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WAYSIDE TECHNOLOGY GROUP, INC. Reports Operating Results (10-Q)

August 11, 2010 | About:
10qk

10qk

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WAYSIDE TECHNOLOGY GROUP, INC. (WSTG) filed Quarterly Report for the period ended 2010-06-30.

Wayside Technology Group, Inc. has a market cap of $46.8 million; its shares were traded at around $9.73 with a P/E ratio of 11.4 and P/S ratio of 0.3. The dividend yield of Wayside Technology Group, Inc. stocks is 6.1%. Wayside Technology Group, Inc. had an annual average earning growth of 21.8% over the past 5 years.WSTG is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Jim Simons of Renaissance Technologies LLC, John Keeley of Keeley Fund Management, John Keeley of Keeley Fund Management.

Highlight of Business Operations:

Net sales for the second quarter of 2010 increased 31% or $11.4 million to $48.4 million compared to $37.0 million for the same period in 2009. Total sales for the second quarter of 2010 for our Lifeboat segment were $35.8 million compared to $25.0 million in the second quarter of 2009, representing an increase of $10.8 million or 43%. Total sales for the second quarter of 2010 for our Programmers Paradise segment were $12.6 million compared to $12.0 million in the second quarter of 2009, representing a 5% increase.

For the six months ended June 30, 2010, net sales increased 29% or $20.0 million to $88.8 million compared to $68.8 million for the same period in 2009. Sales for the six months ended June 30, 2010 for our Lifeboat segment were $64.9 million compared to $45.3 million for the same period last year. Sales for the six months ended June 30, 2010 for our Programmers Paradise segment were $23.9 million compared to $23.5 million for the same period last year.

For the six months ended June 30, 2010 gross profit increased by $1.1 million to $8.6 million compared to $7.5 million for the same period in 2009. Lifeboats gross profit for the six months ended June 30, 2010 was $6.0 million compared to $4.5 million for the first six months of 2009. Programmers Paradise gross profit for the six months ended June 30, 2010 was $2.7 million compared to $3.0 million for the first six months of 2009.

Direct selling costs for the second quarter of 2010 were $1.7 million compared to $1.4 million for the second quarter of 2009. Total direct selling costs for our Programmers Paradise segment for the second quarter of 2010 were $0.7 million compared to $0.7 million for the same period in 2009. Total direct selling costs for our Lifeboat segment for the second quarter of 2010 were $1.0 million compared to $0.7 million for the same period in2009, mainly due to increased employee related costs to manage and reward our growth in this segment.

For the quarter ended June 30, 2010, the Company recorded a provision for income taxes of $576,000, which consists of a provision of $320,000 for U.S. federal income taxes as well as a $117,000 provision for state and local taxes and $44,000 for Canadian taxes, and a deferred tax expense of $95,000. For the quarter ended June 30, 2009, the Company recorded a provision for income taxes of $506,000, which consisted of a provision of $309,000 for U.S. federal income taxes as well as a $74,000 provision for state and local taxes and $45,000 for Canadian taxes, and a deferred tax expense of $78,000.

For the six months ended June 30, 2010 the Company recorded a provision for income taxes of $1,000,000, which consists of a provision of $535,000 for U.S. federal income taxes as well as a $179,000 provision for state and local taxes and $82,000 for Canadian taxes, and a deferred tax expense of $204,000. For the six months ended June 30, 2009 the Company recorded a provision for income taxes of $891,000, which consisted of a provision of $512,000 for U.S. federal income taxes as well as a $122,000 provision for state and local taxes and $66,000 for Canadian taxes, and a deferred tax expense of $191,000.

Read the The complete Report

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