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Systemax Posts Sales, Profit Gains

5/12/2010 10:44:02 AM Eastern

Port Washington, N.Y. - Systemax reported a double-digit
sales gain and increased net income for the first quarter, ended March 31.

Systemax, which sells CE and computer products via Web sites
and retail stores, as well as its direct- mail catalogs through its
TigerDirect, CompUSA, Circuit City, MISCO, WStore and other locations, said
consolidated sales grew 22 percent to $915.2 million.

Net income was $11.8 million, up from the prior year's $8.7
million.

Consumer channel sales grew 9 percent to $470 million. On a
constant currency basis and excluding Wstore results, sales grew 1 percent.

Same-store business-to-business channel sales grew 20
percent while consumer channel sales declined 1 percent. A moderate same-store
consumer channel sales increase in North America was offset by a decline in
Europe, the company said.

Gilbert
Fiorentino,  CEO of Systemax's technology
products group said,  "Our technology
products group delivered an outstanding quarter with sales growth of 22 percent
in U.S. dollars. Our business-to-business operations were the highlight of the
quarter with strong sales growth in both North America and Europe."

He
noted, "In our consumer channels we had moderate sales growth in North America,
which was offset by a decline in Europe."

 By product category, sales of computers,
consumer electronics, computer accessories and software were all up. Computer
components were up the least, at $1.4 million for the quarter, to $147.2
million.