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<SEC-DOCUMENT>0000899681-05-000762.txt : 20051214
<SEC-HEADER>0000899681-05-000762.hdr.sgml : 20051214
<ACCEPTANCE-DATETIME>20051214104311
ACCESSION NUMBER:		0000899681-05-000762
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20051209
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Changes in Registrant.s Certifying Accountant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051214
DATE AS OF CHANGE:		20051214

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:		051262802

	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_121305.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><B>FORM 8-K</B><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): December 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>

<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 4.01</U>&nbsp;&nbsp;&nbsp;
<U>Changes in Registrant&#146;s Certifying Accountants</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December 9, 2005, the Company engaged Ernst &amp; Young LLP as its independent
registered public accounting firm to audit the Company&#146;s consolidated
financial statements. The Company did not, during the two most recent fiscal
years and any subsequent interim period prior to engaging Ernst &amp; Young,
consult with Ernst &amp; Young regarding any matters referred to in either
paragraph 304(2)(i) or (ii) of Item 304 of Regulation S-K.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B><U>ITEM 2.02</U>&nbsp;&nbsp;&nbsp;
<U>Results of Operations and Financial Condition</U></B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
press release regarding First Quarter 2005 financial results was issued by the
Company on December 9, 2005, a copy of which is filed as an exhibit. </FONT></P>

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

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%><I>(a)</I></TD>
<TD WIDTH=90%><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%></TD>
<TD WIDTH=5%><I>(b)</I></TD>
<TD WIDTH=90%><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%></TD>
<TD WIDTH=5%><I>(c)</I></TD>
<TD WIDTH=90%><I>Exhibits</I></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%></TD>
<TD WIDTH=5%>99.1</TD>
<TD WIDTH=85%>Press Release of Systemax Inc., dated December 9, 2005 regarding new auditors</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%></TD>
<TD WIDTH=5%>99.2</TD>
<TD WIDTH=85%>Press Release of Systemax Inc., dated December 9, 2005 regarding financial
results for the First Quarter of 2005</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;&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;Sr. Vice President</TD>
</TR>
</TABLE>
<BR>
<BR>
<P ALIGN=LEFT><FONT SIZE=3>Dated:  December 13, 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 of Systemax Inc., dated December 9, 2005 regarding new auditors
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>99.2</TD>
<TD WIDTH=95%>Press Release of Systemax Inc., dated December 9, 2005 regarding First Quarter
2005 financial results</TD>
</TR>
</TABLE>




</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>systemax-ex991_121305.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY>


<P ALIGN=RIGHT><FONT SIZE=3><B>Exhibit 99.1</B></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>

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

<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX APPOINTS ERNST &amp; YOUNG LLP<BR>
AS ITS NEW INDEPENDENT AUDITOR</B></FONT></P>

<P><FONT SIZE=3><B>PORT WASHINGTON, NY,
December 9, 2005 - </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 that the Audit Committee of the Board
of Directors has appointed Ernst &amp; Young LLP as its Independent Registered
Public Accountants effective for the Company&#146;s year ending December 31,
2005. </FONT></P>

<P><FONT SIZE=3>Steven M. Goldschein,
Senior Vice President and Chief Financial Officer, said, &#147;The Audit
Committee solicited proposals from several leading international accounting
firms. Ernst &amp; Young LLP was selected after a rigorous selection
process.&#148; </FONT></P>

<P><FONT SIZE=3>The change in auditor was
not related to any disagreement between the Company and its previous auditors on
any matter of accounting principles or practices, financial statement disclosure
or auditing scope or procedures. </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 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>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>systemax-ex992_121305.htm
<DESCRIPTION>EXHIIBIT 99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.2</TITLE>
</HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE=3>Exhibit 99.2</FONT></P>

<IMG SRC="system.jpg">

<P><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>

<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX REPORTS FIRST QUARTER 2005 RESULTS</B></FONT></P>

<P><FONT SIZE=3><B>PORT WASHINGTON, NY,
December 9, 2005 - </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 its first fiscal quarter
of 2005 ended March 31, 2005. The Company&#146;s quarterly results included in
this release have not been reviewed by independent registered public
accountants. However, management of the Company believes that the attached
financial statements accurately reflect the results of operations and financial
condition of the Company for the period. </FONT></P>

<P><FONT SIZE=3>Net sales for the first
quarter, ended March 31, 2005, were $536.4 million compared to $484.5 million in
the year-ago quarter, an increase of 10.7%. Sales in North America increased
19.1% to $351.7 million compared to $295.3 million in the same period a year
ago, fueled by strong internet sales at the Company&#146;s Tiger Direct
subsidiary. European sales decreased 2.4% in US dollars (an 8.7% decrease at
last year&#146;s exchange rates) to $184.7 million compared to $189.2 million in
the same quarter last year. Gross profit margin was $78.0 million this year
compared to $76.4 million a year ago, 14.5% versus 15.8% of sales, respectively.
The decreased margin resulted from pricing pressures in the computer products
business and increased warehousing costs related to increased activity levels.
Net income was $2.1 million ($.06 per diluted share) compared to $3.7 million
($.10 per diluted share) in the same period last year. Results in 2005 include
$2.0 million of pretax restructuring and other charges incurred primarily in the
Company&#146;s European operations compared to $4.0 million in the prior period
relating primarily to the restructuring of the Company&#146;s United States
computer business. Excluding the effects of the restructuring and other charges,
net income would have been $3.4 million, or $.09 per diluted share in 2005,
compared to $6.5 million, or $.18 per diluted share, in the prior year. (A
reconciliation between income from operations, as reported in accordance with
GAAP, and pro forma net income, excluding the adjustments discussed above, has
been provided.) </FONT></P>

<P><FONT SIZE=3>Richard Leeds, Chairman and
Chief Executive Officer, noted, &#147;Our computer business continued to achieve
increased sales resulting from increased e-commerce activity, especially in the
North American consumer market. Our e-commerce sales now represent 28.8% of
worldwide sales compared to 24.9% last year. While our gross margins improved
from 12.9% in the fourth quarter of last year, they remain below year-ago levels
due to continued pricing pressures in both North America and Europe. We will
remain focused on reducing and controlling our selling, general and
administrative expenses in order to continue to operate profitably.&#148; </FONT></P>

<P><FONT SIZE=3>Steven Goldschein, Senior
Vice President and Chief Financial Officer, said that the Company&#146;s
financial position continued to be sound. Cash increased to $56.3 million from
$36.3 million at the end of December 2004. Short-term borrowing increased from
$25.0 million as of December 31, 2004 to $32.0 million at the end of the first
quarter as a result of increased borrowings in the United Kingdom. There have
been no short-term borrowings in the United States for more than three years. He
also noted that inventory levels decreased from the end of last fiscal year and
days sales outstanding remained constant. </FONT></P>

<P><FONT SIZE=3>The Company anticipates
releasing results for the second and third quarters of fiscal 2005 during the
next six weeks. In addition, the Company currently anticipates that it will
shortly be announcing its appointment of new independent registered public
accountants. </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 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 ALIGN=CENTER><FONT SIZE=3>SYSTEMAX INC.<BR>
Condensed Consolidated Statements of Operations<BR>
(In thousands, except per share and share amounts)</FONT></P>

<PRE>
<FONT SIZE=1>

                                                          <B>Three Months Ended            1.1
                                                              March 31,
                                                          ------------------</B>
                                                           2005                 2004
Net Sales                                              $536,358             $484,507
Cost of Sales                                           458,380              408,067
                                                  --------------        -------------
Gross Profit                                             77,978               76,440
Selling, General and Administrative Expenses             71,636               65,575
Restructuring and Other Charges                           1,975                4,042
                                                  --------------        -------------
Income From Operations                                    4,367                6,823
Interest And Other Expense, Net                             571                  647
                                                  --------------        -------------
Income Before Income Taxes                                3,796                6,176
Provision For Income Taxes                                1,727                2,486
                                                  --------------        -------------
Net Income                                               $2,069               $3,690
                                                  ==============        =============

Net Income Per Common Share:
Basic                                                      $.06                 $.11
                                                  ==============        =============
Diluted                                                    $.06                 $.10
                                                  ==============        =============

Weighted Average Common And Common Equivalent Shares:
Basic                                                34,472,352           34,304,883
                                                  ==============        =============
Diluted                                              36,364,412           35,218,480
                                                  ==============        =============
</FONT>
</PRE>


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

<PRE>
<FONT SIZE=1>
                                                                            <B>As of             As of
                                                                          March 31,       December 31,
                                                                             2005             2004
                                                                          ---------       ------------</B>

CURRENT ASSETS:
Cash and cash equivalents                                                   $56,350           $36,257
Accounts receivable, net                                                    140,323           137,706
Inventories                                                                 178,987           192,774
Prepaid expenses and other current assets                                    29,727            31,690
                                                                     ---------------  ----------------
Total Current Assets                                                        405,387           398,427
                                                                             64,082            65,563
Property, plant and equipment, net
Other assets                                                                 21,032            19,206
                                                                     ---------------  ----------------
TOTAL                                                                      $490,501          $483,196
                                                                     ===============  ================

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and notes payable to banks                $32,045           $25,020
Accounts payable and accrued expenses                                       223,089           225,400
                                                                     ---------------  ----------------
Total Current Liabilities                                                   255,134           250,420
Long-term debt                                                                8,461             8,639
Other liabilities                                                             1,702             1,505

Shareholders' equity                                                        225,204           222,632
                                                                     ---------------  ----------------
TOTAL                                                                      $490,501          $483,196
                                                                     ===============  ================
</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
                                                                          March 31,
                                                                  2005               2004
                                                                  ----               ----</B>
    Income from operations                                      $4,367             $6,823
    Adjustments:
    Restructuring charges (1)                                    1,975              4,042
                                                                 -----              -----
    Earnings excluding certain charges before
      interest and income taxes                                  6,342             10,865
    Interest and other expense, net                                571                647
                                                                   ---                ---
    Earnings excluding certain charges before
      income taxes                                               5,771             10,218
    Provision for income taxes                                   2,327              3,707
                                                                 -----              -----
    Earnings excluding certain charges                          $3,444             $6,511
                                                                ======             ======

    Earnings excluding certain charges per
      diluted share                                               $.09               $.18
                                                                  ====               ====
    Diluted weighted average shares outstanding
                                                                36,364             35,218
                                                                ======             ======
</FONT>
</PRE>

<P><FONT SIZE=3>(1) The restructuring charges in the first quarters of 2005 and 2004 are
comprised primarily of severance and related costs for personnel terminated in
the quarter.</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><FONT SIZE=3>Forward-Looking Statements</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>-- End &#150;</FONT></P>


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