PC Connection, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
January 31, 2014 at 02:35 am IST
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PC Connection, Inc. announced consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net sales were $578.572 million compared to $556.247 million for the same period last year. Net income was $9.841 million, or $0.37 per diluted share, compared to net income of $8.869 million, or $0.33 per diluted share, for the corresponding prior year. Income from operations was $16.378 million compared to $14.638 million for the corresponding prior year. EBITDA was $18.456 million compared to $16.682 million for the same period last year. Adjusted EBITDA was $18.661 million compared to $16.880 million for the same period last year. Return on equity was 11.6% compared to 11.7% for the same period last year.
For the year, the company reported net sales were $2.22 billion, an increase of $62.8 million or 2.9%, compared to $2.16 billion for the year ended December 31, 2012. Net income was $35.7 million, or $1.35 per diluted share, compared to net income of $33.1 million, or $1.24 per diluted share, for the corresponding prior year. Earnings before interest, taxes, depreciation and amortization, adjusted for stock-based compensation expense, and special charges (Adjusted EBITDA') totaled $67.4 million, as compared to $63.3 million for the year ended December 31, 2012. Income from operations was $59.396 million compared to $54.632 million for the corresponding prior year. EBITDA was $66.485 million compared to $61.527 million for the same period last year. Net cash provided by operating activities was $19.656 million compared to $69.659 million for the same period last year. Purchases of property and equipment was $7.607 million compared to $9.250 million for the same period last year.
PC Connection, Inc. delivers custom-configured computer systems overnight from its ISO 9001:2015 certified technical configuration lab at its distribution center in Wilmington, Ohio. The Company provides a range of information technology (IT) solutions, from the desktop to the cloud, including computer systems, data center solutions, software and peripheral equipment, networking communication, and other products and accessories, which the Company purchases from manufacturers, distributors and other suppliers. The Company operates through three segments: Connection Enterprise Solutions, Connection Business Solutions and Connection Public Sector Solutions. Connection Enterprise Solutions segment is engaged in serving large enterprise customers. Connection Business Solutions segment is engaged in serving small to medium-sized businesses (SMBs). Connection Public Sector Solutions segment is engaged in serving federal, state, and local government and educational institutions.