Systemax Q1 Sales Gain 10.7%, Income Slides

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After releasing restated 2004 financial results Sept. 9, computer DMer Systemax Inc. reported sales last week for its fiscal first quarter ended March 31.


The Port Washington, NY, company, which manufactures and distributes PC hardware and related computer products through its Tiger Direct catalog and various Web sites, said first-quarter net sales totaled $536.4 million, a 10.7 percent increase over last year. Net income totaled $2.1 million compared with $3.7 million last year.


The results had not been reviewed yet by independent registered public accountants, but Systemax management said it thinks the results accurately reflect the results of operations and financial condition of the company.


"Our computer business continued to achieve increased sales resulting from increased e-commerce activity, especially in the North American consumer market," Systemax chairman/CEO Richard Leeds said in a statement. "Our e-commerce sales now represent 28.8 percent of worldwide sales compared to 24.9 percent last year."


The company said it anticipates releasing results for the second and third quarters of fiscal 2005 during the next six weeks.


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