GTSI CORP

CIK:0000850483|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
SALES
Product	$ 59,707	$ 58,538
Service	14,588	7,886
Financing	2,117	3,911
Sales revenue total	76,412	70,335
COST OF SALES
Product	53,403	49,967
Service	10,601	5,973
Financing	842	1,406
Total cost of sales	64,846	57,346
GROSS MARGIN	11,566	12,989
SELLING, GENERAL & ADMINISTRATIVE EXPENSES	15,043	18,295
LOSS FROM OPERATIONS	(3,477)	(5,306)
INTEREST AND OTHER (EXPENSE) INCOME, NET
Interest and other income	44	30
Equity income from EyakTek		1,104
Interest expense	(140)	(150)
Interest and other (expense) income, net	(96)	984
LOSS BEFORE INCOME TAXES	(3,573)	(4,322)
INCOME TAX BENEFIT	(1,065)	(1,649)
NET LOSS	$ (2,508)	$ (2,673)
LOSS PER SHARE
Basic	$ (0.26)	$ (0.28)
Diluted	$ (0.26)	$ (0.28)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	9,670	9,632
Diluted	9,670	9,632

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,508)	$ (2,673)
Adjustments to reconcile net loss to net cash provided by (used in)
Depreciation and amortization	967	910
Amortization of deferred financing costs	42	19
Stock-based compensation	114	(192)
Bad debt expense	(2)	71
Equity income, net of distributions in 2012 and 2011 of $0 and $0, respectively		(1,104)
Changes in net deferred tax assets (liabilities)	124	(126)
Changes in operating assets and liabilities:
Accounts receivable	30,009	80,025
Inventory	(1,105)	7,319
Other assets	(405)	(773)
Accounts payable	(6,401)	(16,772)
Accrued liabilities	(4,860)	(4,929)
Other liabilities	332	71
Net cash provided by operating activities	16,307	61,846
CASH FLOWS FROM INVESTING ACTIVITIES:
Net purchases of depreciable assets		(46)
Net cash used in investing activities		(46)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments under non-interest bearing floor plan financing, net	(7,917)	(26,710)
Shares withheld from minimum tax withholding on vested restricted stock awards	(12)	(27)
Net cash used in financing activities	(7,929)	(26,737)
NET INCREASE IN CASH	8,378	35,063
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	54,872	4,049
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 63,250	$ 39,112

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 63,250	$ 54,872
Accounts receivable, net of allowance of $476 and $522 at March 31, 2012 and December 31, 2011, respectively	46,008	76,014
Inventory, net of reserve of $32 and $112 at March 31, 2012 and December 31, 2011, respectively	9,728	8,623
Deferred costs	533	1,587
Other current assets	3,545	1,645
Total current assets	123,064	142,741
Depreciable assets, net of accumulated depreciation of $23,977 and $23,239 at March 31, 2012 and December 31, 2011, respectively	3,744	4,482
Long-term receivables and other assets	2,642	3,126
Intangible assets, net of accumulated amortization of $643 and $414 at March 31, 2012 and December 31, 2011, respectively	3,847	4,076
Goodwill	9,415	9,415
Total assets	142,712	163,840
Current liabilities:
Borrowings under credit facility
Accounts payable	27,196	33,598
Accounts payable - floor plan	6,132	14,049
Accrued liabilities	8,122	11,351
Deferred revenue	2,562	4,105
Total current liabilities	44,012	63,103
Other liabilities	4,148	3,779
Total liabilities	48,160	66,882
Commitments and contingencies (See Note 13)
Stockholders' equity
Preferred stock - $0.25 par value, 680,850 shares authorized; none issued or outstanding
Common stock - $0.005 par value, 20,000,000 shares authorized; 10,048,516 issued and 9,672,177 outstanding at March 31, 2012; and 10,049,618 issued and 9,667,439 outstanding at December 31, 2011	50	50
Capital in excess of par value	54,273	54,160
Retained earnings	41,993	44,501
Treasury stock, 340,607 shares at March 31, 2012 and 337,891 shares at December 31, 2011, at cost	(1,764)	(1,753)
Total stockholders' equity	94,552	96,958
Total liabilities and stockholders' equity	$ 142,712	$ 163,840