CompUSA 2013 Annual Report Download

Download and view the complete annual report

Please find the complete 2013 CompUSA 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 90

  • 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
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90

SYSTEMAX INC
FORM 10-K
(Annual Report)
Filed 03/12/14 for the Period Ending 12/31/13
Address 11 HARBOR PARK DR
PORT WASHINGTON, NY 11050
Telephone 5166087000
CIK 0000945114
Symbol SYX
SIC Code 5961 - Catalog and Mail-Order Houses
Industry Retail (Catalog & Mail Order)
Sector Services
Fiscal Year 12/31
http://www.edgar-online.com
© Copyright 2014, EDGAR Online, Inc. All Rights Reserved.
Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.

Table of contents

  • Page 1
    SYSTEMAX INC FORM 10-K (Annual Report) Filed 03/12/14 for the Period Ending 12/31/13 Address Telephone CIK Symbol SIC Code Industry Sector Fiscal Year 11 HARBOR PARK DR PORT WASHINGTON, NY 11050 5166087000 0000945114 SYX 5961 - Catalog and Mail-Order Houses Retail (Catalog & Mail Order) Services ...

  • Page 2
    ... _____ Systemax Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 11-3262067 (I.R.S. Employer Identification No.) 11 Harbor Park Drive Port Washington, New York 11050 (Address of principal executive offices, including...

  • Page 3
    ...by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes 1 No 1 The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30, 2013, which is the last business day of the registrant's most recently completed second...

  • Page 4
    ... OF C ONTENTS Part I Item 1. Business General Products Sales and Marketing Customer Service, Order Fulfillment and Support Suppliers Competition and Other Market Factors Employees Environmental Matters Financial Information About Foreign and Domestic Operations Available Information Risk Factors...

  • Page 5
    ...of product return rights and price protection from our vendors effective management of our retail stores in North America meeting credit card industry compliance standards in order to maintain our ability to accept credit cards significant changes in the computer products retail industry, especially...

  • Page 6
    ... the Company have been in business since 1949. Our headquarters office is located at 11 Harbor Park Drive, Port Washington, New York. Products We offer hundreds of thousands of brand name and private label products. We endeavor to expand and keep current the breadth of our product offerings in order...

  • Page 7
    ... their efforts on our business customers by establishing a personal relationship between such customers and a Systemax account manager. The goal of the relationship marketing sales force is to increase the purchasing productivity of current customers and to actively solicit newly targeted prospects...

  • Page 8
    ...computer and office supply superstores. Timely introduction of new products or product features are critical elements to remaining competitive. Other competitive factors include product performance, quality and reliability, technical support and customer service, marketing and distribution and price...

  • Page 9
    ... industrial products market, customer purchasing decisions are primarily based on price, product selection, product availability, level of service and convenience. We believe that direct marketing via sales representatives, catalog and the Internet are effective and convenient distribution methods...

  • Page 10
    ... Guidelines and Principles In accordance with the listing standards of the New York Stock Exchange, each of the Corporate Governance Documents is available on our Company website (www.systemax.com). Item 1A. Risk Factors. There are a number of factors and variables described below that may...

  • Page 11
    ... resources than ours. The market for the sale of industrial products in North America is highly fragmented and is characterized by multiple distribution channels such as small dealerships, direct mail distribution, internet-based resellers, large warehouse stores and retail outlets. We also face...

  • Page 12
    ... of 2013. The new facility is currently providing certain administrative and back office services to our European business and we expect that it will help drive operational efficiencies and better serve the Company's pan-European operating strategy. Our efforts to operate our European business in...

  • Page 13
    ... support in exchange for featuring their products in our catalogs and on our internet sites. Certain suppliers provide us with other incentives such as rebates, reimbursements, payment discounts, price protection and other similar arrangements. These incentives are offset against cost of goods...

  • Page 14
    ... We operate retail stores in North America and Puerto Rico and we must effectively manage our cost structure, such as inventory needs, point of sales systems, personnel and lease expense. We currently have 36 retail stores operating in North America and Puerto Rico at December 31, 2013. The Company...

  • Page 15
    ... card information records. In processing our sales orders we often collect personal information and credit card information from our customers. The Company has privacy and data security policies in place which are designed to prevent security breaches, however, if a third party or a rogue employee...

  • Page 16
    ... matters, employment law matters, states sales tax claims on internet/ecommerce transactions, product liability, commercial disputes, consumer sales practices, or other matters. In addition, as a public company we could from time to time face claims relating to corporate or securities law matters...

  • Page 17
    Table of Contents Item 2. Properties. We operate our business from numerous facilities in North America, Europe and Asia. These facilities include our headquarters location, administrative offices, telephone call centers, distribution centers and retail stores. Certain facilities handle multiple ...

  • Page 18
    estimate. The Company does not believe that at December 31, 2013 any reasonably possible losses in excess of the amounts accrued would be material to the financial statements. 15

  • Page 19
    ... such removed product inventory, without payment to the Company and for his own personal gain; ii) Mr. Fiorentino caused substantial amounts of Company inventory purchases to be effected through Company credit cards in order to accrue and/or use "reward points" for his personal benefit and which...

  • Page 20
    ...June 18, 2013 Carl Fiorentino, former executive of the Company's North America Technology Business, was indicted by the United States Attorney's Office for the Eastern District of New York for mail fraud, wire fraud and money laundering in connection with a scheme to defraud TigerDirect and Systemax...

  • Page 21
    ... Issuer Purchases of Equity Securities Systemax common stock is traded on the NYSE Euronext Exchange under the symbol "SYX." The following table sets forth the high and low closing sales price of our common stock as reported on the New York Stock Exchange for the periods indicated. High 2013 First...

  • Page 22
    ... Technology products accounted for 86%, 89% and 91% of our net sales in 2013, 2012 and 2011, respectively. In the fourth quarter of 2013, certain subsidiaries of the Company sold CompUSA intellectual property assets (primarily domain names, trademarks and certain historical customer information) and...

  • Page 23
    ... Globalâ„¢ , GlobalIndustrial.comâ„¢ and Nexelâ„¢. Industrial products accounted for 14%, 11% and 9% of our net sales in 2013, 2012 and 2011, respectively. In both of these product groups, we offer our customers a broad selection of products, prompt order fulfillment and extensive customer service...

  • Page 24
    on historical experience and current trends. 20

  • Page 25
    ... accounts policy contains assumptions and judgments made by management related to collectibility of aged accounts receivable and chargebacks from credit card sales. We evaluate the collectibility of accounts receivable based on a combination of factors, including an analysis of the age of customer...

  • Page 26
    ... store sales growth, gross margin percentages, new business opportunities, working capital requirements, capital expenditures and growth in selling, general and administrative expense. We also use our Company's market capitalization and comparable company market data to validate our reporting unit...

  • Page 27
    ...vendor agreements and using existing expenditures for which funding is available, determining products whose market price would indicate coverage for markdown or price protection is available and estimating the level of our performance under agreements that provide funds or allowances for purchasing...

  • Page 28
    ... Accounting policy Income Taxes. We are subject to taxation from federal, state and foreign jurisdictions and the determination of our tax provision is complex and requires significant management judgment. We conduct operations in numerous U.S. states and foreign locations. Our effective tax rate...

  • Page 29
    ... Adopted and Newly Issued Accounting Pronouncements Public companies in the United States are subject to the accounting and reporting requirements of various authorities, including the Financial Accounting Standards Board ("FASB") and the Securities and Exchange Commission ("SEC"). These authorities...

  • Page 30
    ... fourth quarter of 2013 the Company made the decision to avoid lowering selling prices to match aggressive online retailers. Strong computer and consumer electronic sales within European markets were more than offset by weak sales of computer accessories, software, and computer components in Europe...

  • Page 31
    ... from continued weakness in our internet, television and retail stores sales in North America. B2C channel sales declines, similar to many in the industry, were the result of sales volume and selling price erosion in certain core product categories. The Company believes, as described above, that...

  • Page 32
    ...Company's Industrial Products segment incurred special charges of approximately $0.1 million for personnel costs and benefited from an adjustment to lease termination costs of approximately $0.3 million related to the planned closing and relocation of one of our smaller distribution centers to a new...

  • Page 33
    ... in the Industrial Products operating margin for 2013 compared to 2012 is due to improvement in freight performance, expansion of private label and brand name selections, increased utilization of the New Jersey distribution center and approximately $0.3 million benefit from an adjustment to lease...

  • Page 34
    ... to 2011 is attributable to decreasing balances owed on the Recovery Zone Bond facility and outstanding capital lease obligations. INCOME TAXES The Company's effective tax rate was 100.9% in 2013 as compared to an 80.8% benefit in 2012. The high effective income tax rate in 2013 was primarily...

  • Page 35
    ... used in Industrial Products new distribution and call center. In 2012, net cash used in investing activities was $12.0 million and were for warehouse racking systems for the new distribution center, network upgrades, fabrication equipment, expenditures for a new retail store opening, upgrades...

  • Page 36
    ...Contents Net cash used in financing activities from continuing operations was $2.6 million in 2013, $11.1 million in 2012 and $0.5 million in 2011. In 2013, we repaid approximately $2.8 million of capital lease obligations and net proceeds and excess tax benefit from stock option exercises provided...

  • Page 37
    ... indefinitely reinvest earnings in its foreign tax jurisdictions. The Company had in excess of $200 million of liquidity (cash and undrawn line of credit) in the U.S. as of December 31, 2013, which is sufficient to fund its U.S. operations and capital needs, including any dividend payments, for the...

  • Page 38
    ... accepted accounting principles, and that the Company's receipts and expenditures are being made only in accordance with authorizations of the Company's management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or...

  • Page 39
    ... framework"). Based on that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's internal control over financial reporting was effective as of December 31, 2013. The Company's independent registered public accounting firm, Ernst & Young LLP, has...

  • Page 40
    Table of Contents PART III Item 10. Directors, Executive Officers and Corporate Governance. The information required by Item 10 of Part III is hereby incorporated by reference to the Company's Proxy Statement for the 2014 Annual Meeting of Stockholders. (the "Proxy Statement"). Item 11. Executive ...

  • Page 41
    ...). Form of 2005 Employee Stock Purchase Plan (incorporated by reference to the Company's annual report on Form 10-K for the year ended December 31, 2006). Lease Agreement dated September 20, 1988 between the Company and Addwin Realty Associates (Port Washington facility) (incorporated by reference...

  • Page 42
    ..., to the Lease Agreement between the Company and Hamilton Business Center, LLC (Buford, Georgia facility) (incorporated by reference to the Company's annual report on Form 10-K for the year ended December 31, 2005). Employment Agreement, dated as of October 3, 2011, between Systemax Inc. and David...

  • Page 43
    ...the Company's quarterly report on Form 10Q for the quarter ended September 30, 2013). Corporate Ethics Policy for Officers, Directors and Employees (revised as of January 2014) (filed herewith). Subsidiaries of the Registrant (filed herewith). Consent of Independent Registered Public Accounting Firm...

  • Page 44
    ...SYSTEMAX INC. By: /s/ RICHARD LEEDS Richard Leeds Chairman and Chief Executive Officer Date: March 11, 2014 Pursuant to the requirements of the Securities Exchange Act of 1934, this Report... Officer and Director (Principal Financial Officer) Vice President and Controller (Principal Accounting Officer)...

  • Page 45
    ... in all material respects the information set forth therein. 1 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Systemax Inc.'s internal control over financial reporting as of December 31, 2013, based on criteria established in...

  • Page 46
    ... in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our...

  • Page 47
    ...Contents SYSTEMAX INC. CONSOLIDATED BALANCE SHEETS (in millions, except for share data) December 31, 2013 2012 ASSETS: Current assets: Cash Accounts receivable, net of allowances of $16.7 and $15.5 Inventories Assets available for sale Prepaid expenses and other current assets Deferred income taxes...

  • Page 48
    ....0 (33.6) 24.4 (43.8) (8.0) 54.6 (0.3) (0.2) (43.8) $ (8.3) $ 54.4 Net sales Cost of sales Gross profit Selling, general and administrative expenses Special (gains) charges, net Operating income (loss) from continuing operations Foreign currency exchange loss Interest and other income, net Interest...

  • Page 49
    Table of Contents SYSTEMAX INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions) Year Ended December 31, 2013 2012 2011 (43.8) $ (8.3) $ 54.4 1.2 (42.6) $ 5.0 (3.3) $ (2.8) 51.6 Net income (loss) Other comprehensive income (loss): Foreign currency translation Total ...

  • Page 50
    ... from issuance of common stock Excess tax benefit from exercises of stock options Net cash used in financing activities from continuing operations Net cash used in financing activities from discontinued operations Net cash used in financing activities EFFECTS OF EXCHANGE RATES ON CASH NET INCREASE...

  • Page 51
    ... Stock Number of Shares Outstanding Balances, December 31, 2010 Stock-based compensation expense Issuance of restricted stock Exercise of stock options Return of Common Stock Surrender of fully vested options Income tax benefit on stock-based compensation Change in cumulative translation adjustment...

  • Page 52
    ... prices in the active market. This asset is currently under contract for sale. Property, Plant and Equipment - Property, plant and equipment is stated at cost. Furniture, fixtures and equipment, including equipment under capital leases, are depreciated using the straight-line or accelerated method...

  • Page 53
    ...our Industrial Products segment where title and risk pass at time of shipment. Allowances for estimated subsequent customer returns, rebates and sales incentives are provided when revenues are recorded. Revenues exclude sales tax collected. The Company evaluates collectibility of accounts receivable...

  • Page 54
    ...the Company is reflected in net income per share - diluted using the treasury stock method. Under the treasury stock method, options will only have a dilutive effect when the average market price of common stock during the period exceeds the exercise price of the options. The weighted average number...

  • Page 55
    ... GOODWILL AND INTANGIBLES The Company consolidated its United States consumer brands under the TigerDirect name and recorded a one-time, non-cash impairment charge related to the goodwill and intangible assets of CompUSA and Circuit City of approximately $35.3 million, pre-tax, in the fourth quarter...

  • Page 56
    ...the retail store leases. During 2012, the Company incurred one-time impairment charges related to definite-lived intangible assets of approximately $1.0 million. This impairment charge was recorded in the Consolidated Statements of Operations as special charges within the Technology Products segment...

  • Page 57
    ...of eligible accounts receivable and up to 40% of qualified inventories. The interest rate under this facility is computed at applicable market rates based on LIBOR or the Prime Rate, plus an applicable margin. The applicable margin varies based on borrowing base availability. As of December 31, 2013...

  • Page 58
    ...2013 The Company's Industrial Products segment incurred special charges of approximately $0.1 million of personnel costs and benefited from an adjustment to lease termination costs of approximately $0.3 million related to the planned closing and relocation of one of our smaller distribution centers...

  • Page 59
    ... such removed product inventory, without payment to the Company and for his own personal gain; ii) Mr. Fiorentino caused substantial amounts of Company inventory purchases to be effected through Company credit cards in order to accrue and/or use "reward points" for his personal benefit and which...

  • Page 60
    ...June 18, 2013 Carl Fiorentino, former executive of the Company's North America Technology Business, was indicted by the United States Attorney's Office for the Eastern District of New York for mail fraud, wire fraud and money laundering in connection with a scheme to defraud TigerDirect and Systemax...

  • Page 61
    ... income tax benefits recognized for 2013, 2012 and 2011 were $0.4 million, $1.4 million and $0.6 million, respectively. Stock options The following table presents the weighted-average assumptions used to estimate the fair value of options granted in 2013, 2012 and 2011: 2013 Expected annual dividend...

  • Page 62
    ... between the closing stock price on the last day of trading in 2013 and the exercise price) that would have been received by the option holders had all options been exercised on December 31, 2013. This value will change based on the fair market value of the Company's common stock. The following...

  • Page 63
    ... 0.5 0.4 (0.7) 0.2 24.4 Income taxes are accrued and paid by each foreign entity in accordance with applicable local regulations. The Company recorded tax (benefit) expense of $0.0 million, $(0.2) million and $0.1 million in 2013, 2012 and 2011, respectively, related to discontinued operations. 59

  • Page 64
    ... taxes at rates different from the U.S. rate State and local income taxes, net of federal tax benefit Changes in valuation allowances Change in deferred tax liability Non-deductible items Other items, net Income tax at Federal statutory rate $ 2013 (7.6) 2.3 (0.3) 28.9 (1.2) 0.1 (0.2) 22.0 2011...

  • Page 65
    ... charges related to unrecognized tax benefits recorded in income tax expense in 2013 or 2012. 11. COMMITMENTS, CONTINGENCIES AND OTHER MATTERS Leases - The Company is obligated under operating lease agreements for the rental of certain office and warehouse facilities and equipment which expire...

  • Page 66
    ... Note 1. Financial information relating to the Company's operations by reportable segment was as follows (in millions): Year Ended December 31, 2012 2011 $ 3,137.6 401.9 4.8 3,544.3 $ 3,357.4 319.9 3.3 3,680.6 2013 Net Sales: Technology Products Industrial Products Corporate and other Consolidated...

  • Page 67

  • Page 68
    ...of Contents Financial information relating to the Company's operations by geographic area was as follows (in millions): Year Ended December 31, 2013 2012 2011 Net Sales: United States United Kingdom France Other Europe Other North America Consolidated Long-lived Assets: United States United Kingdom...

  • Page 69
    ... DATA (UNAUDITED) Quarterly financial data, excluding discontinued operations, is as follows (in millions, except for per share amounts): First Quarter 2013: Net sales Gross profit Net (loss) Net (loss) per common share: Basic Diluted 2012: Net sales Gross profit Net income (loss) Net income...

  • Page 70
    Table of Contents SYSTEMAX INC. SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS For the years ended...accounts 2013 2012 2011 Allowance for sales returns 2013 2012 2011 Allowance for inventory returns 2013 2012 2011 Allowance for deferred tax assets 2013 Current Noncurrent 2012 Current Noncurrent 2011...

  • Page 71
    ... This Special "Industrial Products Group" Bonus Agreement (this "Agreement") is made effective as of March 10, 2014 (the "Effective Date"), by and among Global Industrial Services Inc. a Delaware corporation with offices at 11 Harbor Park Drive, Pt. Washington, NY 11050 (the "Company"); Systemax Inc...

  • Page 72
    ... payments under any Company benefits program. 3.1.2 Bonus Floor and Bonus Cap . Upon achievement of the Cumulative Operating Income Achievement levels set forth on Schedule B for the three fiscal years ended December 31, 2014, 2015 and 2016 by the Industrial Products Group Business, the Employee...

  • Page 73
    ..., and any damages caused thereby to Systemax, the Company, Global Equipment Company Inc. or the Industrial Products Group Business or their respective financial results, reputation or prospects, and such determinations shall be final and binding. 3.1.4 2010 Plan; Tax Matters. In no event shall the...

  • Page 74
    ...after the Second Payment Date, such number of Shares to be determined as the product of (i) 50% of the Second Installment and (ii) a fraction the numerator of which is 1 and the denominator of which is the closing price of the Shares on the New York Stock Exchange on the first business day after the...

  • Page 75
    ... Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 3.5 Section 409A . No representations or warranties are made regarding the tax implications of the compensation and benefits to be paid to Employee under this Agreement, including...

  • Page 76
    ... the date set forth above. GLOBAL INDUSTRIAL SERVICES INC. By: /s/ Lawrence Reinhold Name: Lawrence Reinhold Title: Vice President and Treasurer SYSTEMAX INC. By: /s/ Lawrence Reinhold Name: Lawrence Reinhold Title: Executive Vice President and Chief Financial Officer EMPLOYEE By: /s/ Robert Dooley...

  • Page 77
    ... stock trading, employment discrimination, bribery and other foreign corrupt practices, workplace safety laws and export/customs laws. Disclose and record accurately any use of Company funds. Do not falsify, inflate or disguise any accounting record or other business records of the Company. Report...

  • Page 78
    ..., rebates or points awarded towards the entitlement to any of the foregoing (an "Incentive Award") may be specifically offered or provided to any purchasing agent or other employee of any corporate or government customer (a "Purchasing Agent") without the knowledge of such customer's management...

  • Page 79
    ... agreement, a business venture, a consulting or service agreement, or an investment other than the ownership of the stock of a publicly traded company) without prior written disclosure to the Company and approval by the Company's Board of Directors or a Committee of the Board. Company managers are...

  • Page 80
    ...comply with all applicable laws and regulations, including securities laws (which require fair disclosure of the Company's business and financial information to the public and prohibit any use of inside information about the Company in deciding to buy or sell stock of the Company, among other things...

  • Page 81
    ... fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with the Securities and Exchange Commission, the New York Stock Exchange or any other applicable regulatory body or in other public communications made by the Company. Company Representatives shall...

  • Page 82
    ... accounting practices. Examples of other improper business practices include employment discrimination, theft of Company property (including inventory), undisclosed conflicts of interest, insider trading, safety violations and other violations of law and/or this Corporate Ethics Policy. The Company...

  • Page 83
    ...persons identified in Section 11 above for further consideration by the Corporate Governance Committee as to whether such activity should be permitted. In the event that such waiver is requested by a director or executive officer of the Company, such waiver may be granted only by the Board, and must...

  • Page 84
    ... Licensing Center Inc. Streak Products Inc. Systemax Business Services K.F.T. Systemax EMEA Technology Group Limited Systemax Europe Sarl Systemax Global Solutions Inc. Systemax Italy S.R.L. Systemax OY Jurisdiction USA (Delaware) Mexico USA (Florida) USA (New York) Netherlands USA (New York) USA...

  • Page 85
    ... Sp. Z.o.o. Systemax Puerto Rico Inc. SYX Distribution Inc. SYX North American Tech Holdings LLC SYX S.A. Holdings Inc. SYX S.A. Holdings II Inc. SYX Services Inc. SYX Services Private Limited Target Advertising Inc. Tek Serv Inc. TigerDirect Inc. TigerDirect Retail Services Inc. TigerDirect.ca Inc...

  • Page 86
    ... schedule of Systemax Inc. and subsidiaries and the effectiveness of internal control over financial reporting of Systemax Inc. and subsidiaries included in this Annual Report (Form 10-K) of Systemax Inc. and subsidiaries for the year ended December 31, 2013. /s/ Ernst & Young LLP New York, New York...

  • Page 87
    ... CERTIFICATION OF CHIEF EXECUTIVE OFFICER I, Richard Leeds, certify that: 1. I have reviewed this annual report on Form 10-K of Systemax Inc. (the "registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary...

  • Page 88
    ... OF CHIEF FINANCIAL OFFICER I, Lawrence P. Reinhold, certify that: 1. I have reviewed this annual report on Form 10-K of Systemax Inc. (the "registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary...

  • Page 89
    ...-OXLEY ACT OF 2002 The undersigned, the Chief Executive Officer of Systemax Inc., hereby certifies that Systemax Inc.'s Form 10-K for the Year Ended December 31, 2013 fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78...

  • Page 90
    ...-OXLEY ACT OF 2002 The undersigned, the Chief Financial Officer of Systemax Inc., hereby certifies that Systemax Inc.'s Form 10-K for the Year Ended December 31, 2013 fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78...