Systemax(US:GIC)2025-02-25 21:37Sales Performance - Fourth quarter sales decreased by 5.6% to $302.3 million compared to $320.1 million in the previous year[5] - Full year sales increased by 3.3% to $1.32 billion, driven by the acquisition of Indoff in 2023[6] Income and Profitability - Operating income from continuing operations decreased by 32.2% to $14.5 million in Q4 2024 compared to $21.4 million in Q4 2023[5] - Net income per diluted share from continuing operations decreased by 32.5% to $0.27 compared to $0.40 in the previous year[5] - The company reported a decrease in operating income from continuing operations for the full year by 16.6% to $80.5 million compared to $96.5 million in 2023[5] - Net income from continuing operations decreased to $60.7 million in 2024 from $70.7 million in 2023, a decline of approximately 14.2%[16] Cash Flow and Liquidity - The company ended 2024 with cash and cash equivalents of $44.6 million and total working capital of $184.2 million[6] - Operating cash flow generated by continuing operations in Q4 was approximately $15.8 million[6] - Net cash provided by operating activities from continuing operations dropped significantly to $50.4 million in 2024 compared to $112.0 million in 2023, a decrease of about 55.1%[16] - Cash and cash equivalents at the end of the period increased to $44.6 million in 2024 from $34.4 million in 2023, reflecting a growth of approximately 29.4%[16] - The net increase in cash for the year was $10.2 million in 2024, compared to an increase of $5.9 million in 2023, indicating improved cash flow management[16] Expenses and Investments - Depreciation and amortization expenses rose to $7.6 million in 2024 from $6.4 million in 2023, an increase of about 18.8%[16] - The company reported a net cash used in investing activities from continuing operations of $(3.8) million in 2024, down from $(76.2) million in 2023[16] - Dividends paid increased to $(38.4) million in 2024 from $(30.6) million in 2023, representing a rise of approximately 25.5%[16] - Stock-based compensation expenses decreased slightly to $2.8 million in 2024 from $3.0 million in 2023, a decline of about 6.7%[16] - The change in working capital showed a negative impact of $(22.3) million in 2024 compared to a positive change of $26.7 million in 2023[16] - The company made no cash acquisitions in 2024, contrasting with a cash outflow of $(72.3) million for the purchase of Indoff LLC in 2023[16] Strategic Goals - The company aims to enhance customer experience and capture market share through operational excellence and strategic investments[6] Dividends - The Board of Directors declared a cash dividend of $0.26 per share, payable on March 17, 2025[6]