CompuCom Earnings Dip in Third Quarter
By Channel Insider Staff | Posted 2003-10-30
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CompuCom Systems reports third quarter net earnings of $2.14 million, down from $3.28 million in the third quarter of 2002.
DALLAS, TX – CompuCom Systems, Inc. (NASDAQ: CMPC), reported net earnings of $2.14 million for the third quarter ending September 30, down from $3.28 million in the third quarter last year.
President and CEO J. Edward attributed the difference to "a revenue shortfall in our software licensing business" adding that the company was encouraged by "modest sequential revenue growth in our commercial hardware resale and core IT outsourcing and applications service businesses over the last two quarters."
M. Lazane Smith, CompuCom's senior vice president and chief financial officer, said CompuCom's balance sheet remains strong. "As a result of our continued profitable performance and focus on operational management, working capital grew to $138 million, marking the seventh consecutive quarterly increase."
Third quarter total revenues were $330.7 million, down 20.1 percent when compared to the third quarter 2002.
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