Systemax trims losses despite sales decline
Systemax Inc., an online marketer of technology products, posted a 7.3 percent decline in second quarter net sales, but narrowed its net loss in an earnings release after Tuesday’s market close.
The Port Washington company reported net sales of $420.8 million compared to $434.9 million in the year-ago period. The company posted a net loss from continuing operations of $2 million, or 5 cents per diluted share, in the period ended June 30, versus a net loss of $16.7 million, or 45 cents per diluted share, in the 2015 quarter.
“In the quarter we continued to streamline our business, optimize our operations and took additional steps to improve our long-term profitability,” chief executive Larry Reinhold said in a statement.
In July, Systemax said it was selling assets and transferring employees of its Misco Germany unit to Cancom, a German technology company.
Shares of Systemax rose 4 percent to $8.95 Tuesday and were unchanged after hours.
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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