PCM, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Third Quarter of 2016; Revises Earnings Guidance for the Full Year 2016
For the six months, the company reported net sales of $1,079,023,000 against $774,830,000 a year ago. Operating profit was $14,884,000 compared with operating loss of $4,357,000 a year ago. Income from continuing operations before income taxes was $11,949,000 compared to loss from continuing operations before income taxes was $6,000,000 a year ago. Income from continuing operations was $7,562,000 or $0.62 per diluted share compared to loss from continuing operations was $3,349,000 or $0.27 per diluted share a year ago. Net income of $7,562,000 or $0.62 per diluted share compared to net loss of $3,306,000 or $0.27 per diluted share a year ago. EBITDA was $22,931,000 compared to $1,558,000 a year ago. Adjusted EBITDA was $23,991,000 compared with $8,032,000 a year ago. Non-GAAP consolidated income from continuing operations was $10,098,000 compared with $548,000 a year ago. Non-GAAP diluted EPS was $0.82 compared with $0.04 a year ago. Net cash provided by operating activities was $99,201,000 compared with net cash used in operating activities was $3,835,000 a year ago. Purchases of property and equipment were $2,461,000 compared with $17,238,000 a year ago. Investing activities for the six months ended June 30, 2016 were primarily related to $2.5 million of capital expenditures and $0.5 million of incremental acquisition-related investments.
For the third quarter, the company expects sales in the range of $545 million to $560 million, and adjusted EPS of $0.29 to $0.35.
The company is increasing full year adjusted EPS guidance by $0.24. The company now expects full year adjusted EPS of a range of $1.51 to $1.64 per share on estimated 2016 net sales of $2.2 billion to $2.23 billion, or a sales increase of 32% to 34%.