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8-K for BIDZ...

(some highlights)...
Net income per share available to common shareholders -
diluted $0.14
Weighted average number of shares outstanding -
diluted 23,724,657



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2007

BIDZ.COM, INC.
(Exact name of registrant as specified in its charter)

Delaware
000-51257
95-4728109

(State or other jurisdiction of

(IRS Employer

incorporation or organization)
(Commission File Number)
Identification Number)




3562 Eastham Drive
Culver City, California

90232

(Address of principal executive offices)
(Zip Code)




310-280-7373
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





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Item 8 – Other Events

Item 8.01 Other Events

On April 30, 2007, Bidz.com, Inc. (“Bidz”) issued a press release, a copy of which is attached hereto as Exhibit 99.1

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibits are furnished herewith:

Exhibit
Number

Description


99.1

Text of press release issued by Bidz, Inc. dated April 30, 2007.





2



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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 30, 2007
BIDZ.COM, INC.








By:
/s/ Lawrence Kong



Lawrence Kong



Chief Financial Officer




3



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Exhibit 99.1



BIDZ.COM, INC. ANNOUNCES ITS SECURITIES HAVE BEEN CLEARED FOR QUOTATION ON THE OTC BULLETIN BOARD

· Common stock to begin trading May 1, 2007

CULVER CITY, California—April 30, 2007—Bidz.com, Inc. (OTCBB: BIDZ), a leading online auctioneer of jewelry, today announced that its securities have been cleared for public quotation on the OTC Bulletin Board. The common stock will begin trading on May 1, 2007, under the symbol BIDZ.

David Zinberg, Chief Executive Officer, commented, “We are very pleased to announce the clearance of quotations of our stock on the OTC Bulletin Board. We are excited to have reached this milestone and to provide liquidity for our shareholders. As a leading online jewelry auction site, we will look to further build brand awareness, increase profitability and continue to generate value for our shareholders.”

In a press release dated April 24, 2007, the Company reported first quarter earnings as summarized below. Net sales increased 29% versus the first quarter of 2006 to $45 million, and net income increased 4% to $3.4 million.

Summary Financials



Three Months Ended March 31,






2007

2006

change




(in thousands, except share data)




Net Sales

$
44,724

$
34,694

28.9
%

Income from operations

$
3,611

$
3,365

7.3
%

Income before income tax expense

$
3,530

$
3,382

7.3
%

Net income

$
3,435

$
3,292

4.3
%

Net income per share available to common shareholders - diluted

$
0.14

$
0.14




Weighted average number of shares outstanding - diluted

23,724,657

23,826,758







Additionally, the Company expects revenues for the second quarter of 2007 to be in the range of $38-$40 million, and anticipates income before income tax of $2.8-$3.3 million. Historically, the second and third quarters are seasonally weaker periods for jewelry sales. For the full year of 2007, the Company expects revenues to be in the range of $170-$180 million, a 33% year-over-year increase at the midpoint, and gross margin of approximately 24-25% which the Company believes is appropriate for managing its business going forward. The Company anticipates income before income tax for 2007 of $13-$14 million, a 145% year-over-year increase at the midpoint.

The Company also noted that it found a material weakness relating to the recording of merchandise inventory and cost of goods sold. This disclosure does not change the results and outlook that were reported in the Company’s press release dated April 24, 2007



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and that are summarized above. The Company immediately proceeded to develop new procedures to address the deficiency and expects that they will remediate this weakness over the course of the next quarter. The Company plans to file its Quarterly Report on Form 10Q by May 15, 2007.

About Bidz.com Inc.

Bidz.com, founded in 1998, is an online auctioneer of jewelry. Bidz offers its products through a live auction format requiring only a $1 minimum opening bid. To learn more about Bidz.com visit its website at www.bidz.com.

Safe Harbor Statement

This press release includes forward looking statements about the Company’s estimated revenue and earnings within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this release, including statements regarding the Company’s future financial position, business strategy and plans and objectives of management for future operations, are forward looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions, as they relate to the Company, are intended to identify forward looking statements. We have based these forward-looking statements largely on current expectations and projections about future events and financial trends that we believe may affect the Company’s financial condition, results of operations, business strategy and financial needs. Risks and uncertainties include the ability of the Company to attract customers to its website and offer attractive products; to maintain its website, electronic data processing systems, and systems hardware; to forecast accurately net revenue and plan for expenses; to protect our intellectual property rights; and potential litigation and government enforcement actions that may result from our prior securities offerings. Please refer to Bidz.com’s reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Bidz.com undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events.

CONTACTS:

Allyson Pooley / Patricia Dolmatsky

Integrated Corporate Relations

[phone]

[e-mail] / [e-mail]

Lawrence Kong, CFO

Bidz.com, Inc.

[phone]