes-Oxley Act, management has determined that the
internal control deficiencies which gave rise to this planned restatement
represent a material weakness, as defined by the PCAOB&#146;s Auditing Standard
No. 2. The Company is devoting appropriate resources to reviewing its internal
controls over the financial reporting of inventory and has begun the process of
making appropriate improvements. The Company believes that such improvements
should prevent this type of error from occurring in the future. Systemax has
recently changed the senior management of its UK subsidiary and has placed
overall direction and management of its UK business under the control of
TigerDirect, its US based computer marketing operation. </FONT></P>

<P><FONT SIZE=3>Systemax Inc. (<U>www.systemax.com</U>) utilizes an integrated
system of branded e-commerce web sites, direct mail catalogs 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><FONT SIZE=1>Forward-Looking Statements</FONT></P>

<P><FONT SIZE=1>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>

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