WAYSIDE TECHNOLOGY GROUP, INC. (WSTG, Financial) filed Quarterly Report for the period ended 2010-03-31.
Wayside Technology Group, Inc. has a market cap of $46.79 million; its shares were traded at around $9.69 with a P/E ratio of 12.42 and P/S ratio of 0.32. The dividend yield of Wayside Technology Group, Inc. stocks is 6.19%.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.
Gross Profit for the quarter ending March 31, 2010 was $4.0 million compared to $3.5 million in the first quarter of 2009, a 14% increase. Total gross profit for our Lifeboat segment was $2.7 million compared to $2.0 million in the first quarter of 2009, representing a 32% increase. This increase in gross profit was due to aggressive sales volume growth within our Lifeboat segment. Total gross profit for our Programmer s Paradise segment was $1.3 million compared to $1.5 million in the first quarter of 2009, representing a 10% decrease. This decrease was primarily due to the lower sales volume and competitive pricing pressure.
Direct selling costs (a component of SG&A) for the first quarter of 2010 were $1.5 million compared to $1.3 million in the first quarter of 2009. Total direct selling costs for our Programmer s Paradise segment for the first quarter of 2010 were $0.7 million compared to $0.7 million in the same period in 2009. Total direct selling costs for our Lifeboat segment for the first quarter of 2010 were $0.8 million compared to $0.7 million in the first quarter of 2009.
For the quarter ended March 31, 2010, the Company recorded a provision for income taxes of $424,000 which consists of a provision of $215,000 for U.S. federal income taxes as well as a $62,000 provision for state and local taxes and $38,000 for Canadian taxes, and a deferred tax expense of $109,000. For the quarter ended March 31, 2009, the Company recorded a provision for income taxes of $384,000, which consists of a provision of $202,000 for U.S. federal income taxes as well as $49,000 for state and local taxes and $21,000 for Canadian taxes, and a deferred tax expense of $113,000.
During the first three months of 2010 our cash and cash equivalents increased by $0.9 million to $9.4 million at March 31, 2010, from $8.5 million at December 31, 2009. During the first three months of 2010, net cash provided by operating activities amounted to $0.7 million; net cash provided by investing activities amounted to $0.9 million and net cash used in financing activities amounted to $0.8 million.
Net cash provided by investing activities in the first three months of 2010 amounted to $0.9 million. This primarily resulted from net sales of $1.0 million in marketable securities. These securities are highly rated and highly liquid. These securities are classified as available-for-sale securities in accordance with ASC Topic 320 “Investments in Debt and Equity Securities”, and as a result, unrealized gains and losses are reported as part of accumulated other comprehensive income (loss). Net sales of $1.0 million in marketable securities were partially offset by $0.1 million of capital expenditures.
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Wayside Technology Group, Inc. has a market cap of $46.79 million; its shares were traded at around $9.69 with a P/E ratio of 12.42 and P/S ratio of 0.32. The dividend yield of Wayside Technology Group, Inc. stocks is 6.19%.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.
Highlight of Business Operations:
Net sales for the first quarter of 2010 increased 27% or $8.6 million to $40.4 million compared to $31.7 million for the same period in 2009. Total sales for the first quarter of 2010 for our Lifeboat segment were $29.1 million compared to $20.2 million in the first quarter of 2009, representing an increase of $8.9 million or 44%. Total sales for the first quarter of 2010 for our Programmer s Paradise segment were $11.2 million compared to $11.5 million in the first quarter of 2009, representing a 2% decrease.Gross Profit for the quarter ending March 31, 2010 was $4.0 million compared to $3.5 million in the first quarter of 2009, a 14% increase. Total gross profit for our Lifeboat segment was $2.7 million compared to $2.0 million in the first quarter of 2009, representing a 32% increase. This increase in gross profit was due to aggressive sales volume growth within our Lifeboat segment. Total gross profit for our Programmer s Paradise segment was $1.3 million compared to $1.5 million in the first quarter of 2009, representing a 10% decrease. This decrease was primarily due to the lower sales volume and competitive pricing pressure.
Direct selling costs (a component of SG&A) for the first quarter of 2010 were $1.5 million compared to $1.3 million in the first quarter of 2009. Total direct selling costs for our Programmer s Paradise segment for the first quarter of 2010 were $0.7 million compared to $0.7 million in the same period in 2009. Total direct selling costs for our Lifeboat segment for the first quarter of 2010 were $0.8 million compared to $0.7 million in the first quarter of 2009.
For the quarter ended March 31, 2010, the Company recorded a provision for income taxes of $424,000 which consists of a provision of $215,000 for U.S. federal income taxes as well as a $62,000 provision for state and local taxes and $38,000 for Canadian taxes, and a deferred tax expense of $109,000. For the quarter ended March 31, 2009, the Company recorded a provision for income taxes of $384,000, which consists of a provision of $202,000 for U.S. federal income taxes as well as $49,000 for state and local taxes and $21,000 for Canadian taxes, and a deferred tax expense of $113,000.
During the first three months of 2010 our cash and cash equivalents increased by $0.9 million to $9.4 million at March 31, 2010, from $8.5 million at December 31, 2009. During the first three months of 2010, net cash provided by operating activities amounted to $0.7 million; net cash provided by investing activities amounted to $0.9 million and net cash used in financing activities amounted to $0.8 million.
Net cash provided by investing activities in the first three months of 2010 amounted to $0.9 million. This primarily resulted from net sales of $1.0 million in marketable securities. These securities are highly rated and highly liquid. These securities are classified as available-for-sale securities in accordance with ASC Topic 320 “Investments in Debt and Equity Securities”, and as a result, unrealized gains and losses are reported as part of accumulated other comprehensive income (loss). Net sales of $1.0 million in marketable securities were partially offset by $0.1 million of capital expenditures.
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