NJ TECH CORNER: WAYSIDE TECHNOLOGY GROUP, INC.
Company Overview
Wayside Technology Group, Inc. (NASDAQ: WSTG) 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 many software publishers and manufacturers such as: Bluebeam Software, Dell, Hewlett Packard, Lenovo, Microsoft, Samsung, SolarWinds, and many others. Wayside operates two subsidiaries: Lifeboat Distribution, an international distributor of software products and services; and TechXtrend, a value-added reseller of software, systems and solutions.
On May 11, 2018, the company announced that Simon F. Nynens resigned as president, CEO, chairman and director. The company appointed Steve DeWindt, a Wayside board member and Executive Vice President of Solium, Inc., to CEO and president. The company also appointed Wayside board member Jeffrey Geygan to chairman. Wayside is headquartered in Eatontown, NJ, and has offices in the U.S., Canada, and Europe. Founded in 1982, the company employs 140 employees.
Investment & Financial Information
| Shares of common stock outstanding (November 6, 2018): | 4,496,494 |
| Share price of stock (Feb. 1, 2019) | $10.73 |
| Share price of stock (Feb. 1, 2018) | $14.55 |
| Current valuation (market cap as of Feb. 1, 2019) | $48.24 million |
| Valuation one year ago (market cap as of Feb. 1, 2018) | $66.00 million |
| Stock Symbol: | WSTG |
| Revenues (9 months, as of Sept. 30, 2018) | $132.39 million |
| Revenues (9 months as of Sept. 30, 2017 ) | $116.13 million |
| Net Income (9 months as of) Sept. 30, 2018) | $1.80 million |
| Net Income (9 months as of Sept. 30, 2017) | $3.94 million |
Management Team
| Name | Age | Title |
| Steve DeWindt | 63 | President and Chief Executive Officer |
| Dale Foster | 54 | Executive Vice President |
| Michael Vesey | 56 | Vice President, Chief Financial Officer |
| Kevin Scull | 52 | Vice President, Chief Accounting Officer |
| Viti Legrottaglie | 54 | Vice President, Chief Information Officer |
| Brian Gilbertson | 57 | Vice President, General Manager, Lifeboat* |
| Charles Bass | 53 | Vice President, New Business Development |
* Wayside subsidiary
Board of Directors
| Name | Age | Title |
| Jeffrey R. Geygan | 56 | Chairman of the Board ;President, CEO, GVIC: Member of the Advisory Board, the University of Wisconsin-Madison Department of Economics, Service Heat Treat Corporation |
| Mike Faith | 53 | Founder, CEO, Headsets.com |
| Steve DeWindt | 63 | President and CEO; Executive Vice President, Solium, Inc.; Chairman, Group 47 |
| Diana Kurty | 64 | Principal, Lumina Partners; Member of Board of Directors and Chair of Audit Committee, University of Rochester Medical Center |
Noteworthy Control (as of Sep. 29, 2018)
| Name | Shares of common stock owned | % of total common shares |
| FMR, LLC | 607,721 | 13.5% |
| Renaissance Technology, LLC | 265,300 | 5.9% |
| Simon Nynens | 261,568 | 5.8% |
| Eagle Asset Management Inc. | 261,375 | 5.8% |
[All information for NJ Tech Corner was taken from the company’s SEC filings and other company sources, with the exception of the company’s valuation.]
