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.]

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