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<SEC-DOCUMENT>0000899681-05-000628.txt : 20050909
<SEC-HEADER>0000899681-05-000628.hdr.sgml : 20050909
<ACCEPTANCE-DATETIME>20050909165248
ACCESSION NUMBER:		0000899681-05-000628
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050909
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050909
DATE AS OF CHANGE:		20050909

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:		051078233

	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_090805.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 WIDTH=25% ALIGN=CENTER>

<P ALIGN=CENTER><FONT SIZE=5><B>FORM 8-K</B></FONT><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): September 9, 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>/__/</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>/__/</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>/__/</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>/__/</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>


<P ALIGN=CENTER><FONT SIZE=3>Page 1 of 8</FONT></P>

<PAGE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT><B><U>ITEM 2.02</U></B></TD>
<TD WIDTH=85%><B><U>Results of Operations and Financial Condition</U></B></TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
press release regarding restated financial results for the fiscal year and
quarters of 2004 was issued by the Company on September 9, 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=85%><B><U>Financial Statements and Exhibits</U></B></TD>
</TR>
</TABLE>
<BR>

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

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

<P ALIGN=LEFT><FONT SIZE=3>(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>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%>99.1</TD>
<TD WIDTH=90%>Press release, issued September 9, 2005, regarding restated
financial results for the fiscal year and quarters of 2004</TD>
</TR>
</TABLE>
<BR>

<PAGE>

<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>
<BR>
By&nbsp;&nbsp;<U>/s/&nbsp;Steven Goldschein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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:&nbsp;&nbsp;&nbsp;Steven Goldschein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and CFO</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=LEFT><FONT SIZE=3>Dated:&nbsp;&nbsp;&nbsp;September 9, 2005</FONT></P>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>systemax-ex991_090805.htm
<DESCRIPTION>EXHIBIT 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>FOR IMMEDIATE RELEASE</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>

<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX REPORTS RESTATED 2004 RESULTS</B></FONT></p>

<P><FONT SIZE=3><B>PORT WASHINGTON, NY, September 9, 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, today
announced its restated results for the year ended December 31, 2004, including
each of the four quarters of 2004, and the restatement of opening retained
earnings. Net income for the year ended December 31, 2004 decreased by
$2.0 million from $12.6 million ($.36 per diluted share) as originally reported
to $10.6 million ($.30 per diluted share). </FONT></P>

<P><FONT SIZE=3>On May 11, 2005 the Company reported the discovery of errors in
accounting for inventory at its Tiger Direct, Inc. subsidiary which affected the
Company&#146;s previously issued consolidated financial statements for the year
ended December 31, 2004. The Company immediately commenced and has now completed
an internal review of its accounting for the year ended December 31, 2004,
resulting in the restatement. The Company also determined during its internal
review of its 2004 results that, in addition to the corrections for errors in
accounting for inventory, revenue that had been recognized at time of shipment
based upon FOB shipping point terms should have been recognized at time of
receipt by customers, when title and risk of loss both transferred. The effect
of this correction is included in the restated results. </FONT></P>

<P><FONT SIZE=3>The Company is currently in the process of preparing an amended
Form 10-K to reflect the restated results. Following issuance of the amended
Form 10-K, the Company will commence preparation of its Forms 10-Q for the first
and second quarters of 2005. </FONT></P>

<P><FONT SIZE=3>The tables below set forth the restated and the applicable
original results for each of the periods and balance sheet as of December 31,
2004. </FONT></P>

<PRE>
<FONT SIZE=1>
<B>Consolidated Statements of Operations</B>
<I>(In thousands, except per common share</I>             <B> Year Ended    Quarter 1      Quarter 2      Quarter 3      Quarter 4</B>
<I>amounts)</I>                                          <B>Dec. 31, 2004     2004           2004           2004           2004</B>
                                                  -----------------------------------------------------------------------

<B><I>As restated:</I></B>
Net sales                                          $1,926,523       $482,883       $433,267       $457,984      $552,389
Cost of sales                                       1,639,439        405,825        365,740        386,735       481,139
                                                  -----------------------------------------------------------------------
Gross profit                                          287,084         77,058         67,527         71,249        71,250
Selling, general                                      267,467         69,617         65,074         67,442        65,334
&amp; administrative expenses
                                                  -----------------------------------------------------------------------
Income from operations                                 19,617          7,441          2,453          3,807         5,916
Interest and other expense, net                         2,443            647            426            715           655
                                                  -----------------------------------------------------------------------
Income before provision for income taxes               17,174          6,794          2,027          3,092         5,261
Provision for income taxes                              6,601          2,719          1,965          1,759           158
                                                  -----------------------------------------------------------------------
Net income                                            $10,573         $4,075            $62         $1,333        $5,103
                                                  =======================================================================


Net income per common share - diluted
                                                         $.30           $.12           $.00           $.04          $.14
                                                         ====           ====           ====           ====          ====

<B><I>As originally reported:</I></B>
Net sales                                          $1,927,835       $485,736       $430,990       $460,271      $550,838
Cost of sales                                       1,637,452        411,597        363,854        387,786       474,215
                                                  ----------------------------------------------------------------------
Gross profit                                          290,383         74,139         67,136         72,485        76,623
Selling, general                                      267,467         69,617         65,074         67,442        65,334
&amp; administrative expenses
                                                  ----------------------------------------------------------------------
Income from operations                                 22,916          4,522          2,062          5,043        11,289
Interest and other expense, net                         2,443            647            426            715           655
                                                  ----------------------------------------------------------------------
Income before provision for income taxes               20,473          3,875          1,636          4,328        10,634
Provision for income taxes                              7,923          1,940          1,441          2,155         2,387
                                                  ----------------------------------------------------------------------
Net income                                            $12,550         $1,935           $195        $ 2,173        $8,247
                                                  ======================================================================

Net income per common share - diluted                    $.35           $.05           $.01           $.06          $.23
                                                         ====           ====           ====           ====          ====
</FONT>
</PRE>

<PAGE>

<PRE>
<FONT SIZE=1>
Consolidated Balance Sheet - December 31, 2004
(In thousands)

ASSETS                                                        As originally reported      As restated
- ------                                                       ------------------------    -------------
CURRENT ASSETS

  Cash, and cash equivalents                                  $       36,257             $      36,257

  Accounts receivable, net                                           153,724                   137,706

  Inventories, net                                                   176,227                   188,006

  Prepaid expenses and other current assets                           24,888                    24,888

  Deferred tax assets - current                                        8,812                     9,590
                                                            ------------------------------------------
                         Total Current Assets                        399,908                   396,447
PROPERTY AND EQUIPMENT , net                                          65,563                    65,563
DEFERRED TAX ASSETS - NON CURRENT                                     18,268                    18,645
OTHER ASSETS                                                             561                       561
                                                             ------------------------------------------
TOTAL ASSETS                                                  $      484,300             $     481,216
                                                             ------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
CURRENT LIABILITIES:

  Current portion of long-term debt and notes payable         $       16,560             $      16,560
  to bank Accounts payable
                                                                     161,864                   163,786
  Accrued expenses and other current liabilities
                                                                      53,242                    53,242
  Accrued taxes payable
                                                                       7,514                     6,397
                                                             ------------------------------------------
                         Total Current Liabilities                   239,180                   239,985
                                                             ------------------------------------------
LONG-TERM DEBT                                                        17,099                    17,099
                                                             ------------------------------------------
OTHER NON-CURRENT LIABILITIES                                          1,505                     1,505
                                                             ------------------------------------------
SHAREHOLDERS' EQUITY:

  Common stock                                                           382                       382

  Treasury stock                                                     (44,630)                  (44,630)

  Additional paid-in capital                                         180,530                   180,640

  Retained earnings  (1)                                              91,307                    87,479

  Accumulated other comprehensive income, net of tax                   4,093                     3,922

  Unearned restricted stock compensation                              (5,166)                   (5,166)
                                                             ------------------------------------------
                      Total Shareholders' Equity                     226,516                   222,627
                                                             ------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                    $      484,300             $     481,216
                                                             ------------------------------------------
</FONT>
</PRE>

<P ALIGN=LEFT><FONT SIZE=3>NOTE: (1) Includes the impact of the restatement for
the correction related to the timing of revenue recognition which decreased
opening retained earnings in 2002 by $1.8 million.</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>Forward-Looking Statements</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>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.
</TD>
</TR>
</TABLE>
<BR>


<P ALIGN=CENTER><FONT SIZE=3><B>&#150; End &#150;</B></FONT></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
