BIDZ .29 for the Quarter! NICE
Bidz.com, Inc. Announces Exceptional Financial Results of $8.2 million of pre-tax Income for the Fourth Quarter and $20.7 million pre-tax income for the Full Year 2007 that Significantly Exceeds Guidance and Raises 2008 Guidance
Thursday February 28, 4:00 pm ET
-- Fourth quarter revenues increase 68% year-over-year to $63.2 million
-- 2007 revenues increase 42% year-over-year to $187.1 million
-- Fourth quarter gross margins increase to 31.2% from 20.4% year-over-year
-- 2007 gross margins increase to 29.1% from 23.7% year-over-year
-- Fourth quarter pre-tax income increases 766% year-over-year to $8.2 million
-- 2007 pre-tax income increases 275% year-over-year to $20.7 million
-- Fourth quarter EPS increases 625% to $0.29 from $0.04 in prior year
-- 2007 EPS increases 200% to $0.69 from $0.23 in prior year
-- Increases 2008 pre-tax income guidance to $25-26 million, and expects fully taxed GAAP EPS of $0.49-$0.53
-- Introduces revenue guidance for Q1 2008 of $59-$61 million, and expects pre-tax income of approximately $6.5-$7.3 million, fully taxed GAAP EPS of $0.14-$0.16
-- Substantially increased cash flow, EBITDA and liquidity
LOS ANGELES--(BUSINESS WIRE)--Bidz.com, Inc. (NASDAQ: BIDZ - News), a leading online auctioneer of jewelry, today reported exceptional financial results for the three and twelve months ended December 31, 2007, significantly exceeding its previous guidance, and substantially higher than any prior period.
Net revenues for the fourth quarter of 2007 were $63.2 million, a 68% increase compared with $37.6 million reported in the fourth quarter of 2006. The substantial increase was due to the continued demand for the Company’s jewelry products, increased customer traffic, and increased participation in its dynamic and unique auction format. In the fourth quarter the Company saw significant increases in all its key revenue metrics; the number of new buyers increased 56% to approximately 110,000, the average selling price per order increased over 37% to $169, average orders per day increased over 18% to over 4,400, average items sold per day increased 31% to over 12,700 and acquisition cost per new buyer increased 41.7% to $51 from $36.
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