PFSweb Reports First Quarter 2013 Results

  PFSweb Reports First Quarter 2013 Results

   Strategic Relationship with transcosmos Positions PFSweb for Strong New
   Business Potential in Asia and with Asian Brands Looking to Establish an
                  eCommerce Presence in the U.S. and Europe

Business Wire

ALLEN, Texas -- May 15, 2013

PFSweb, Inc. (Nasdaq: PFSW), an international provider of end-to-end eCommerce
solutions, today announced its financial results for the quarter ended March
31, 2013.

“We are very excited about several significant developments in our business
that we believe strongly position PFSweb for solid growth and enhanced
shareholder value in the future. We have recently won several new and expanded
client relationships, including a promising new agreement with a leading
Fortune 500 retailer of apparel and home fashion, and we have seen an increase
in our sales pipeline to approximately $50 million, based on client
projections,” stated Mike Willoughby, Chief Executive Officer at PFSweb.

“We are also excited to announce a definitive agreement to form a strategic
relationship with transcosmos inc., through which we will gain access to both
their Asian-based global client brands looking to expand into the U.S. and
European markets, and their extensive infrastructure to support our clients’
expansion into Asia, including Japan, China and South Korea. As part of the
relationship, transcosmos is acquiring a 19.9% equity position in PFSweb
through a direct investment of approximately $14.7 million. This influx of
capital will play an important role in allowing PFSweb to accelerate its
ongoing growth initiatives,” continued Mr. Willoughby.

“While we are pleased with our results from the first quarter ended March 31,
2013, we continue to expect CY2013 to be a transition year for us as we wind
down certain previously announced client programs. However, through a
combination of organic and new growth opportunities, coupled with operational
changes aimed to drive business efficiencies and cost reductions, we believe
we are establishing the appropriate framework to usher PFSweb into a period of
exciting growth starting in 2014,” Mr. Willoughby added.

Summary of consolidated results for the first quarter ended March 31, 2013:

  *Service Fee revenue decreased slightly to $28.0 million, compared to $28.4
    million for the same period in 2012; Service Fee Equivalent Revenue (as
    defined) decreased 4% to $30.0 million, compared to $31.2 million for the
    same period in 2012;
  *Total revenue decreased 13% to $63.1 million, compared to $72.8 million
    for the first quarter of 2012;
  *Adjusted EBITDA (as defined) increased 12% to $2.9 million, compared to
    $2.6 million for the same period in 2012; Adjusted EBITDA for the first
    quarter of 2013 included an incremental benefit of approximately $0.6
    million applicable to certain client transition related agreements, which
    we also expect to continue into the second quarter of CY2013;
  *Net loss was $2.6 million, or $0.20 per basic and diluted share, compared
    to net loss of $1.3 million, or $0.10 per basic and diluted share, for the
    first quarter of 2012; Net loss for the first quarter of 2013 included
    $2.3 million of restructuring and other charges while net loss for the
    first quarter of 2012 included $1.0 million of move related expenses and
    lease termination costs;
  *Non-GAAP net income (as defined) was $21,000, or $0.00 per basic and
    diluted share, compared to non-GAAP net income of $77,000, or $0.01 per
    basic and diluted share, for the quarter ended March 31, 2012.

Mr. Willoughby continued, “The financial results for the first quarter reflect
certain impacts from the previously announced client transitions and
restructuring related activities. We continue to expect that we will
experience reduced revenue and profit in the second and third quarters of
2013, as compared to the first quarter of 2013, as these client programs
continue to transition. We then expect an improvement in our fourth quarter as
we realize increased benefits from new and expanded client relationships,
including potential new clients through our new transcosmos relationship, and
seasonal client volumes. We believe we are making the appropriate adjustments
to our operations and staffing to address the reduced revenue level, while
still supporting our long-term growth initiatives.

“We are excited about the positive momentum in the business, including the
incremental new business opportunities we anticipate from our transcosmos
relationship. Given the ramp up time required to contract and implement new
client solutions, we expect the benefits of these opportunities will primarily
be reflected in our CY014 and forward results. As such, we are reaffirming our
guidance for calendar year 2013, with Service Fee Equivalent Revenue expected
to be in the range of $110 million to $115 million, and Adjusted EBITDA in the
range of $8 million to $10 million, excluding the impact of restructuring and
other related expenses which we expect to continue, but to a lesser extent,
into the second quarter,” Mr. Willoughby concluded.

Conference Call Information

Management will host a conference call at 11:00 am Eastern Time (10:00 am
Central Time) on Wednesday, May 15, 2013, to discuss the latest corporate
developments and results. To listen to the call, please dial (888) 562-3356
and enter pin number 69039308 at least five minutes before the scheduled start
time. Investors can also access the call in a “listen only” mode via the
Internet at the Company’s website, www.pfsweb.com or www.kcsa.com. Please
allow extra time prior to the call to visit the site and download any
necessary audio software.

A digital replay of the conference call will be available through June 14,
2013 at (855) 859-2056, pin number 69039308. The replay also will be available
at the Company’s website for a limited time.

Non-GAAP Financial Measures

This news release may contain certain non-GAAP measures, including non-GAAP
net income (loss), Earnings Before Interest, Income Taxes, Depreciation and
Amortization (“EBITDA”), Adjusted EBITDA and Service Fee Equivalent Revenue.

Non-GAAP net income (loss) represents net income (loss) calculated in
accordance with U.S. GAAP as adjusted for the impact of non-cash stock-based
compensation expense, restructuring and other charges, lease termination costs
and certain move related expenses.

EBITDA represents earnings (or losses) before interest, income taxes,
depreciation, and amortization. Adjusted EBITDA further eliminates the effect
of stock-based compensation, restructuring and other charges, lease
termination costs and certain move related expenses.

Service Fee Equivalent Revenue represents service fee revenue plus the gross
profit earned on product revenue.

Non-GAAP net income (loss), EBITDA, Adjusted EBITDA and Service Fee Equivalent
Revenue are used by management, analysts, investors and other interested
parties in evaluating our operating performance compared to that of other
companies in our industry. The calculation of non-GAAP net income (loss)
eliminates the effect of stock-based compensation, restructuring and other
charges, lease termination costs and certain move related expenses and EBITDA
and Adjusted EBITDA further eliminate the effect of financing, income taxes
and the accounting effects of capital spending, which items may vary from
different companies for reasons unrelated to overall operating performance.
Service Fee Equivalent Revenue allows client contracts with similar
operational support models but different financial models to be combined as if
all contracts were being operated on a service fee revenue basis.

PFSweb believes these non-GAAP measures provide useful information to both
management and investors by excluding certain expenses that may not be
indicative of its core operating results. These measures should be considered
in addition to results prepared in accordance with GAAP, but should not be
considered a substitute for, or superior to, GAAP results. The non-GAAP
measures included in this press release have been reconciled to the GAAP
results in the attached tables.

About PFSweb, Inc.

PFSweb is engaged by iconic brands to enable and manage customized eCommerce
and omni-channel commerce initiatives. PFSweb’s iCommerce Hub(SM) technology
ecosystem offers retailers a multi-channel order management system that allows
partner/client data integration and international payment processing. PFSweb’s
iCommerce Professional Service(SM) provides interactive marketing services,
eCommerce web site development and support services, IT development services,
content management, customer intelligence and relationship and account
management services. PFSweb’s iCommerce Centers of Excellence(SM) provides
global fulfillment and logistics, high-touch customer care, client financial
services and technology hosting.

Together, PFSweb’s iCommerce Solutions allows for international reach and
expertise in both direct-to-consumer and business-to-business initiatives.
PFSweb supports organizations across multiple industries including Procter &
Gamble, L’Oreal, LEGO, Columbia Sportswear, Sorel, Carter’s, AAFES, Riverbed,
Ricoh, Hawker Beechcraft Corp, Roots Canada Ltd., Diageo, BCBGMAXAZRIA,
BCBGENERATION and HERVÉ LÉGER BY MAX AZRIA. PFSweb is headquartered in Allen,
TX with additional locations in Tennessee, Mississippi, Canada, Belgium, and
the Philippines.

To find out more about PFSweb (NASDAQ: PFSW), visit the company’s website at
http://www.PFSweb.com.

The matters discussed herein consist of forward-looking information under the
Private Securities Litigation Reform Act of 1995 and is subject to and
involves risks and uncertainties, which could cause actual results to differ
materially from the forward-looking information. PFSweb's Annual Report on
Form 10-K for the year ended December 31, 2012 identifies certain factors that
could cause actual results to differ materially from those projected in any
forward looking statements made and investors are advised to review the Annual
and Quarterly Reports and the Risk Factors described therein. PFSweb
undertakes no obligation to update publicly any forward-looking statement for
any reason, even if new information becomes available or other events occur in
the future. There may be additional risks that we do not currently view as
material or that are not presently known.


PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations (A)
(In Thousands, Except Per Share Data)

                                  Three Months Ended
                                   March 31,
                                   2013                     2012
REVENUES:
Product revenue, net               $     25,482               $   34,551
Service fee revenue                      28,002                   28,378
Pass-thru revenue                       9,657                  9,839    
Total revenues                          63,141                 72,768   
                                                              
COSTS OF REVENUES:
Cost of product revenue                  23,515                   31,682
Cost of service fee revenue              19,258                   21,655
Cost of pass-thru revenue               9,657                  9,839    
Total costs of revenues                 52,430                 63,176   
Gross profit                             10,711                   9,592
SELLING, GENERAL AND                    12,801                 10,504   
ADMINISTRATIVE EXPENSES
Income (loss) from                       (2,090   )               (912     )
operations
INTEREST EXPENSE, NET                   218                    264      
Income (loss) before income              (2,308   )               (1,176   )
taxes
INCOME TAX PROVISION                    267                    109      
(BENEFIT)
NET INCOME (LOSS)                  $     (2,575   )           $   (1,285   )
NON-GAAP INCOME (LOSS)             $     21                  $   77       
                                                              
NET INCOME (LOSS) PER SHARE:
Basic                              $     (0.20    )           $   (0.10    )
Diluted                            $     (0.20    )           $   (0.10    )

WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING:
Basic                                   12,786                 12,765   
Diluted                                 12,786                 12,765   
                                                              
EBITDA                             $     318                 $   1,230    
ADJUSTED EBITDA                    $     2,914               $   2,592    

(A) The financial data above should be read in conjunction with the audited
consolidated financial statements of
PFSweb, Inc. included in its Form 10-K for the year ended December 31,
2012.



PFSweb, Inc. and Subsidiaries
Reconciliation of certain Non-GAAP Items to GAAP
(In Thousands, Except Per Share Data)

                                    Three Months Ended
                                        March 31,
                                        2013          2012
NET INCOME (LOSS)                       $ (2,575  )     $ (1,285  )
Income tax expense                        267             109
Interest expense, net                     218             264
Depreciation and amortization            2,408         2,142   
EBITDA                                  $ 318           $ 1,230
Stock-based compensation                  303             340
Restructuring and other charges           2,293           -
Lease termination costs                   -               450
Move related expenses                    -             572     
ADJUSTED EBITDA                         $ 2,914        $ 2,592   
                                                        
                                                        
                                        Three Months Ended
                                        March 31,
                                        2013            2012
                                                        
NET INCOME (LOSS)                       $ (2,575  )     $ (1,285  )
Stock-based compensation                  303             340
Restructuring and other charges           2,293           -
Lease terminations costs                  -               450
Move related expenses                    -             572     
NON-GAAP INCOME (LOSS)                  $ 21           $ 77      
                                                        
NET INCOME (LOSS) PER SHARE:
Basic                                   $ (0.20   )     $ (0.10   )
Diluted                                 $ (0.20   )     $ (0.10   )
                                                        
NON-GAAP INCOME (LOSS) Per Share:
Basic                                   $ 0.00         $ 0.01    
Diluted                                 $ 0.00         $ 0.01    
                                                        
                                                        
                                                        
                                        Three Months Ended
                                        March 31,
                                        2013            2012
                                                        
TOTAL REVENUES                          $ 63,141        $ 72,768
Pass-thru revenue                         (9,657  )       (9,839  )
Cost of product revenue                  (23,515 )      (31,682 )
SERVICE FEE EQUIVALENT REVENUE          $ 29,969       $ 31,247  



PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(In Thousands, Except Share Data)
                                                              
                                                                  
                                                  March 31,       December 31,
                                                  2013            2012
ASSETS
CURRENT ASSETS:
Cash and cash equivalents                         $ 17,951        $  19,626
Restricted cash                                     362              283
Accounts receivable, net of allowance for
doubtful accounts of $404 and
$450 at March 31, 2013 and December 31, 2012,       40,501           45,684
respectively
Inventories, net of reserves of $1,752 and
$1,789 at March 31, 2013 and
December 31, 2012, respectively                     20,643           24,654
Other receivables                                   7,712            7,675
Prepaid expenses and other current assets          4,325          4,346   
Total current assets                               91,494         102,268 
                                                                  
PROPERTY AND EQUIPMENT, net                         27,045           27,917
OTHER ASSETS                                       3,009          3,286   
Total assets                                       121,548        133,471 
                                                                  
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and capital     $ 19,290        $  16,660
lease obligations
Trade accounts payable                              31,988           40,493
Deferred revenue                                    6,943            6,648
Accrued expenses                                   20,860         23,097  
Total current liabilities                           79,081           86,898
                                                                  
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS,       4,664            5,400
less current portion
DEFERRED REVENUE                                    6,889            7,562
DEFERRED RENT                                      5,375          5,560   
Total liabilities                                  96,009         105,420 
                                                                  
                                                                  
COMMITMENTS AND CONTINGENCIES
                                                                  
SHAREHOLDERS' EQUITY:
Preferred stock, $1.00 par value; 1,000,000
shares authorized; none issued
and outstanding                                   -               -
Common stock, $.001 par value; 35,000,000
shares authorized;
12,825,418 and 12,812,386 shares issued at
March 31, 2013 and
December 31, 2012, respectively; and 12,791,951
and 12,778,919
shares outstanding as of March 31, 2013 and         13               13
December 31, 2012, respectively
Additional paid-in capital                          106,340          106,018
Accumulated deficit                                 (81,984 )        (79,409 )
Accumulated other comprehensive income              1,295            1,554
Treasury stock at cost, 33,467 shares              (125    )       (125    )
Total shareholders' equity                         25,539         28,051  
Total liabilities and shareholders' equity        $ 121,548      $  133,471 



PFSweb, Inc. and Subsidiaries
Unaudited Consolidating Statements of Operations
For the Three Months Ended March 31, 2013
(In Thousands)

                                 Business                 
                                    &
                   PFSweb           Retail       Eliminations     Consolidated
                                    Connect
REVENUES:
Product            $  -             $ 25,482     $  -             $  25,482
revenue, net
Service fee           26,441          1,561         -                28,002
revenue
Service fee
revenue -             2,355           362           (2,717  )        -
affiliate
Pass-thru            9,657         -            -              9,657   
revenue
Total revenues       38,453        27,405       (2,717  )       63,141  
                                                                  
COSTS OF
REVENUES:
Cost of product       -               23,515        -                23,515
revenue
Cost of service       19,780          1,647         (2,169  )        19,258
fee revenue
Cost of
pass-thru            9,657         -            -              9,657   
revenue
Total costs of       29,437        25,162       (2,169  )       52,430  
revenues
Gross profit          9,016           2,243         (548    )        10,711
SELLING,
GENERAL AND          11,563        1,786        (548    )       12,801  
ADMINISTRATIVE
EXPENSES
Income (loss)         (2,547  )       457           -                (2,090  )
from operations
INTEREST             67            151          -              218     
EXPENSE, NET
Income (loss)
before income         (2,614  )       306           -                (2,308  )
taxes
INCOME TAX
PROVISION            120           147          -              267     
(BENEFIT)
NET INCOME         $  (2,734  )     $ 159        $  -            $  (2,575  )
(LOSS)
NON-GAAP NET       $  (138    )     $ 159        $  -            $  21      
INCOME (LOSS)
                                                                  
EBITDA             $  (178    )     $ 496        $  -            $  318     
ADJUSTED EBITDA    $  2,418        $ 496        $  -            $  2,914   


A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows:

NET INCOME         $  (2,734  )     $ 159        $  -                (2,575  )
(LOSS)
Income tax
expense               120             147           -                267
(benefit)
Interest              67              151           -                218
expense, net
Depreciation
and                  2,369         39           -              2,408   
amortization
EBITDA             $  (178    )     $ 496        $  -             $  318
Stock-based           303             -             -                303
compensation
Restructuring
and other            2,293         -            -              2,293   
charges
ADJUSTED EBITDA    $  2,418        $ 496        $  -            $  2,914   

A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows:

NET INCOME         $  (2,734  )     $ 159        $  -             $  (2,575  )
(LOSS)
Stock-based           303             -             -                303
compensation
Restructuring
and other            2,293         -            -              2,293   
charges
NON-GAAP NET       $  (138    )     $ 159        $  -            $  21      
INCOME (LOSS)
                                                                  
Note: Business and Retail Connect includes our Supplies Distributors and
PFSweb Retail Connect operations, which operate similar financial models on
behalf of our client relationships.



PFSweb, Inc. and Subsidiaries
Unaudited Consolidating Statements of Operations
For the Three Months Ended March 31, 2012
(In Thousands)

                                 Business                 
                                    &
                   PFSweb           Retail       Eliminations     Consolidated
                                    Connect
REVENUES:
Product            $  -             $ 34,551     $  -             $  34,551
revenue, net
Service fee           28,378          -             -                28,378
revenue
Service fee
revenue -             1,462           174           (1,636  )        -
affiliate
Pass-thru            9,839         -            -              9,839   
revenue
Total revenues       39,679        34,725       (1,636  )       72,768  
                                                                  
COSTS OF
REVENUES:
Cost of product       -               31,682        -                31,682
revenue
Cost of service       22,270          174           (789    )        21,655
fee revenue
Cost of
pass-thru            9,839         -            -              9,839   
revenue
Total costs of       32,109        31,856       (789    )       63,176  
revenues
Gross profit          7,570           2,869         (847    )        9,592
SELLING,
GENERAL AND          9,310         2,041        (847    )       10,504  
ADMINISTRATIVE
EXPENSES
Income (loss)         (1,740  )       828           -                (912    )
from operations
INTEREST             34            230          -              264     
EXPENSE, NET
Income (loss)
before income         (1,774  )       598           -                (1,176  )
taxes
INCOME TAX
PROVISION            (116    )      225          -              109     
(BENEFIT)
NET INCOME         $  (1,658  )     $ 373        $  -            $  (1,285  )
(LOSS)
NON-GAAP NET       $  (296    )     $ 373        $  -            $  77      
INCOME (LOSS)
                                                                  
EBITDA             $  386          $ 844        $  -            $  1,230   
ADJUSTED EBITDA    $  1,748        $ 844        $  -            $  2,592   


A reconciliation of NET INCOME (LOSS) to EBITDA and ADJUSTED EBITDA follows:

NET INCOME         $  (1,658  )     $ 373        $  -                (1,285  )
(LOSS)
Income tax
expense               (116    )       225           -                109
(benefit)
Interest              34              230           -                264
expense, net
Depreciation
and                  2,126         16           -              2,142   
amortization
EBITDA             $  386           $ 844        $  -             $  1,230
Stock-based           340             -             -                340
compensation
Lease
termination           450                                            450
costs
Move related         572                                        572     
expenses
ADJUSTED EBITDA    $  1,748        $ 844        $  -            $  2,592   

A reconciliation of NET INCOME (LOSS) to NON-GAAP NET INCOME (LOSS) follows:

NET INCOME         $  (1,658  )     $ 373        $  -             $  (1,285  )
(LOSS)
Stock-based           340             -             -                340
compensation
Lease
termination           450             -             -                450
costs
Move related         572           -            -              572     
expenses
NON-GAAP NET       $  (296    )     $ 373        $  -            $  77      
INCOME (LOSS)

Note: Business and Retail Connect includes our Supplies Distributors and
PFSweb Retail Connect operations, which operate similar financial models on
behalf of our client relationships.



PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of March 31, 2013
(In Thousands)


                                     Business &                  
                       PFSweb          Retail          Eliminations     Consolidated
                                        Connect
ASSETS
CURRENT ASSETS:
Cash and cash           $ 11,262        $ 6,689         $  -             $  17,951
equivalents
Restricted cash           -               362              -                362
Accounts receivable,      29,100          11,669           (268    )        40,501
net
Inventories, net          -               20,643           -                20,643
Other receivables         -               7,712            -                7,712
Prepaid expenses and     2,850         1,475          -              4,325   
other current assets
Total current assets     43,212        48,550         (268    )       91,494  
                                        
PROPERTY AND              26,799          246              -                27,045
EQUIPMENT, net
RECEIVABLE/INVESTMENT     13,667          -                (13,667 )        -
IN AFFILIATES
OTHER ASSETS             2,898         111            -              3,009   
Total assets             86,576        48,907         (13,935 )       121,548 

LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of
long-term debt and      $ 14,099        $ 5,191         $  -             $  19,290
capital lease
obligations
Trade accounts            7,900           24,356           (268    )        31,988
payable
Deferred revenue          6,921           22               -                6,943
Accrued expenses         15,196        5,664          -              20,860  
Total current             44,116          35,233           (268    )        79,081
liabilities
                                                                         
LONG-TERM DEBT AND
CAPITAL LEASE             4,664           -                -                4,664
OBLIGATIONS, less
current portion
PAYABLE TO AFFILIATES     -               22,995           (22,995 )        -
DEFERRED REVENUE          6,889           -                -                6,889
DEFERRED RENT            5,333         42             -              5,375   
Total liabilities        61,002        58,270         (23,263 )       96,009  

COMMITMENTS AND
CONTINGENCIES
                                        
SHAREHOLDERS' EQUITY:
Common stock              13              19               (19     )        13
Capital contributions     -               1,000            (1,000  )        -
Additional paid-in        106,340         28,059           (28,059 )        106,340
capital
Retained earnings         (81,943 )       (40,447 )        40,406           (81,984 )
(accumulated deficit)
Accumulated other         1,289           2,006            (2,000  )        1,295
comprehensive income
Treasury stock           (125    )      -              -              (125    )
Total shareholders'      25,574        (9,363  )       9,328          25,539  
equity
Total liabilities and   $ 86,576       $ 48,907       $  (13,935 )     $  121,548 
shareholders' equity



PFSweb, Inc. and Subsidiaries
Unaudited Condensed Consolidating Balance Sheets
as of December 31, 2012
(In Thousands)


                                     Business &                  
                        PFSweb          Retail          Eliminations     Consolidated
                                        Connect
ASSETS
CURRENT ASSETS:
Cash and cash           $ 13,079        $ 6,547         $  -             $  19,626
equivalents
Restricted cash           -               283              -                283
Accounts receivable,      34,831          11,574           (721    )        45,684
net
Inventories, net          -               24,654           -                24,654
Other receivables         -               7,675            -                7,675
Prepaid expenses and     2,817         1,529          -              4,346   
other current assets
Total current assets     50,727        52,262         (721    )       102,268 
                                                                         
PROPERTY AND              27,651          266              -                27,917
EQUIPMENT, net
RECEIVABLE/INVESTMENT     13,396          -                (13,396 )        -
IN AFFILIATES
OTHER ASSETS             3,166         120            -              3,286   
Total assets             94,940        52,648         (14,117 )       133,471 

LIABILITIES AND
SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Current portion of
long-term debt and      $ 13,072        $ 3,588         $  -             $  16,660
capital lease
obligations
Trade accounts            12,109          29,105           (721    )        40,493
payable
Deferred revenue          6,573           75               -                6,648
Accrued expenses         16,743        6,354          -              23,097  
Total current             48,497          39,122           (721    )        86,898
liabilities

LONG-TERM DEBT AND
CAPITAL LEASE             5,400           -                -                5,400
OBLIGATIONS, less
current portion
PAYABLE TO AFFILIATES     -               22,795           (22,795 )        -
DEFERRED REVENUE          7,562           -                -                7,562
DEFERRED RENT            5,482         78             -              5,560   
Total liabilities        66,941        61,995         (23,516 )       105,420 

COMMITMENTS AND
CONTINGENCIES

SHAREHOLDERS' EQUITY:
Common stock              13              19               (19     )        13
Capital contributions     -               1,000            (1,000  )        -
Additional paid-in        106,018         28,059           (28,059 )        106,018
capital
Retained earnings         (79,461 )       (40,606 )        40,658           (79,409 )
(accumulated deficit)
Accumulated other         1,554           2,181            (2,181  )        1,554
comprehensive income
Treasury stock           (125    )      -              -              (125    )
Total shareholders'      27,999        (9,347  )       9,399          28,051  
equity
Total liabilities and   $ 94,940       $ 52,648       $  (14,117 )     $  133,471 
shareholders' equity


Contact:

PFSweb, Inc.
Mike Willoughby, Chief Executive Officer
Thomas J. Madden, Chief Financial Officer
972-881-2900
or
Investor Relations
KCSA Strategic Communications
Todd Fromer / Garth Russell
212-896-1215 / 212-896-1250
tfromer@kcsa.com / grussell@kcsa.com
 
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