Systemax posts $1.3 million loss
Systemax Inc., a Port Washington electronics retailer, reported that it will acquire a Milwaukee equipment group for $25 million in cash.
Systemax Inc., a Port Washington electronics retailer, said it lost $1.3 million during the first quarter as its retail sales of computers, software and accessories continued to wither.
The company, which sells products through stores and a variety of websites and catalogs, said revenue declined to $873.4 million during the three months ended in March. That's down less than 1 percent from the same period last year, when Systemax lost $6.3 million.
"While our consumer technology revenue performance remains weak, we continue to take a very disciplined approach to managing this business and are making progress on improving our bottom line," Systemax chairman and chief executive Richard Leeds said.
Retail sales, which encompass roughly one quarter of the company's overall revenue, fell 22 percent, to $224.4 million.
The company's sales to other businesses, which comprise nearly 75 percent of sales, increased by 9 percent, to $649 million.
Systemax released the results after the close of regular trading on Wall Street. Shares were up 1 percent, to $18.50, in after-hours trading.
The company employs about 5,100 people globally, including roughly 300 on Long Island.
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