Circuit City 2003 Annual Report Download - page 4

Download and view the complete annual report

Please find page 4 of the 2003 Circuit City annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 60

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60

Unless otherwise indicated, all references herein to Systemax Inc. (sometimes referred to as "Systemax", the
"Company" or “we”) include its subsidiaries.
Forward Looking Statements
This report contains forward looking statements within the meaning of that term in the Private Securities
Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934). Additional written or oral forward looking statements may be made by the Company from time to time, in
filings with the Securities Exchange Commission or otherwise. Statements contained in this report that are not historical
facts are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward looking statements may include, but are not limited to, projections of revenue, income or
loss and capital expenditures, statements regarding future operations, financing needs, compliance with financial
covenants in loan agreements, plans for acquisition or sale of assets or businesses and consolidation of operations of
newly acquired businesses, and plans relating to products or services of the Company, assessments of materiality,
predictions of future events and the effects of pending and possible litigation, as well as assumptions relating to the
foregoing. In addition, when used in this discussion, the words
“anticipates,” “believes,” “estimates,” “expects,”
“intends,” “plans” and variations thereof and similar expressions are intended to identify forward looking statements.
Forward looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted
or quantified based on current expectations. Consequently, future events and results could differ materially from those
set forth in, contemplated by, or underlying the forward looking statements contained in this report. Statements in this
report, particularly in “Item 1. Business,” “Item 3. Legal Proceedings,” “Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations,
” and the Notes to Consolidated Financial Statements
describe certain factors, among others, that could contribute to or cause such differences.
Item 1. Business.
General
Systemax is a direct marketer of brand name and private label products, including personal desktop computers
(“PCs”), notebook computers, computer related products and industrial products, in North America and Europe. We
assemble our own PCs and sell them under the trademarks Systemax™ , Tiger® and Ultra™ . In addition, we market
and sell computers manufactured by other leading companies. We offer our customers a broad selection of products,
prompt order fulfillment and extensive customer service. Computers and computer related products accounted for 91%
of our net sales in 2003.
The Company was incorporated in Delaware in 1995. Certain predecessor businesses which now constitute part of
the Company have been in business since 1955. Our headquarters office is located at 11 Harbor Park Drive, Port
Washington, New York.
Available Information
We maintain an internet web site at www.systemax.com . We file reports with the Securities and Exchange
Commission (“SEC”) and make available free of charge on or through this web site our annual reports on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K, including all amendments to those reports. These are
available as soon as is reasonably practicable after they are filed with the SEC. All reports mentioned above are also
available from the SEC’s web site ( www.sec.gov ). The information on our web site is not part of this or any other
report we file with, or furnish to, the SEC.
Our Board of Directors has adopted the following corporate governance documents with respect to the Company
(the “Corporate Governance Documents”):
•
Corporate Ethics Policy for officers, directors and employees
•
Charter for the Audit Committee of the Board of Directors
•
Charter for the Compensation Committee of the Board of Directors
•
Charter for the Nominating/Corporate Governance Committee of the Board of Directors