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<SEC-DOCUMENT>0000899681-05-000400.txt : 20050511
<SEC-HEADER>0000899681-05-000400.hdr.sgml : 20050511
<ACCEPTANCE-DATETIME>20050511144307
ACCESSION NUMBER:		0000899681-05-000400
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050511
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:		20050511
DATE AS OF CHANGE:		20050511

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:		05820300

	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_051105.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=5>SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT SIZE=3>WASHINGTON, D.C. 20549</FONT></P>

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


<P ALIGN=CENTER><FONT SIZE=5>FORM 8-K</FONT><BR>
<BR>
<FONT SIZE=3>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): May 11, 2005</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><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>

<P><FONT SIZE=3>|_| Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) </FONT></P>

<P><FONT SIZE=3>|_| Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14-12) </FONT></P>

<P><FONT SIZE=3>|_| Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240-14d-2(b)) </FONT></P>

<P><FONT SIZE=3>|_| Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CRF 240.13e-4(c)) </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B> <U>ITEM 4.02</U></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Non-Reliance on Previously Issued Financial Statements or a Related Audit Report
or Completed Interim Review.</U></B> </FONT></P>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 11, 2005 the Chief Financial Officer of the Company concluded that the
financial statements for the year and quarter ended December 31, 2004 and
possibly the other financial quarters of 2004 should no longer be relied upon
because of an error in such financial statements as addressed in Accounting
Principles Board Opinion No. 20, following the discovery of certain errors in
accounting for inventory at its Tiger Direct, Inc. subsidiary. The need for a
restatement was discussed with the audit committee of the Board of Directors and
with the Company&#146;s independent accountants. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is currently reviewing its records to determine which quarters in 2004
were affected and whether the accounting errors may also have affected periods
prior to 2004. The Company, upon completion of its review, will restate its
historical results for the affected period or periods. The Company presently has
no estimate for completion of its review but does not believe that such review
will extend beyond the end of May. When the review is complete, the Company will
file an amendment to its Form 10-K for 2004 and release its first quarter
results. It is presently anticipated, assuming no earlier periods are affected,
that net income for the full year ended December 31, 2004 (previously reported
as $12.6 million or $.35 per diluted share) will be reduced to a range of
approximately $9.0 to $9.6 million or $.25 to $.27 per diluted share. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
previously disclosed in the Company&#146;s annual report on Form 10-K for the
year ended December 31, 2004, Systemax is not currently required to comply with
Section 404 of the Sarbanes-Oxley Act. The Company has disclosed that it has
identified a number of internal control deficiencies that may affect the
timeliness and accuracy of recording transactions which have not yet been
remediated. The Company is devoting resources to improving its internal controls
over financial reporting and accounting for inventory in order to prevent such
errors from occurring in the future. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
press release regarding these matters was issued by the Company on May 11, 2005,
a copy of which is filed as an exhibit. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B><U>ITEM 9.01</U></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Financial Statements and Exhibits</U></B> </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><I>(a)  Financial Statements of Business Acquired - not applicable</I></FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><I>(b)  Pro Forma Financial Information - not applicable</I></FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><I>(c)  Exhibits</I></FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT> </TD>
<TD WIDTH=5% ALIGN=LEFT>99.1</TD>
<TD WIDTH=90%>
Press release, issued May 11, 2005, regarding the need for a restatement of 2004
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;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Steven Goldschein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Vice President and CFO</TD>
</TR>
</TABLE>
<BR>
<BR>
<BR>
<P ALIGN=LEFT><FONT SIZE=3>Dated:  May 11, 2005</FONT></P>
<BR>
<BR>
<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 May 11, 2005, regarding the need for a restatement of 2004
financial statements</TD>
</TR>
</TABLE>

</BODY>
</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>systemax-ex991_051105.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-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>:<BR>
<BR>
INVESTOR CONTACT:<BR>
Steven M. Goldschein<BR>
516 608-7000</B></FONT></P>

<HR SIZE=1>

<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX ANNOUNCES INTENT TO RESTATE 2004 RESULTS</B></FONT></P>

<P><FONT SIZE=3><B>PORT WASHINGTON, NY, May 11, 2005 &#150; </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 results for the year ended December 31, 2004
following the discovery of errors in accounting for inventory at its Tiger
Direct, Inc. subsidiary. The Company is currently reviewing its records to
determine which quarters in 2004 were affected and whether the accounting errors
may also have affected periods prior to 2004. Investors are cautioned not to
rely on such historical financial statements. </FONT></P>

<P><FONT SIZE=3>The Company, upon completion of its review, will restate its
historical results for the affected period or periods. The Company presently has
no estimate for completion of its review but does not believe that such review
will extend beyond the end of May. When the review is complete, the Company will
file an amendment to its Form 10-K for 2004 and release its first quarter
results. It is presently anticipated, assuming no earlier periods are affected,
that net income for the full year ended December 31, 2004 (previously reported
as $12.6 million or $.35 per diluted share) will be reduced to a range of
approximately $9.0 to $9.6 million or $.25 to $.27 per diluted share.
</FONT></P>

<P><FONT SIZE=3>As previously disclosed in the Company&#146;s annual report on
Form 10-K for the year ended December 31, 2004, Systemax is not currently
required to comply with Section 404 of the Sarbanes-Oxley Act. The Company has
disclosed that it has identified a number of internal control deficiencies that
may affect the timeliness and accuracy of recording transactions which have not
yet been remediated. The Company is devoting resources to improving its internal
controls over financial reporting and accounting for inventory in order to
prevent such errors from occurring in the future. </FONT></P>

<P><FONT SIZE=3>Systemax Inc. (wwwsystemax.com) 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<BR>
<BR>
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-----
