PORT WASHINGTON, N.Y.,
Dec. 10, 2018 /PRNewswire/ -- Systemax Inc. (NYSE:
SYX) announced today that its Board of Directors has declared a
special one-time cash dividend of $6.50 per share to shareholders of the company's
common stock. The dividend will be payable on January 3, 2019 to shareholders of record as of
the close of business on December 24,
2018.
Richard Leeds, Executive
Chairman, said, "The return of capital to shareholders through this
special dividend reflects the continued strong performance and cash
flow generation of our industrial products business and the sale of
our France operations, which
generated gross proceeds of $270
million earlier this year. With a strong balance sheet
which included over $300 million in
cash at the end of the third quarter, and an undrawn $75 million credit facility, we will retain
significant financial flexibility to execute on our organic growth
strategy and actively seek strategic M&A."
About Systemax Inc.
Systemax Inc. (www.systemax.com),
through its operating subsidiaries, is a provider of industrial
products in North America going to
market through a system of branded e-Commerce websites and
relationship marketers. The primary brand is Global Industrial.
Forward-Looking Statements
This press release
contains forward looking statements within the meaning of that term
in the Private Securities Litigation Reform Act of 1995 (Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934). Additional written or oral forward
looking statements may be made by the Company from time to time in
filings with the Securities and Exchange Commission or
otherwise. Statements contained in this press release that
are not historical facts are forward looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, and are based on management's
estimates, assumptions and projections and are not guarantees of
future performance. The Company assumes no obligation to
update these statements. Forward looking statements may include,
but are not limited to, projections or estimates of revenue, income
or loss, exit costs, cash flow needs and capital expenditures,
statements regarding future operations, expansion or restructuring
plans, including our exit from and winding down of our sold NATG
operations, financing needs, compliance with financial covenants in
loan agreements, plans for acquisitions or sale of assets or
businesses, plans relating to products or services of the Company,
assessments of materiality, predictions of future events and the
effects of pending and possible litigation, as well as assumptions
relating to the foregoing. In addition, when used in this release,
the words "anticipates," "believes," "estimates," "expects,"
"intends," and "plans" and variations thereof and similar
expressions are intended to identify forward looking
statements.
Other factors that may affect our future results of
operations and financial condition include, but are not limited to,
unanticipated developments in any one or more of the following
areas, as well as other factors which may be detailed from time to
time in our Securities and Exchange Commission filings: risks
involved with e-commerce, including possible loss of business and
customer dissatisfaction if outages or other computer-related
problems should preclude customer access to our products and
services; the Company's management information systems and other
technology platforms supporting our sales, procurement and other
operations are critical to our operations and disruptions or delays
have occurred and could occur in the future, and if not timely
addressed would have a material adverse effect on us; we could
suffer a data security breach due to our e-commerce and data
storage systems being hacked by those seeking to steal Company
information, vendor, employee or customer personal information, or
due to employee error, resulting in disruption to our operations,
loss of information and privacy, legal claims and adverse material
impact on our reputation and business; meeting credit card industry
compliance standards in order to maintain our ability to accept
credit cards; technological change has had and can continue to have
a material effect on our product mix and results of operations;
general economic conditions will continue to impact our business;
extreme weather conditions could disrupt our product supply chain
and our ability to ship or receive products, which would adversely
impact sales; our international operations are subject to risks
such as fluctuations in currency rates and foreign regulatory
requirements, and our operations are subject to the impact of newly
enacted U.S. and foreign tariffs, and political uncertainty; and
managing various inventory risks, such as being unable to
profitably resell excess or obsolete inventory and/or the loss of
product return rights and price protection from our
vendors.
Investor/Media Contacts:
Mike
Smargiassi
The Plunkett Group
212-739-6740
mike@theplunkettgroup.com
View original
content:http://www.prnewswire.com/news-releases/systemax-declares-6-50-per-share-special-dividend-300762523.html
SOURCE Systemax Inc.