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SHREWSBURY, NJ -- (Marketwire) -- 10/25/12 -- Wayside Technology Group, Inc. (NASDAQ: WSTG) today reported financial results for the third quarter ended September 30, 2012. The results will be discussed in a conference call to be held on Friday, October 26, 2012 at 10:00 AM Eastern time. The dial-in telephone number is (866) 961-5936 and the pass code is "WSTG." This conference call will be available via live webcast -- in listen-mode only -- at www.earnings.com. A replay will also be available on the company's website at www.waysidetechnology.com.

Cash and marketable securities amounted to $15.3 million, representing 49% of equity as of September 30, 2012. Working capital amounted to $20.5 million, representing 66% of equity as of September 30, 2012.

Net sales for the third quarter ended September 30, 2012 increased 19% or $11.8 million to $75.5 million compared to $63.7 million for the same period in 2011. Net sales for the third quarter of 2012 for our Lifeboat Distribution segment were $56.0 million compared to $49.1 million in the third quarter of 2011, representing an increase of $6.9 million or 14%. Net sales for the third quarter of 2012 for our TechXtend segment were $19.5 million compared to $14.6 million in the third quarter of 2011, representing an increase of $4.9 million or 34%.

"The third quarter of 2012 has been our best quarter YTD in terms of revenues, gross profit, income from operations and net income. Our TechXtend division performed especially well in Q3 with our Lifeboat Distribution segment delivering solid results," said Simon F. Nynens, Chairman and Chief Executive Officer. "We continued to increase our market share and grow our service offerings."

The 19% increase in net sales in the third quarter of 2012 compared to 2011 was mainly a result of strengthening of our account penetration, our continued focus on the expanding virtual infrastructure-centric business, our solution focus selling and the addition of several key product lines.

Gross Profit for the third quarter ended September 30, 2012 was $5.7 million, a 1% decrease as compared to $5.8 million for the third quarter of 2011. Gross profit for our Lifeboat Distribution segment for the third quarter of 2012 was $3.7 million compared to $4.1 million in the third quarter of 2011, representing a 10% decrease. The decrease in gross profit for the Lifeboat Distribution segment was due to lower vendor rebate attainment and competitive pricing pressure within this segment. Gross profit for our TechXtend segment was $2.0 million compared to $1.7 million in the third quarter of 2011, representing a 21% increase. The increase in gross profit in the TechXtend segment was the result of the increased sales volume, at a lower gross margin as compared to 2011 and lower vendor rebates. Vendor rebates and discounts for the quarter ended September 30, 2012 amounted to $0.5 million compared to $0.7 million for the third quarter of 2011. Vendor rebates are dependent on reaching certain targets set by our vendors. Vendors have been periodically substantially increasing their target revenues for rebate eligibility. Therefore, despite our increasing revenue, vendor rebates have declined.

Gross profit margin (gross profit as a percentage of net sales) for the third quarter ended September 30, 2012 was 7.5% compared to 9.0% for the third quarter of 2011.

The attainment of gross profit dollars and the decrease in gross profit margins as a percentage of net sales were primarily caused by the increased competitive pricing pressure and decrease in rebates in both segments and by winning several large bids based on aggressive pricing, which we plan to continue.

Total selling, general, and administrative ("SG&A") expenses for the third quarter of 2012 were $3.6 million compared to $3.5 million for the third quarter of 2011, which was mainly the result of an increase in sales commissions for our TechXtend division, and the addition of employees in sales, finance and operations to support business growth. As a percentage of net sales, SG&A expenses for third quarter of 2012 were 4.8% compared to 5.4% for the third quarter of 2011.

On October 23, 2012, the Board of Directors declared a quarterly dividend of $.16 per share of its common stock payable November 16, 2012 to shareholders of record on November 6, 2012.

About Wayside Technology Group, Inc.

Wayside Technology Group, Inc. (NASDAQ: WSTG) was founded in 1982 and is a unified and integrated technology company providing products and solutions for corporate resellers, VARs, and developers as well as business, government and educational entities. The company offers technology products from software publishers and manufacturers such as Acronis, CA Technologies, DataCore, Datawatch, Dell, Flexera Software, GFI, Hewlett Packard, Infragistics, Intel Software, Lenovo, Microsoft, Mindjet, Quest Software, SolarWinds, Sophos, StorageCraft Technology, TechSmith, Veeam, Vision Solutions and VMware.

Additional information can be found by visiting www.waysidetechnology.com.

The statements in this release concerning the Company's future prospects are forward-looking statements that involve certain risks and uncertainties. Such risks and uncertainties could cause actual results to differ materially from those indicated by such forward-looking statements, and include, without limitation, the continued acceptance of the Company's distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, contribution of key vendor relationships and support programs, as well as factors that affect the software industry in general and other factors. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in our filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company undertakes no obligation to update or revise these forward-looking statements.

               WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
                    CONDENSED CONSOLIDATED BALANCE SHEETS
             (In thousands, except share  and per share amounts)

                                                September 30,  December 31,
                                                     2012          2011
                                                ------------- -------------
                                                 (unaudited)

                     ASSETS

Current assets
  Cash and cash equivalents                     $      10,745 $       9,202
  Marketable securities                                 4,585         5,375
  Accounts receivable, net                             49,051        47,066
  Inventory - finished goods                            1,509         1,240
  Prepaid expenses and other current assets             1,115         1,997
  Deferred income taxes                                   352           329
                                                ------------- -------------
Total current assets                                   67,357        65,209

Equipment and leasehold improvements, net                 333           458
Accounts receivable long-term                          10,183         8,889
Other assets                                               72            54
Deferred income taxes                                     201           251
                                                ------------- -------------

Total assets                                    $      78,146 $      74,861
                                                ============= =============

      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
  Accounts payable and accrued expenses         $      46,782 $      45,796
  Current portion- capital lease obligation                76            76
                                                ------------- -------------
Total current liabilities                              46,858        45,872

Long term portion- capital lease obligation                 -            55
                                                ------------- -------------
Total liabilities                                      46,858        45,927
                                                ------------- -------------

Commitments and contingencies

Stockholders' equity
  Common stock, $.01 par value; 10,000,000
   shares authorized, 5,284,500 shares issued,
   and 4,761,794 and 4,679,878 shares
   outstanding, respectively                               53            53
  Additional paid-in capital                           27,431        26,725
  Treasury stock, at cost, 522,706 and 604,622
   shares, respectively                                (4,994)       (4,991)
  Retained earnings                                     8,265         6,818
  Accumulated other comprehensive income                  533           329
                                                ------------- -------------
Total stockholders' equity                             31,288        28,934
                                                ------------- -------------
Total liabilities and stockholders' equity      $      78,146 $      74,861
                                                ============= =============


               WAYSIDE TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
               CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                    (In thousands, except per share data)

                                      Nine months ended   Three months ended
                                        September 30,       September 30,
                                        2012      2011      2012      2011
                                     --------- --------- --------- ---------
                                         (Unaudited )        (Unaudited )
                                     ------------------- -------------------
Revenues
  Lifeboat Distribution segment      $ 158,838 $ 137,621 $  55,989 $  49,118
  TechXtend Distribution segment        52,772    38,330    19,545    14,623
                                     --------- --------- --------- ---------
  Total Revenue                        211,610   175,951    75,534    63,741

Cost of sales
  Lifeboat Distribution segment        147,502   125,804    52,282    45,013
  TechXtend segment                     47,253    33,964    17,554    12,971
                                     --------- --------- --------- ---------
  Total Cost of sales                  194,755   159,768    69,836    57,984
                                     --------- --------- --------- ---------

Gross Profit                            16,855    16,183     5,698     5,757

Operating expenses
  Selling costs                          5,857     5,595     1,937     1,867
  Stock based compensation                 743       824       281       235
  Other general and administrative
   expenses                              4,548     4,216     1,393     1,363
                                     --------- --------- --------- ---------
Total Selling, general and
 administrative expenses                11,148    10,635     3,611     3,465
                                     --------- --------- --------- ---------

Income from operations                   5,707     5,548     2,087     2,292

Interest income, net                       394       264       140        92
Realized foreign exchange gain              13         1        12         -
                                     --------- --------- --------- ---------
Income before income tax provision       6,114     5,813     2,239     2,384
Provision for income taxes               2,428     2,248       887       890

                                     --------- --------- --------- ---------
Net income                           $   3,686 $   3,565 $   1,352 $   1,494
                                     ========= ========= ========= =========

Net income per common share - Basic  $    0.83 $    0.81 $    0.30 $    0.34
                                     ========= ========= ========= =========
Net income per common share -
 Diluted                             $    0.80 $    0.77 $    0.29 $    0.33
                                     ========= ========= ========= =========

Weighted average common shares
 outstanding - Basic                     4,467     4,411     4,502     4,406
                                     ========= ========= ========= =========
Weighted average common shares
 outstanding - Diluted                   4,635     4,618     4,643     4,575
                                     ========= ========= ========= =========