Wayside Technology Group (WSTG) has reported 28.18 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $1.32 million, or $0.30 a share in the quarter, compared with $1.03 million, or $0.22 a share for the same period last year.
Revenue during the quarter grew 20.87 percent to $112.80 million from $93.32 million in the previous year period. Gross margin for the quarter contracted 39 basis points over the previous year period to 5.99 percent. Total expenses were 98.41 percent of quarterly revenues, up from 98.40 percent for the same period last year. That has resulted in a contraction of 1 basis points in operating margin to 1.59 percent.
Operating income for the quarter was $1.79 million, compared with $1.49 million in the previous year period.
"We are very pleased to report a great first quarter of 2017" said Simon F. Nynens, chairman and chief executive officer. “In cooperation with our vendor partners we continue to offer innovative security, virtualization and cloud solutions to our customers. As an entrepreneurial and flexible specialty distributor, we meet the demands of our partners in these high growth markets. In addition, we will continue to utilize our capital to maximize our shareholder return in 2017. We paid dividends now for 57 consecutive quarters and during this quarter we bought back 95,015 shares of our stock."
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