Exhibit 99.1
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Company Contact:
Bill Willett
Programmer's Paradise(R), Inc.
Chairman and Chief Executive Officer
(732)-389-8950
bill.willett@programmers.com
PROGRAMMER'S PARADISE(R), INC. REPORTS 2003 FIRST QUARTER
FINANCIAL RESULTS
SHREWSBURY, NJ, May 1, 2003 - Programmer's Paradise(R), Inc. (NASDAQ: PROG)
today reported financial results for the first quarter ended March 31, 2003. The
results will be discussed in a conference call to be held on Friday, May 2, 2003
at 10:00 AM Eastern time. The dial-in telephone number is (952) 556-2835 and the
pass code is "PROG".
Revenue for the quarter ended March 31, 2003 was $15.2 million compared with
$17.4 million for the quarter ended March 31, 2002. The quarter over quarter
revenue decline reflects the impact of the continued difficult economic
conditions. However, sales increased by 2% over the immediately preceding
quarter.
Bill Willett, Chairman and Chief Executive Officer, stated, "The actions we have
taken to reduce expenses and to increase productivity have resulted in a
profitable quarter for the company."
Earnings per share for the quarter were $.01 as compared to earnings per share
of $.02 per share for the same period in 2002.
Programmer's Paradise, Inc. is a marketer of technical software and hardware for
microcomputers, servers and networks in the United States and Canada.
Programmer's Paradise offers a wide variety of technical and general business
application software, PC hardware and components from a broad range of
publishers and manufacturers. Additional information can be found by visiting
www.programmersparadise.com.
Contact Programmer's Paradise, Inc. via Bill Willett, CEO of Programmer's
Paradise, Inc. at (732) 389-8950 or bill.willett@programmers.com.
The statements in this release concerning the Company's future prospects are
forward-looking statements that involve certain risks and uncertainties. Such
risks and uncertainties include the continued acceptance of the Company's
distribution channel by vendors and customers, the timely availability and
acceptance of new products, and contribution of key vendor relationships and
support programs.
- Tables Follow -
PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS
March 31, December 31,
2003 2002
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(Unaudited) (Audited)
Current assets
Cash and cash equivalents $ 5,307 $ 6,072
Marketable Securities 5,474 5,110
Accounts receivable, net 6,224 6,342
Inventory - finished goods 1,002 1,151
Prepaid expenses and other current assets 196 264
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Total current assets 18,203 18,939
Equipment and leasehold improvements, net 432 460
Other assets 64 69
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Total assets $ 18,699 $ 19,468
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 7,034 $ 7,772
Dividend payable 375 -
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Total current liabilities 7,409 7,772
Commitments and contingencies
Stockholders' equity
Common stock 52 52
Additional paid-in capital 35,109 35,484
Treasury stock (4,375) (4,184)
Retained earnings (19,470) (19,511)
Accumulated other comprehensive loss (26) (145)
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Total stockholders' equity 11,290 11,696
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Total liabilities and stockholders' equity $ 18,699 $ 19,468
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PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
(Unaudited)
(In thousands, except per share data)
Three months ended
March 31,
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2003 2002
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Net sales $ 15,198 $ 17,445
Cost of sales 13,210 15,173
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Gross profit 1,988 2,272
Selling, general and administrative expenses 1,978 2,168
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Income (loss) from operations 10 104
Interest income, net 31 52
Unrealized foreign exchange gain/(loss) 22 (10)
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Income (loss) before income tax provision 63 146
Provision (benefit) for income taxes 22 48
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Net income (loss) $ 41 $ 98
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Net income (loss) per common share-Basic $ 0.01 $ 0.02
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Net income (loss) per common share-Diluted $ 0.01 $ 0.02
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Weighted average common shares outstanding-Basic 3,745 4,919
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Weighted average common shares outstanding-Diluted 3,754 4,928
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Reconciliation to comprehensive income (loss):
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Net Income (loss) $ 41 $ 98
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Other comprehensive loss, net of tax:
Unrealized loss on available-for-sale securities (5) -
Foreign currency translation adjustments 124 (43)
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Total comprehensive income (loss) $ 160 $ 55
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