By Business Wirevia The Motley Fool
Filed under: Investing
PFSweb Reports Fourth Quarter and Year-End 2012 Results
Full Year 2012 Adjusted EBITDA Nearly Doubles to $12.0 Million Compared to 2011
ALLEN, Texas–(BUSINESS WIRE)– PFSweb, Inc. (Nasdaq: PFSW), an international provider of end-to-end eCommerce solutions, today announced its financial results for the fourth quarter and year ended December 31, 2012.
Mike Willoughby, Chief Executive Officer of PFSweb, stated, “Driven by strong overall eCommerce activity with our existing and new client relationships, PFSweb reported record Service Fee Equivalent Revenue for both the December quarter and calendar year 2012. Meanwhile, we continued to execute on our strategy to achieve scale in our business while increasing operational efficiencies. Those efforts paid off, resulting in the Company nearly doubling its Adjusted EBITDA to $12.0 million for the year ended December 31, 2012, compared to $6.1 million in the year prior.
“During the past four months, we launched six End2End programs for new clients, including sites for BCBGMAXAZRIA, BCBGENERATION, HERVÉ LÉGER BY MAX AZRIA, Pandora and Diageo. We also launched new fulfillment programs for two health and beauty brands under a new master contract with a major consumer packaged goods company. In addition, we continue to have a strong business pipeline with more than $45 million in average annual contract value based on client projections. As a result of the capital investments we made in 2012 to improve the scalability and efficiency of our warehouse, distribution and technology capabilities to handle holiday peak seasons, our operational performance during our fourth quarter was very strong. With our recent holiday success behind us, we are poised to not just meet, but exceed, our clients’ expectations while demonstrating that we can deploy best-in-class eCommerce solutions for our clients and drive value for shareholders,” added Mr. Willoughby.
Summary of consolidated results for the fourth quarter ended December 31, 2012:
- Service Fee revenue increased 9% to a record level of $35.4 million, compared to $32.5 million for the same period in 2011; Service Fee Equivalent Revenue (as defined) increased 7% to a record level of $38.0 million, compared to $35.4 million for the same period in 2011;
- Total revenue decreased 12% to $77.0 million, compared to $87.5 million for the fourth quarter of 2011;
- Adjusted EBITDA (as defined) …read more
Source: FULL ARTICLE at DailyFinance
