PC Connection income down 77%

Like other computer resellers, Merrimack, NH-based PC Connection (Nasdaq: PCCC) continues to suffer the effects of corporate cuts on IT spending. The cataloger’s second-quarter sales were down nearly 2%, to $292.2 million from $297.3 million last year. (Last year’s second-quarter revenue had itself been down nearly 19% from the previous year’s.) And net income for the three months ended June 30 was $325,000, one-quarter of the $1.4 million it was for the second quarter of 2001.

At 5.3 million, catalog circulation for the quarter was less than half of the 11.7 million that PC Connection had mailed for the second quarter of last year. Sales of desktops/servers rose 20%, due largely to the company’s acquisition earlier this year of MoreDirect, an e-procurement provider for corporate buyers.

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