PFSweb announces $4.50 per share special dividend

PFSweb announced that it continues to work with its financial advisor, Raymond James, on a review of a full range of strategic alternatives for its PFS business. Mike Willoughby, CEO of PFSweb, said: "While the completion of our strategic evaluation has been slowed by a combination of macroeconomic headwinds and the need to complete our internal restructuring, we have made great strides to streamline our organization through right-sizing corporate SG&A and addressing the excess cash on our balance sheet from the LiveArea transaction. We believe these initiatives, along with our expectation of continued strong growth in service fee revenue and profitability, will allow us to continue our strategic alternatives process in 2023 on a much stronger footing. We remain focused on maximizing value for our shareholders. "Given the substantial excess cash generated from the LiveArea divestiture, we believe a special dividend is the optimal pathway to return capital to our shareholders. In fact, we believe we can best position our strategic review process for success by returning excess cash and maintaining more traditional levels of operating liquidity." The company does not intend to comment further regarding the process unless there are material developments to discuss. The company’s board has approved a $4.50 per share special dividend, returning approximately $111M of capital from the LiveArea divestiture to shareholders. The dividend is payable on December 15 to shareholders of record as of December 1.