Press release
Climb Global Solutions Reports Second Quarter 2023 Results
Net Sales Up 20% YoY to $81.7 Million Ninth Consecutive Quarter of Profitability Improvements EATONTOWN, N.J., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Climb Global
About this update from Climb Global Solutions, Inc.
[{"type":"text","content":"Net Sales Up 20% YoY to $81.7 Million Ninth Consecutive Quarter of Profitability Improvements EATONTOWN, N.J., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, is reporting results for the second quarter ended June 30, 2023. Second Quarter 2023 Summary vs. Same Year-Ago Quarter Net sales increased 20% to $81.7 million.Adjusted gross billings (a non-GAAP financial measure defined below) increased 14% to $274.7 million.Gross profit increased 10% to $13.7 million.Net income was $1.4 million or $0.31 per diluted share, compared to $2.8 million or $0.63 per diluted share.Adjusted net income (a non-GAAP financial measure defined below) increased 12% to $3.1 million or $0.72 per diluted share.Adjusted EBITDA (a non-GAAP financial measure defined below) increased 4% to $4.7 million. Management Commentary “We continued to execute our core initiatives during the quarter, leading to another period of double-digit growth on the top-line and our ninth consecutive quarter of profitability improvement,” said CEO Dale Foster. “We also made strategic investments throughout the quarter in operating systems, new personnel, and training and development to reinforce our infrastructure for future growth. With the integration of Spinnakar onto our platform and our growing presence overseas, we continue to believe that Climb is well equipped to deliver on our growth and profitability objectives in both the U.S. and abroad. “As we enter the back half of the year, we believe that the Company has a solid foundation in place to continue driving organic growth with existing vendors while adding new, innovative vendors to our line card. We will also continue to evaluate M&A opportunities that can enhance our service and solutions, in addition to our geographic footprint. These initiatives, coupled with our robust balance sheet, will enable us to execute our organic and inorganic growth objectives in 2023.” Dividend Subsequent to quarter end, on August 1, 2023, Climb’s Board of Directors declared a quarterly dividend of $0.17 per share of its common stock payable on August 18, 2023, to shareholders of record on August 14, 2023. Second Quarter 2023 Financial Results Net sales in the...