SECURITIESAND EXCHANGE COMMISSIONWashington, D.C. 20549

**FORM10-K**

 

 [X] ANNUALREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2003

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934

Forthe transition period from __________ to __________

CommissionFile Number: 0-25790

**PCMALL, INC.**(Exact name of registrant as specified in its charter)

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|------------------------------------------------------------------------------|--------|-------------------------------------------------------|
| Delaware                                                                     |   | 95-4518700                                            |
| (State        or other jurisdiction of        incorporation or organization) |   | (I.R.S.        Employer        Identification Number) |

2555 West 190th Street, Suite 201Torrance, CA 90504(address of principal executive offices)(310) 354-5600(Registrant's telephone number, including area code)

Securitiesregistered pursuant to Section 12(b) of the Act:

None

Securitiesregistered pursuant to Section 12(g) of the Act:

CommonStock, Par Value $0.001 Per Share

Indicate by check mark whether the Registrant(1) has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months (orfor such shorter period that the Registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.  Yes[x]   No [ ] 

Indicate by check mark if disclosure ofdelinquent filers pursuant to Item 405 of Regulation S-K is notcontained herein, and will not be contained, to the best of the Registrant'sknowledge in definitive proxy or information statements incorporated byreference in Part III of this Form 10-K or any amendment to this Form 10-K.  []

Indicate by check mark whether the Registrant is anaccelerated filer (as defined in Exchange Act Rule 12b-2).  Yes [ ]  No [x]

As of June 30, 2003,the aggregate market value of the Common Stock held by non-affiliates of theRegistrant was approximately $31.9 million.  The number of sharesoutstanding of the Registrant's Common Stock as of March 29, 2004 was10,871,199.

**Documents incorporated by reference into Part III:**

Portions of the Proxy Statement for theRegistrant's 2004 Annual Meeting of Stockholders to be filed pursuant toRegulation 14A within 120 days after the Registrant's fiscal year end ofDecember 31, 2003 are incorporated  by reference into Part III of thisReport.

 

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PC MALL, INC.

TABLE OFCONTENTS

|   |  
 

PART I

          ITEM 1 - Business

          ITEM 2 - Properties

          ITEM 3 - Legal Proceedings

          ITEM 4 - Submission of Matters to a Vote of Security      Holders

 

PART II

          ITEM 5 - Market for Registrant's Common Stock and Related      Stockholder Matters

          ITEM 6 - Selected Financial Data

          ITEM 7 - Management's Discussion and Analysis of Financial      Condition and Results of Operations

          ITEM 7A - Quantitative and Qualitative Disclosures about      Market Risk

          ITEM 8 - Financial Statements and Supplementary Data

          ITEM 9 - Changes in and Disagreements with Accountants on      Accounting and Financial Disclosure

          ITEM 9A - Controls and Procedures
  
 

PART III

          ITEM 10 - Directors and Executive Officers of the      Registrant

          ITEM 11 - Executive Compensation

          ITEM 12 - Security Ownership of Certain Beneficial Owners      and Management

          ITEM 13 - Certain Relationships and Related Transactions
          ITEM 14 - Principal Accountant Fees and Services  
 

PART IV

          ITEM 15 - Exhibits, Financial Statement Schedules and      Reports on Form 8-K

 

SIGNATURES

 

 

PART I

**ITEM 1. BUSINESS**

**General**

    PC Mall, Inc. ("PC Mall"), formerly IdeaMall, Inc. andCreative Computers, Inc., together with its subsidiaries (the "Company"),founded in 1987, is a rapid response direct marketer of computer hardware,software, peripheral, electronics, and other consumer products. The Companyoffers products to business, government and educational institutions as well asindividual consumers through dedicated outbound and inbound telemarketing salesexecutives, the Internet, direct marketing techniques, direct response catalogs, a direct sales force, and threeretail showrooms.  The Company offers a broad selection of products throughits distinctive full-color catalogs under the PC Mall, MacMall, ClubMac, PC MallGov, and eCOST.com brands, its worldwide Web sites on the Internet: pcmall.com,macmall.com, clubmac.com, pcmallgov.com and ecost.com, and other promotionalmaterials.  The Company believes thatits rapid response service and its broad product selection result in customerloyalty and repeat customer orders.  The Company also operates OnSale.com,an online marketplace and auction, which was formally launched in October 2003. 
 
    In September 1997, PC Mall formed a wholly-owned subsidiary,uBid, Inc. ("uBid"), to sell computer-related products and consumer electronicsthrough an auction format on the Internet. On December 9, 1998, uBid completedan initial public offering of 1,817,000 shares of its Common Stock.  Uponcompletion of this offering, PC Mall owned 80.1% of the outstanding Common Stockof uBid.  On June 7, 1999, PC Mall divested its ownership in uBid by meansof a tax-free distribution of all of its remaining 7.3 million shares of uBidCommon Stock to PC Mall's stockholders of record as of May 24, 1999.  InApril 2000, uBid was acquired by CMGI.

 

    In February 1999, PC Mall formed eCOST.com as a wholly-ownedsubsidiary.  eCOST.com is a multi-category Internet retailer of new,refurbished, and close-out computer products, consumer electronics, digitalimaging products, home and houseware products, watches and jewelry, and otherconsumer products.  eCOST.com offers a broad selection of name-brand products,most of which are sold at competitive prices plus itemized fees for handling, processingand shipping the order.

 

    During 2000, the Company shifted its strategy to focus primarily on its outbound telemarketing operations.  Accordingly, the Company changed itsoperating strategy for  eCOST.com,emphasizing profitability over growth.

 

    During 2002, the Company completed two acquisitions.  In April 2002, the Company acquired substantially all of the assets ofPacific Business Systems, Inc. ("PBS"), a privately held direct marketer ofcomputer products to businesses and consumer customers under the ClubMac and PBSbrands.  The Company operates the acquired business asClubMac.  In July 2002, the Company completed the acquisition of substantially allof the assets of Wareforce, Inc. ("Wareforce") through a United StatesBankruptcy proceeding under Chapter 11 of the United States Bankruptcy Code. The Company considers ClubMac and Wareforce to be  part of its Core Businesssegment.  Also during 2002, the Company formed a new subsidiary, PC Mall Gov,Inc., to focus on the public sector market, and hired an experienced public sectortechnology sales executive to lead the entity's operations.

 

    In June 2002, the Company formed Onsale, Inc.as a wholly-owned subsidiary.  The Company acquired the URL and softwarethat operated the original OnSale.com website for approximately $0.4 millionthrough bankruptcy proceedings of Egghead in December 2002.  In October2003, the Company formally launched OnSale.com, an online marketplace including auctions.  The OnSale.com websitehas been rebuilt on a technology platform using the latest .NET solutions.  As of December 31, 2003, the Company hasinvested approximately $0.8 million in capital expenditures and softwaredevelopment costs in connection with its OnSale.com business.  As OnSale.com is a marketplace service,and is not itself a seller of the products sold on its website, the Companyexpects that in the foreseeable future, revenue through OnSale.com will beimmaterial.

 

    The Company operates in  three reportable segments: 1) a rapid response supplier of technologysolutions for business, government and educational institutions as well asconsumers, comprised of Corporate, Public Sector, Inbound Catalog and other sales, collectively referred to as the "Core Business",  2)  a multi-category Internet retailer of new, refurbished and close-out products under the eCOST.com brand,  and 3) an online marketplace/auction business under the OnSale.com brand.  Beginning  in the first quarter of 2003, the Company integrated its eLinux segment  into the Core Business segment.  The OnSale segment, which was previouslyreported as part of the Core Business, was established as a new segmentbeginning in the third quarter of 2003, and prior period segment amounts have beenadjusted to reflect the new presentation.  The Company allocates resources to and  evaluates the performance of its segments based on operating income.  Corporate  expenses are included in the Company's measure of segment operating income for  management reporting purposes.

**Strategy**

The Company's strategy is to be a leading rapid response direct marketerof a broad range of computers, software and related technology products andsolutions to business, government and educational institutions, and individualconsumers.  Specific elements of the Company's operating strategy include:

*Continued Development of Outbound Telemarketing.*  During 2003, theCompany continued to intensify its Outbound telemarketing efforts to focus onthe under-served small and medium business ("SMB") market, as well as largebusiness (enterprise), government and education markets.  The Company believesthat its inherent cost efficiencies and its purchasing power with key vendorsprovide it with competitive advantages and growth opportunities to acquiremarket-share from small Value-Added Resellers ("VARs").  The Company's strategyis to expand its Outbound telemarketing sales executive workforce.  To this end,during 2003, the Company continued to hire experienced Outbound telemarketingexecutives to manage this initiative and expand the Outbound telemarketing salesexecutive workforce. In June 2003, the Company opened a new Outboundtelemarketing sales office located in Canada to access an abundant, highlyeducated labor pool and to obtain cost advantages from a government laborsubsidy that extends through the end of 2007. The Company also focused onthe development of its Outbound telemarketing executives through itscomprehensive training program.  The Company expects to continue to invest innew tools and training to develop its Outbound telemarketing sales operation. 

*Focus on Sales of Enterprise Products.*  The Company continues to focuson sales of enterprise products such as networking, servers, storage and volumelicensing, as these products represent high growth segments of the enterprisemarket.  The Company is authorized or otherwise has the ability tosell Cisco, EMC, HP, IBM, Microsoft, Network Associates and othername brand products. The Company is also authorized to sell Microsoftcontractual licenses to large enterprise customers.  The Company also enhanced its ability to supportenterprise products during 2003 by launching new tools, such as software licenseasset management, to simplify software license tracking.  

 *Leverage Macintosh Market Position.*  Throughout2003, the Company continued to be a leading rapid response direct marketer ofApple products.  The Company believes thatits Apple leadership position provides opportunities to acquire new commercialcustomers as well as penetrate existing customers.  The Company's sales ofApple-related products in 2003 were $317.6 million, an increase of $12.7 million,or 4%, compared to $304.9 million in 2002.  The Company's PC Mall Govsubsidiary also received authorization  to sell Apple products on theGSA schedule to federal government customers in April 2003.  During 2003, the Company published 14 editions of its MacMall catalogwith a circulation of 22.9million copies, an 8% decrease from the prior year's 24.8 million circulationand a 23% decrease from the 29.7 million copies circulated in 2001.  Thedecrease in MacMall catalog circulation was due to the Company's intensified outboundtelemarketing effort, which is less dependent on catalog circulation.

* Increased Relationship-Based Selling.* The Company's sales executivesare highly trained in relationship building with their customers and arecontinuously coached to offer higher levels of service.  The Company iscommitted to relationship-based selling.  Each sales executive is trained andempowered to handle all customer needs, including ongoing customer service andreturns-related issues.  Additionally, sales executives bring other expertise tobear as needed from within the Company, including Apple, Cisco, ComputerAssociates, EMC, HP, Microsoft Windows Server specialists (MCSE) certifiedtechnicians, and Novell-trained CertifiedNetwork Engineers (CNE).

 *Leverage of Internet Expertise.*  The Company considers itself a leaderin Internet e-commerce innovation and intends to continue enhancing itsleadership position on the Internet. The Company was among the first to enterthe Internet auction space with its ubid.com web site.  uBid completed asuccessful initial public offering  in December 1998, and the Companysubsequently distributed to its stockholders all of its remaining shares of uBidin June 1999.

 In March 1999, the Company launched the eCOST.com web site, whichoffers a broad selection of name-brand products, many of which are sold atdiscount prices. Customers are provided an itemized description of the feesassociated with processing their orders, including a handling and processingfee, and a shipping fee. 

In October 2003, the Company launched its latest Internet venture,OnSale.com, an online auction and marketplace Website. OnSale.com providesInternet sellers an alternative site to market products. Over time, OnSale.comintends to provide customers with sophisticated marketing services andtechnology.  Also in 2003, the Company expanded its use of "Corporate AccessPages" or CAP sites, which are custom extranet-based dedicated web sites thatallow customers to perform routine tasks online and gives account executivesincreasedtime for acquiring new customers. 

*Penetration of the Public Sector Market.*  In April 2002, PC Mall formedPC Mall Gov, Inc. ("PC Mall Gov"), a wholly owned subsidiary, and hired anexperienced public sector technology sales executive to lead its public sectorsales efforts.  Public sector sales are one of the fastest growing categories,and the Company believes that PC Mall Gov's efficiency is well suited to supportthe procurement model of the government and education buyer.  PC Mall Govintends to establish a larger presence in the federal government market. To thisend, in 2003 PC Mall Gov expanded its sales office in the Washington D.C. areaand obtained authorization to sell Apple and HP products on the GSA schedule togovernment customers.

** Marketing andSales**

The Company designs its various marketing programs to attract newcustomers and to stimulate additional purchases by previous customers.  TheCompany employs Outbound telemarketingsales techniques to establish new customer relationships with businesses,selectively mailscatalogs to prospective customers and advertises on the Internet and inmajor computer user magazines such as Computer Shopper, Federal Computer Week,Government Technology, Mac Addict, Mac Home, Mac Today, MacWorld and others.  Inaddition, the Company obtains the names of prospective customers throughselected mailing lists acquired from various sources, including manufacturers,suppliers and computer magazine publishers.   The Company sells its products tobusiness, government and educational institutions, as well as individualconsumers, primarily within the United States of America. 

The Company utilizes third-party software designed to manage marketingcampaigns using different media channels and to optimize campaigns throughadvanced data mining techniques.  The software combines these optimizationtechniques with multiple models to more effectively match offers to individualsand businesses to provide the most profitable results.

*Outbound and Inbound Telemarketing. *The Company believes that much of its success has come from thequality and training of its sales executives.  Sales executives areresponsible for assisting customers in purchasing decisions, answering productpricing and availability questions and processing product orders.  Salesexecutives also have the authority to vary prices within specified parameters inorder to meet prices of competitors.  In addition, sales executives undergoan initial sales training program focusing on use of the Company's systems,product offerings and networking solutions, sales techniques, phone etiquetteand customer service.  Sales executives also attend regular training sessions tostay up-to-date on new products.  Sales executives staff the Company's toll-freeorder lines 24 hours a day, seven days a week.  Customer service and technicalsupport personnel assist inbound and Outbound telemarketing sales executives. The Company's phone and computer systems are used for order entry, customertracking and inventory management.  During 2003, the Company shippedapproximately 621,000 inbound and Outbound telemarketing orders with an averageorder size of $1,084.  This compares to approximately 612,000 inbound and Outboundtelemarketing orders with an average order size of $912 in 2002.

*Catalogs.*  The Company published13 editions of its PC Mall catalog during 2003 and distributed approximately10.4 million PC Mall catalogs, a decrease of 5% compared to 11.0 millioncatalogs distributed in 2002. The Company published 14 editions of its MacMall catalog in 2003 anddistributed approximately 22.9 million catalogs, a decrease of 8% compared tothe 24.8 million catalogs distributed in 2002. Active PC Mall and MacMall customersreceive a catalog several times a year depending upon purchasing history,and the Company includes a catalog with most orders shipped, as well as specialpromotional flyers and manufacturers' product brochures.  The Company also published and distributed ClubMac, eCOST.com,Mac Software andPC Mall Gov catalogs in 2003, totaling an additional 39 editions, approximately7.7 million catalogs.

The Company creates all of its catalogs in-house with its own designteam and production artists using a Macintosh-based desktop publishing system. The in-house preparation of the catalogs streamlines the production process,provides greater flexibility and creativity in catalog production, and resultsin significant cost savings over outside production.

*The Internet.*The Company operates several worldwide web siteson the Internet, including pcmall.com, macmall.com, clubmac.com, pcmallgov.com,ecost.com and onsale.com.  The Company offers many advanced Internet featuressuch as on-line ordering, access to inventory availability and a large productselection with detailed product information.  The Company also maintains andoperates an extranet for its corporate customers, called "Corporate AccessPages" or CAP sites.  CAP sites provide custom catalogs and online purchasingchannels for corporate customers and their employees.  CAP sites enhance salesproductivity by allowing customers to perform routine tasks online, freeing theaccount executive's time for acquiring new customers.  Sales generated throughthe Internet have grown rapidly for the Company as it offers its customers aconvenient means of shopping and ordering its products. TheCompany's web sites also serve as another source of new customers.  In 2003, theCompany shipped approximately 768,000 Internet-related orders, a 30.8% increaseover the 587,000 Internet orders shipped in 2002.

*Vendor Supported Marketing. *The Company sells advertising space in theCompany's catalogs and on the Company's Internet sites, and provides vendorsupported Outbound telemarketing campaigns.  These advertising sales generaterevenues that offset a substantial portion of the expense of publishing anddistributing the catalogs.  The Company also develops marketing campaignsdesigned tomaximize product sales.

*National Off-Page Advertising.* The Company  attracts new catalog customers and generates ordersthrough large multi-page color advertisements in major publications suchas Computer Shopper, Federal Computer Week, Government Technology, MacWorld, MacHome, Mac Today, and Mac Addict.  During 2003, the Company purchased 186 pagesof magazine advertising.

*Corporate Sales.*  The specific needs of corporate buyers are fulfilled through acombination of inbound and Outbound telemarketing sales force, as well as adirect sales force through the Company's CCIT and Wareforce subsidiaries.  TheCompany's sales staff builds long-term relationships with corporate customersthrough regular phone contact and personalized service.  Corporate customers maychoose from several purchase or lease options for financing product purchases,and the Company extends credit terms to certain corporate customers.

*Customer Return Policy. *The Company offers a limited return policy on a number of its products, subjectto vendor terms and conditions.  Returns are monitored to identify trends inproduct acceptance and defects, to enhance customer satisfaction and to reduceoverall returns.

**Products andMerchandising**

The Company offers hardware, software, peripherals, components andaccessories for users of computer products, as well as electronics equipment andother consumer products. The Company screens new products and selects products for inclusion in itscatalogs and web sites based on features, quality, sales trends, price, margins,cooperative/market development funds and warranties.  The Company offers itscustomers other value-added services, such as the ability to purchase systemsthat have been specifically configured to meet the customer's requirements. Through frequent mailings of its catalogs and e-mails to its customers, theCompany is able to quickly introduce new products and replace slower sellingproducts with new products.

The following table sets forth the Company's net sales by major productcategory as a percentage of total net sales for the periods presented.

 
Year Ended December 31,
 
2003     
2002     
2001
Computer systems
36.8%     
 36.9%     
39.0%
Peripherals, components  and accessories
 42.2     
 42.1     
45.5
Software
12.3     
12.1     
10.4
Other    (1) 
8.7     
8.9     
5.1
       Total
100.0%     
100.0%     
100.0%
(1)  Other consists primarily of other electronicproducts, income from configuration charges, sales of extended warranties, andother consumer products.

*Computer Systems. *The Company offers a large selection of desktop, laptop and server systems fromleading manufacturers including  Apple,  HP, IBM, Sony, Toshiba and others.

*Peripherals, Components and Accessories.* The Company offers a large selection of peripheral and component products frommanufacturers such as 3Com, Apple, Canon, Cisco, EMC, Epson,HP, IBM, Iomega, Kingston, NEC/Mitsubishi, Sony, Viewsonicand Xerox.  Peripherals and componentsinclude printers, monitors, data storage devices, add-on circuit boards,connectivity products and communications products.  The accessories offered bythe Company include a broad range of computer-related items and supplies such astoner, ink cartridges, magnetic tape, cables and connectors.

*Software.*  The Company sells a wide variety of software packages in the business andpersonal productivity, enterprise, utility, language, graphics and video editing categories,including word processing, spreadsheet and database software.  The Companyoffers a large number of software programs and licenses from establishedvendors, such as Adobe, Apple, Computer Associates, Filemaker, Intuit,  Lotus/IBM,Macromedia, Microsoft, Network Associates, Quark, and Symantec, as well asnumerous specialty products from new and emerging vendors.  

**Purchasing and Inventory**

The Company believes that effective purchasing is a key elementof its business strategy to provide name brand computer products and relatedsoftware and peripherals at competitive prices.  The Company believes thatits high volume of sales results in increased purchasing power with its primarysuppliers, resulting in volume discounts, favorable product return policies andvendor promotional allowances.  During 2003, the Company purchased productsfrom over 1,200 vendors.  During 2003, 2002 and 2001, products manufacturedby Apple represented approximately 20.4%, 23.1% and 24.1% of net sales,respectively.  Products manufactured by HP accounted for 20.9% of net sales in2003, 17.8% of net sales in 2002 and 17.3% of net sales in 2001.  The Company isalso linked electronically with  eleven distributors or manufacturers, which allows account executives to viewdistributor product availability online and drop-ship product directly to theircustomers.  The benefits of this program include reduced inventory carryingcosts, higher order fill rates, and improved inventory turns.

Most key vendors have agreements to provide market development funds tothe Company, whereby such vendors fund portions of the cost of catalogpublication and distribution based upon the amount of coverage given in thecatalogs for their products.  Termination or interruption of the Company'srelationships with its vendors, or modification of the terms of ordiscontinuance of the Company's agreements with its vendors, could adverselyaffect the Company's operating results.  The Company's success is dependent inpart upon the ability of its vendors to develop and market products that meetthe changing requirements of the marketplace.  As is customary in the industry,the Company has no long-term supply contracts with any of its vendors. Substantially all of the Company's contracts with its vendors are terminableupon 30 days' notice or less.

The Company attempts to manage its inventory position to generate thehighest level of customer satisfaction possible while limiting inventory risk. The Company's average annual inventory turns were 15.1 times in 2003, 18.6 timesin 2002 and 18.9 times in 2001.  Inventory levels may vary from period toperiod, due in part to increases or decreases in sales levels, the Company'spractice of making large-volume purchases when it deems the terms of suchpurchases to be attractive and the addition of new manufacturers and products. The Company has negotiated agreements with many of its vendors that containprice protection provisions intended to reduce the Company's risk of loss due tomanufacturer price reductions.  The Company currently has such rights withrespect to products that it purchases from Apple, HP, IBM andcertain other vendors; however, such rights vary by product line, have otherconditions and limitations, and can be terminated or changed at any time.

 The market for computers, computer products, peripherals, software andelectronics is characterized by rapid technological change and a growingdiversity of products.  The Company believes that its success depends in largepart on its ability to identify and obtain the right to market products thatwill meet the changing requirements of the marketplace and to obtain sufficientquantities of product to meet changing demands.  There can be no assurance thatthe Company will be able to identify and offer products necessary to remaincompetitive or avoid losses related to excess or obsolete inventory.

**Backlog**

The Company's backlog generally represents open cancelableorders.  The Company does not believe that backlog is useful for predictingfuture sales.

**Distribution**

The Company operates a full-service 212,000 square foot distributioncenter in Memphis, Tennessee and a 20,454 square foot warehouse facility inIrvine, CA.  The Memphis warehouse, the Company's primary distribution center,is strategically located near the Federal Express main hub in Memphis, whichallows most orders of in-stock products accepted by 10:00 p.m. Eastern StandardTime to be shipped for delivery by 10:30 a.m. the following day via FederalExpress, if requested by the customer.  Upon request, orders may also be shipped at a lower cost using othermodes of transportation such as United Parcel  Service Delivery.  The Irvinewarehouse primarily functions as a custom configuration and distribution centerfor Wareforce's corporate customers.  The Company believes that its existingdistribution facilities are adequate for its current needs.

When an order is entered into the Company's systems, an automated creditcheck or credit card verification is performed, and if approved, and the productis in stock, the order is electronically transmitted to the warehouse, where apacking slip is printed for order fulfillment.  All inventory items are barcoded and located in computer-designated areas which are easily identified onthe packing slip.  All orders are checked with bar code scanners prior to finalpacking to ensure that each order is packed correctly.  

The Company also has electronic purchasing and drop shippingsystems for products that are not in stock at its distribution centers. Eleven distributorsor manufacturers are linked electronically to provide inventory availability andpricing information.  The Company transmits an electronic order for immediateshipment via an electronic interchange (EDI) to the selected distributor afterconsidering inventory availability, price and location.  This capability allowsthe Company to ship a high percentage of orders on the same day that they arereceived.

**Management Information Systems**

The Company has committed significant resources to the development ofsophisticated computer systems that are used to manage its business.  TheCompany's computer systems support telemarketing, marketing, purchasing,accounting, customer service, warehousing and distribution, and facilitate thepreparation of daily operating control reports which provide concise and timelyinformation regarding key aspects of its business.  The systems allow theCompany to, among other things, monitor sales trends, make informed purchasingdecisions and provide product availability and order status information.  Inaddition to the main computer systems, the Company has systems of networkedpersonal computers.  The Company also applies its management information systemsto the task of managing its inventory.   TheCompany believes that in order to remain competitive it will be necessary toupgrade its management information systems on a continuing basis.

The Company's success is in part dependent on the accuracy andproper utilization of its management information systems and its telephonesystem.  In addition to the costs associated with system upgrades, thetransition to and implementation of new or upgraded hardware or software systemscan result in system delays or failures.  The Company currently operatesits management information systems using a HP3000 Enterprise System. Hewlett-Packard has indicated that it will support this system until 2006, bywhich time the Company expects that it will need to seek third party support forsuch systems or upgrade the Company's management information systems hardwareand software.   Any interruption, corruption, degradation or failure of theCompany's management information systems or telephone system could impact itsability to receive and process customer orders on a timely basis. 

**Retail Computer Showrooms**

The Company currently operates three retail computer showrooms, locatedin Santa Monica and Torrance, California, and Memphis, Tennessee thatare targeted at high-end consumers and small businesses residing in the localarea.

**Competition**

The retail business for personal computers and related products ishighly competitive.  The Company competes with other direct marketers, includingCDW, Insight Enterprises and PC Connection.  In addition, theCompany competes with computer retail stores and resellers, includingsuperstores such as Best Buy and CompUSA, certain hardware and software vendorssuch as Dell Computer and Gateway  that sell directly to end users, and otherdirect marketers of hardware, software and computer-related products.  Barriersto entry are relatively low in the direct marketing industry and the risk of newcompetitors entering the market is high.  The markets in which the Company'sretail showrooms operate are also highly competitive.

The manner in which personal computers, software and related productsare distributed and sold is changing, and new methods of sales and distributionhave emerged.  Technology now allows software vendors the ability to sell anddownload programs directly to consumers, if so desired.  In addition, in recentyears the industry has generated a number of new, cost-effective channels ofdistribution such as computer superstores, consumer electronic and office supplysuperstores, national direct marketers and mass merchants.  Computer resellersare consolidating operations and acquiring or merging with other resellers toachieve economies of scale and increased efficiency.  In addition, traditionalretailers have entered and may increase their penetration into the direct mailchannel.  The current industry reconfiguration and the trend towardconsolidation could cause the industry to become even more competitive, furtherincrease pricing pressures and make it more difficult for the Company tomaintain its operating margins or to increase or maintain the same level of netsales or gross profit.

Although many of the Company's competitors have greater financialresources than the Company, the Company believes that its ability to offerconsumers and businesses a wide selection of products, at competitive prices,with prompt delivery and a high level of customer service, together with its goodrelationships with its vendors and suppliers, allow it to compete effectively. There can be no assurance that the Company can continue to compete effectivelyagainst existing or new competitors that may enter the market.  The Companybelieves that competition may increase in the future, which could require theCompany to reduce prices, increase advertising expenditures or take otheractions that may have an adverse effect on the Company's operating results.

**Employees**

As of December 31, 2003, the Company had 1,386 full-timeemployees.  The Company emphasizes the recruiting and training ofhigh-quality personnel and, to the extent practical, promotes people topositions of increased responsibility from within the Company.  Manyemployees initially receive training appropriate for their position, followed byvarying levels of training in computer technology, communication and leadership. New account executives participate in an intensive sales training program,during which time they are introduced to the Company's philosophy, availableresources, products and services, as well as basic and advanced sales skills. Training for specific product lines and continuing education programs areconducted on a regular basis, supplemented byvendor-sponsored training programs for all sales executives and technicalsupport personnel.

The Company's employees are generally compensated on a basis thatrewards performance and the achievement of identified goals.  For example, salesexecutives receive compensation pursuant to a commission schedule that is basedprimarily upon gross profit dollars generated from their sales efforts.  TheCompany believes that these incentives positively impact its performance andoperating results.

The Company considers its employee relations tobe good.  None of the Company's employees is represented by a labor union, andthe Company has experienced no work stoppages.

Since its formation, the Company has experiencedrapid growth.  As a result of this growth, the Company has added a significantnumber of employees and has been required to expend considerable effort intraining these new employees.

Risks Related to International Operations The Company facescertain risks of doing business internationally. For example, the Companyrecently opened a telemarketing sales office located in Canada and expects toobtain cost advantages from a government labor subsidy that extends through theend of 2007. International sales and operations are subject to inherent risksand challenges that could adversely affect the Company's business, including butnot limited to: unexpected changes in international regulatory requirements andtariffs; difficulties in staffing and managing foreign operations; political andeconomic instability; potential adverse tax consequences; foreign currencyfluctuations; and price controls or other restrictions on foreign currencies.There can be no assurance that the Company will be able to realize expected costsavings from its Canadian call center or comply with the requirements necessaryto obtain all or a portion of the government subsidy for its Canadian callcenter. Any negative impact on international sales or operations couldnegatively impact the Company's business, results of operations and financialcondition. In particular, gains and losses on the conversion of foreign paymentsinto United States dollars may contribute to fluctuations in the Company'sresults of operations and fluctuating exchange rates could cause reducedrevenues from non-dollar-denominated international sales.

**Properties  **

 TheCompany's principal facilities at December 31, 2003 were as follows:

Description

Sq. Ft.

Location

PC      Mall, Inc. Corporate Headquarters  

              153,532 

Torrance,      CA 

Distribution      Center

              212,000 

Memphis,      TN

Irvine Sales Office and Warehouse

                60,888 

Irvine, CA

Wisconsin      Sales Office 

                35,503 

Menomonee Falls, WI

Canada Sales Office
                23,675 
Montreal, Quebec, Canada
Retail      Showroom

                  9,750 

Santa      Monica, CA 

 The Company leases each of its principal facilities, except for the SantaMonica retail showroom, which is owned by the Company.  The Company'sdistribution center includes shipping, receiving, warehousing and administrativespace.  In 2003, the Company amended the lease at the Memphis warehouselocation to occupy 57,000 additional square footage, co-terminus with theexisting lease.

**Regulatoryand Legal Matters**

The direct response business as conducted by the Company is subject tothe Merchandise Mail Order Rule and related regulations promulgated by theFederal Trade Commission and laws or regulations directly applicable to accessto or commerce on the Internet.  While the Company  believes it iscurrently in compliance with such laws and regulations and has implementedprocesses, programs andsystems to address its ongoing compliance with such regulations, no assurancescan be given that new laws or regulations will not be enacted or adopted, orthat the Company's processes, programs and systems will be sufficient to complywith present or future laws or regulations, whichmight adversely affect the Company's operations.  Due to the increasingpopularity and use of the Internet, it is possible that a number of laws andregulations may be adopted with respect to the Internet.  The growth anddevelopment of the market for Internet commerce may prompt calls for morestringent consumer protection laws that may impose additional burdens on thosecompanies conducting business over the Internet.  The adoption of anyadditional laws or regulations may decrease the growth of the Internet, which,in turn, could decrease the demand for and growth of the Company'sInternet-based sales. 

Based upon current law, certain of the Company's subsidiaries currentlycollect and remit sales tax only on sales of products to residents of thestates in which the respective subsidiaries have a physicalpresence.  Various state taxing authorities have sought to impose on directmarketers with no physical presence in the taxing state the burden of collectingstate sales and use taxes on the sale of products shipped to those states'residents, and it is possible that such a requirement could be imposed in thefuture.  In addition, a number of bills may be introduced or are pending before federal andstate legislatures that would potentially expand the tax collectionresponsibility of Internet-related companies.  Until these legislativeefforts have run their course and the courts have considered and resolved somecases involving these tax collection issues, there can be no assurance thatfuture laws imposing taxes or other regulations on commerce over the Internetwould not substantially impair the growth of e-commerce and as a result have amaterial adverse effect on the Company's business, results of operations andfinancial condition.

**Available Information**

 The Company makes its annual reports on Form 10-K, the Company'squarterly reports on Form 10-Q, the Company's current reports on Form 8-K andall amendments to these reports available free of charge on the Company'scorporate website as soon as reasonably practicable after such reports are filedwith, or furnished to, the SEC. The Company's corporate website is located atwww.pcmall.com.  None of the information contained on the Company'swebsite is intended to be part of this report or incorporated by referenceherein.

**ExecutiveOfficers**

Theexecutive officers of the Company as of March 29, 2004 and their respective agesand positions are as follows:

Name

Age

Position

Frank Khulusi

38

Chairman of the Board, President and Chief Executive Officer

Theodore R. Sanders

49

Chief Financial        Officer

Daniel J. DeVries

42

Executive Vice President - Marketing 

Kristin        M. Rogers

45

Executive        Vice President - Enterprise Sales

 The following is abiographical summary of the experience of the executive officers:

Frank F. Khulusi is a co-founder of the Company and has served asChairman of the Board and Chief Executive Officer of the Company since theCompany's inception in 1987, served as President until July 1999, and resumedthe office of President in March 2001.  Mr. Khulusi attended the Universityof Southern California.

 Theodore R. Sanders has served as Chief Financial Officer sinceSeptember 1998 and was Vice President - Controller of the Company from May 1997to September 1998.  Prior to joining the Company, Mr. Sanders spent tenyears with the Pittston Company in various senior finance roles includingController of its Burlington Air Express Global division and Director ofInternal Audit.  Mr. Sanders started his career with Deloitte & Toucheand rose to the position of Manager.  Mr. Sanders is a C.P.A. and receiveda B.S.B.A. degree from Nichols College.

Daniel J. DeVries has served as Executive Vice President -Marketing since February 1996 and was Senior Vice President from October 1994 tothat time.  Mr. DeVries is responsible for marketing, consumer sales andproduct management strategy.  From April 1993 to October 1994, he heldvarious sales and marketing positions with the Company.  From July 1988 toApril 1993, Mr. DeVries was a Regional Manager for Sun Computers, acomputer retailer.  Mr. DeVries attended the University of Michigan.

Kristin M. Rogers joined the Company inFebruary 2000 and was appointed as Executive Vice President  -Enterprise Sales in June 2001.  Ms. Rogers is responsible for corporatesales strategy.  Prior to joining the Company, Ms. Rogers held a variety ofpositions with Merisel, a computer wholesale distributor from 1980 through 1999,the most recent position being Senior Vice President and General Manager of theUS region.  In addition, Ms. Rogers spent one year (1997) as Executive VicePresident and General Manager of the US region for Micro Warehouse, a directmarketer based in Norwalk, Connecticut.  Ms. Rogers received a B.A. degreein Political Science at Bates College (Lewiston, Maine).
CERTAIN FACTORS AFFECTING FUTURE RESULTS
This Annual Report on Form 10-K contains forward-looking statementswithin the meaning of Section 27A of the Securities Act of 1933, as amended. Such statements include statements regarding the Company's expectations, hopesor intentions regarding the future, including but not limited to statementsregarding the Company's strategy, competition, markets, vendors, expenses,new services and technologies, growth prospects, financing, revenue, margins, operations and compliance with applicable laws. Forward-looking statements involve certain risks and uncertainties, and actualresults may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially from suchforward-looking statements include the risks described in greater detail in thefollowing paragraphs.  All forward-looking statements in this document aremade as of the date hereof, based on information available to the Company as ofthe date hereof, and the Company assumes no obligation to update anyforward-looking statement to reflect events or circumstances after the date ofthis Report or to reflect the occurrence of unanticipated events.

** Dependenceon Vendors**

 The Company is dependent on sales of Apple andApple-related products, HP, and those of other vendors including  IBM,Ingram Micro, Microsoft and Tech Data.  Productsmanufactured by Apple represented 20.4%, 23.1% and 24.1% of the Company's netsales in 2003, 2002 and 2001, respectively.  Products manufactured by HPrepresented 20.9%, 17.8% and 17.3%  of the Company's net sales in 2003,2002 and2001, respectively.  A decline in sales of Apple or HP computers or a decreasein supply of or demand for software and peripheral products for such computerscould have a material adverse impact on the Company's business.  During parts of2003, 2002 and 2001, certain Apple products were in short supply.  Acontinuation of such shortages or future shortages could adversely affect theCompany's operating results.  The Company is an authorized dealer for the fullretail line of Apple products; however, the Company's dealer agreement withApple is terminable upon 30 days' notice.  The Company's business would beadversely affected if all or a portion of the line of Apple or HP products wereno longer available to the Company.  The Company's success is, in part,dependent upon the ability of Apple and HP to develop and market products thatmeet the changing requirements of the marketplace.  To the extent that theseproducts are not available to the Company, the Company could encounter increasedprice and other competition, which would adversely affect the Company'sbusiness, financial condition and results of operations.

      The Company purchases all of its products from vendors.  Certain keyvendors, including those listed above, provide the Company with trade credit aswell as substantial incentives in the form of discounts, credits and cooperativeadvertising.  Most key vendors have agreements to provide, or otherwisehave consistently provided, market development funds to the Company, wherebysuch vendors finance portions of the cost of catalog publication anddistribution based upon the amount of coverage given in the catalogs to theirrespective products.  Termination or interruption of the Company'srelationships with one or more of these vendors, including Apple or HP, ormodification of the terms or discontinuance of the agreements andmarket-development fund programs with these vendors, could adversely affect theCompany's operating income and cash flow.  The Company's success isdependent in part upon the ability of its vendors to develop and market productsthat meet the changing requirements of the marketplace.  Substantially allof the Company's contracts with its vendors are terminable upon 30 days' noticeor less.  In most cases, the Company has no guaranteed price or deliveryarrangements with its suppliers.  As a result, the Company has experiencedand may in the future experience short-term inventory shortages on certainproducts.  In addition, manufacturers who currently sell their productsthrough the Company may decide to sell their products directly or throughresellers or channels other than the Company.  Further, the personalcomputer industry experiences significant product supply shortages and customerorder backlogs from time to time due to the inability of certain manufacturersto supply certain products as needed.  The loss of a key vendor or declinein demand for products of a key vendor may reduce sales and affect operatingresults.  There can be no assurance that suppliers will be able to maintainan adequate supply of products to fulfill the Company's customers' orders on atimely basis or that the Company will be able to obtain particular products, onfavorable terms or at all, or that a product line currently offered by suppliers will continueto be available.  Similarly, there can be no assurance that the Company will beable to obtain authorizations from new vendors who may introduce new productsthat create market demand.

 **Competition**

The retail business for personal computers,electronics and related products is highly competitive, based primarily onprice, product availability, speed and accuracy of delivery, effectiveness ofsales and marketing programs, credit availability, ability to tailor specificsolutions to customer needs, quality and breadth of product lines and services,and availability of technical or product information.  The Company competes withother direct marketers, including CDW, Insight Enterprises, and PC Connection.  In addition, the Company competes with computer retail stores andresellers including superstores such as Best Buy and CompUSA, certain hardwareand software vendors such as Dell Computer and Gateway that sell directly to endusers, and other direct marketers of hardware, software and computer-relatedproducts.  In the direct marketing and Internet retail industries, barriers toentry are relatively low and the risk of new competitors entering the market ishigh.  Certain existing competitors of the Company have substantially greaterfinancial resources than the Company.  There can be no assurance that theCompany can continue to compete effectively against existing competitors,consolidations of competitors or new competitors that may enter the market.  Inaddition, price is an important competitive factor in the personal computerhardware, software and peripherals market and the market for electronicsproducts, and there can be no assurance that the Company will not be subject toincreased price competition, which may have an adverse effect on the Company'sbusiness, financial condition and results of operations.  There can be noassurance that the Company will not lose market share or that it will not beforced in the future to reduce its prices in response to the actions of itscompetitors and thereby experience a further reduction in its gross margins. 

**Narrow Gross OperatingMargins**

 As a result of intense price competition in thecomputer products and electronics industry, the Company's margins havehistorically been narrow and are expected to continue to be narrow.  Thesenarrow gross margins magnify the impact on operating results of variations inoperating costs and of adverse or unforeseen events.   The inability of theCompany to maintain its margins in the future could have an adverse effect onthe Company's business, financial condition and results of operations.

**Potential QuarterlyFluctuations **

The Company experiences variability in its net sales and net income on aquarterly basis as a result of many factors.  These factors include thefrequency of catalog mailings, introduction or discontinuation of new catalogs,the introduction of new products or services by the Company and its competitors,changes in prices from suppliers, the loss or consolidation of a significantsupplier or customer, general competitive conditions including pricing, theCompany's ability to control costs, the timing of capital expenditures, thecondition of the personal computer industry and electronics in general, seasonalshifts in demand for computer and electronics products, industry announcementsand market acceptance of new products or upgrades, deferral of customer ordersin anticipation of new product applications, product enhancements or operatingsystems, the relative mix of products sold during the period, inability of theCompany to obtain adequate quantities of products carried in its catalogs,delays in the release by suppliers of new products and inventory adjustments,expenditures by the Company on new business ventures and general economicconditions and geopolitical events.  The Company's planned operatingexpenditures each quarter are based on sales forecasts for the quarter. If salesdo not meet expectations in any given quarter, operating results for the quartermay be materially adversely affected. The Company's narrow margins may magnifythe impact of these factors on the Company's operating results. The Companybelieves that period-to-period comparisons of its operating results should notbe relied upon as an indication of future performance. In addition, the resultsof any quarterly period are not necessarily indicative of results to be expectedfor a full fiscal year.  In certain future quarters, the Company's operatingresults may be below the expectations of public market analysts or investors. In such event, the market price of the Company's Common Stock could bematerially adversely affected.

**Focus on the PublicSector**

 The Company has historically sold intothe public sector markets, and has only subsequently expanded this businessmodel by creating PC Mall Gov, Inc. to focus on this growing market.  Inadding this new focus, the Company faces numerous risks and challenges,including competition from a wider range of sources and the need to developstrategic relationships.  There can be no assurance that the increasedfocus on the public sector will result in expanded market share or increasedprofitability of the Company.   The failure to comply with the Company's publicsector contracts could result in, among other things, fines or otherliabilities.  Revenues from the Company's public sector business arederived from sales to federal, state and local governmental departments andagencies, as well as to educational institutions, through various contracts andopen market sales.  Government contracting is a highly regulated area. Noncompliance with government procurement regulations or contract provisionscould result in civil, criminal, and administrative liability, includingsubstantial monetary fines or damages, termination of government contracts, andsuspension, debarment or ineligibility from doing  business with thegovernment.  The effect of any of these possible actions by anygovernmental department or agency could adversely affect the Company's business and results of operations.

**Acquisitions**

As part of its growth strategy, the Companyacquired two marketers of computers and computer-related products in 2002,Pacific Business Systems and Wareforce.  The Company may continue topursue acquisitions of companies that would either complement or expand itsexisting business.  No assurance can be given that the benefits expected fromthe acquisition of complementary companies will be realized.  In addition,acquisitions involve a number of risks and difficulties, including expansioninto new geographic markets and business areas, the diversion of management'sattention to  the operations and personnel of the acquiredcompany, the integration of the acquired company's personnel and  management informationsystems with those of the Company, potential short-term adverse effects on theCompany's operating results and the amortization of acquired intangible assets. Any delays or unexpected costs incurred in connection with the coordination ofacquired operations could have a material adverse effect on the Company'sbusiness, financial condition and results of operations.  There can be noassurance that the Company will be able to implement or sustain its acquisitionstrategy or that its strategy will ultimately prove profitable for the Company.  

** BusinessInterruption; Facilities**

The Company believes that its success to date hasbeen, and future results of operations will be, dependent in large part upon itsability to provide prompt and efficient service to its customers.  TheCompany has taken several precautionary steps to help minimize the impact ofdisasters that might cause business interruptions.  There can be noassurance that a disruption will not occur; however, any disruption of theCompany's day-to-day operations including those caused by natural disasters,acts or threats of war, terrorism or other conflict could have a materialadverse effect upon the Company, and any interruption, corruption, degradationor failure of the Company's non-redundant systems, including but not limited to,its management information systems,distribution center, web site or telephone system, could impair its ability toreceive and process customer orders and ship products on a timely basis.

** Changing Methods ofDistribution**

 The manner in which computer and electronicsproducts are distributed and sold is changing, and new methods of sale anddistribution, such as the Internet, have emerged.  Computer hardware andsoftware vendors have sold, and may intensify their efforts to sell, theirproducts directly to end users.  From time to time, certain vendors haveinstituted programs for the direct sale of large quantities of hardware andsoftware to certain major corporate accounts.   These types of programs maycontinue to be developed and used by various vendors.  Vendors also may attemptto increase the volume of software products distributed electronically to endusers' personal computers.  Any of these competitive programs, if successful,could have a material adverse effect on the Company's business, financialcondition and results of operations.

** Dependence onIndependent Shipping Companies**

The Company relies onarrangements with independent shipping companies, especially Federal Express andUPS, for the delivery of its products.  The disruption or termination of theCompany's arrangements with Federal Express, UPS or other shipping companies, orthe failure or inability of one or more shipping companies to deliver productsfrom the Company to its customers, or from suppliers to the Company, could havea material adverse effect on the Company's business, financial condition andresults of operations.

**Economic andGeopolitical Conditions**

The Company's earnings and growth ratecould be adversely affected by changes in economic and geopolitical conditions. Weak general economic conditions, along with uncertainties in politicalconditions could adversely impact the Company's revenues, expenses and growth rate. In addition, the Company's revenues, gross margins and earnings could deteriorate in thefuture as a result of unfavorable economic or political conditions.

**Postage, Shipping andPaper Costs**

 Postage and shipping are significant expenses inthe operation of the Company's business.  The Company ships its products tocustomers by overnight delivery and ground delivery services and generally mailsits catalogs through the U.S. Postal Service.  Any increases in postal orshipping rates in the future could have a material adverse effect on thebusiness, financial condition and results of operations.  The cost of paper isalso a significant expense of the Company in printing its catalogs.  The cost ofpaper has fluctuated significantly over the last several years.  While theCompany believes that it may be able to recoup a portion of any increasedpostage and paper costs through increases in vendor advertising rates, noassurance can be given that such advertising rate increases can be sustained orthat they will offset all of the increased costs.

**Global Market**

The Company is exposed to the risks of aglobal market.  Portions of the Company's products are either produced, orhave major components produced, in the Asia Pacific region.  The Companyengage in U.S. dollar denominated transactions with U.S. divisions andsubsidiaries of companies located in this region.  As a result, the Company may be indirectly affected byrisks associated with international events, including economic and laborconditions, political instability, tariffs and taxes, availability of productsand currency fluctuations in the U.S. dollar versus the regional currencies. In the past, countries in the Asia Pacific region have experienced volatility intheir currency, banking and equity markets.  Future volatility couldadversely affect the supply and price of products and components and ultimately,the Company's results of operations.

** Risk of TechnologicalChanges and Inventory Obsolescence**

 The market for personal computers, peripherals,software and electronics products is characterized by rapid technological changeand a growing diversity of products.  The Company's success depends in largepart on its ability to identify and obtain the right to market products thatwill meet the changing requirements of the marketplace.  There can be noassurance that the Company will be able to identify and offer products necessaryto remain competitive or avoid losses related to excess and obsolete inventory.  The Company currently has limited return rightswith respect to products which it purchases from Apple, Hewlett-Packard,IBM, andcertain other vendors; however, such rights vary by product line, have otherconditions and limitations, and can be terminated or changed at any time.

** State Sales Tax Collection**

 Based upon current law, certain of the Company'ssubsidiaries currently collect and remit sales tax only on sales ofproducts to residents of the states in which the respective subsidiaries have a physical presence.  The U.S. Supreme Court has ruled that thevarious states, absent Congressional legislation, may not impose tax collectionobligations on an out-of-state direct marketer whose only contacts with thetaxing state are distribution of catalogs and other advertisement materialsthrough the mail, and whose subsequent delivery of purchased goods is by mail orinterstate common carriers.   Certain court cases have upheld tax collectionobligations on  companies, including mail order companies, whose contacts with the taxing state was quite limited (e.g., visiting the state severaltimes a year to aid customers or  to inspect showrooms stocking their goods). The Company believes its operations are different from the operations of thecompanies in these cases and thus do not give rise to tax collectionobligations.

However, the Company cannot predict the level ofcontact with any state which would give rise to future or past tax collectionobligations.   The tax treatment of the Internet and e-commerce is currently  ina state of flux.   Various state taxing authorities have sought to impose ondirect marketers with no physical presence in the taxing state the burden ofcollecting state sales and use taxes on the sale of products shipped to thosestates' residents, and it is possible that such a requirement could be imposedin the future.  In addition, a number of bills may be introduced or are pendingbefore federal and state legislatures that would potentially expand the taxcollection responsibility of Internet-related companies.  It is possible thatfederal legislation could be enacted that would permit states to impose salestax collection obligations on out-of-state direct marketers.  The imposition of  tax collection obligations on the Company may result inadditional administrative expenses to the Company and price increases to itscustomers that could adversely affect the Company's business, financialcondition and results of operations.  States also potentially may expand taxcollection responsibilities of out-of-state companies through legislation. Until these legislative efforts have run their course and the courts haveconsidered and resolved some cases involving tax collection issues, there can beno assurance that future laws imposing taxes or other regulations on commerceover the Internet would not substantially impair the growth of e-commerce and asa result have a material adverse effect on the Company's business, results ofoperations and financial condition.  

**Industry Evolution andPrice Reductions**

 The personal computer industry isundergoing significant change.  In addition, in recent years a number ofnew, cost-effective channels of distribution have developed in the industry,such as the Internet, computer superstores, consumer electronic and officesupply superstores, national direct marketers and mass merchants.  Computerresellers are consolidating operations and acquiring or merging with otherresellers and/or direct marketers to achieve economies of scale and increasedefficiency.  The current industry reconfiguration and the trend towardsconsolidation could cause the industry to become even more competitive, furtherincrease pricing pressures and make it more difficult for the Company tomaintain its operating margins or to increase or maintain the same level of netsales or gross profit.  Declining prices, resulting in part fromtechnological changes, may require the Company to sell a greater number ofproducts to achieve the same level of net sales and gross profit.  Such atrend could make it more difficult for the Company to continue to increase itsnet sales and earnings growth.  In addition, growth in the personalcomputer market has slowed.  If the growth rate of the personal computermarket were to further decrease, the Company's business, financial condition andoperating results could be adversely affected.  

 **Management InformationSystems**

The Company's success is in part dependenton the accuracy and proper utilization of its management information systems,including its telephone system.  The Company's ability to analyze dataderived from its management information systems to increase product promotions,manage inventory and accounts receivable collections, to purchase, sell and shipproducts efficiently and on a timely basis and to maintain cost-efficientoperations, are each dependent upon the quality and utilization of theinformation generated by its management information systems.  The Companyis continually upgrading its management information system hardware and softwareto better meet the information requirements of its users, and believes that toremain competitive, it will be necessary to upgrade its management informationsystems on a continuing basis in the future.  The Company currentlyoperates its management information systems using a HP3000 Enterprise System. Hewlett-Packard has indicated that it will support this system until 2006, bywhich time the Company expects that it will need to seek third party support forsuch systems or upgrade the Company's management information systems hardwareand software.   In addition to the costs associated with such upgrades, thetransition to and implementation of new or upgraded hardware or software systemscan result in system delays or failures which could impair the Company's abilityto receive and process orders and ship products in a timely manner.  TheCompany does not currently have a redundant or back-up telephone system, nordoes it have complete redundancy for its management information systems. Any interruption in telephone service or management information systems,including those caused by natural disasters, could have a material adverseeffect on the Company's business, financial condition and results of operations.

 **Dependence on SeniorManagement**

The Company's future performance will depend to asignificant extent upon the efforts and abilities of certain key managementpersonnel, including Frank Khulusi, Chairman of the Board, President and ChiefExecutive Officer.  The Company has a $3 million key man life insurance policyon Mr. Khulusi.  The loss of service of one or more of the Company's keymanagement personnel could have an adverse effect on the Company's business. The Company's success and plans for future growth will also depend in part onmanagement's continuing ability to hire, train and retain skilled personnel inall areas of its business.

**Privacy Concerns**

 The Company mails catalogs and sends electronicmessages to names in its proprietary customer database and to potentialcustomers whose names the Company obtains from rented or exchanged mailinglists.  Worldwide public concern regarding personal privacy has subjected therental and use of customer mailing lists and other customer information toincreased scrutiny.  Any domestic or foreign legislation enacted limiting orprohibiting these practices, including a national do-not-call list, couldnegatively affect the Company's business, financial condition and results ofoperations.

** Management of Growth**

The growth of the Company's business has requiredthe Company to make significant additions in personnel and has significantlyincreased the Company's working capital requirements.  Although the Company hasexperienced significant sales growth since its inception, such growth should notbe considered indicative of future sales growth.  Such growth has resulted innew and increased responsibilities for management personnel and has placed andcontinues to place significant strain upon the Company's management, operatingand financial systems, and other resources.  There can be no assurance that thisstrain will not have a material adverse effect on the Company's business,financial condition, and results of operations, nor can there be any assurancethat the Company will be able to attract or retain sufficient personnel tocontinue the expansion of its operations.  Also crucial to the Company's successin managing its growth will be its ability to achieve additional economies ofscale.  There can be no assurance that the Company will be able to achieve sucheconomies of scale, and the failure to do so could have a material adverseeffect upon the Company's business, financial condition and results ofoperations.

** Availability of Capita**l

The Company requires substantial working capitalto fund its business. The Company believes that current working capital,together with cash flows from operations and available lines of credit, will beadequate to support the Company's current operating plans through 2004. However,if the Company needs additional funds, such as for acquisitions or expansion or tofund a significant downturn in sales or an increase in operating expenses, there are no assurancesthat adequate financing will be available at acceptable terms, if at all.  Ifadditional financing is required but not available, the Company would have toimplement additional measures to conserve cash and reduce costs. However, thereis no assurance that such measures would be successful.  The Company's failureto raise required additional funds or to secure an additional credit facilitywould adversely affect the Company's ability to maintain, develop or enhance itsproduct offerings, take advantage of future opportunities, respond to competitivepressures or continue operations.

**Possible Volatility ofStock Price**

The Company believes certain factors, such assales of the Company's Common Stock into the market by existing stockholders,fluctuations in quarterly operating results and market conditions generally,including market conditions affecting stocks of computer hardware and softwaremanufacturers and resellers and companies in the Internet and electroniccommerce industries in particular, and other technology or related stocks, couldcause the market price of the Company's Common Stock to fluctuatesubstantially.  The stock market in general, and the stocks of computer andsoftware resellers, and companies in the Internet and electronic commerceindustries in particular, and other technology or related stocks, have in thepast experienced extreme price and volume fluctuations which have been unrelatedto corporate operating performance.  Such market volatility may adversely affectthe market price of the Company's Common Stock. 

**Dependence on ContinuedUse of the Internet**

The Company's level of sales generated from itsworldwide web sites has increased in part because of the growing use andacceptance of the Internet by end-users.  The growth in Internet usage is arelatively recent development, and no assurance can be made that the Internetwill continue to develop or that a sufficiently broad base of consumers willadopt and continue to use the Internet and other online services as a medium ofcommerce.  Sales of computer products over the Internet have increased as apercentage of the Company's net sales in recent years.  Continued growth of theCompany's Internet sales is dependent on potential customers using the Internetin addition to traditional means of commerce to purchase products.  The Companycannot accurately predict the rate at which they will do so.  If the use byconsumers of the Internet to purchase products does not continue, the Company'sbusiness, financial condition and results of operations could be adverselyaffected.

The Company's success in maintaining and growingits Internet business will depend in large part upon the development of aninfrastructure for providing Internet access and services.  If the number ofInternet users or their use of Internet resources continues to grow rapidly,such growth may overwhelm the existing Internet infrastructure.  The Company'sability to increase the speed with which it provides services to customers andto increase the scope of such services ultimately is limited by and reliant uponthe speed and reliability of the networks operated by third parties.  TheCompany cannot assure that networks and infrastructure providing sufficientcapacity and reliability will continue to be developed.

**ITEM 2. PROPERTIES**

See "Properties" in Item 1 above. 

 **ITEM 3. LEGAL PROCEEDINGS**

TheCompany is subject to various legal proceedings or claims which arise in theordinary course of business.  In theopinion of management, the amount of ultimate liability with respect to thoseactions will not have a material adverse effect on the Company's business, financial conditionor results of operations.

** ITEM 4. SUBMISSION OFMATTERS TO A VOTE OF SECURITY HOLDERS**

There were no matters submitted to a vote of securityholders during the fourth quarter of 2003.

**PARTII**

**ITEM 5. MARKET FORREGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS**

 The Common Stock of the Company has been traded on the Nasdaq National Marketsince the Company's initial public offering on April 4, 1995. The following table sets forth the range of high and low closing sales pricesfor the Company's Common Stock for the periods indicated, as reported on the Nasdaq National Market.

            Price Range of Common        Stock 
High

Low
Year      Ended December 31, 2001  First Quarter       $2.50      $0.81 Second Quarter2.011.00 Third Quarter3.501.43 Fourth Quarter4.061.73    Year      Ended December 31, 2002   First Quarter
$4.47 $3.02 Second Quarter
5.00 3.40 Third Quarter3.362.05 Fourth Quarter4.292.00Year      Ended December 31, 2003  First Quarter$4.05$3.00 Second Quarter4.303.07 Third Quarter11.234.21 Fourth Quarter16.788.44
On March 23, 2004, the closing price of the Company's Common Stock as reportedon the Nasdaq National Market was $16.15 per share.  As of March 23,2004, there were approximately 50 holders of recordof the Common Stock.

The Company has never paid cash dividendson its capital stock and does not currently anticipate paying dividends in thefuture.  The Company intends to retain its earnings to finance the growthand development of its business.  

** ITEM 6.  SELECTED FINANCIAL DATA
Thefollowing selected consolidated financial data are qualified by reference to,and should be read in conjunction with, the Company's Consolidated FinancialStatements and the notes thereto, and "Management's Discussion and Analysisof Financial Condition and Results of Operations" contained elsewhereherein.  The selected  statement of operations data for the years ended December 31,2003, 2002 and 2001 and the selected balance sheet data as of December 31,2002 and 2003 are derived from the Company's audited consolidated financialstatements, which are included elsewhere herein.  The selected  statement ofoperations data for the years ended December 31, 2000 and 1999 along with the balance sheet data as of December 31,2001, 2000 and 1999 are derived from the audited consolidated financial statements ofthe Company which are not included herein.  The selected operating data are derived from the operating records of theCompany and have not been audited.

**Year Ended December 31, **
**(in thousands, except per share data)**2003(1)2002(2)
 2001
2000(3)1999Net sales$975,586   $862,830 $718,083 $818,627$730,181 Cost of goods sold
848,791   
769,740 
639,111 
730,794
650,630 Gross profit126,795   93,090  78,972 87,83379,551 Selling, general, and      administrative expenses97,173    85,343  73,219 82,18176,362 
 Selling, general and administrative expenses    related to non-cash stock compensation expense294   --   -   -   Advertising, net in 2002 and prior23,305   3,059556   13,355  7,325   Loss on building held      for sale
-   
350
  -   
- 
- Income (loss) from operations6,023    4,338  5,197 (7,703)(4,136)Interest income (expense)
(1,325)
(983)
(709)

(917)
245 Income (loss) before income taxes4,698   3,355 4,488 (8,620)(3,891)Income tax provision (benefit)
1,655   
(3,594)
- 

-
812 Income (loss) from continuing      operations3,043    6,949  4,488 (8,620)(4,703)Discontinued operations-    -  - -(6,240)Cumulative effect of change in      accounting principle
-   
(6,801) 
- 

(536)

-
Net income (loss)$
3,043 
$
148 
$
4,488 
$
(9,156)
$
(10,943)
     Basic earnings per      share  Continuing operations$0.29   $0.65 $0.43$(0.83)$(0.45)Discontinued operations-   ---(0.60)Cumulative effect of change in      accounting principle-   
(0.64)-
(0.05)  -$0.29   $
0.01 
$
0.43
$(0.88) $(1.05) Diluted earnings (loss) per share      Continuing operations$0.26   $0.62 $0.43$(0.83)$(0.45)Discontinued operations-   ---(0.60)Cumulative effect of change in      accounting principle-   (0.61)-(0.05)-$0.26   $0.01  $
0.43
$
(0.88)
$
(1.05)
Pro    forma amounts assuming the      accounting change required by SAB 101 is applied retroactively (See Note 1      of Notes to Consolidated Financial Statements)     Income (loss) from continuing      operations$3,043   $ 6,949 $ 4,488 $(8,620)$(4,842)Net income (loss)$3,043   $
148 
$
4,488 
$(8,620) $
(11,082)
Basic earnings (loss) per share    Continuing operations$0.29   $ 0.65 $ 0.43 $ (0.83)$ (0.47)Net income (loss)$0.29   $
0.01 
$
0.43 
$
(0.83)
$
(1.07)
    Diluted earnings (loss) per share    Continuing operations$0.26   $ 0.62 $ 0.43 $ (0.83)$ (0.47)Net income (loss)$0.26   $
0.01 
$
0.43 
$
(0.83)
$
(1.07)
    Basic weighted average number of      shares outstanding10,651  
10,654 

10,436 

10,419  

10,383 
Diluted weighted average number of      shares outstanding11,636  
11,127 

10,551 

10,419  

10,383 

(1)      In 2003, the Company adopted EITF 02-16, whereby the Company reclassified      certain vendor consideration in the amount of $23.2 million from      advertising expense and $0.3 million from selling, general and      administrative expense to cost of sales.  See Note 1 of Notes to      Consolidated Financial Statements.
(2)      The selected income statement data for 2002 include the operating results      of ClubMac and Wareforce, acquired in April 2002      and July 2002, respectively, as well as the adoption of SFAS 142, as      discussed in Notes 1 and 10 of Notes to Consolidated Financial Statements.
(3) Operating results in 2000      reflect the implementation of SAB 101.  See Note 1 of Notes to      Consolidated Financial Statements.
**Year Ended      December 31, **
**(in thousands, except average order      size)****Selected Operating      Data**20032002200120001999Telemarketing net sales$672,423$    558,242$472,927$574,956$556,461Internet sales 268,181     274,277 215,760 207,826 138,986Retail net sales 34,982     30,311 29,396 35,845 34,734    Total net sales$975,586$862,830$718,083$818,627$730,181            Number of catalogs      distributed41,019    40,56743,36749,26358,955Orders filled (Telemarketing)621612521687874Orders filled      (Internet)768587474390336
Average order size      (Telemarketing)
$1,084$912$908$837$637Average order size      (Internet)$349$467$455$533$414Mailing list size9,9419,3467,6856,0225,459
**December 31, **
**(in thousands)****Balance Sheet Data**2003 2002 2001 2000 1999 Cash and Cash Equivalents$7,819$11,422$9,972$12,195$24,326Working capital$28,222  $22,848$17,270$10,184$18,697Total assets$189,170$    149,360$125,805$137,566$150,005Short-term debt$1,000$291$1,437$579$148Line      of credit$26,202$    17,497$1,561$17,315$-Long-term debt,      excluding current portion$250$-$375$703$284Stockholders' equity$49,893$    45,109$44,011$39,508$48,598
**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS**

The following discussion and analysis of the Company's financial conditionand results of operations should be read in conjunction with the Company'sconsolidated financial statements and notes thereto included elsewhere herein.

**Overview**

The Company is a leading rapid responsedirect marketer of computer hardware, software, peripheral, electronics, andother consumer products.  The Company's headquarters is in Torrance,California.   The Company offers products to business, government and educational institutionsas well as individual consumers through dedicated outbound and inboundtelemarketing sales executives, the Internet, direct marketing techniques,direct response catalogs, a direct sales force, and three retail showrooms.  The Company offers a broad selection of products through itsdistinctive full-color catalogs under the PC Mall, MacMall, ClubMac, PC Mall Govand eCOST.com brands, its worldwide web sites on the Internet: pcmall.com,macmall.com, clubmac.com, pcmallgov.com, and ecost.com; and other promotionalmaterials.  The Company also operates OnSale.com, an online marketplace andauction.

For background on the Company's business model see"Business" in Item 1 which includes general corporateinformation as well as information on strategy, marketing and sales, productsand merchandising, purchasing and inventory, distribution, employees and severalother areas of importance.  

 The Company operates in three reportablesegments: 1) a rapid response supplier of technology solutions for business,government and educational institutions as well as consumers, comprised ofCorporate, Public Sector, Inbound Catalog and other sales, collectively referredto as the "Core Business", 2) a multi-category Internet retailer of new,refurbished and close-out products under the eCOST.com brand, and 3) an onlinemarketplace/auction business under the OnSale.com brand.  Beginning in the firstquarter of 2003, the Company integrated its eLinux segment into the CoreBusiness segment.  The OnSale.com segment, which was previously reported as partof the Core Business, was established as a new segment beginning in the thirdquarter of 2003, and prior period amounts have been adjusted to reflect the newpresentation.  The Company allocates resources to and evaluates the performanceof its segments based on operating income.  Corporate expenses are included inthe Company's measure of segment operating income for management reportingpurposes

Company management regularly reviews itsperformance using a variety of financial and non-financial metrics including,but not limited to, sales, shipments, average order size, gross margin, co-opadvertising revenues, advertising expense, personnel costs, sales accountexecutive productivity, accounts receivables aging, inventory turnover,liquidity and cash resources.   Company management compares the various metricsagainst goals and budgets, and takes appropriate action to enhance Companyperformance.

The Company plans to continue to focusefforts on increasing market share by investing in the growth, training andretention of its Outbound sales force.  This strategy is expected to result inincreased expenses associated with the infrastructure and training necessary toachieve those goals, which could have an impact on profitability in thenear term.  

 Duringthe year ended December 31, 2003, the Company established a Canadian call centerin Montreal, serving the U.S. market.  The Canadian call center had a netcost to the Company of $1.1 million in 2003.  The Company believes that theCanadian call center allows it to access an abundant, highly educated labor pooland provides cost advantages from the currency exchange rate differences as wellas a government labor subsidy that extends through approximately the end of2007.

    In June 2002, the Company formed Onsale, Inc.as a wholly-owned subsidiary.  The Company acquired the URL and softwarethat operated the original OnSale.com website for approximately $0.4 millionthrough bankruptcy proceedings of Egghead in December 2002.  In October2003, the Company formally launched OnSale.com, an online marketplace including auctions.  The OnSale.com websitehas been rebuilt on a technology platform using the latest .NET solutions.  As of December 31, 2003, the Company hasinvested approximately $0.8 million in capital expenditures and softwaredevelopment costs in connection with its OnSale.com business.  As OnSale.com is a marketplace service, and is not itself aseller of the products sold on its website, the Company expects that in theforeseeable future, revenue through OnSale.com will be immaterial.

 Net sales of the Company are derivedprimarily from the sale of computer hardware, software, peripherals,electronics, and other consumer products to business, government and educationalinstitutions as well as individual consumers through dedicated outbound andinbound telemarketing sales executives, the Internet, relationship-basedtelemarketing techniques, direct response catalogs, a direct sales force, and three retail showroomslocated in Southern California and Tennessee. Gross profit consists of net salesless product costs, inbound and outbound shipping costs and certain marketingdevelopment funds. Such funds are receivedfrom manufacturers of products included in the Company's catalogs and web sites,as well as co-operative advertising funds ("co-op") on products purchased frommanufacturers and vendors.

Net sales from direct marketingoperations, as a percentage of net sales, were  68.9%, 64.7% and 65.9%, in 2003,2002 and 2001 respectively, with an average order size of $1,084, $912 and $908for those respective years.  Net sales from the Internet, as a percentage of netsales, were 31.1%, 31.8% and 30.0% in 2003, 2002 and 2001 respectively, with anaverage order size of $349, $467 and $455 for those respective years.

A substantial portion of the Company'sbusiness is dependent on sales of Apple and Apple-related products,  HP, and those ofother vendors including IBM, Ingram Micro, Microsoft, Sony, and Tech Data. Products manufactured by Apple represented 20.4%, 23.1% and24.1% of the Company's net sales in 2003, 2002 and 2001, respectively. Productsmanufactured by HP represented 20.9%, 17.8% and 17.3% of the Company's net salesin 2003, 2002 and 2001, respectively.

**Critical Accounting Policies and Estimates**

 The Company's consolidated financialstatements have been prepared in accordance with accounting principles generallyaccepted in the United States of America.  The preparation of the Company'sconsolidated financial statements requires us to make estimates and assumptionsthat affect the reported amounts of assets, liabilities, net sales and expenses.The Company bases its estimates on historical experience and on various other assumptions that arebelieved to be reasonable under the circumstances, the results of which form thebasis for making judgments about carrying values of assets and liabilities thatare not readily apparent from other sources.  Actual results could differ fromthose estimates, and revisions to estimates are included in the Company's results for theperiod in which the actual amounts become known.  

Management considers an accounting estimate to be critical if:

-- it requires assumptions to be made that were uncertain at thetime the estimate was made; and 

-- changes in the estimate or different estimates that could havebeen selected could have a material impact on the Company's results of operations orfinancial condition. 

Management has discussed the development and selection of thesecritical accounting policies and estimates with the audit committee of theCompany's boardof directors.  The Company believes the critical accounting policiesdescribed below affect the more significant judgments and estimates used in thepreparation of the Company's financial statements:

*RevenueRecognition. *The Company adheres to the revised guidelines andprinciples of sales recognition described in Staff Accounting Bulletin No. 104,"Revenue Recognition" ("SAB 104"), issued by the staff of the Securities andExchange Commission (the "SEC") as a revision to Staff Accounting Bulletin No.101, "Revenue Recognition" ("SAB 101").  While the wording of SAB 104 hasrevised the original SAB 101, "Revenue Recognition", the revenue recognitionprinciples of SAB 101 remain largely unchanged by the issuance of SAB 104. Under SAB 104, sales are recognized when the title and risk of loss are passedto the customer, there is persuasive evidence of an arrangement for sale,delivery has occurred and/or services have been rendered, the sales price isfixed and determinable and collectibility is reasonably assured.  Underthese guidelines, the majority of the Company's sales, including revenue fromproduct sales and gross outbound shipping and handling charges, are recognizedupon receipt of the product by the customer.  For all product sales shippeddirectly from suppliers to customers, the Company takes title to the productssold upon shipment, bears credit risk, and bears inventory risk for returnedproducts that are not successfully returned to suppliers; therefore, theserevenues are recognized at gross sales amounts.  

  Certain softwareproducts and extended warranties that the Company sells (for which the Companyis not the primary obligor) are recognized on a net basis in accordance with SECStaff Accounting Bulletin No. 101, "Revenue Recognition" and EITF 99-19,"Reporting Revenue Gross as a Principal versus Net as an Agent." Accordingly,such revenues are recognized in net sales either at the time of sale or over thecontract period, based on the nature of the contract, at the net amount retainedby the Company, with no cost of goods sold.  

Sales are reported net of estimatedreturns and allowances, coupon redemptions and credit card chargebacks.  Ifactual sales returns, allowances, discounts, coupon redemptions and credit cardchargebacks are greater than estimated by management, additional expense may beincurred.  

*Allowancefor Doubtful Accounts Receivable. * The Companymaintains an allowance for doubtful accounts receivable based upon estimates offuture collection.  The Company extends credit to its customers based uponan evaluation of each customer's financial condition and credit history, andgenerally does not require collateral.  The Company regularly evaluatesits customers' financial condition and credit history in determining theadequacy of its allowance for doubtful accounts.  The Company alsomaintains an allowance for uncollectible vendor receivables which arise fromvendor rebate programs, price protections and other promotions.  TheCompany determines the sufficiency of the vendor receivable allowance based uponvarious factors, including payment history.  Amounts received from vendorsmay vary from amounts recorded because of potential non-compliance with certainelements of vendor programs.  If estimated allowances for uncollectibleaccounts or vendor receivables subsequently prove insufficient, additionalallowance may be required.

*Reservefor Inventory Obsolescence. * The Company maintains allowances for thevaluation of its inventory by estimating the obsolete or unmarketable inventorybased on the difference between inventory cost and market value determined bygeneral market conditions,  nature, age and type of each product.  TheCompany regularly evaluates the adequacy of its inventory reserve.  If theinventory reserve subsequently proves insufficient, additional inventorywrite-downs may be required.

*Coupon Redemption Rate Estimates. *The Company accrues monthly expense related to promotional coupon rebates basedupon the quantity of eligible orders transacted during the period and theestimated redemption rate.  The estimated expense is accrued and presentedas a reduction of net sales.  The estimated redemption rates used tocalculate the accrued coupon expense and related coupon liability are basedupon historical redemption experience rates for similar products or couponamounts.  Estimated redemption rates and the related coupon expense andliability are regularly adjusted as actual coupon redemptions for the programare processed.  If estimated redemption rates are greater than anticipated,additional expense may be incurred.

*Deferred Advertising Revenue andCosts.*  The Company produces and circulates catalogsat various dates throughout the year and receives market development funds andco-op advertising funds from vendors included in each catalog.  These funds arerecognized based on sales generated over the life of the catalog, approximatelyeight weeks, as an offset to cost of sales in accordance with   EITF No. 02-16, "Accounting by a Customer (Including a Reseller) for CertainConsideration Received from a Vendor" ("EITF 02-16"). The costs of developing, producing and circulating each catalog are deferred andcharged to advertising expense at the same rate as the co-op revenue based onthe life of the catalog.  Deferred advertising revenue is included in accruedexpenses and other current liabilities, offset by deferred advertising costs,which are included in prepaid expenses and other current assets

**Results of Operations**

The following table sets forth, for the years indicated, information derivedfrom the Company's consolidated statement of operations expressed as apercentage of sales.  There can beno assurance that trends in sales, gross profit or operating results will continue inthe future.
Percentage of Net Sales
Year Ended      December 31,
2003

2002

2001
Net sales    100.0   %    100.0 %    100.0%Cost of goods sold87.0   
89.2 
89.0Gross profit13.0       10.8     11.0Selling, general, and administrative expenses10.0   9.9     10.2Non-cash    compensation expense relating to selling, general and administrative    expenses-    -  -     Advertising, net in 2002 and 20012.4    0.4  0.1 Income from operations0.6       0.5     0.7Interest expense, net0.1   0.1 0.1Income before income taxes0.5   0.4 0.6Income tax    (provision)/benefit(0.2)
0.4 
-Income    before cumulative effect of change in accounting principle0.3       0.8     0.6Cumulative effect of change in accounting      principle-   (0.8)    - Net income 0.3   %
0.0 %
0.6%
**Year EndedDecember 31, 2003 Compared to the Year Ended December 31, 2002**

       *Net Sales.** *****Consolidated net sales in 2003 were $975.6million, an increase of $112.8 million or 13% from net sales of $862.8 millionin 2002. The Company's Core Business net sales increased 12% to $865.5 millionin 2003, from $774.6 million in 2002, of which 7% is attributable to theacquisition of Pacific Business Systems and Wareforce. The Core Business sales increase in 2003also resulted from an increase of29% in its Outbound telemarketing business sales, 11% in PC Mall Gov sales,and 15% in retail sales, offset by a decline of 21% in catalog sales.   Salesincreased as a result of the intensified focus on the public sector market,increases in headcount over the prior year, and increased average order size.Catalog circulation increased slightly compared to prior year, from 40.6 millioncatalogs in 2002 to 41.0 million catalogs in 2003, mainly due to theintroduction of the PC Mall Gov catalog in late  2002, compared to a full yearof circulation in 2003.   Netsales for the Company's eCOST.com segment increased by $21.8 million to$110.0 million, or 25% over the prior year, primarily due to opportunistic buys, continued enhancements tothe Company's marketing and product offerings and increased Outbound telemarketing salesto business customers. Net sales for the Company's Onsale.com segment in 2003were insignificant, as 2003 was itsfirst  year of operations.  Sales of Apple and HP productsrepresented 20.4% and 20.9% of net sales in 2003, compared to 23.1% and 17.8% in the prior year,respectively.  

       *Gross Profit. *****Consolidated gross profit in 2003 was $126.8 million, an increase of $33.7 million, or 36%,over 2002.  For the Core Business, gross profit was $114.7 million and increased $29.5 million, or35%, over 2002.  For eCOST.com, gross profit in 2003 was $12.1 million, anincrease of $4.2 million, or 53%, over 2002.  Gross profit for theCompany's Onsale.com segment in 2003 was insignificant, and has no meaningfulcomparison to the prior year.  The adoption of EITF 02-16, which resultedin the recording of certain types of consideration received from vendors againstcost of sales, was responsible for $23.5 million of the increase in consolidatedgross profit. The remaining $10.2 million of the increase in gross profit wasdue primarily to the increase in net sales. For the CoreBusiness and eCOST.com segments, the adoption of EITF 02-16 was responsible for$20.0 million and $3.5 million of the increase in gross profit, respectively. As a percentage of net sales, consolidated gross profit in 2003 increased to13.0% compared with 10.8% in 2002. For the Core Business, gross profit as apercentage of net sales increased to 13.3% compared to 11.0% of sales in 2002.For eCOST.com, gross profit as a percentage of net sales in 2003 increased to11.0% compared to  8.9% in 2002.  The adoption of EITF 02-16 was responsiblefor 241 basis points of the increase of consolidated gross profit as a percentage ofsales. For the Core Business and eCOST.com segments, the adoption of EITF 02-16was responsible for increasing gross profit as a percentage of sales by 231 and316 basis points, respectively. Gross profit margin may vary depending onvarious factors, including Outbound telemarketing sales initiatives,fluctuations in key vendor support programs and price protections, product mix,market conditions and other factors.  See Change in Accounting Principle andRecent Accounting Pronouncements below for a discussion of the Company'sadoption of EITF 02-16.

     *Selling, General and Administrative Expenses. *****Consolidated selling, general, and administrative ("SG&A") expenses were $97.5million in 2003, an increase of $11.8 million, or 14% from 2002.  As a percentof net sales, SG&A expenses increased slightly to 10.0% in 2003 from 9.9% in 2002.  Forthe Core Business, SG&A expense in 2003 was $88.3 million, an increase of $9.9million, or 13%, compared to 2002.  As a percent of net sales, SG&Aexpenses for the Core Business increased slightly to 10.2% in 2003 compared with10.1% in 2002. The Consolidated and Core Business increases were primarily due to expenses of$2.0 million in connection with the Canadian call center initiative.  For eCOST.com, SG&A in 2003 was $8.2 million, an increase of $1.2 million, or 18%compared with 2002.  As a percentage of net sales, SG&A for eCOST.com decreased to7.5% in 2003 compared with 7.9% in 2002 due to decreases in personnel costs as apercentage of net sales.  For OnSale.com, SG&A in2003 was $1.0 million, an increase of $0.7 million compared to 2002.  As a percentageof net sales, SG&A expenses for OnSale.com were not meaningful, since OnSale.comis in its first year of operations.  The Company recorded an expenseof approximately $0.3 million for the year ended December 31, 2003 in connection withthe issuance of a warrant to a consultant for investor and public relationsservices. The warrant was valued at the date of grant and will be re-measured atfair value at each subsequent reporting period, and changes in value will berecorded over the twelve month performance period of the warrant.

    *Net AdvertisingExpense.*** **Consolidated net advertising expense for the year ended December31, 2003 was $23.3 million, an increase of $20.2 million over 2002.  Thisincrease was due to the adoption of EITF 02-16, which resulted in the recordingof $23.5 million of vendor consideration against cost of sales, of which $23.2million was previously recorded as a reduction of advertising expenses, and $0.3million which was previously recorded as a reduction in SG&A.  For the Core Business, net advertising expense in 2003was $20.0 million compared to $3.0 million in 2002.  For eCOST.com, netadvertising expense in 2003 was $3.2 million compared to $0.1 million in 2002. The increases in advertising expense for the Core Business and eCOST.comsegments were primarily due to the adoption of EITF 02-16, which resulted in therecording of $19.7 million and $3.5 million, respectively, of vendorconsideration against cost of sales, which was previously recorded as areduction of advertising expenses.  For the Core Business, $0.3 million of thevendor funding was previously recorded as a reduction of SG&A expenses.  OnSale.com advertising expenses in 2003 were $0.1million.

       *Net Interest Expense.*** **Net interest expense was $1.3 million for the year  2003compared to $1.0 million net interest expense for the year2002. The increase was primarily due to borrowings initiated to take advantageof special buying opportunities and to increase inventory due to the Company's sales/volume growth and aggressive paydowns of accounts payable to take advantage ofearly-pay discounts, offset by reduced borrowing rates. 

       *Income Taxes.*** **Income tax provision was $1.7 million for theyear 2003 compared to an income tax benefit of $3.6 million for the prior year. The increase in the provision was caused by the reversal of a valuationallowance related to the Company's deferred tax assets in the prior year, due tothe Company's recent history of improved profitability.  The Company'seffective tax rate was 35.2% in 2003.

**Year Ended December 31, 2002 Compared to theYear Ended December 31, 2001**

       *Net Sales.*** **Consolidated netsales in 2002 were $862.8 million, an increase of $144.7 million or 20% fromnet sales of $718.1 million in 2001. The Company's Core Business net salesincreased 22% to $774.6 million in 2002, from $633.4 million in 2001. The CoreBusiness sales increase in 2002 resulted from $81.1 million of sales from theCompany's Wareforce and Pacific Business Systems acquisitions completed duringthe year, as well as increases of 19% in its Outbound telemarketing businesssales, 18% in PC Mall Gov sales, 3% in retail sales, and 3% in catalogsales. Sales increased as a result of the intensified focus on the public sectormarket, increases in headcount over the prior year, and increased average ordersize. The catalog sales were affected by a planned decline in catalogcirculation, from 43.4 million catalogs in 2001 to 40.6 million catalogs in2002. The Core Business Internet sales, which include sales generated throughthe Company's Corporate Access Pages, increased $55.3 million, a 43% increase over 2001.Net sales for the Company's eCOST.com segment in 2002 increased $3.5 million or4% over 2001, primarily due to opportunistic buys, continued enhancements toits marketing and product offerings and increased Outbound telemarketing salesto business customers. The Company's Onsale.com segment had no net sales in2002, since it was in its development phase.  Sales of Apple and HPproducts represented 23.1% and 17.8% of net sales in 2002, compared to 24.1% and 17.3% in the prioryear, respectively. 

       *Gross Profit.*** **Consolidated gross profit in 2002 was $93.1 million, an increase of $14.1 million, or 18%,over 2001. For the Core Business, gross profit increased $14.0 million, or20%, over 2001 to $85.2 million, nearly consistent with the increase in net sales. For eCOST.com,gross profit in 2002 was $7.9 million, an increase of $0.2 million, or 2%,over 2001.  As a percentage of net sales, consolidated gross profit in 2002decreased to 10.8% compared with 11.0% in 2001.  For the Core Business,gross profit as a percentage of net sales declined to 11.0% compared to 11.3% ofsales in 2001, primarily as a result of a mix shift from a surge in lower marginsoftware licensing products in the third quarter of 2002, fluctuations in vendorsupport experienced in the first quarter of 2002 and aggressive pricing by newOutbound telemarketing account managers establishing relationships with businesscustomers. For eCOST.com, gross profit as a percentage of net sales in 2002decreased to  8.9% compared to 9.1% in 2001.  Onsale.com had no gross profit as itwas in its development phase.Gross profit margin may vary depending on various factors, including Outboundtelemarketing sales initiatives, fluctuations in key vendor support programs andprice protections, product mix, market conditions and other factors. 

       *Selling, General and Administrative Expenses.*** **ConsolidatedSG&A expenses  were $85.7 million in 2002,an increase of $12.5 million, or 17%, from 2001. As a percent of net sales, SG&Adeclined slightly in 2002 to 9.9% from 10.2% in 2001. For the Core Business, SG&Ain 2002 was $78.4 million, an increase of $12.2 million, or 18%, compared to2001. SG&A expenses for 2001 include $0.5 million of pretax goodwillamortization, which was not incurred in 2002. As a percent of net sales, SG&Afor the Core Business declined in 2002 to 10.1% from 10.5% in 2001.SG&A increased as a result of increased Outbound telemarketing account manager headcount, increased netadvertising expenditures and the acquisitions of PBS and Wareforce were offsetby declines in depreciation and amortization costs, as well as cost savinginitiatives put in place during the year. For eCOST.com, SG&A for 2002 was $7.0million, a decrease of 1% compared with 2001. As a percent of net sales, SG&Afor eCOST.com decreased in 2002 to 7.9% compared with 8.2% in 2001.  For Onsale.com,SG&A in 2002 was $0.3 million  as the company was in its initial development stage.

**       ***Net Advertising Expense.*** **Consolidated net advertising expense in 2002 was $3.1 million, anincrease of $2.5 million over 2001. For the Core Business, net advertisingexpense in 2002 was $3.0 million compared to $0.2 million in 2001.  ForeCOST.com, net advertising expense for 2002 was $0.1 million compared to $0.3million in 2001.   The increase in net advertising expense was mainlydue to a decrease in vendor funding compared to the prior year, in which thenewly created advertising medium of Internet marketing was used, includingbanner advertisements and similar placements on companies' websites.  Onsale.com had no net advertising expense in 2002 as it was in its developmentstage.

       *Net Interest Expense.*** **Netinterest expense was $1.0 million for the year ended December 31, 2002 comparedto $0.7 million net interest expense for the year ended December 31, 2001. Theincrease was primarily due to borrowings initiated in the third quarter of 2002to fund the acquisition of Wareforce and aggressive paydowns of accounts payableto take advantage of early-pay discounts, offset by reduced borrowing rates.

       *Income Tax Provision.*** **Theincome tax benefit of $3.6 million for the year ended December 31, 2002 resultedfrom the reversal of a valuation allowance related to the Company's deferred taxassets due to the Company's recent history of improved profitability. No incometax provision was booked in the prior year ended December 31, 2001. 

       *Goodwill.*** **Asdescribed in Recent Accounting Pronouncements below, in the second quarter of2002, the Company completed its assessment of the impact of SFAS 142, and, asrequired by SFAS 142, effective January 1, 2002, the Company recorded aone-time, non-cash charge of approximately $6.8 million, net of tax, to reducethe carrying value of its goodwill. Such charge is reflected as a cumulativeeffect of a change in accounting principle in the accompanying consolidatedstatement of operations. Under SFAS 142, goodwill impairment is deemed to existif the net book value of a reporting unit exceeds its estimated fair value,including consideration of the Company's market capitalization. 

**Liquidity and Capital Resources**

*Working Capital.*** **The Company's primary capital need has beenfunding the working capital requirements created by its growth in sales andstrategic acquisitions. Historically, the Company's primary sources of financing have come from cashflow from operations, public and private issuances of its commonstock, and borrowings from financialinstitutions.  The Company believes that currentworking capital, together with cash flows from operations and available lines ofcredit, will be adequate to support the Company's current operating plans for atleast the next twelve months.  If the Company needs extra funds, such as foradditional acquisitions or expansion or to fund unexpectedlosses, there are no assurances that adequate financing will be available atacceptable terms, if at all.

The Company's capital expenditures were$4.8 million in 2003, compared to $3.8 million in 2002 and $1.3 million in 2001.The Company's primary capital needs will continue to be the funding of itsworking capital requirements for possible sales growth, possible acquisitionsand new business ventures.

As of December 31, 2003 and 2002, the Company had cash and cashequivalents of $7.8 million and $11.4 million, respectively,and working capital of $28.2 million and $22.8 million, respectively. Inventory increased $25.3 million to $80.5 million from December 31, 2002. Accounts receivable increased $16.7 million to $71.4 million from December 31,2002 due to a 39% increase in Corporate sales.  

The Company maintains a $75 million, asset-based revolving creditfacility from a lending unit of a large commercial bank (the "Line of Credit")that commenced in March 2001.  In March 2003, the Line of Credit wasamended to extend the term by an additional three years to expire in March 2007,and obtain improved terms for the Company.  The Line of Credit functions asa working capital line of credit with a borrowing base of inventory and accountsreceivable, and bears interest at prime with a LIBOR option.  At December31, 2003, the Prime Rate was 4.00%.  The Line of Credit is secured bysubstantially all of the Company's assets.  The Line of Credit has as itssingle financial covenant a minimum tangible net worth requirement and alsoincludes a commitment fee of 0.25% annually on the unused portion of the line upto $60 million.  The Company also maintains a $40 million flooring creditfacility, which functions in lieu of a vendor trade payable for inventorypurchases and does not bear interest if paid within terms specific to eachvendor (the "Flooring Facility").  The Flooring Facility is secured bysubstantially all of the Company's assets and is also supported by a letter ofcredit issued under the Line of Credit in the amount outstanding under theFlooring Facility from time to time.  The amount outstanding under theFlooring Facility is applied against the credit limit under the Line of Credit. The Flooring Facility expires in April 2004, and the Company expects to enterinto an agreement with the lender to extend the term of the Flooring Facilitythrough March 2005.  The Company did not draw any substantial amounts onthe Flooring Facility during 2003.  The Company had no borrowings under theFlooring Facility included in accounts payable and $26.2 million of net workingcapital advances outstanding at December 31, 2003.  The increase inborrowings under the Line of Credit reflects an aggressive program to obtainearly pay discounts and end-of-quarter purchase opportunities.  The Companyhad $31.1 million available to borrow for working capital advances under theLine of Credit at December 31, 2003.  Loan availability under the Line ofCredit fluctuates daily and is affected by many factors including eligibleassets on-hand, opportunistic purchases of inventory and early pay discounts.  The Company was in compliance with its financial covenants under the Line ofCredit at December 31, 2003.  In connection with the Line of Credit, theCompany signed a promissory note in March 2003 in the principal amount of $2 million,which bears interest at the prime rate, and will be repaid ratably over atwo-year period.  As of December 31, 2003, $1.25 million of the note wasoutstanding.

In July 1996, the Company announced its plan to repurchase up to 1,000,000shares of its Common Stock. The shares will be repurchased from time to time atprevailing market prices through open market or negotiated transactions,depending upon market conditions. No limit was placed on the duration of therepurchase program. There is no guarantee as to the exact number of shares thatthe Company will repurchase. Subject to applicable securities laws, repurchasesmay be made at such times and in such amounts as the Company's management deemsappropriate. The program can also be discontinued at any time management feelsadditional purchases are not warranted.  As of December 31, 2003, the Companyrepurchased a total of 294,200 shares, which include 254,200 shares repurchased under theprogram.   

As part of its growth strategy, the Company may, in the future, acquire othercompanies in the same or complementary lines of business, and pursue otherbusiness ventures. Any launch of a new business venture or any acquisition andthe ensuing integration of the operations of the acquired company with those ofthe Company would place additional demands on the Company's management,operating and financial resources.  

*Cash Flows.** ***Net cash (used in)/provided by operatingactivities were $(23.7) million, $(6.0) million, and $16.4 million for 2003,2002 and 2001, respectively.  The primary factors that affected theCompany's cash flowfrom operations were inventories and accounts receivable. 

Inventory increased $25.3 million in 2003 over prior year, and inventory turnsdecreased to 15.1 from 18.6 in 2002.  Inventory increased at the end of2003 versus 2002 as a result of strategic purchases made late in the year 2003. Accounts receivable increased $16.7 million to $71.4 million during 2003primarily from the acquisition of Wareforce and growth in sales on account fromthe Outbound telemarketing sales divisions.  Accounts payable and bookoverdraft increased by a total of $22.0 million or 36% primarily as a result of anincrease in inventory.

In 2002, the Company investedapproximately $10.2 million in 2002 related to its acquisitions of PacificBusiness Systems and Wareforce.

The increases in net borrowings under theLine of Credit of $8.7 million in 2003 and $15.9 million in 2002 were primarilya result of net increases in inventory to finance the growth of thebusiness and for acquisitions.

**Contractual Obligations**

The following tablesset forth the Company'sfuture contractual obligations and other commercial commitments as of December31, 2003 (in thousands):
Payment Due By Period**Contractual        obligations**
Total  
      Less than

 1      year   
1-3        years
4-5        years
After        5 yearsLong-term debt      $     1,250         $  1,000         $     250         $              -          $      -    Operating        leases          10,409      3,360      6,947     102      -    
Total        contractual cash obligations
      $  11,659          $  4,360         $  7,197         $               102        $      -    
**Other      commercial commitments**

Total
    Less than

 1    year1-3      years4-5      yearsAfter      5 yearsLines of      credit    $    26,202
    $    26,202      $       -          $              -          $       -    
**Inflation**

Inflation has not had a material impact upon operating results, and theCompany does not expect it to have such an impact in the near future. There canbe no assurances, however, that the Company's business will not be so affectedby inflation.

**Impact of Recently Issued Accounting Standards**

In July 2001, the Financial AccountingStandards Board ("FASB") issued Statement of Financial Accounting Standards("SFAS") No. 142, "Goodwill and Other Intangible Assets," which changes theaccounting for goodwill and indefinite-lived intangible assets from anamortization method to an impairment-only approach. Under SFAS 142, goodwillimpairment is deemed to exist if the net book value of a reporting unit exceedsits estimated fair value, including consideration of the Company's marketcapitalization. This methodology differs from the Company's previous policy, aspermitted under accounting standards existing at that time, of usingundiscounted cash flows to determine if goodwill is recoverable. The Company'sreporting units are generally consistent with the operating segments underlyingthe segments identified in Note 4 - Segment Information. In the second quarterof 2002, the Company completed its assessment of the impact of SFAS 142, and, asrequired by the provisions of SFAS 142, effective January 1, 2002, the Companyrecorded a one-time, non-cash charge of approximately $6.8 million, net of tax,to reduce the carrying value of its goodwill. Such charge is reflected as acumulative effect of a change in accounting principle in the accompanyingcondensed consolidated statement of operations and statement of cash flows.

In April 2002, the FASB issued SFAS No.145, "Rescission of FASB Statement No. 4, 44, and 64, Amendment of FASB No. 13,and Technical Corrections as of April 2002" ("SFAS 145"). SFAS 145 rescinds FASBStatement No. 4, "Reporting Gains and Losses from Extinguishment of Debt," andan amendment of that Statement, FASB Statement No. 64, "Extinguishment of DebtMade to Satisfy Sinking-Fund Requirements." It also amends FASB Statement No.13, "Accounting for Leases," to address certain lease modifications and requiressale-leaseback accounting for certain modifications. Adoption of SFAS 145 was required for theCompany's fiscal year beginning January 1, 2003.  The adoption of SFAS 145 didnot have a material impact on the Company's consolidated financialposition or results of operations.

 In June 2002, the FASB issued SFAS No. 146, "Accounting for Costs Associated with Exit orDisposal Activities" ("SFAS 146").  SFAS 146 addresses financial accounting andreporting for costs associated with exit or disposal activities and nullifiesEmerging Issues Task Force (EITF) Issue No. 94-3, "Liability Recognition forCertain Employee Termination Benefits and Other Costs to Exit an Activity(including Certain Costs Incurred in a Restructuring)." The provisions of SFAS146 were effective for exit or disposal activitiesinitiated by the Company after December 31, 2002. The adoption of SFAS 146 didnot have a material impact on the Company's consolidated financialposition or results of operations.

 In November2002, the Emerging Issues Task Force reached a consensus on Issue 00-21 ("EITF00-21"), "Accounting for Revenue Arrangements with Multiple Deliverables". EITF 00-21 provides guidance on when and how to account for arrangements thatinvolve the delivery or performance of multiple products, services and/or rightsto use assets.  EITF 00-21 which is applicable to agreements entered intoin fiscal periods beginning after June 15, 2003.   Adoption of EITF 00-21is not expected to have a materialeffect on the Company's consolidated financial position and results ofoperations.

In November 2002, the FASB issued FASB Interpretation No. 45,"Guarantor's Accounting and Disclosure Requirements for Guarantees, IncludingIndirect Guarantees of Indebtedness of Others" ("FIN 45"). FIN 45 requires aguarantor to recognize a liability at the inception of a guarantee equal to thefair value of the obligation undertaken and elaborates on the disclosures to bemade by the guarantor. The disclosure requirements of FIN 45 were required forthe year ended December 31, 2002. The recognition and measurement provisions ofFIN 45 were effective for guarantees issued by theCompany beginning in 2003. The adoption of FIN 45 did not have a material impact on the Company's consolidated financialposition or results of operations. 

 The Company has adopted the provisions of SFAS No. 148, "Accounting for Stock Based Compensation-- Transition and Disclosure" ("SFAS 148"), which amends FASB Statement No. 123,"Accounting for Stock-Based Compensation." As permitted by SFAS 148, the Companycontinues to measure compensation cost in accordance with Accounting PrinciplesBoard Opinion No. 25, "Accounting for Stock Issued to Employees" ("APB 25") andrelated interpretations, but provides pro forma disclosures of net income andearnings per share as if the fair-value method had been applied. The disclosuresrequired by SFAS 123 have been included in Note 1 in the Notes to theconsolidated financial statements.

  In November 2002, the FASB issued EITF No. 02-16, "Accounting by a Customer(Including a Reseller) for Certain Consideration Received from a Vendor" ("EITF02-16"). EITF 02-16 requires that consideration received by a customer from avendor is considered (a) an adjustment of the prices of the vendor's products orservices and therefore, characterized as a reduction of cost of sales whenrecognized in the reseller's statement of operations, (b) an adjustment to acost incurred by the reseller and, therefore, characterized as a reduction ofthat cost when recognized in the reseller's statement of operations, or (c) apayment for assets or services delivered to the vendor, and therefore,characterized as revenue when recognized in the reseller's statement ofoperations. Adoption of EITF 02-16 was required for the Company for newagreements, including modifications of existing agreements, entered into afterDecember 31, 2002.  As a result of the adoption of EITF 02-16, the Companyrecorded $23.5 million as a reduction of cost of sales for the year endedDecember 31, 2003.  Of these amounts, $23.2 million would have previouslybeen netted against advertising expense and $0.3 million would have beenpreviously been recorded as a reduction of selling, general and administrativeexpenses.

In January 2003, the FASB issued FIN 46, "Consolidation ofVariable Interest Entities", which addresses the consolidation of businessenterprises (variable interest entities) to which the usual condition (ownershipof a majority voting interest) of consolidation does not apply.  Theinterpretation focuses on financial interests that indicate control.  Itconcludes that in the absence of clear control through voting interests, acompany's exposure (variable interest) to the economic risks and potentialrewards from the variable interest entity's assets and activities are the bestevidence of control. Variable interests are rights and obligations that conveyeconomic gains or losses from changes in the values of the variable interestentity's assets and liabilities. Variable interests may arise from financialinstruments, service contracts, nonvoting ownership interests and otherarrangements. If an enterprise holds a majority of the variable interests of anentity, it would be considered the primary beneficiary. The primary beneficiarywould be required to include the assets, liabilities and the results ofoperations of the variable interest entity in its financial statements.  InDecember 2003, the FASB issued a revision to FIN 46 to address certainimplementation issues. The adoption of FIN 46 and FIN 46 (revised) did not havean impact on the Company's results of operations or financial position. 

        In April 2003, the FASB issued SFAS No. 149, "Amendment ofStatement 133 on Derivative Instruments and Hedging Activities" ("SFAS 149").  ThisStatement amends and clarifies financial accounting and reporting for derivativeinstruments, including certain derivative instruments embedded in othercontracts (collectively referred to as derivatives) and for hedging activitiesunder SFAS No. 133, "Accounting for Derivative Instruments and HedgingActivities".  The adoption of SFAS 149 did not have a significantimpact on the Company's consolidated financial statements. 

 

        In May 2003, the FASB issued Statement No. 150, "Accounting for Certain Financial Instruments with Characteristics ofBoth Liabilities and Equity" ("SFAS 150").  SFAS 150 establishes standards for how anissuer classifies and measures in its statement of financial position certainfinancial instruments with characteristics of both liabilities and equity. It requires that an issuer classify a financial instrument that is within itsscope as a liability (or an asset in some circumstances) because that financialinstrument embodies an obligation of the issuer.  This Statement iseffective for financial instruments entered into or modified after May 31, 2003,and otherwise is effective at the beginning of the first interim periodbeginning after September 15, 2003.  Adoption of SFAS 150 did notmaterially affect the Company's financial statements.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

The Company's financial instruments include cash and long-term debt. At March29, 2004, the carrying values of the Company's financial instrumentsapproximated their fair values based on current market prices and rates.

The Company has exposure to the risks offluctuating interest rates on its Line of Credit.  The variable interestrate on the Line of Credit is tied to the prime rate or the London interbank offeredrate at the discretion of the Company.  If the variable rate on the Line of Credit changes, the Company may berequired to pay more interest.  The Company believes that the effect of anychange in interest rates will not be material to the Company's financialposition.

It is the Company'spolicy not to enter into derivative financial instruments, and the Company doesnot have any significant foreign currency exposure. Therefore, the Company did nothave significant overall currency exposure as of  December 31, 2003.

**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

The information required by this item is contained in the financialstatements listed in Item 15 (a) under the caption "Consolidated FinancialStatements" and commencing on page F-1 of this Report.

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING ANDFINANCIAL DISCLOSURE**

None.

**ITEM 9A.  CONTROLS AND PROCEDURES**

As of the end of the period covered by this report, the Company carried out anevaluation, under the supervision and with the participation of the ChiefExecutive Officer and Chief Financial Officer, of the effectiveness of thedesign and operation of the Company's disclosure controls and procedures.  Basedon this evaluation, the Chief Executive Officer and Chief Financial Officerconcluded that the Company's disclosure controls and procedures are effective intimely alerting them to material information required to be included in thisreport.  

There has been no change in the Company's internal control over financialreporting that occurred during the Company's most recent fiscal quarter that hasmaterially affected or is reasonably likely to materially affect the Company'sinternal control over financial reporting.

**PART III **

**ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT**

 Information regarding the Company's board of directors, audit committee, audit committee financialexpert and code of ethics is set forth under thecaption "Election of Directors," in the Company's definitive ProxyStatement to be filed in connection with its 2004 Annual Meeting of Stockholdersand such information is incorporated herein by reference. Information regardingSection 16(a) beneficial ownership compliance is set forth under the caption"Executive Compensation - Compliance with Section 16(a) of the Securities andExchange Act" the the Company's definitive Proxy Statement to be filed inconnection with its 2004 Annual Meeting of Stockholders and such information isincorporated by reference.  A list of executiveofficers of the Company is included in Part I of this report.

**ITEM 11. EXECUTIVE COMPENSATION **

The information required by this item is set forth under the caption"Executive Compensation and Other Information" and "Election ofDirectors - Compensation of Directors" in the Company's definitive ProxyStatement to be filed in connection with its 2004 Annual Meeting of Stockholdersand such information is incorporated herein by reference.

**ITEM12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

The information required by this item is set forth under the caption"Security Ownership of Certain Beneficial Owners and Management" and"Equity Compensation Plan Information" inthe Company's definitive Proxy Statement to be filed in connection with its 2004Annual Meeting of Stockholders and such information is incorporated herein byreference.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

The information required by this item is set forth under the captions"Certain Relationships and Related Transactions" and"Compensation Committee Interlocks and Insider Participation" in theCompany's definitive Proxy Statement to be filed in connection with its 2004 Annual Meeting of Stockholders and such information is incorporated herein byreference.

**ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The information required by this item is set forth under the caption "Ratification and Approval of the Appointment of Independent Accountants" in theCompany's Definitive Proxy statement to be filed in connection with the Company's2004 Annual Meeting of Stockholders and such information is incorporated herein byreference.

**PART IV**

** ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ONFORM 8-K**

 The following consolidated financial statements of theCompany are filed as part of this report:

(a) (1) Consolidated Financial Statements.  See Consolidated Financial  Statements beginning on page F-1.

       (2) Financial Statement Schedules.  See Schedule II, Valuation and  Qualifying Accounts which follow the Consolidated Financial Statements.

      (3) Exhibits.

      The following exhibits are  filed or incorporated by reference as part of this report:

Exhibit          Number

                                         Description
3.1

Certificate of Incorporation          of the Company (1)

3.1(A) 
Certificate of Amendment of          Certificate of Incorporation, dated June 1, 2000 (13)
3.1(B) 
Certificate of Amendment of          Certificate of Incorporation, dated June 19, 2001 (14)
3.1(C) 
Amended and Restated Certificate of Incorporation,        filed with the Delaware Secretary of State on November 13, 2002 (16)
3.2    
Amended and Restated Bylaws          of the Company (13)
10.1* 

Amended and Restated 1994          Stock Incentive Plan (amended as of June 19, 2002) (17)

10.2* 
Employment Agreement dated          January 1, 1995, between Creative Computers, Inc. and Frank F. Khulusi          (1) 
10.4* 
Employment Agreement dated          January 1, 1994, between Creative Computers, Inc. and Dan DeVries (1) 
10.18* 
Directors' Non-Qualified          Stock Option Plan, amended and restated as of May 18, 1999 (7)
10.25    
Industrial Lease Agreement          between Corporate Estates, Inc. and Creative Computers, Inc. dated          September 15, 1995 for the premises located at 4515 E. Shelby Drive,          Memphis, Tennessee, filed in connection with the Company's 10-Q for          the quarter ended September 30, 1995 (4)
10.28
Authorized Apple Dealer U.S.          Sales Agreement dated August 29, 1996; Authorized Apple Catalog          Reseller Sales Agreement dated August 29, 1996; Dealer Apple          Authorized Service Provider Agreement dated August 29, 1996; Apple          Corporate Alliance Program Addendum to the Authorized Apple Dealer          Sales Agreement dated August 29, 1996 (4)
10.35 
Separation and Distribution          Agreement by and between Creative Computers, Inc. and uBid, Inc.,          dated as of December 7, 1998, as amended (7)
10.37(A) 
Tax Indemnification and          Allocation Agreement by and between Creative Computers, Inc. and uBid,          Inc., dated as of December 7, 1998, as amended (8)
10.37(B) 
Amendment No. 1 to the Tax          Indemnification and Allocation Agreement by and among uBid, Creative          Computers and CMGI, Inc., dated as of February 9, 2000 (9)
10.38 
Sublease Agreement between          Creative Computers, Inc. and uBid, Inc., dated as of July 1, 1998 (6)
10.41(A) 
Sublease Agreement between          Creative Computers, Inc. and uBid, Inc., dated as of December 1, 1999 (12)
10.41(B) 
Amendment No. 1          to the Sublease Agreement between the Company and uBid, Inc., dated as of          February 1, 2001 (18)
10.43 
Loan and Security Agreement,          dated March 7, 2001, between Congress Financial Corporation and          IdeaMall, Inc. and Subsidiaries (13)
10.44 
Agreement for Wholesale Financing        dated March 15, 2001, between Deutsche Financial Services and IdeaMall,        Inc. and Subsidiaries (13)
10.45* 
Employment          Agreement dated January 20, 2000 between the Company and Kristin M.          Rogers. (18)
10.46 
Form of Lease Agreement between        the Company and Anderson-Tully Company, dated April 6, 2002 for the        premises located at 4715 E. Shelby Drive, Memphis, TN. (15)
10.47

First Amendment to Loan and        Security Agreement and Other Financing Agreements, dated as of August        23, 2002, among Congress Financial Corporation (Western), the Registrant        and certain subsidiaries of the Registrant. (16)
10.48

Form of Indemnification Agreement between the Registrant        and each of its directors and executive officers.
10.49

Third Amendment to Loan and        Security Agreement, dated March 31, 2003,        among Congress Financial        Corporation and (Western), the Registrant and certain subsidiaries of        the Registrant. (19)
21.1                   
Subsidiaries 
23.1                   
Consent of          PricewaterhouseCoopers LLP
31.1                   

Certification of the Chief Executive Officer of the        Registrant pursuant to Exchange Act Rule 13a-14(a)
31.2                   

Certification of the Chief Financial Officer of the        Registrant pursuant to Exchange Act Rule 13a-14(a)
32.1                   
Certification of the Chief        Executive Officer of Registrant pursuant to 18 U.S.C. 1350, as adopted        by Section 906 of the Sarbanes-Oxley Act of 2002
32.2                   
Certification of the Chief        Financial Officer of Registrant pursuant to 18 U.S.C. 1350, as adopted        by Section 906 of the Sarbanes-Oxley Act of 2002            
(1) 
Incorporated by          reference to the Company's Registration Statement on Form S-1          (33-89572) declared effective on April 4, 1995.
(2) 
Intentionally          omitted.
(3) 
Intentionally          omitted.
(4) 
Incorporated by reference to          the Company's 1996 Form 10-K, filed with the Commission on March 31,          1997.
(5) 
Intentionally omitted.
(6) 
Incorporated by reference to          the Registration Statement on Form S-1 of uBid,          Inc. (File No. 333-58477), on file with the Commission.
(7) 
Incorporated by reference to          the Company's Report on Form 10-Q for the quarter ended June 30,          1999, filed with the Commission on August 16, 1999.
(8) 
Incorporated by reference to          the Company's Report on Form 10-Q for the quarter ended March 31,          1999, filed with the Commission on May 17, 1999.
(9) 
Incorporated by reference to          the Annual Report on 10-K of uBid, Inc. (Commission File No.          000-25119) for the year ended December 31, 1999.
(10) 
Intentionally          omitted.
(11) 
Intentionally          omitted.
(12) 
Incorporated by reference to          the Company's Annual Report on Form 10-K, File Number 0-25790, for          the year ended December 31, 1999, filed with the Commission on March          30, 2000.
(13) 
Incorporated by reference to          the Company's Annual Report on Form 10-K, File Number 0-25790, for          the year ended December 31, 2000, filed with the Commission on March          30, 2001.  
(14) 
        Incorporated by reference to the Company's Report on Form 10-Q for          the quarter ended June 30, 2001, filed with the Commission on August          14, 2001.  
(15) 
Incorporated by reference to the        Company's Report on Form 10-Q for the quarter ended March 31, 2002, filed with the Commission on        May 15, 2002.  
(16) 
Incorporated by reference to the        Company's Report on Form 10-Q for the quarter ended September 30, 2002, filed with the Commission on        November 14, 2002.  
(17) 
Incorporated by reference to the        Company's Definitive Proxy Statement for the 2002 Annual Meeting of        Shareholders, filed with the Commission on June 24, 2002
(18) 
Incorporated by reference to the Company's Annual Report on Form 10-K, FileNumber 0-25790, for the year ended December 31, 2001, filed with the Commissionon April 1, 2002. 
(19) 
Incorporated by reference to the Company's Annual Report on Form 10-Q for thequarter ended March 31, 2003, filed with the Commission on May 15, 2003.
        *The referenced exhibit is a compensatory contract, plan or arrangement.

 (b)   Reports on Form 8-K:

Although we did not    file any reports on Form 8-K during the fourth quarter of fiscal 2003, we    furnished to the SEC a report on form 8-K on October 28, 2003 (pursuant to    Item 12 of Form 8-K) disclosing an earnings announcement of the Company's financial    results for the quarter ended September 30, 2003.

 

PCMALL, INC.

INDEXTO CONSOLIDATED FINANCIAL STATEMENTS

 
Financial Statements and Supplementary      DataReport    of Independent Auditors    Consolidated Balance Sheets at December 31, 2003 and 2002Consolidated Statements of Operations for the      Years Ended December 31, 2003, 2002 and 2001Consolidated Statements of Stockholders'      Equity for the Years Ended December 31, 2003, 2002, and 2001Consolidated Statements of Cash Flows for the      Years Ended December 31, 2003, 2002 and 2001Notes to Consolidated Financial StatementsQuarterly Financial Information (unaudited)Financial Statement ScheduleSchedule II - Valuation and Qualifying Accounts
All other schedules are      omitted since the required information is not present or is not present in      amounts sufficient to require submission of the schedule, or because the      information required is included in the consolidated financial statements      and notes thereto.

F-1

 

**REPORT OF INDEPENDENTAUDITORS**

**To the Board of Directors and Stockholders of PC Mall, Inc.**

In our opinion, the accompanying consolidated financialstatements listed in the index appearing under Item 15(a)(1) present fairly, inall material respects, the financial position of PC Mall, Inc. and itssubsidiaries at December 31, 2003 and 2002, and the results of their operationsand their cash flows for each of the three years in the period ended December31, 2003 in conformity with accounting principles generally accepted in theUnited States of America. In addition, in our opinion the financial statementschedule listed in the index appearing under Item 15 (a)(2) presents fairly, inall material respects, the information set forth therein when read inconjunction with the related consolidated financial statements. These financialstatements and financial statement schedule are the responsibility of theCompany's management; our responsibility is to express an opinion on thesefinancial statements and financial statement schedule based on our audits. Weconducted our audits of these statements in accordance with auditing standardsgenerally accepted in the United States of America, which require that we planand perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on atest basis, evidence supporting the amounts and disclosures in the financialstatements, assessing the accounting principles used and significant estimatesmade by management, and evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

As discussed in Note 1 to theconsolidated financial statements, the Company changed the manner in which itaccounts for cash consideration received from vendors as of January 1, 2003. Also, as discussed in Note 1 to the consolidated financial statements, theCompany changed the manner in which it accounts for goodwill and otherintangible assets as of January 1, 2002.

/s/ PricewaterhouseCoopersLLP

Los Angeles, California

March 12, 2004

 

F-2

PC MALL, INC.** |
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