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PC Connection, Inc. Announces a Special Dividend to Shareholders
MERRIMACK, N.H.--(BUSINESS WIRE)--
PC Connection, Inc. (NASDAQ: PCCC), a holder of companies that provide a
full range of information technology solutions to business, government,
and education markets, today announced that its Board of Directors
declared a special, one-time cash dividend of $0.40 per share payable on
December 7, 2011 to shareholders of record at the close of business on
November 25, 2011. The total amount of the special dividend payment will
be approximately $10.6 million based on the current number of shares
outstanding. Any declaration of future cash dividends will depend upon
PC Connection's financial position, strategic plans, and general
business conditions at the time.
"As previously reported, our business has been healthy with record third
quarter revenues, and quarterly operating income and earnings per share
were at the highest level in more than a decade," said Timothy McGrath,
President and Chief Executive Officer. "Our balance sheet and ability to
leverage company assets are strong. We believe that this special
dividend—the first in our Company's history—is an appropriate way to
reward shareholders for their support."
PC Connection intends to continue to invest in emerging market
opportunities, including expansion of its professional services
offerings, as well as to repurchase stock pursuant to its share
About PC Connection, Inc.
PC Connection, Inc., a Fortune 1000 company, owns five sales companies:
PC Connection Sales Corporation, MoreDirect, Inc., GovConnection, Inc.,
PC Connection Express, Inc., and Professional Computer Center, Inc.
d/b/a ValCom Technology, headquartered in Merrimack, NH, Boca Raton, FL,
Rockville, MD, Portsmouth, NH, and Itasca, IL, respectively. All five
companies can deliver custom-configured computer systems overnight from
PC Connection Services' ISO 9001:2008 certified technical configuration
lab at its distribution center in Wilmington, OH. Investors and media
can find more information about PC Connection, Inc. at http://ir.pcconnection.com.
PC Connection Sales Corporation (800-800-5555), the original business of
PC Connection, Inc. serving the small- and medium-sized business sector,
is a rapid-response provider of IT products and services. It offers more
than 300,000 brand-name products through its staff of technically
trained sales account managers and catalog telesales representatives,
catalogs, publications, and its website at www.pcconnection.com.
MoreDirect, Inc. (561-237-3300), www.moredirect.com,
provides corporate technology buyers with a comprehensive web-based
e-procurement solution and in-depth IT supply-chain expertise, serving
as a one-stop source by aggregating more than 300,000 products from the
inventories of leading IT wholesale distributors and manufacturers.
MoreDirect's TRAXX™ system is a seamless end-to-end interface that
empowers clients to electronically source, evaluate, compare prices, and
track related technology product purchases in real-time.
GovConnection, Inc. (800-800-0019) is a rapid-response provider of IT
products and services to federal, state, and local government agencies
and educational institutions through specialized account managers,
catalogs, and publications, and online at www.govconnection.com.
PC Connection Express, Inc. (888-800-0323) is a rapid-response provider
of computer products and consumer electronics to home, home office, and
small office users. Customers can purchase the best-known brands in the
industry online at www.pcconnectionexpress.com
or order by calling a trained sales specialist. The subsidiary includes
the MacConnection brand (800-800-2222), one of Apple's largest
authorized online resellers at www.macconnection.com.
Professional Computer Center, Inc. d/b/a ValCom Technology
provides technology services to medium-to-large corporate organizations
utilizing its proprietary cloud-based IT service management software,
WebSPOC™. Through its experienced technical service personnel ValCom
Technology provides network, server, storage, mission-critical onsite
support, installation, and host of lifecycle services.
PC Connection, Inc. Safe Harbor "Safe Harbor" Statement Under the
Private Securities Litigation Reform Act of 1995: This release contains
forward-looking statements that are subject to risks and uncertainties,
including, but not limited to, the impact of changes in market demand
and the overall level of economic activity and environment, or in the
level of business investment in information technology products,
competitive products and pricing, product availability and market
acceptance, new products, fluctuations in operating results, and the
ability of the Company to manage personnel levels in response to
fluctuations in revenue, and other risks that could cause actual results
to differ materially from those detailed under the caption "Risk
Factors" in the Company's Annual Report on Form 10-K filed with the
Securities and Exchange Commission for the year ended December 31, 2010.
More specifically, the statements in this release that are of a
non-historical basis (including statements regarding the Company's
strategic plans and intention to expand certain aspects of its business)
are forward-looking statements that involve certain risks and
uncertainties. Such risks and uncertainties include the ability to
realize market demand for and competitive pricing pressures on the
products and services marketed by the Company, the continued acceptance
of the Company's distribution channel by vendors and customers,
continuation of key vendor and customer relationships and support
programs, the ability of the Company to integrate the operations of
ValCom Technology, and the ability of the Company to hire and retain
qualified sales representatives and other essential personnel. The
Company assumes no obligation to update the information in this press
release or revise any forward-looking statements, whether as a result of
any new information, future events, or otherwise.
PC Connection, Inc.
William Schulze, 603-683-2322
President and Corporate Controller
Source: PC Connection, Inc.
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|3/07/14 4:00 PM ET
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