Systemax (NYSE: SYX) is a direct marketer of brand name and private label computers, DVDs, TVs, cell phones and related products in North America and Europe. Among the featured items are devices from Intel (NASDAQ: INTC), Hewlett-Packard (NYSE: HPQ) and Nokia (NYSE: NOK). The company also assembles its own PCs and sells then under the Systemax and Ultra brands. An Industrial Products unit carries various material handling equipment, storage equipment and consumable industrial items. A Hosted Software segment markets Web-based applications that help companies manage customers across multiple sales channels. The firm offers over 100,000 items, through nearly 20 catalogs and a dozen Internet sites.

Systemax pleased investors earlier in the month, when it announced Q1 EPS of 52 cents and revenues of $725 million (5/8). Those totals topped year earlier figures by 41 percent and seven percent, respectively. Two sessions later (5/12), management announced a two million share buyback.

In a piece that will likely have reverberations in Monday's trading session, this week's Barron's raises questions (subscription required) about Systemax's (NYSE: SYX) accounting for rebates and possible disclosures at the computer maker that recently agreed to acquire CompUSA.

Consumers have been complaining loudly about TigerDirect, which is owned by Systemax, and its failure to pay the rebates on products it sells. TigerDirect accounts for more than 90% of the company's revenue.

Systemax declined to speak with the weekly, but according to the article, "The complaints fill Internet discussion forums, customer lawsuits and now, an active investigation by Florida's attorney general. Port Washington, N.Y.-based Systemax, however, has told investors nothing of this rebate ruckus. That's a shame, given that those disputed rebates might partly account for the unusually fat gross-profit margins shown by the company: At 16%, the gross margins are four or five percentage points higher than those of peers."

Barron's wonders whether the company should be disclosing the rebate mess in its SEC filings. It's hard to know what to make of Systemax's unwillingness to speak with Barron's -- perhaps they'll respond publicly if their stock gets knocked down on Monday.

Definitely a very interesting piece of reporting from Barron's, one of the few media outlets that still bothers to cover stuff like this.