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<SEC-DOCUMENT>0000899681-07-000360.txt : 20070510
<SEC-HEADER>0000899681-07-000360.hdr.sgml : 20070510
<ACCEPTANCE-DATETIME>20070510115949
ACCESSION NUMBER:		0000899681-07-000360
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070509
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070510
DATE AS OF CHANGE:		20070510

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:		07835871

	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_050907.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</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>Date of Report (Date of Earliest Event Reported):  May 9, 2007</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 first quarter 2007 financial results was issued by the Company on
May 9, 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 May 9, 2007, regarding
financial results for the first quarter of 2007</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: May 10, 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 May 9, 2007, regarding
financial results for the first quarter of 2007
</TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>systemax-ex991_050907.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Right" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" 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>
Donna Gehnrich<BR>
(516) 608-7020</B></FONT></P>

<HR SIZE=1 NOSHADE>

<P ALIGN=CENTER><FONT SIZE=3><B><U>SYSTEMAX REPORTS RECORD SALES IN FIRST QUARTER</U></B></FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=90% ALIGN=LEFT><B>First 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:  $676 million, up 18%<BR>
Internet Sales: $238 million, up 19%<BR>
Operating Income: $22 million<BR>
Net Income: $14 million<BR>
Diluted Earnings Per Share: $.37</B></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3><B>PORT WASHINGTON, NY</B>, May 7, 2007 &#151; Systemax Inc.
<B>(NYSE:SYX)</B> today announced results for the first quarter of 2007. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Net sales increased 18% to $676 million compared to $575 million in the
first quarter of 2006. Sales of technology products (computers, computer supplies and
consumer electronics) grew by 18% and sales of industrial products grew by 16%. Sales
transacted via the internet grew 19% to $238 million compared to $200 million in the first
quarter of 2006. Gross margin was 14.3% compared to 15.8% in the first quarter of 2006 and
increased 140 basis points compared to the fourth quarter of 2006. As in the fourth
quarter, gross margin was impacted by competitive pricing pressures for technology
products. Operating income was $21.5 million compared to $20.9 million in the first
quarter of 2006. Net income was $13.9 million, or $.37 per diluted share, compared to
$17.6 million, or $.48 per diluted share, in the first quarter of 2006. Included in net
income in the first quarter of 2007 is a gain of approximately $1.6 million or $.04 per
diluted share, after tax, related to a lawsuit settled during the quarter. Included in net
income in the first quarter of 2006 is a gain of $4.3 million, or $.12 per diluted share,
after tax, from the sale of a warehouse facility. </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
pleased with first quarter 2007 consolidated results, highlighted by our 18% growth in
sales, 19% growth in internet sales and 3% growth in operating income. The strong results
evidence the continuing success of our business model and our ability to gain share in the
markets in which we participate. We continued to see some competitive pricing pressures in
our technology products business compared to last year; however, we were pleased that our
consolidated gross margin improved significantly compared to last quarter. We also saw
increased leverage in our cost structure as we lowered selling, general and administrative
expense as a percentage of sales to 11.5% from 12.2% in 2006, excluding the aforementioned
lawsuit settlement.&#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
technology products segment, noted, &#147;we again experienced strong sales growth in both
the North American and European markets. North American technology product sales grew 12 %
in the first quarter, driven primarily by growth in internet sales and our private label
products. European sales grew 28% overall, 15% after taking into account exchange rate
effects, in the first quarter 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 16% in the first quarter compared to 2006, driven
primarily by increased internet sales and competitive advantages due to our worldwide
sourcing and aggressive pricing strategies. Industrial product sales transacted via the
internet grew 39% in the first quarter of 2007. Our ProfitCenter Software subsidiary
signed two new customer implementation and hosting contracts during the quarter and also
went live with two customers. As a hosted software service, revenues from both hosting and
implementation are recognized over the contractual hosting period and for the first
quarter 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 $215
million, which included cash and equivalents of $106 million, and over $100 million in
available borrowing capacity under its credit facilities in place. Our financial strength
allowed us to pay a special dividend of $35.6 million on April 12, 2007. Operationally,
days sales outstanding were 25 days at March 31, 2007 and inventory turned at an annual
rate of over 10 times during the quarter. Our effective tax rate increased by 1.4% in the
first quarter of 2007, primarily due to higher income in locations that have higher tax
rates.&#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>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>SYSTEMAX INC.<BR>
Condensed Consolidated Statements of Income</B><BR>
(In thousands, except per share amounts) </FONT></P>

<PRE>
                                                               (Unaudited)

                                                              Quarter Ended
                                                                 <B><U>March 31,</U>
                                                         <U>2007</U>                   <U>2006</U></B>
Net sales                                              $676,122               $574,908
Cost of sales                                           579,448                484,145
Gross profit                                             96,674                 90,763
Gross margin                                              14.3%                  15.8%
Selling, general and administrative expenses             75,137                 69,885
Operating income                                         21,537                 20,878
Operating margin                                           3.2%                   3.6%
Other non-operating expense (income)                         70                (6,638)
Interest  (income) expense, net                           (812)                     15
Income before income taxes                               22,279                 27,501
Provision for income taxes                                8,384                  9,944
Net income                                              $13,895                $17,557
Net margin                                                 2.1%                   3.1%

Net income per common share:
  Basic                                                    $.39                   $.51
  Diluted                                                  $.37                   $.48
Weighted average shares outstanding
  Basic                                                  35,718                 34,762
  Diluted                                                37,701                 36,553
</PRE>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I>SYSTEMAX INC.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Condensed Consolidated Balance Sheets</FONT></P>

<PRE>
                                          (In thousands)
                                                              (unaudited)
                                                               <B>March 31,     December 31,
                                                                 <U>2007</U>            <U>2006</U></B>
Current assets:
  Cash and cash equivalents                                     $105,946         $86,964
  Accounts receivable, net                                       182,075         164,615
  Inventories                                                    247,007         233,136
  Prepaid expenses and other current assets                       27,144          34,646
                                                          --------------- ---------------
Total current assets                                             562,172         519,361
Property, plant and equipment, net                                47,831          48,586
Deferred income taxes and other assets                            15,181          16,214
                                                          --------------- ---------------
Total assets                                                    $625,184        $584,161
                                                          =============== ===============

Current liabilities:
  Short-term debt                                                $12,086         $12,788
  Accounts payable and accrued expenses                          335,195         277,174
                                                          --------------- ---------------
Total current liabilities                                        347,281         289,962
Long-term debt                                                       341             483
Other liabilities                                                  5,729           4,226

Shareholders' equity                                             271,833         289,490
                                                          --------------- ---------------
Total liabilities and shareholders' equity                      $625,184        $584,161
                                                          =============== ===============
</PRE>


<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3>Forward-Looking Statements</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<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 &#147;Risk Factors&#148; and the Forward
Looking Statements sections contained in the Company&#146;s Form 10-K for a more detailed
explanation of the inherent limitations in such forward-looking statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#151; End &#150; </FONT></H1>

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