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Wayside Technology Group, Inc. (NASDAQ: WSTG) will rebrand as Climb Global Solutions, effective October 31, 2022. This change aims to enhance brand recognition and unify its global strategy, according to CEO Dale Foster. The company will also change its stock ticker symbol from WSTG to CLMB. The rebranding is part of a broader initiative to strengthen customer service and promote a cohesive brand identity.
Wayside Technology Group (NASDAQ: WSTG) will host a conference call on November 3, 2022, at 8:30 a.m. ET to discuss its third-quarter financial results for the period ending September 30, 2022. The results will be released prior to the call, which includes a Q&A session for interested parties. Questions can be submitted in advance via email. The call will be accessible through live and recorded webcasts, available on the company's investor relations website.
Wayside Technology Group (NASDAQ: WSTG) has acquired Spinnakar Limited for $11.8 million, enhancing its distribution in the EMEA region. This acquisition is funded through the company’s cash reserves and is expected to be accretive to gross margin and EPS. Spinnakar, a UK-based IT distributor, reported a pre-tax income of $2 million for the trailing twelve months. Gerard Brophy, Spinnakar's CEO, will continue to lead the EMEA operations, aiming to expand vendor partnerships and improve operational efficiency.
Wayside Technology Group (NASDAQ: WSTG) reported a 56% increase in net income for Q2 2022, totaling $2.8 million or $0.63 per share, along with a 27% rise in adjusted EBITDA to $4.5 million. Net sales fell to $67.9 million from $75.4 million year-over-year, primarily due to a previous record with a vendor and adverse foreign exchange effects. Despite the decrease, adjusted gross billings rose by 3% to $241.8 million. The company declared a quarterly dividend of $0.17 per share, payable on August 19, 2022.
Wayside Technology Group (NASDAQ: WSTG) will host a conference call on August 4, 2022, at 8:30 a.m. ET to discuss its financial results for the second quarter ended June 30, 2022. The call will include a discussion on the company's financial performance and a multi-year financial outlook focusing on growth and profitability. Interested parties can submit questions via email. The call will also be available for replay on the company's website.
Wayside Technology Group, a global IT distribution company, announced participation in four investor and trade conferences in June and July 2022. The events include Connect IT Global from June 20-23, Lytham Partners Summer Conference on June 21-22, MSP Expo from June 21-24, and Gartner’s Tech Growth & Innovation Conference on July 12-13. The company specializes in emerging technologies across various sectors, including security and cloud solutions. Interested parties can contact the company for meeting arrangements.
Wayside Technology Group, Inc. (NASDAQ: WSTG) reported strong Q1 2022 results, with net sales rising 14% to $71.3 million and net income climbing 79% to $2.7 million ($0.61 per share). Adjusted EBITDA increased 61% to $4.2 million, reflecting effective margin growth driven by organic growth and new vendor onboarding. SG&A expenses decreased as a percentage of net sales, contributing to improved financial performance. Cash reserves grew to $37.0 million, and the company remains debt-free.
Wayside Technology Group (NASDAQ: WSTG) will host a conference call on May 6, 2022, at 8:30 a.m. Eastern time to discuss its financial results for the first quarter ending March 31, 2022. The call will be preceded by a press release detailing the results. Participants can join via the provided toll-free number or international dial-in. The call will also be accessible via live broadcast and replay on Wayside's investor relations website. The company specializes in IT distribution and solutions for emerging technologies.
Datadobi and Climb Channel Solutions have expanded their partnership to provide EMEA enterprises with advanced unstructured data management solutions. This agreement allows Climb's trusted partners to access efficient data solutions that facilitate the movement and management of data across various environments, addressing significant digital transformation challenges. IDC forecasts that over 80% of data will be unstructured in the next five years, growing 40-50% annually. The partnership aims to enhance consultative services and improve revenue opportunities for channel partners in the region.
Wayside Technology Group reported strong financial results for Q4 and FY 2021. Q4 net sales rose 6% to $75.5 million, while gross profit increased 20% to $12.6 million. Net income grew 36% to $3.4 million, or $0.78 per share. For FY 2021, net income doubled to $9.2 million, and adjusted EBITDA rose 36% to $15.5 million. The company achieved record adjusted gross billings of $935 million, driven by organic growth and the CDF acquisition. A quarterly dividend of $0.17 per share was declared, payable on March 18, 2022.
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