Ableauctions Announces Third Quarter results
Published November 15th, 2007
Ableauctions.com Inc. (AMEX:AAC) (the ?Company?) announced today the results of operations for the third quarter ended September 30, 2007.
Revenues from the Company?s liquidation services accounted for $1,030,252 (or approximately 78% of total revenue) compared to revenues of $913,391 (or approximately 74% of total revenue) during the same period in 2006.
Revenues from the Company?s live auction operations group, which includes iCollector and NAALive, remained substantially unchanged from the same period in 2006. Revenues from live auction operations totaled $222,157 during the three months ended September 30, 2007, compared to revenues of $221,455 during the same period in 2006. The number of auction sessions facilitated in the third quarter of 2007 remained substantial unchanged at 334 compared to 328 auction sessions for the same period in 2006.
Gross Profit. The Company reported an increase in gross profit percentage for the three months ended September 30, 2007. Gross profit was $589,211 (or 45% of revenues) for the three-months ended September 30, 2007 as compared to $504,708 (or 41% of revenues) for the same period in 2006. The increase in gross profit as a percentage of revenue is a result of improved pricing and product offerings of the Company?s liquidation and auction broadcasting services group. Future gross profit margins may vary considerably from quarter-to-quarter depending on the Performance of various divisions.
Operating Expenses. Operating expenses for the three months ended September 30, 2007 increased by $71,543 or approximately 12.8%. During the three-months ended September 30, 2007, operating expenses were $632,014 or approximately 48% of revenue compared to $560,471 or approximately 45% of revenue for the three months ended September 30, 2006.
Net Income. The Company reported a net loss for the three months ended September 30, 2007 of $16,949, or $0.000 per share, as compared to a net gain of $47,525, or $0.001 per share, for the three months ended September 30, 2006.
FINANCIAL HIGHLIGHTS ? 3 MONTHS ENDED SEPTEMBER 30, 2007
Revenues. During the three months ended September 30, 2007, the Company reported revenues of $1,321,108 compared to revenues of $1,237,671 during the same period in 2006, an increase of $83,437 or approximately 6.7%.
Revenues from the Company?s liquidation services accounted for $1,030,252 (or approximately 78% of total revenue) compared to revenues of $913,391 (or approximately 74% of total revenue) during the same period in 2006.
Revenues from the Company?s live auction operations group, which includes iCollector and NAALive, remained substantially unchanged from the same period in 2006. Revenues from live auction operations totaled $222,157 during the three months ended September 30, 2007, compared to revenues of $221,455 during the same period in 2006. The number of auction sessions facilitated in the third quarter of 2007 remained substantial unchanged at 334 compared to 328 auction sessions for the same period in 2006.
Gross Profit. The Company reported an increase in gross profit percentage for the three months ended September 30, 2007. Gross profit was $589,211 (or 45% of revenues) for the three-months ended September 30, 2007 as compared to $504,708 (or 41% of revenues) for the same period in 2006. The increase in gross profit as a percentage of revenue is a result of improved pricing and product offerings of the Company?s liquidation and auction broadcasting services group. Future gross profit margins may vary considerably from quarter-to-quarter depending on the Performance of various divisions.
Operating Expenses. Operating expenses for the three months ended September 30, 2007 increased by $71,543 or approximately 12.8%. During the three-months ended September 30, 2007, operating expenses were $632,014 or approximately 48% of revenue compared to $560,471 or approximately 45% of revenue for the three months ended September 30, 2006.
Net Income. The Company reported a net loss for the three months ended September 30, 2007 of $16,949, or $0.000 per share, as compared to a net gain of $47,525, or $0.001 per share, for the three months ended September 30, 2006.
FINANCIAL HIGHLIGHTS ? 9 MONTHS ENDED SEPTEMBER 30, 2007
Revenues. During the nine months ended September 30, 2007, the Company reported revenues of $4,169,992 compared to revenues of $5,079,597 during the same period in 2006, a decrease of $909,605 or approximately 18%.
The decrease in revenues is primarily attributable to a decrease in revenues earned from the Company?s liquidation services in the first quarter of 2007. Revenues from liquidation services totaled $3,152,046 (or approximately 76% of total revenue) for the nine months ended September 30, 2007, compared to revenues of $4,081,152 (or approximately 80% of total revenue) during the same period in 2006, a decrease of $929,106 or approximately 22.8%. Revenues earned in the Future from liquidation services will fluctuate widely based upon seasonality, the inventory available, the timing of orders, and the Company?s ability to verify and ship orders on a timely basis. The Company expects revenues from its liquidation sector will continue to represent the majority of overall revenues.
Revenues from the Company?s live auction operations group, which includes iCollector and NAALive, remained substantially unchanged from the same period in 2006 despite a sharp increase in the number of auction sessions. Revenues from live auction operations totaled $696,867 during the nine months ended September 30, 2007, compared to $697,984 during the same period in 2006. The number of auction sessions facilitated in the first three quarters of 2007 increased by 32% to 1,187 compared to 898 auction sessions for the same period in 2006. The number of auction sessions may vary from quarter to quarter based on the auction company?s product schedules and the number of auctions facilitated may not reflect the total revenue realized by the live auctions business. In general, approximately 80% of the Company?s auction operations revenue is derived from almost 13% of its live auction clients.
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