Systemax Income Surges 30%

Systemax Inc. reported net income of $18.1 million for the first quarter, a 30% increase over $13.9 million last year.

The online computer supplies marketer and retailer posted net sales of $725 million for the quarter ended March 31, a 7.2% increase over $676 million in the prior year.

The Port Washington, NY company attributed these results in part to N after-tax gain of approximately $1.5 million related to a lawsuit settlement.

The firm said that gross margin for the quarter improved to 15.8% of sales from 14.3% last year.

In addition, the firm reported a 7% technology product sales increase in the quarter.