PC Connection Inc. (PCCC) 2008年年度报告「NASDAQ」.pdf

1、2008 ANNUAL REPORTDear Fellow Shareholders,IN 2008,PC Connection,Inc.weathered the uncertainty of the economic environment with grace.While the second half of the year was challenging,having a diverse portfolio of customer segmentsincluding business-to-business,government,healthcare,higher education

2、,and consumer helped insulate PC Connection from the impact of the downturn.As we begin to see efforts to spur growth and stimulate spending within the IT industry,PC Connection is continuing to invest in new technologies,refine solutions,and grow mindshare in order to maintain and advance our posit

3、ion in the marketplace.We are better utilizing our tools to find smarter,more efficient ways of building our business.To accomplish our goals,we are digging deeper,searching out the most valuable pockets of potential,and tapping into promising new opportunities.PC Connection generated the second hig

4、hest level of revenue in its history,down only 2%year over year with consolidated sales at$1.75 billion compared to$1.79 billion in 2007.Despite increased pricing pressures,gross profit margins in 2008 were 12.3%,unchanged from the prior year.Net income for 2008 was$10.4 million,compared to$23.0 mil

5、lion in 2007.Our 2008 earnings were negatively affected in part by a non-cash goodwill impairment charge of$5.4 million,net of taxes.Our balance sheet remains strong;cash flow for 2008 increased by$33 million to a year-end cash balance of$47 million,the highest in company history.Accordingly,the Com

6、pany continues to have no outstanding bank debt.We are using this opportunity to make valuable investments internally,including infrastructure upgrades and improvements to our Customer Relationship Management System to better source,develop,and service our clients.PC Connection is well-positioned to