Systemax loss narrows in 3Q from year earlier
Online computer equipment vendor Systemax on Monday reported a narrower net loss compared with a year earlier. Credit: Systemax Inc.
Online computer equipment vendor Systemax Inc. Monday reported an overall narrower net loss compared with a year earlier as its losses from discontinued operations shrank.
The Port Washington company posted a net loss of $5.8 million, or 16 cents per diluted share, versus a net loss of $10.3 million, or 27 cents per diluted share, in the 2015 period.
Not counting discontinued operations, the company swung to a third quarter net loss from a profit a year earlier, as gains in France and the Netherlands failed to offset weakness in other markets.
Systemax reported a net loss from continuing operations of $5.5 million, or 15 cents per diluted share, for the quarter ended Sept. 30. That compared to net income from continuing operations of $1.7 million, or 5 cents per diluted share, in the year earlier period.
Currency fluctuations dragged on net sales, which declined by 2 percent to $414.8 million. Excluding the impact of currency variations, sales increased 0.5 percent.
Chief executive Larry Reinhold said in a statement that nearly 20 sales representatives were hired in an effort “to improve the business” of the company’s European Technology Products Group.
In 2015, Systemax announced that it would exit its brick-and-mortar electronics business after two executives who ran the company’s Miami retail operation were convicted of taking kickbacks from vendors.
Shares of Systemax gained 1 percent to close at $7.85 Monday on the New York Stock Exchange, and were unchanged in after-hours trading.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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