PC Connection, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, net income increased by 52.1% to $11.3 million, or $0.42 per basic and diluted share, compared to net income of $7.4 million, or $0.28 per basic and diluted share for the prior year's quarter. Prior to the impact of the new accounting standard, basic and diluted EPS would have been $0.41 per share. Net sales as presented for the quarter ended March 31, 2018 were $624.9 million. Net sales prior to the impact of the new revenue recognition standard for the quarter ended March 31, 2018 increased by 4.5% to $700.5 million, compared to $670.6 million for the prior year's quarter. Operating income as presented for the quarter ended March 31, 2018 was $15.5 million. Operating income prior to the impact of the new revenue recognition standard was $15.0 million, compared to $11.5 million in the same quarter a year ago. Net income prior to the impact of the new revenue recognition standard was $10.9 million, compared to $7.4 million in the first quarter a year ago, an increase of 47%. EBITDA was at $18.914 million against $14.35 million reported last year. Net cash provided by operating activities for the quarter was at $37.244 million against $25.425 million reported last year. Purchases of equipment was at $5.01 million against $1.49 million reported last year. Adjusted EBITDA was $19,121,000 compared to $14,537,000 a year ago. Moving to capital expenditures. During first quarter of 2018, the company capitalized $2 million for new ERP system upgrade that is in process.

The company expect tax rate for the remainder of 2018 to be in the range of 27% to 29%.