Systemax posts higher sales, income from continuing operations
Systemax Inc. of Port Washington, seen in an undated photo, reported Thursday, May 4, 2017, that first quarter earnings that were stronger than expected. Credit: Newsday
Systemax Inc. Thursday reported higher net sales for the quarter ended March 31, but a wider net loss from discontinued operations amid a corporate restructuring.
Net sales rose to $302.5 million, a 5.5 percent increase compared to the year-earlier quarter. Net income from continuing operations grew to $10.3 million from $1.5 million in the 2016 quarter. But net loss from discontinued operations widened to $28.8 million from a loss of $18.8 million in the year-earlier period.
“More than a year ago we commenced a strategy to exit our underperforming businesses and streamline our company,” chief executive Larry Reinhold said in a statement. “With the sale of the remainder of our underperforming businesses in Europe in March 2017, we have substantially completed this initiative.”
Port Washington-based Systemax, once a major computer retailer and owner of the CompUSA, Circuit City and TigerDirect brands, recast itself as a seller of industrial equipment and supplies in the United States and Canada and technology products for businesses and government customers in France and Belgium.
Systemax shares gained 3 cents to close Thursday at $12.94.
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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