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PC Connection, Inc. Reports Fourth Quarter and Full Year 2012 Results

PC Connection, Inc. (NASDAQ: PCCC):

FOURTH QUARTER SUMMARY:

   

FULL YEAR SUMMARY:

  • Diluted EPS: $0.33 per share, up 18% y/y
  • Pro forma diluted EPS: $1.27, up 19% y/y
  • Net sales: $556.2 million, up 1% y/y
  • Net sales: $2.159 billion, up 2.6% y/y
  • Gross margin: 12.9%, increase of 50 basis points y/y
  • Gross margin: 13.1%, increase of 50 basis points y/y
  • Operating income: $14.6 million, 2.6% of net sales
  • Cash $39.9 million, up $35.3 million from 2011
 

PC Connection, Inc. (NASDAQ: PCCC), a provider of a full range of information technology (IT) solutions to business, government, and education markets, today announced results for the quarter and year ended December 31, 2012. Net sales for the fourth quarter of 2012 increased by 0.6% year over year to $556.2 million compared to $553.2 million for the fourth quarter of 2011. Overall gross profit dollars for the quarter increased by 4.3% to $71.7 million compared to the prior year quarter. Net income for the quarter increased to $8.9 million, or $0.33 per share, compared to $7.4 million, or $0.28 per share, for the prior year quarter.

Net sales for the year ended December 31, 2012 were $2.2 billion, an increase of $55.6 million, or 2.6%, compared to $2.1 billion for the year ended December 31, 2011. Net income for the year ended December 31, 2012 increased 14.9% to $33.1 million, or $1.24 per share, compared to $28.8 million, or $1.07 per share, for the year ended December 31, 2011. Excluding special charges related to retirement and severance payments, pro forma net income for the year ended December 31, 2012 would have been $33.8 million, or $1.27 per share, representing 18.7% EPS growth over prior year. We did not record any special charges for the year ended December 31, 2011. Earnings before interest, taxes, depreciation and amortization, stock-based compensation expense, and special charges (“Adjusted EBITDA”) totaled $63.3 million for 2012, as compared to $54.4 million for 2011.

In the first quarter of 2012, we combined our consumer and small office/home office (“SOHO”) sales company with our small- and medium-sized business (SMB) segment. In order to facilitate comparison with current period results, 2011 revenues and gross margins for the SMB segment have been restated to include consumer and SOHO sales.

Quarterly Sales by Segment:

  • Net sales for the SMB business segment were $228.5 million in the fourth quarter of 2012. Sales to small and medium businesses were up slightly year over year. However, when combined with lower consumer sales, sales for this segment decreased by 5.2%. Gross margin increased year over year by 60 basis points as we continue to provide advanced technologies and solutions to our customers.
  • Net sales for the Large Account segment increased by 2.7% to $202.3 million compared to sales in the fourth quarter of 2011. The increase was due to higher notebook and software sales which have increased year over year on a quarterly basis for three straight years. Gross profit increased to $22.6 million due to a 40 basis-point margin improvement which we attribute to our strategic focus on higher-margin solution sales.
  • Net sales to government and education customers (Public Sector segment) increased year over year by 9.1% to $125.5 million. We gained market share during the quarter in a challenging public-sector environment. Sales to state and local government and educational institutions increased by 7.5%, and sales to the federal government grew by 10.7% year over year.

Quarterly Sales by Product Mix:

  • Notebook sales, the Company’s largest product category, increased by 8.3% year over year and accounted for 19% of net sales in the fourth quarter of 2012 compared to 17% of net sales in the fourth quarter of 2011. The growth was attributable to increased unit sales, as average selling prices decreased by single digits on a rate basis.
  • Software sales increased by 7.4% year over year, accounting for 16% of net sales in the fourth quarter of 2012 compared to 15% of net sales in the fourth quarter of 2011. Software sales increased in Large Account due to higher demand in virtualization and security.
  • Desktop/server sales decreased by 6.7% year over year, accounting for 14% of net sales in the fourth quarter of 2012 compared to 16% of net sales in the fourth quarter of 2011. The decline was primarily a result of lower unit sales and average selling prices for servers.

Consolidated gross margin, as a percentage of net sales, increased year over year by 50 basis points to 12.9% in the fourth quarter of 2012. As our customers migrate to data center and advanced technology solutions, we have experienced increased sales of higher margin products and services.

Total selling, general and administrative expenses for the quarter were relatively flat year over year, and remained unchanged as a percentage of net sales for both the fourth quarter of 2012 and 2011. We continue to look for ways to increase efficiency while maintaining tight cost control management. The Company is implementing a Customer Master Data Management system to enhance our capabilities and target additional selling opportunities, which is scheduled to be placed into service in 2013. This will conclude the first phase of a comprehensive initiative to improve our internal IT infrastructure. Depreciation expense for this asset is expected to add approximately $2.0 million in SG&A expenses in 2013, which may increase our SG&A rates.

The Company generated significant positive cash flow for the year ended December 31, 2012. Total cash was $39.9 million compared to $4.6 million at December 31, 2011. In addition, there were no amounts outstanding on the Company’s line of credit at December 31, 2012, compared to $5.3 million outstanding at December 31, 2011. Days sales outstanding were 41 days at December 31, 2012, and inventory turns were 27 times in the fourth quarter of 2012.

During the quarter, the Company had two significant cash transactions. A special cash dividend of $0.38 per share was made to shareholders of record on November 28, 2012. The total cash payment of $10.1 million was paid on December 14, 2012. The Company also purchased 600,000 shares of its common stock from two principal stockholders at an average price of $10.58 per share. The stock purchase totaled $6.3 million and is reported as a Treasury Stock purchase in our Condensed Consolidated Statement of Cash Flows.

“During the fourth quarter we continued to drive gross margin improvement and double-digit earnings growth while facing soft overall demand due to the macro-economic environment,” said Tim McGrath, President and Chief Executive Officer. “Overall, 2012 was a strong year for the Company, as evidenced by our 19% growth in pro forma earnings per share, and the $70 million in cash we generated from operating activities. Our performance enabled us to pay a special dividend to shareholders for the second year in a row, fund our capital expenditures related to enhancing internal IT systems, and purchase common stock in an accretive transaction. In 2013, we are focused on top-line growth and improved bottom-line performance to enhance earnings and shareholder value.”

Non-GAAP Financial Information

Adjusted EBITDA, pro forma net income, and pro forma earnings per share are non-GAAP financial measures. This information is included to provide information with respect to the Company’s operating performance and earnings. Reconciliations of Adjusted EBITDA, pro forma net income, and pro forma earnings per share to GAAP net income are provided in tables immediately following the Condensed Consolidated Statements of Income.

Conference Call and Webcast

The Company will host a conference call and live web cast today at 4:30 p.m. ET to discuss fourth quarter and full year 2012 results of operations. To access the conference call, please dial 877-776-4016 (US) or 973-638-3231 (International). The conference call will be available to the general public on a live webcast (in listen only mode) on the Company’s website at http://ir.pcconnection.com. To access the replay of the call, please dial 800-585-8367 or 404-537-3406 and enter the access code 79874265.

About PC Connection, Inc.

PC Connection, Inc., a Fortune 1000 company, has four sales companies: PC Connection Sales Corporation, MoreDirect, Inc., GovConnection, Inc., and Professional Computer Center, Inc. (d/b/a ValCom Technology), headquartered in Merrimack, NH; Boca Raton, FL; Rockville, MD; and Itasca, IL, respectively. All four companies can deliver custom-configured computer systems overnight from our ISO 9001:2008 certified technical configuration lab at our distribution center in Wilmington, OH. Investors and media can find more information about PC Connection, Inc. at http://ir.pcconnection.com.

PC Connection Sales Corporation (800-800-5555), the original business of PC Connection, Inc. serving primarily the small- and medium-sized business sector, is a rapid-response provider of IT products and services. It offers more than 300,000 brand-name products through its staff of technically trained sales account managers and telesales specialists, catalogs, publications, and its website at www.pcconnection.com. This company also serves consumer and small office users and is, under its MacConnection brand (800-800-2222), one of Apple’s largest authorized online resellers at www.macconnection.com.

MoreDirect, Inc. (561-237-3300), www.moredirect.com, provides corporate technology buyers with best-in-class IT solutions, in-depth IT supply-chain expertise, and access to over 300,000 products and 1,600 vendors through TRAXX™, a cloud-based eProcurement system. Backed by over 500 technical certifications, MoreDirect’s team of engineers, software licensing specialists, and project managers help reduce the cost and complexity of buying hardware, software, and services throughout the entire IT lifecycle.

GovConnection, Inc. (800-800-0019) is a rapid-response provider of IT products and services to federal, state, and local government agencies and educational institutions through specialized account managers, catalogs, publications, and online at www.govconnection.com.

Professional Computer Center, Inc., d/b/a ValCom Technology (630-285-0500), www.valcomtechnology.com, provides technology services to medium-to-large corporate organizations utilizing its proprietary cloud-based IT service management software, WebSPOC™. Through its experienced technical service personnel, ValCom Technology provides network, server, storage, mission-critical onsite support, installation, and hosting of lifecycle services.

# # #

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of changes in market demand and the overall level of economic activity and environment, or in the level of business investment in information technology products, competitive products and pricing, product availability and market acceptance, new products, fluctuations in operating results, and the ability of the Company to manage personnel levels in response to fluctuations in revenue, and other risks that could cause actual results to differ materially from those detailed under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2011. More specifically, the statements in this release concerning the Company’s outlook for gross margin and selling, general, and administrative expenses in 2013 and other statements of a non-historical basis (including statements regarding the Company’s ability to grow revenues, improve gross margins, increase market share, control costs, and increase earnings per share) are forward-looking statements that involve certain risks and uncertainties. Such risks and uncertainties include the ability to realize market demand for and competitive pricing pressures on the products and services marketed by the Company, the continued acceptance of the Company's distribution channel by vendors and customers, continuation of key vendor and customer relationships and support programs, the ability of the Company to gain or maintain market share, the ability of the Company to match cost levels with changes in revenues, and the ability of the Company to hire and retain qualified sales representatives and other essential personnel. The Company disclaims any obligation to update the information in this press release or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise.

                     
CONSOLIDATED SELECTED FINANCIAL INFORMATION
At or for the Three Months Ended December 31,   2012   2011    
    % of   % of %
(Amounts and shares in thousands, except operating data, P/E ratio, and per share data)       Net Sales     Net Sales Change
 
Operating Data:
Net sales $ 556,247 $ 553,162 1 %
Diluted earnings per share $ 0.33 $ 0.28 18 %
 
Gross margin 12.9 % 12.4 %
Operating margin 2.6 % 2.1 %
Return on equity (1) 11.9 % 10.9 %
 
Orders entered (2) 297,200 329,600 (10 %)
Average order size (2) $ 2,216 $ 1,958 13 %
 
Inventory turns (1) 27 25
Days sales outstanding 41 47
 
 
Product Mix:
Notebook $ 103,178 19 % $ 95,296 17 % 8 %
Software 87,820 16 81,744 15 7 %
Desktop/Server 79,706 14 85,464 16 (7 %)
Net/Com Product 56,900 10 60,757 11 (6 %)
Video, Imaging & Sound 49,520 9 51,640 9 (4 %)
Storage 39,556 7 40,638 7 (3 %)
Printer and Printer Supplies 36,151 7 41,043 8 (12 %)
Memory and System Enhancement 19,362 3 22,582 4 (14 %)
Accessory/Other   84,054   15     73,998   13   14 %
Total Net Sales $ 556,247   100 % $ 553,162   100 % 1 %
 
 
Stock Performance Indicators:
Actual shares outstanding 25,887 26,365
Total book value per share $ 11.25 $ 10.37
Tangible book value per share $ 9.13 $ 8.23
Closing price $ 11.50 $ 11.09
Market capitalization $ 297,701 $ 292,388
Pro forma trailing price/earnings ratio 9.1 10.4
LTM Adjusted EBITDA (3) $ 63,314 $ 54,386
Market capitalization/LTM EBITDA 4.7 5.4
 
(1) Annualized
(2) Does not reflect cancellations or returns
(3) Adjusted EBITDA is defined as EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for stock-based compensation and special charges.
 
                 
REVENUE AND MARGIN INFORMATION
For the Three Months Ended December 31,   2012 2011
Net Gross Net Gross
(amounts in thousands) Sales   Margin Sales   Margin
 
SMB $ 228,493 14.6 % $ 241,135 14.0 %
Large Account 202,271 11.2 197,049 10.8
Public Sector   125,483   12.5   114,978   11.9
Total $ 556,247   12.9 % $ 553,162   12.4 %
 

 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended December 31,   2012   2011
(amounts in thousands, except per share data)   Amount   % of Net Sales   Amount   % of Net Sales
 
Net sales $ 556,247 100.0 % $ 553,162 100.0 %
Cost of sales   484,546   87.1     484,427     87.6  
Gross profit 71,701 12.9 68,735 12.4
 
Selling, general and administrative expenses   57,063   10.3     56,952     10.3  
Income from operations 14,638 2.6 11,783 2.1
 
Interest expense, net (15 ) - (88 ) -
Income tax provision   (5,754 ) (1.0 )   (4,268 )   (0.8 )
Net income $ 8,869   1.6 % $ 7,427     1.3 %
 
Earnings per common share:
Basic $ 0.34   $ 0.28  
Diluted $ 0.33   $ 0.28  
 
Weighted average common shares outstanding:
Basic   26,413     26,451  
Diluted   26,598     26,599  
 
 
                 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31,   2012   2011
(amounts in thousands, except per share data) Amount % of Net Sales Amount % of Net Sales
 
Net sales $ 2,158,873 100.0 % $ 2,103,295 100.0 %
Cost of sales   1,876,784   86.9     1,838,411     87.4  
Gross profit 282,089 13.1 264,884 12.6
 
Selling, general and administrative expenses 226,322 10.5 217,273 10.3
Special charges   1,135   0.1     -     -  
Income from operations 54,632 2.5 47,611 2.3
 
Interest expense, net (125 ) - (180 ) -
Income tax provision   (21,436 ) (1.0 )   (18,644 )   (0.9 )
Net income $ 33,071   1.5 % $ 28,787     1.4 %
 
Earnings per common share:
Basic $ 1.25   $ 1.08  
Diluted $ 1.24   $ 1.07  
 
Weighted average common shares outstanding:
Basic   26,431     26,703  
Diluted   26,586     26,800  
 
 
                 
A RECONCILIATION BETWEEN GAAP AND PRO FORMA NET INCOME
Years Ended December 31,           2012   2011

(provided for comparison of our operating results
 without special charges, amounts in thousands)

GAAP net income $ 33,071 $ 28,787
Special charges (after tax)   681     -  
Pro forma net income $ 33,752   $ 28,787  
 
Pro forma diluted earnings per common share $ 1.27   $ 1.07  
 

         
EBITDA AND ADJUSTED EBITDA        
           
A reconciliation of EBITDA and Adjusted EBITDA is detailed below. EBITDA is defined as earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA means EBITDA adjusted for certain items which are described in the table below. Both EBITDA and Adjusted EBITDA are considered non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. We believe that EBITDA and Adjusted EBITDA provide helpful information with respect to our operating performance including our ability to fund our future capital expenditures and working capital requirements. Adjusted EBITDA also provides helpful information as it is the primary measure used in certain financial covenants contained in our credit agreements.
 
(amounts in thousands) Three Months Ended December 31, Years Ended December 31,
2012 2011 % Change 2012 2011 % Change
Net income $ 8,869 $ 7,427 $ 33,071 $ 28,787
Depreciation and amortization 2,044 1,578 6,895 5,951
Income tax expense 5,754 4,268 21,436 18,644
Interest expense, net   15   88   125     180
EBITDA 16,682 13,361 61,527 53,562
Stock-based compensation 118 126 1,494 824
Other special charges   -   -     293     -  
Adjusted EBITDA $ 16,800 $ 13,487   25 % $ 63,314   $ 54,386 16 %
 
 
 
 
                 
December 31, December 31,
CONDENSED CONSOLIDATED BALANCE SHEETS   2012 2011
(amounts in thousands)
 
ASSETS
Current Assets:
Cash and cash equivalents $ 39,907 $ 4,615
Accounts receivable, net 267,310 295,188
Inventories 69,637 77,437
Prepaid expenses and other current assets 3,934 4,713
Deferred income taxes 5,250 4,436
Income taxes receivable   434     1,927  
Total current assets 386,472 388,316
Property and equipment, net 26,104 22,570
Goodwill 51,276 51,276
Other intangibles, net 3,757 5,205
Other assets   714     652  
Total Assets $ 468,323   $ 468,019  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current maturities of capital lease obligation to affiliate $ 989 $ 971
Borrowings under bank line of credit - 5,267
Accounts payable 126,110 130,900
Accrued expenses and other liabilities 22,562 30,902
Accrued payroll   13,824     12,964  
Total current liabilities 163,485 181,004
Deferred income taxes 10,514 9,026
Other liabilities 3,021 3,471
Capital lease obligation to affiliate, less current maturities   -     989  
Total Liabilities   177,020     194,490  
Stockholders’ Equity:
Common stock 278 276
Additional paid-in capital 101,735 99,957
Retained earnings 205,271 182,274
Treasury stock at cost   (15,981 )   (8,978 )
Total Stockholders’ Equity   291,303     273,529  
Total Liabilities and Stockholders’ Equity $ 468,323   $ 468,019  
 

         
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
Years Ended December 31,       2012 2011
(amounts in thousands)
Cash Flows from Operating Activities:
Net income $ 33,071 $ 28,787
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 6,895 5,951
Provision for doubtful accounts 1,561 2,768
Deferred income taxes 674 2,581
Stock-based compensation expense 1,494 824
Loss on disposal of fixed assets 82 16
Income tax benefit from stock-based compensation 213 112
Excess tax benefit from exercise of stock options (15 ) (15 )
Fair value adjustment to contingent consideration (44 ) (80 )
 
Changes in assets and liabilities:
Accounts receivable 26,317 (56,682 )
Inventories 7,800 (2,850 )
Prepaid expenses and other current assets 2,272 (673 )
Other non-current assets (62 ) (219 )
Accounts payable (4,613 ) 14,497
Accrued expenses and other liabilities   (5,986 )   (309 )
Net cash provided by (used for) operating activities   69,659     (5,292 )
 
Cash Flows from Investing Activities:
Purchases of property and equipment (9,250 ) (10,855 )
Proceeds from sale of equipment 10 4
Acquisition of ValCom Technology, net of cash acquired - (4,745 )
Purchase of intangible asset   -     (450 )
Net cash used for investing activities   (9,240 )   (16,046 )
 
Cash Flows from Financing Activities:
Repayment of short-term borrowings (12,471 ) (54,106 )
Proceeds from short-term borrowings 7,204 59,373
Dividend payment (10,074 ) (10,588 )
Purchase of treasury shares (7,813 ) (3,823 )
Payment of contingent consideration (1,900 ) -
Payment of payroll taxes on stock-based compensation through shares withheld (504 ) (206 )
Repayment of capital lease obligation to affiliate (971 ) (870 )
Issuance of stock under Employee Stock Purchase Plan 515 380
Exercise of stock options 872 404
Excess tax benefit from exercise of stock options   15     15  
Net cash used for financing activities   (25,127 )   (9,421 )
Increase (decrease) in cash and cash equivalents 35,292 (30,759 )
Cash and cash equivalents, beginning of period   4,615     35,374  
Cash and cash equivalents, end of period $ 39,907   $ 4,615  
 
Non-cash Investing and Financing Activities:
Issuance of nonvested stock from treasury $ 1,314 $ 633
Accrued capital expenditures 253 430
Contingent consideration recorded in accrued expenses and other liabilities - 1,960
 

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