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November 9, 2010

Systemax Q3 sales up 14% to $862.7m

Diluted earnings per share down 32% to $0.23

By CBR Staff Writer

Hardware retailer Systemax has reported total net sales of $862.7m for the third quarter of 2010, an increase of 14% compared to $753.9m for the same period last year.

The company posted an operating income decreased to $12m for the third quarter of 2010, compared to $19.4m for the same period last year.

Gross margin was 13.5%, compared to 15% in the third quarter of 2009.

Operating margin was 1.4% for the third quarter of 2010, compared to 2.6% for the same period last year.

For the third quarter ended 30 September 2010, the company posted gross profit of $116.7m, an increase of 3.5% compared to a gross profit of $112.8m for the same quarter a year ago.

Diluted EPS decreased by 32% to $0.23 from $0.34 per share for year ago quarter.

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Systemax chairman and chief executive officer Richard Leeds said during the third quarter, they experienced strong top-line results with consolidated revenue up 14% from the prior year, benefiting once again from solid performances in their business-to-business technology and industrial operations.

"Our operating margin was impacted by $2.9m of one-time charges associated with the WStore integration and we remain focused on improving our bottom line performance, as we look to control costs and increase the efficiency of our operations," Leeds said.

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