Systemax reports narrower loss, higher revenues
Systemax Inc., a Port Washington electronics retailer, reported that it will acquire a Milwaukee equipment group for $25 million in cash.
Port Washington-based Systemax Inc. reported a narrower third-quarter loss as it boosted revenue from technology supplies and industrial products.
The company said sales rose 4 percent, to $825.4 million, during the three months that ended in September. The company's net loss shrank to $2.8 million from $11.6 million one year ago.
Systemax, which has reported eight consecutive quarterly losses, has struggled since the recession as its division that sells consumer electronics through stores and a variety of websites and catalogs has floundered. Those retail sales, which encompass roughly a quarter of the company's overall revenue, fell 8 percent during the quarter, to $201.2 million.
"Our North American consumer technology channel sales remain soft," Systemax chairman and chief executive Richard Leeds said in a statement.
Leeds, however, expressed confidence, saying Systemax's sales of technology supplies to North America were up 5 percent, to $200.8 million. The company's revenue from industrial products, meanwhile, was up 14 percent, $142.7 million.
The company employs about 5,100 people globally, including roughly 300 on Long Island.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
