PC Connection Inc. sees its third quarter sales topping out at $335 million, up from the $308.7 million it generated in third quarter 2001. The company had initially forecast its third quarter sales to be between $305 million-$315 million.
But the company’s net income, which it anticipates at between $1.3 million and $1.8 million for the quarter, is below the $1.9 million it realized during third quarter 2001.
Chief financial officer Mark Gavin said that the income falloff was partly due to special severance charges and partly due to the company’s acquisition of More Direct, a sales enterprise that targets large commercial clients. Gavin did not offer any further details about the severances.
The Merrimack, NH-based firm also announced that it would continue its stock buyback program. It has repurchased 361,000 shares since Sept. 11, 2001, at a cost of $2.3 million.
PC Connection sells information technology products through its catalog, call center and service representatives.
