PC Connection, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Income Tax Rate Guidance for the 2018
February 16, 2018 at 02:35 am IST
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PC Connection, Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported, net sales of $762,267,000, income from operations of $21,896,000, net income of $20,723,000, compared to net sales of $735,548,000, income from operations of $21,901,000, net income of $12,997,000, for the same period a year ago. Basic and diluted earnings per common share 0.77 against $0.49 a year ago. EBITDA was $25,206,000 against $24,889,000 a year ago. Adjusted EBITDA was $28,082,000 against $26,474,000 a year ago. Adjusted EPS excluding tax benefit and special charges was $0.54, compared to $0.52 for the prior year quarter. Return on equity was 12.0% against 11.7% a year ago.
For the year, net sales were $2,911,883,000 against $2,692,592,000 a year ago. Income from operations was $77,527,000 against $80,520,000 a year ago. Net income was $54,857,000 against $48,111,000 a year ago. Diluted earnings per common share were $2.04 against $1.80 a year ago. Net cash used for investing activities was $11,803,000 against $54,875,000 a year ago. Purchases of equipment were $11,803,000 against $11,885,000 a year ago. EBITDA was $89,590,000 against $91,013,000 a year ago. Adjusted EBITDA was $93,967,000 against $95,468,000 a year ago. Adjusted EPS excluding tax benefit and special charges was $1.84, compared to $1.88 for the prior year. At the end of the period total book value per share was $17.96 against $16.29 a year ago. Tangible book value per share was $14.81 against $13.05 a year ago.
The company expects its corporate income tax rate for 2018 to range from 27% to 29%.
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.
PC Connection, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Income Tax Rate Guidance for the 2018