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.

Partner Content

Hincapie Sportswear Finds Omnichannel Success in the Cloud - Netsuite
For more and more companies, a cloud-based unified data solution is the way to make this happen. Custom cycling apparel maker Hincapie Sportswear has leveraged this capability to gain greater visibility into revenue streams, turning opportunities into sales more quickly while gaining overall operating efficiency. Download this ecommerce special report from Multichannel Merchant to more.
The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.