PORT WASHINGTON, N.Y.,
Oct. 30, 2018 /PRNewswire/
-- Systemax Inc. (NYSE: SYX) today announced financial
results for the third quarter ended September 30, 2018.
Performance
Summary*
(U.S. dollars in
millions, except per share data)
|
Highlights
|
Quarter Ended
September 30,
|
Nine Months
Ended
September 30,
|
GAAP
Results**
|
2018
|
2017
|
2018
|
2017
|
Net sales
|
$
|
235.8
|
|
$
|
204.4
|
|
$
|
679.2
|
|
$
|
597.3
|
|
Gross
profit
|
$
|
82.2
|
|
$
|
71.2
|
|
$
|
234.7
|
|
$
|
207.9
|
|
Gross
margin
|
34.9
|
%
|
34.8
|
%
|
34.6
|
%
|
34.8
|
%
|
Operating
income
|
$
|
18.4
|
|
$
|
12.5
|
|
$
|
47.8
|
|
$
|
34.5
|
|
Operating
margin
|
7.8
|
%
|
6.1
|
%
|
7.0
|
%
|
5.8
|
%
|
Net income from
continuing operations
|
$
|
15.1
|
|
$
|
11.3
|
|
$
|
37.2
|
|
$
|
32.9
|
|
Net income per
diluted share from continuing operations
|
$
|
0.40
|
|
$
|
0.30
|
|
$
|
0.98
|
|
$
|
0.88
|
|
Net income (loss)
from discontinued operations
|
$
|
163.7
|
|
$
|
0.0
|
|
$
|
174.4
|
|
$
|
(26.3)
|
|
Net income (loss) per
diluted share from discontinued operations
|
$
|
4.32
|
|
$
|
0.00
|
|
$
|
4.59
|
|
$
|
(0.70)
|
|
Non-GAAP
Results**
|
|
|
|
|
Operating
income
|
$
|
19.6
|
|
$
|
13.5
|
|
$
|
50.0
|
|
$
|
37.4
|
|
Operating
margin
|
8.3
|
%
|
6.6
|
%
|
7.4
|
%
|
6.3
|
%
|
Net income from
continuing operations
|
$
|
14.7
|
|
$
|
8.6
|
|
$
|
37.1
|
|
$
|
24.4
|
|
Net income per
diluted share from continuing operations
|
$
|
0.39
|
|
$
|
0.23
|
|
$
|
0.98
|
|
$
|
0.65
|
|
Third Quarter 2018 Financial Summary:
- Consolidated sales increased 15.4% to $235.8 million in U.S. dollars. On a
constant currency basis, average daily sales increased 15.6%.
- Consolidated operating income grew 47.2% to $18.4 million compared to $12.5 million last year on a GAAP basis. On a
Non-GAAP basis, consolidated operating income grew 45.2% to
$19.6 million.
- Net income per diluted share from continuing operations grew
33.3% to $0.40. Non-GAAP net income
per diluted share from continuing operations grew 69.6% to
$0.39.
- Net income per diluted share from discontinued operations was
$4.32, primarily related to the
$160.0 million book gain recognized
on the sale of the Company's France business and the inclusion of the 2018
France operating results in discontinued operations for the third
quarter of 2018.
Nine Months 2018 Financial Summary:
- Consolidated sales increased 13.7% to $679.2 million in U.S. dollars. On a
constant currency basis, average daily sales increased 13.7%.
- Consolidated operating income grew 38.6% to $47.8 million compared to $34.5 million last year on a GAAP basis. On a
Non-GAAP basis, consolidated operating income grew 33.7% to
$50.0 million.
- Net income per diluted share from continuing operations grew
11.4% to $0.98. Non-GAAP net income
per diluted share from continuing operations grew 50.8% to
$0.98.
- Net income per diluted share from discontinued operations was
$4.59, primarily related to the
$160.0 million book gain recognized
on the sale of the Company's France business and the inclusion of the 2018
France operating results in discontinued operations in 2018.
Larry Reinhold, Chief Executive
Officer, said, "In the third quarter, our Industrial Products Group
delivered an all-time record performance. Sales increased
over 15% organically compared to the third quarter of last year,
and the rate of sales growth has accelerated for five consecutive
quarters. Demand was robust across the business with solid
performance in our managed sales channels, as well as continued
generation of new customers through our leading e-commerce
platform. Operating leverage remains healthy, with segment
operating margin above 10% for the second consecutive quarter and
expanded from the third quarter of last year. We saw no
material impact on the business or profitability from tariffs in
the quarter."
"The sale of our France
business in August generated gross proceeds of almost $270 million dollars, before taxes and
transaction costs, and marked the completion of the strategic
restructuring of our operations. Today, we are focused on
driving profitable growth within the Industrial Products Group,
which is a healthy and high performing business that has delivered
consistent double-digit organic revenue increases for many
years. Industrial has significantly expanded its operations,
improved its profitability dramatically, and has multiple growth
opportunities in its future. It is uniquely positioned to
serve the SMB market and we are making investments to further
enhance its competitive position and expand the value we bring to
customers. With strong cash flow generation and an
exceptional balance sheet we have significant financial flexibility
to capitalize on our growth opportunities, pursue strategic M&A
and return capital to our shareholders."
At September 30, 2018, the Company had total working
capital of $346.7 million, cash and
cash equivalents of $302.8 million
and excess availability under its credit facility of approximately
$71.1 million. Our cash position
reflects the repatriation of the cash generated from the sale of
our France business less taxes and
transaction costs associated with the sale most of which were paid
in September. The Company's board of directors has declared a cash
dividend of $0.11 per share to common
stock shareholders of record at the close of business on
November 12, 2018, payable on
November 19, 2018. The Company
anticipates continuing a regular quarterly dividend in the
future.
Earnings Conference Call Details
Systemax Inc. will provide pre-recorded remarks on its third
quarter 2018 results today, October 30,
2018 at 5:00 p.m. Eastern
Time. A live webcast of the remarks will be available on the
Company's website at www.systemax.com in the investor
relations section. The webcast will also be archived on
www.systemax.com for approximately 90 days.
About Systemax Inc.
Systemax Inc. (www.systemax.com), through its operating
subsidiaries, is a provider of industrial products in North America going to market through a system
of branded e-Commerce websites and relationship marketers. The
primary brand is Global Industrial.
Forward-Looking Statements
This press release contains forward looking statements within
the meaning of that term in the Private Securities Litigation
Reform Act of 1995 (Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934).
Additional written or oral forward looking statements may be made
by the Company from time to time in filings with the Securities and
Exchange Commission or otherwise. Statements contained in
this press release that are not historical facts are forward
looking statements made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995, and 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. Forward looking statements
may include, but are not limited to, projections or estimates of
revenue, income or loss, exit costs, cash flow needs and capital
expenditures, statements regarding future operations, expansion or
restructuring plans, including our exit from and winding down of
our sold NATG operations, financing needs, compliance with
financial covenants in loan agreements, plans for acquisitions or
sale of assets or businesses, plans relating to products or
services of the Company, assessments of materiality, predictions of
future events and the effects of pending and possible litigation,
as well as assumptions relating to the foregoing. In addition, when
used in this release, the words "anticipates," "believes,"
"estimates," "expects," "intends," and "plans" and variations
thereof and similar expressions are intended to identify forward
looking statements.
Other factors that may affect our future results of
operations and financial condition include, but are not limited to,
unanticipated developments in any one or more of the following
areas, as well as other factors which may be detailed from time to
time in our Securities and Exchange Commission filings: risks
involved with e-commerce, including possible loss of business and
customer dissatisfaction if outages or other computer-related
problems should preclude customer access to our products and
services; the Company's management information systems and other
technology platforms supporting our sales, procurement and other
operations are critical to our operations and disruptions or delays
have occurred and could occur in the future, and if not timely
addressed would have a material adverse effect on us; we could
suffer a data security breach due to our e-commerce and data
storage systems being hacked by those seeking to steal Company
information, vendor, employee or customer personal information, or
due to employee error, resulting in disruption to our operations,
loss of information and privacy, legal claims and adverse material
impact on our reputation and business; meeting credit card industry
compliance standards in order to maintain our ability to accept
credit cards; technological change has had and can continue to have
a material effect on our product mix and results of operations;
general economic conditions will continue to impact our business;
extreme weather conditions could disrupt our product supply chain
and our ability to ship or receive products, which would adversely
impact sales; our international operations are subject to risks
such as fluctuations in currency rates and foreign regulatory
requirements, and our operations are subject to the impact of newly
enacted U.S. and foreign tariffs, and political uncertainty; and
managing various inventory risks, such as being unable to
profitably resell excess or obsolete inventory and/or the loss of
product return rights and price protection from our
vendors.
Investor/Media Contacts:
Mike
Smargiassi
The Plunkett Group
212-739-6740
mike@theplunkettgroup.com
* Systemax manages its business and reports using a 52-53
week fiscal year that ends at midnight on the Saturday closest to
December 31. For clarity of presentation, fiscal years and
quarters are described as if they ended on the last day of the
respective calendar month. The actual fiscal quarters ended
on September 29, 2018 and
September 30, 2017. The third quarter
of both 2018 and 2017 included 13 weeks and the first nine months
of both 2018 and 2017 included 39 weeks.
**On August 31, 2018, the
Company closed on the sale of its France operations. Prior and current year
results of these operations, along with the associated gain on the
sale, have been classified as discontinued operations. On
March 24, 2017, the Company closed on
the sale of its European Technology Group businesses, other than
its operations in France. Prior and current year results of
these divested businesses, along with the associated loss on the
sale recorded in 2017, have been classified as discontinued
operations. On December 1, 2015 the
Company closed on the sale of certain assets of its North American
Technology Group ("NATG"). Pursuant to this transaction, the
Company continues to wind down the remaining operations of NATG
during 2018. Costs of the wind down in 2018 and 2017 are
included in continuing and discontinued operations.
Condensed
Consolidated Statements of Operations – GAAP -
Unaudited
(In millions, except
per share amounts)
|
|
|
Quarter Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net sales
|
$
|
235.8
|
|
|
$
|
204.4
|
|
|
$
|
679.2
|
|
|
$
|
597.3
|
|
Cost of
sales
|
153.6
|
|
|
133.2
|
|
|
444.5
|
|
|
389.4
|
|
Gross
profit
|
82.2
|
|
|
71.2
|
|
|
234.7
|
|
|
207.9
|
|
Gross
margin
|
34.9
|
%
|
|
34.8
|
%
|
|
34.6
|
%
|
|
34.8
|
%
|
Selling, distribution
and administrative expenses
|
62.9
|
|
|
58.6
|
|
|
186.0
|
|
|
173.1
|
|
Special
charges
|
0.9
|
|
|
0.1
|
|
|
0.9
|
|
|
0.3
|
|
Operating income from
continuing operations
|
18.4
|
|
|
12.5
|
|
|
47.8
|
|
|
34.5
|
|
Operating
margin
|
7.8
|
%
|
|
6.1
|
%
|
|
7.0
|
%
|
|
5.8
|
%
|
Interest and other
(income) expense, net
|
(0.3)
|
|
|
0.2
|
|
|
(0.2)
|
|
|
(0.2)
|
|
Income from
continuing operations before income taxes
|
18.7
|
|
|
12.3
|
|
|
48.0
|
|
|
34.7
|
|
Provision for income
taxes
|
3.6
|
|
|
1.0
|
|
|
10.8
|
|
|
1.8
|
|
Net income from
continuing operations
|
15.1
|
|
|
11.3
|
|
|
37.2
|
|
|
32.9
|
|
Net income (loss)
from discontinued operations
|
163.7
|
|
|
0.0
|
|
|
174.4
|
|
|
(26.3)
|
|
Net income
|
$
|
178.8
|
|
|
$
|
11.3
|
|
|
$
|
211.6
|
|
|
$
|
6.6
|
|
|
|
|
|
|
|
|
|
Net income per common
share from continuing operations:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.41
|
|
|
$
|
0.31
|
|
|
$
|
1.00
|
|
|
$
|
0.89
|
|
Diluted
|
$
|
0.40
|
|
|
$
|
0.30
|
|
|
$
|
0.98
|
|
|
$
|
0.88
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share from discontinued operations:
|
|
|
|
|
|
|
|
Basic
|
$
|
4.40
|
|
|
$
|
0.00
|
|
|
$
|
4.69
|
|
|
$
|
(0.71)
|
|
Diluted
|
$
|
4.32
|
|
|
$
|
0.00
|
|
|
$
|
4.59
|
|
|
$
|
(0.70)
|
|
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
4.81
|
|
|
$
|
0.31
|
|
|
$
|
5.69
|
|
|
$
|
0.18
|
|
Diluted
|
$
|
4.72
|
|
|
$
|
0.30
|
|
|
$
|
5.57
|
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
Weighted average
common and common equivalent shares:
|
|
|
|
|
|
|
|
Basic
|
37.2
|
|
|
37.0
|
|
|
37.2
|
|
|
37.0
|
|
Diluted
|
37.9
|
|
|
37.7
|
|
|
38.0
|
|
|
37.4
|
|
SYSTEMAX
INC.
Condensed
Consolidated Balance Sheets – GAAP - Unaudited
(In
millions)
|
|
|
September
30,
|
|
December
31,
|
|
2018
|
|
2017
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
302.8
|
|
|
$
|
184.5
|
|
Accounts receivable,
net
|
87.9
|
|
|
73.1
|
|
Inventories
|
91.2
|
|
|
88.2
|
|
Prepaid expenses and
other current assets
|
8.7
|
|
|
3.3
|
|
Current assets of
discontinued operations
|
0.0
|
|
|
145.0
|
|
Total current
assets
|
490.6
|
|
|
494.1
|
|
Property, plant and
equipment, net
|
14.3
|
|
|
14.0
|
|
Goodwill, intangibles
and other assets
|
23.4
|
|
|
31.8
|
|
Long term assets of
discontinued operations
|
0
|
|
|
11.5
|
|
Total
assets
|
$
|
528.3
|
|
|
$
|
551.4
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
143.9
|
|
|
$
|
146.6
|
|
Dividend
payable
|
0.0
|
|
|
55.7
|
|
Current liabilities
of discontinued operations
|
0.0
|
|
|
113.5
|
|
Total current
liabilities
|
143.9
|
|
|
315.8
|
|
Deferred tax
liability
|
0.1
|
|
|
0.1
|
|
Other
liabilities
|
13.0
|
|
|
19.9
|
|
Long term liabilities
of discontinued operations
|
0.0
|
|
|
3.8
|
|
Shareholders'
equity
|
371.3
|
|
|
211.8
|
|
Total liabilities and
shareholders' equity
|
$
|
528.3
|
|
|
$
|
551.4
|
|
Supplemental
Continuing Operations
Business Unit
Summary Results - Unaudited (In millions)
|
Industrial
Products Group
|
|
Quarter Ended
September 30,
|
Nine Months Ended
September 30,
|
2018
|
2017
|
Change
|
2018
|
2017
|
Change
|
Sales
|
$
|
235.8
|
|
$
|
204.4
|
|
15.4
|
%
|
$
|
679.2
|
|
$
|
597.3
|
|
13.7
|
%
|
Average daily
sales*
|
$
|
3.7
|
|
$
|
3.2
|
|
15.4
|
%
|
$
|
3.6
|
|
$
|
3.1
|
|
13.7
|
%
|
Gross
profit
|
$
|
82.2
|
|
$
|
71.2
|
|
15.4
|
%
|
$
|
234.7
|
|
$
|
207.9
|
|
12.9
|
%
|
Gross
margin
|
34.9
|
%
|
34.8
|
%
|
|
34.6
|
%
|
34.8
|
%
|
|
Operating income
(Non-GAAP)**
|
$
|
24.2
|
|
$
|
20.2
|
|
19.8
|
%
|
$
|
64.1
|
|
$
|
56.2
|
|
14.1
|
%
|
Operating margin
(Non-GAAP)
|
10.3
|
%
|
9.9
|
%
|
|
9.4
|
%
|
9.4
|
%
|
|
Corporate &
Other
|
|
Quarter Ended
September 30,
|
Nine Months Ended
September 30,
|
2018
|
2017
|
Change
|
2018
|
2017
|
Change
|
Operating expenses
(Non-GAAP)**
|
$
|
(4.6)
|
|
$
|
(6.7)
|
|
31.3
|
%
|
$
|
(14.1)
|
|
$
|
(18.8)
|
|
25.0
|
%
|
Consolidated
(1,2)
|
|
Quarter Ended
September 30,
|
Nine Months Ended
September 30,
|
2018
|
2017
|
Change
|
2018
|
2017
|
Change
|
Sales
|
$
|
235.8
|
|
$
|
204.4
|
|
15.4
|
%
|
$
|
679.2
|
|
$
|
597.3
|
|
13.7
|
%
|
Gross
profit
|
$
|
82.2
|
|
$
|
71.2
|
|
15.4
|
%
|
$
|
234.7
|
|
$
|
207.9
|
|
12.9
|
%
|
Gross
margin
|
34.9
|
%
|
34.8
|
%
|
|
34.6
|
%
|
34.8
|
%
|
|
Operating income
(Non-GAAP)**
|
$
|
19.6
|
|
$
|
13.5
|
|
45.2
|
%
|
$
|
50.0
|
|
$
|
37.4
|
|
33.7
|
%
|
Operating margin
(Non-GAAP)
|
8.3
|
%
|
6.6
|
%
|
|
7.4
|
%
|
6.3
|
%
|
|
|
|
|
|
*
|
Percentages are
calculated using sales data in hundreds of thousands. In Q3
2018 and 2017, IPG had 63 selling days and for the first nine
months of 2018 and 2017, IPG had 191 selling days.
|
|
|
|
|
**
|
See Reconciliation
of Segment and Consolidated GAAP Operating Income (Loss) from
Continuing Operations to Segment and Consolidated Non-GAAP
Operating Income (Loss) from Continuing Operations –
Unaudited
|
|
|
|
|
1
|
On August 31,
2018, the Company closed on the sale of the France operations.
Prior and current year results of these divested operations, along
with the associated gain, have been classified as discontinued
operations. On March 24, 2017, the Company closed on
the sale of its European Technology Group businesses, other than
its operations in France. Prior and current year results of
these divested businesses, along with the associated loss on the
sale recorded in 2017, have been classified as discontinued
operations. On December 1, 2015 the Company closed on
the sale of certain assets of its North American Technology Group
("NATG"). Pursuant to this transaction, the Company continues to
wind down the remaining operations of NATG during 2018. Costs
of the wind down in 2018 and 2017 are included in continuing and
discontinued operations.
|
|
|
|
|
2
|
Systemax manages
its business and reports using a 52-53 week fiscal year that ends
at midnight on the Saturday closest to December 31. For
clarity of presentation, fiscal years and quarters are described as
if they ended on the last day of the respective calendar
month. The actual fiscal quarter ended on September 29, 2018
and September 30, 2017. The third quarters of both 2018 and 2017
included 13 weeks and the first nine months of both 2018 and 2017
included 39 weeks.
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SYSTEMAX
INC.
Reconciliation of
Segment and Consolidated GAAP Operating Income (Loss) from
Continuing Operations to Segment
and Consolidated Non-GAAP Operating Income (Loss) from Continuing
Operations – Unaudited
(In
millions)
|
|
|
Quarter Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Industrial
Products
|
$
|
23.9
|
|
|
$
|
19.8
|
|
|
$
|
63.2
|
|
|
$
|
55.2
|
|
Technology Products -
NA
|
(0.8)
|
|
|
(0.3)
|
|
|
(0.8)
|
|
|
(0.7)
|
|
Corporate and
Other
|
(4.7)
|
|
|
(7.0)
|
|
|
(14.6)
|
|
|
(20.0)
|
|
GAAP operating
income
|
18.4
|
|
|
12.5
|
|
|
47.8
|
|
|
34.5
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
Industrial
Products:
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
0.3
|
|
|
0.3
|
|
|
0.8
|
|
|
0.8
|
|
Stock based
compensation
|
0.0
|
|
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
Total Non-GAAP
Adjustments – Industrial Products
|
0.3
|
|
|
0.4
|
|
|
0.9
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
Technology
Products - NA:
|
|
|
|
|
|
|
|
Reverse results of
NATG included in GAAP continuing
operations
|
0.8
|
|
|
0.3
|
|
|
0.8
|
|
|
0.7
|
|
Total Non-GAAP
Adjustments: Technology Products NA
|
0.8
|
|
|
0.3
|
|
|
0.8
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
Corporate and
Other:
|
|
|
|
|
|
|
|
Stock based
compensation
|
0.0
|
|
|
0.2
|
|
|
0.4
|
|
|
0.9
|
|
Reverse results of
Germany included in GAAP continuing
operations
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.3
|
|
Total Non-GAAP
Adjustments: Corporate and Other
|
0.1
|
|
|
0.3
|
|
|
0.5
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
Industrial
Products
|
24.2
|
|
|
20.2
|
|
|
64.1
|
|
|
56.2
|
|
Technology Products-
NA
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
Corporate and
Other
|
(4.6)
|
|
|
(6.7)
|
|
|
(14.1)
|
|
|
(18.8)
|
|
Non-GAAP operating
income
|
$
|
19.6
|
|
|
$
|
13.5
|
|
|
$
|
50.0
|
|
|
$
|
37.4
|
|
SYSTEMAX
INC.
Reconciliation of
GAAP Net Income (Loss) from Continuing Operations to
Non-GAAP
Net Income (Loss)
from Continuing Operations – Unaudited
(In
millions)
|
|
|
Quarter Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
GAAP
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
$
|
15.1
|
|
|
$
|
11.3
|
|
|
$
|
37.2
|
|
|
$
|
32.9
|
|
Provision for income
taxes from continuing operations
|
3.6
|
|
|
1.0
|
|
|
10.8
|
|
|
1.8
|
|
Income from
continuing operations before income taxes
|
18.7
|
|
|
12.3
|
|
|
48.0
|
|
|
34.7
|
|
Interest and other
(income) expense from continuing operations, net
|
(0.3)
|
|
|
0.2
|
|
|
(0.2)
|
|
|
(0.2)
|
|
Operating income from
continuing operations
|
18.4
|
|
|
12.5
|
|
|
47.8
|
|
|
34.5
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments:
|
|
|
|
|
|
|
|
Reverse results of
NATG and Germany included in GAAP
operating income from continuing operations
|
0.9
|
|
|
0.4
|
|
|
0.9
|
|
|
1.0
|
|
Recurring
adjustments
|
0.3
|
|
|
0.6
|
|
|
1.3
|
|
|
1.9
|
|
Adjusted operating
income
|
19.6
|
|
|
13.5
|
|
|
50.0
|
|
|
37.4
|
|
Interest and other
expense (income), net
|
(0.3)
|
|
|
0.2
|
|
|
(0.2)
|
|
|
(0.2)
|
|
Income before income
taxes
|
19.9
|
|
|
13.3
|
|
|
50.2
|
|
|
37.6
|
|
Normalized provision
for income taxes
|
5.2
|
|
|
4.7
|
|
|
13.1
|
|
|
13.2
|
|
Normalized effective
tax rate (1)
|
26.0
|
%
|
|
35.0
|
%
|
|
26.0
|
%
|
|
35.0
|
%
|
Non-GAAP net income
from continuing operations
|
$
|
14.7
|
|
|
$
|
8.6
|
|
|
$
|
37.1
|
|
|
$
|
24.4
|
|
|
|
|
|
|
|
|
|
GAAP net income
per diluted share from continuing operations
|
$
|
0.40
|
|
|
$
|
0.30
|
|
|
$
|
0.98
|
|
|
$
|
0.88
|
|
Non-GAAP net
income per diluted share from continuing operations
|
$
|
0.39
|
|
|
$
|
0.23
|
|
|
$
|
0.98
|
|
|
$
|
0.65
|
|
|
|
(1)
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Effective tax rate of
26% used in the third quarter and nine months of 2018 and 35% in
the second quarter and first half of 2017.
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View original
content:http://www.prnewswire.com/news-releases/systemax-reports-third-quarter-2018-financial-results-300740763.html
SOURCE Systemax Inc.