Systemax to Restate 2004 Results

Because of errors in accounting for inventory at its Tiger Direct subsidiary, Port Washington, NY-based Systemax (NYSE: SYX) will restate its results for the year ended Dec. 31, 2004.

Systemax is reviewing its records to determine which quarters in 2004 were affected and whether the accounting errors may also have affected periods prior to 2004. Investors are cautioned not to rely on such historical financial statements.

Systemax has no estimate for completion of its review but does not believe that it will run beyond the end of the month. The company expects that net income for the year will be reduced from the previously reported $12.6 million to $9.0 million-$9.6 million.

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