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.
'The thing that really struck me was the duality of it' Suffolk County District Attorney Ray Tierney sat down with Newsday's Doug Geed following Rex A. Heuermann's guilty plea in court.
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