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Ableauctions Reports First Quarter 2006 Financial Results
Monday May 15, 10:30 am ET
OJAI, Calif.--(BUSINESS WIRE)--May 15, 2006--Ableauctions.com Inc. (AMEX:AAC - News) today announced the results of operations for the quarter ended March 31, 2006.
The Company reported revenue of $2,039,152 for the quarter ended March 31, 2006, compared to revenue of $1,149,744 during the same period in 2005, an increase of 77%. The Company reported net income of $140,310 for the quarter ended March 31, 2006, compared to a loss of $169,563 during the same period in 2005.
The increase in revenues was attributed to stronger performance in the Company's auction broadcast services, iCollector.com and NAALive.com, and the business sector related to the liquidation of surplus inventory, which is managed through its subsidiary Unlimited Closeouts, Inc.
Gross profits from revenue was $709,386, or 35% of revenues for the three-months ended March 31, 2006 as compared to $272,428, or 24% of revenues, for the three months ended March 31, 2005. The increase in gross profit as a percentage of revenue is attributed to the performance of the Company's online auction business, which realizes higher gross profit margins, and on its ability to realize higher margins from its liquidation services.
The Company reported shareholders' equity, defined as the value of the Company's assets minus its liabilities, of $12,870,708 at March 31, 2006 compared to $12,789,331 at December 31, 2005.
The Company's objective is to become a leading provider of liquidation and merchandising services. Management believes that the Company's long term success in this area of our business depends on its continued innovation and integration of technologies and services for auctioneers and liquidators worldwide.
About Ableauctions.com
