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<SEC-DOCUMENT>0000899681-07-000246.txt : 20070320
<SEC-HEADER>0000899681-07-000246.hdr.sgml : 20070320
<ACCEPTANCE-DATETIME>20070320151027
ACCESSION NUMBER:		0000899681-07-000246
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070319
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070320
DATE AS OF CHANGE:		20070320

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:		07706089

	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_031907.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=5>SECURITIES AND EXCHANGE COMMISSION<BR></FONT>
<FONT SIZE=3>WASHINGTON, D.C. 20549</FONT></P>

<!-- MARKER FORMAT-SHEET="Half Rule" FSL="Default" -->
<HR ALIGN=CENTER WIDTH=25% SIZE=1 NOSHADE>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=5>FORM 8-K </FONT></P>



<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><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): March 19, 2007</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>Date of Report (Date of Earliest Event Reported):</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>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" 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&#146;s telephone number, including area code: <B>(516) 608-7000</B>
</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<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 (see 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>

<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U><B>Item 2.02</B></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U><B>Results of Operations and Financial Condition</B></U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
press release regarding year-end 2006 financial results was issued by the
Company on March 19, 2007, a copy of which is filed as an exhibit. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B><U>Item 9.01</U></B>&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;<B><U>Financial Statements and Exhibits</U></B> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements of Business Acquired </I>&#151; not
applicable</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
     <P><FONT SIZE=3><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro Forma Financial Information </I>&#151; not
applicable</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Default" -->
     <P><FONT SIZE=3><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</I></FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT></TD>
<TD WIDTH=5%>99.1</TD>
<TD WIDTH=80%>Press Release of Systemax Inc., dated March 19, 2007, regarding
financial results for the Year-End of 2006</TD>
</TR>
</TABLE>
<BR>



<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>SIGNATURES</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<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/ Curt Rush&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: Curt Rush<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: General Counsel and Secretary
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3>Dated: March 19, 2007</FONT></P>

<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Default" -->
<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 March 19, 2007, regarding
financial results for the Year-End of 2006
</TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>systemax-ex991_031907.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="systemaxlogo.jpg">

<P><FONT SIZE=3><B><U>FOR IMMEDIATE RELEASE</U><BR>
<BR>
INVESTOR CONTACT:<BR>
Larry Reinhold<BR>
(516) 608-7000</B></FONT></P>

<HR SIZE=1 NOSHADE>

<P ALIGN=CENTER><FONT SIZE=3><B><U>SYSTEMAX REPORTS RECORD SALES IN FOURTH
QUARTER AND FULL YEAR 2006;<BR>
ANNOUNCES SPECIAL $1.00 PER SHARE DIVIDEND</U></B></FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=90% ALIGN=LEFT><B>Fourth Quarter Highlights:</B></TD>
<TD WIDTH=10%>
</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;<BR>
&#149;<BR>
&#149;<BR>
&#149;<BR>
&#149;<BR></TD>
<TD WIDTH=90%><B>Sales:  $648 million, up 11%<BR>
Internet Sales: $235 million, up 16%<BR>
Operating Income: $11.3 million, down 39%<BR>
Net Income: $8 million, up 136%<BR>
Diluted Earnings Per Share: $.22 up 144 %</B></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=90% ALIGN=LEFT><B>Full Year Highlights:</B></TD>
<TD WIDTH=10%>
</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;<BR>
&#149;<BR>
&#149;<BR>
&#149;<BR>
&#149;<BR></TD>
<TD WIDTH=90%><B>
Sales: $2.3 billion, up 11%<BR>
Internet Sales: $819 million, up 26%<BR>
Operating Income: $62 million, up 78%<BR>
Net Income: $45 million, up 295%<BR>
Diluted Earnings Per Share: $1.22, up 294%</B></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3><B>PORT WASHINGTON, NY</B>, March 19, 2007 &#151; Systemax Inc.
<B>(NYSE:SYX)</B> today announced results for the fourth quarter and full year
of 2006. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>2006 Fourth
Quarter Results </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Net sales increased 11% to $648 million compared to $583 million
in the fourth quarter of 2005. Sales of computers, computer supplies and
consumer electronics grew by 11%, and sales of industrial products grew by 15%.
Sales transacted via the internet grew 16% to $235 million compared to $203
million in the fourth quarter of 2005. Gross margin was 12.9% compared to 14.7%
in the fourth quarter of 2005. The decrease in gross margin was primarily
attributable to price discounting for computer and consumer electronics
products. Operating income was $11.3 million compared to $18.5 million in the
fourth quarter of 2005. The decrease was primarily attributable to the gross
margin effect of the price discounting. Net income was $8 million, or $.22 per
diluted share, compared to $3.4 million, or $.09 per diluted share in the fourth
quarter of 2005. The fourth quarter of 2005 was adversely affected by an
unusually high effective tax rate resulting from the establishment of a
valuation allowance of approximately $10.2 million for deferred tax assets in
the United Kingdom.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>2006 Full Year
Results </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Net sales increased 11% to $2.3 billion compared to $2.1 billion
in 2005. Sales of computers, computer supplies and consumer electronics grew by
11%, and sales of industrial products grew by 13%. Sales transacted via the
internet increased 26% to $819 million compared to $650 million in 2005. Gross
margin was 14.6% compared to 14.5% in 2005. Operating income was $61.9 million
compared to $34.8 million in 2005. Net income was $45.1 million, or $1.22 per
diluted share, compared to $11.4 million, or $.31 per diluted share in 2005. The
prior year&#146;s net income was adversely affected by the aforementioned
deferred tax asset valuation allowance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Richard Leeds, Chairman and Chief Executive Officer said,
&#147;I am very pleased with our full year 2006 consolidated results,
highlighted by our 11% growth in sales, 26% growth in internet sales, 78% growth
in operating income and 294% growth in diluted earnings per share. The strong
results evidence the continuing success of the reorganization that we undertook
several years ago, the soundness of our business model and the robust growth in
the markets in which we participate. Although gross margin dipped during the
fourth quarter, our objective is to manage the business from a longer-term
perspective and we are pleased that we maintained our gross margin for the full
year of 2006 comparable to 2005 and that we lowered selling, general and
administrative expense as a percentage of sales from 12.7% in 2005 to 12.0% in
2006. Our long-term goal is to closely manage our product pricing to balance
sales growth, gross margin and overall profitability. As a result of our strong
2006 financial performance and our strong balance sheet, I am pleased to
announce that our Board of Directors has declared a special dividend for our
shareholders. This dividend was declared on March 14, 2007 by our Board to be
$1.00 per share and will be paid on April 12, 2007 to shareholders of record on
April 2, 2007.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Gilbert Fiorentino, Chief Executive Officer of TigerDirect.com
and the computer, computer supplies and consumer electronics segment noted,
&#147;2006 saw sales growth both in North American and European computer and
consumer electronic products. North American computer product sales grew 7% in
the fourth quarter and 13 % for the full year compared to 2005, driven primarily
by growth in internet sales and our private label products. European sales grew
18% in the fourth quarter and 7% for the full year compared to 2005, also driven
primarily by growth in internet sales and public sector customers.&#148;
</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Richard Leeds, commenting on other operations, noted &#147;in
the industrial products segment, sales grew 15% in the fourth quarter and 13%
for the full year compared to 2005, driven primarily by new customers who
procure from us via the internet, competitive advantages due to our worldwide
sourcing strategy, and aggressive pricing. Industrial product sales transacted
via the internet grew 47% in the fourth quarter and 48% for the full year
compared to 2005. Our ProfitCenter Software subsidiary continued the successful
development of its software as a service platform and signed 22 customer
implementation and hosting contracts during 2006. As a hosted software service,
revenues from both hosting and implementation are recognized over the
contractual hosting period and for 2006 were not significant. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Larry Reinhold, Chief Financial Officer, noted that the
Company&#146;s overall financial condition remains solid as evidenced by its
working capital of $229 million, which included cash and equivalents of $87
million, and over $84 million in available borrowing capacity under its credit
facilities in place. Operationally, days sales outstanding were 23 days at
December 31, 2006 and inventory turned over 10 times during 2006. Mr. Reinhold
added, &#147;I have been impressed during my early tenure by the company and its
platform for profitable sales growth.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Systemax Inc. (<U>www.systemax.com</U>), a Fortune 1000 company, utilizes
an integrated system of branded e-commerce web sites, direct mail catalogs and
relationship marketers to sell personal computers, computer supplies, consumer electronics
and industrial products in North America and Europe. It also manufactures and sells
personal computers under the Systemax and Ultra brands. </FONT></P>


<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC.</B></FONT></P>

<P><FONT SIZE=3>Condensed Consolidated Statements of Operations - Unaudited</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>(In thousands, except per share amounts)</FONT></P>

<PRE>
<B>
                                                        Year Ended              Quarter Ended
                                                        December 31,              December 31,
                                                        -----------              -------------
                                                    2006           2005         2006         2005</B>
                                                    ----           ----         ----         ----

Net sales                                       2,345,165    $2,115,518      $647,974    $582,966
Cost of sales                                   2,002,246     1,808,231       564,702     497,299
                                                ---------     ---------       -------     -------
Gross profit                                      342,919       307,287        83,272      85,667
<I>Gross margin                                        14.6%         14.5%         12.9%       14.7%</I>
Selling, general and administrative expenses      281,015       268,327        71,985      66,521
Restructuring and other charges                                   4,151             -         657
                                                ---------     ---------       -------     -------
Operating income                                   61,904        34,809        11,287      18,489
<I>Operating margin                                     2.6%          1.6%          1.7%        3.2%</I>
                                                ---------     ---------       -------     -------
Interest and other (income) expense, net          (7,791)         1,935         (680)       (417)
                                                ---------     ---------       -------     -------

Income before income taxes                         69,695        32,874        11,967      18,906
Provision for income taxes                         24,548        21,433         3,934      15,500
                                                 ---------    ----------      --------    -------
Net income                                        $45,147       $11,441        $8,033      $3,406
                                                 ========     =========       =======     =======
<I>Net margin                                           1.9%          0.5%          1.2%        0.6%</I>
                                                 ========     =========       =======     =======

Net income per common share:
Basic                                               $1.29          $.33          $.23        $.10
                                                 =========     =========       =======     ======
Diluted                                             $1.22          $.31          $.22        $.09
                                                 =========     =========       =======     ======


Weighted average common and common equivalent
shares:
Basic                                              34,960        34,646        35,177      34,726
                                                 =========     =========       =======     ======

Diluted                                            36,881        36,488        37,258      36,510
                                                 =========     =========       =======     ======

</PRE>


<PAGE>

<P><FONT SIZE=3><B>SYSTEMAX INC.</B></FONT></P>

<P><FONT SIZE=3>Condensed Consolidated Balance Sheets</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>(In thousands)</FONT></P>

<PRE>
<B>

                                                                         December 31,
                                                                         -----------
                                                                     2006             2005</B>
                                                                     ----             ----
Current assets:
  Cash and cash equivalents                                         $86,964          $63,291
  Accounts receivable, net                                          164,615          150,635
  Inventories                                                       233,136          192,102
  Prepaid expenses and other current assets                          34,004           25,104
                                                                   --------         --------
Total current assets                                                518,719          431,132
Property, plant and equipment, net                                   48,586           57,259
Deferred income taxes and other assets                               16,214           16,153
                                                                   ---------        --------
Total assets                                                       $583,519         $504,544
                                                                   ========         ========

Current liabilities:
  Short-term debt                                                   $12,788          $26,773
  Accounts payable and accrued expenses                             277,174          234,555
                                                                   --------         --------
Total current liabilities                                           289,962          261,328
Long-term debt                                                          483            8,028
Other liabilities                                                     4,226            2,346

Shareholders' equity                                                288,848          232,842
                                                                   --------         --------
Total liabilities and shareholders' equity                         $583,519         $504,544
                                                                   ========         ========

</PRE>

<P><FONT SIZE=3>Forward-Looking Statements</FONT></P>

<P><FONT SIZE=3>This press release contains forward-looking statements about the Company's
performance. These statements are based on management'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's management
information systems, and (h) unanticipated legal and administrative proceedings.
Please refer to "Risk Factors" and the Forward Looking Statements sections
contained in the Company'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><B>-- End --</B></FONT></P>

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