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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Datalink Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 15, 2009 03:06PM
Datalink Corp. (DTLK) filed Quarterly Report for the period ended 2009-03-31. Highlight of Business Operations:Net Sales. Our total net sales decreased by $7.9 million for the three months ended March 31, 2009, or 16.4%, from $47.7 million for the comparable quarter in 2008. Our product sales decreased $9.3 million, or 32.5%, to $19.3 million for the three months ended March 31, 2009, from $28.5 million for the comparable quarter in 2008. Our service sales increased $1.4 million, or 7.3%, to $20.6 million for the three months ended March 31, 2009 from $19.2 million for the comparable quarter in 2008. General and administrative expenses decreased $243,000 for the three months ended March 31, 2009, as compared to the same period in 2008. We attribute this primarily to the cancellation of our annual sales meeting resulting in savings of $205,000 and a decrease in training expenses of $55,000. Engineering. Engineering expenses include employee wages, bonuses and travel, hiring and training expenses for our field and customer support engineers and technicians. Engineering expenses were $2.8 million, or 7.1% of net sales for the quarter ended March 31, 2009, compared to $3.2 million, or 6.6% of net sales for the first quarter in 2008. Engineering expenses decreased $338,000 for the three months ended March 31, 2009 as compared to the same period in 2008. This is primarily due to a decrease in variable compensation for bonuses of $114,000 and outside consulting expenses of $226,000. Earnings (Loss) from Operations. We had a loss from operations of $856,000 for the three months ended March 31, 2009 and earnings from operations of $660,000 for the three months ended March 31, 2008. The 2009 loss from operations is a result of a decrease in our revenues and margins due to the current economic downturn. The 2008 earnings from operations is a result of higher revenues and margins with a limited increase in operating expenses. Net cash used in investing activities was $5,000 for the three months ended March 31, 2009. We used this cash for minimal computer equipment purchases. Net cash provided by investing activities was $2.4 million for the three months ended March 31, 2008. This cash was primarily provided by the sale of a short-term investment. We are planning for $200,000 of capital expenditures for the remainder of 2009 related primarily to computer and communication system upgrades or other management information system enhancements.
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