Circuit City 2004 Annual Report Download - page 5

Download and view the complete annual report

Please find page 5 of the 2004 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 64

  • 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

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. During 2004 we also began to market our ProfitCenter
Software ™ suite of on-demand, web-
based software applications. Computers and computer related products accounted
for 92% of our net sales in 2004.
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.
3
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"):
In accordance with the corporate governance rules of the New York Stock Exchange, each of the Corporate
Governance Documents is available on our Company web site (www.systemax.com) or can be obtained by writing to
Systemax Inc., Attention: Board of Directors (Corporate Governance), 11 Harbor Park Drive, Port Washington, NY
11050.
Recent Developments
Company Extends United States Credit Facility
On March 17, 2005, we extended the maturity date of our $70 million revolving credit facility agreement with JP
Morgan Chase Bank, N.A. and other lenders from March 31, 2005 to September 30, 2006 under substantially the same
terms and conditions.
Restatement of Financial Statements
On February 21, 2004, we announced that we would restate our previously issued consolidated financial
statements for the year ended December 31, 2003 and the first three quarters of fiscal 2004, following the discovery of
certain errors in accounting for inventory at our United Kingdom subsidiary. In connection with this restatement, the
•
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