Systemax Restates 2004 Results

Due to the discovery of errors in accounting for inventory at its Tiger Direct subsidiary, Port Washington, NY-based computer and industrial supplies manufacturer/marketer Systemax (NYSE: SYX) restated its results for the year ended Dec. 31.

Net income for the year ended Dec. 31 was $10.6 million, 16% less than the $12.6 million originally reported. Net sales were $1.926 billion, compared with $1.927 billion as originally stated. During an internal review of its 2004 results that, in addition to the corrections for errors in accounting for inventory, Systemax says that revenue that had been recognized at time of shipment based upon shipping point terms should have been recognized at time of receipt by customers, when title and risk of loss both transferred.

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