Wayside Technology Group, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Year 2018
February 28, 2018 at 06:53 am EST
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Wayside Technology Group, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total revenue was $126,955,000 against $119,965,000 a year ago. Income from operations was $2,500,000 against $2,858,000 a year ago. Income before provision for income taxes was $2,750,000 against $2,992,000 a year ago. Net income was $1,128,000 against $1,967,000 a year ago. Diluted and basic income per share was $0.25 against $0.43 a year ago.
For the year, the company reported total revenue was $449,379,000 against $418,131,000 a year ago. Income from operations was $7,813,000 against $8,616,000 a year ago. Income before provision for income taxes was $8,553,000 against $8,933,000 a year ago. Net income was $5,062,000 against $5,901,000 a year ago. Diluted and basic income per share was $1.13 against $1.25 a year ago. The decrease in earnings was primarily due to the income tax charges and the decline in gross margin from its TechXtend segment, resulting from lower extended payment term sales. Adjusted net sales were $160,567,000 against $164,609,000 a year ago. Adjusted income from operations was $7,813,000 against $8,616,000 a year ago. Adjusted net income was $5,062,000 against $5,901,000 a year ago. Adjusted basic and diluted income per share was $1.25 against $1.22 a year ago.
The company expect an effective tax rate in the range of 24% to 26% for the year 2018.
Climb Global Solutions, Inc. is a value-added information technology (IT) distribution and solutions company. The Company primarily operates through its Distribution segment, which distributes emerging technologies to corporate resellers, value-added resellers (VARs), consultants and systems integrators worldwide under the name Climb Channel Solutions. This segment distributes technology products from software developers, software vendors or original equipment manufacturers (OEMs) to resellers, and system integrators worldwide. The Company's Solutions segment is a cloud solutions provider and value-added reseller of software, hardware, and services for customers worldwide under the name Grey Matter. Across both segments, the Company offers an extensive line of products from software vendors and tools for virtualization/cloud computing, security, networking, storage and infrastructure management, application lifecycle management and other technically sophisticated domains.
Wayside Technology Group, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Year 2018