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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000899681-05-000422.txt : 20050611
<SEC-HEADER>0000899681-05-000422.hdr.sgml : 20050611
<ACCEPTANCE-DATETIME>20050531150653
ACCESSION NUMBER:		0000899681-05-000422
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050511
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
FILED AS OF DATE:		20050531
DATE AS OF CHANGE:		20050531

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13792
		FILM NUMBER:		05867009

	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/A
<SEQUENCE>1
<FILENAME>systemax-8ka_052505.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K/A</TITLE>
</HEAD>
<BODY>

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

<HR SIZE=1 NOSHADE WIDTH=15%>

<P ALIGN=CENTER><FONT SIZE=5>FORM 8-K/A</FONT><BR><BR>
<FONT SIZE=3>Amendment No. 1<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): May 11, 2005
</FONT></P>

<P ALIGN=CENTER><FONT SIZE=5><B>Systemax Inc.</B></FONT><BR>
<FONT SIZE=3>(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)<BR><BR>
Registrant's telephone number, including area code: <B>(516) 608-7000</B><BR><BR>
<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=CENTER><FONT SIZE=3>Page 1 of 3
</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><I>Item 4.02 is amended to read as follows:</I>
</FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT>
<B><U>ITEM 4.02</U></B>
</TD>
<TD WIDTH=85%>
<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;On
May 11, 2005 the Company concluded that its consolidated financial statements
for the year ended December 31, 2004 and possibly all of the financial
statements for the first three quarters of 2004 should no longer be relied upon
as addressed in Accounting Principles Board Opinion No. 20. This determination
was made following the discovery of certain errors in accounting for inventory
at its Tiger Direct subsidiary. The Company determined that its inventory value
at December 31, 2004 was overstated as a result of incorrect data contained in
certain reports used to record its year end inventory. The incorrect data in the
aforementioned reports resulted from inadequate information system processing
controls and an apparent failure to detect such errors through manual review. In
addition, the Company determined that its liability associated with inventory
which was shipped directly to customers by Tiger Direct's vendors was
understated. As a result of the aforementioned errors the Company understated
its current liabilities, overstated its inventory and therefore understated cost
of sales. The need for restatement was discussed with the audit committee of the
Board of Directors and with the Company&#146;s independent registered public
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
estimates its review and the preparation of restated financials will be
completed in early July 2005. When the review is complete, the Company will file an
amendment to its Form 10-K for 2004. Shortly thereafter the Company intends to
release its first quarter 2005 results for the period ending March 31, 2005. 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=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>&nbsp;/s/ Steven Goldschein&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>

<P ALIGN=LEFT><FONT SIZE=3>Dated:  May 25, 2005
</FONT></P>

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