TACOMA, Wash., May 15, 2003 (PRIMEZONE) -- Ableauctions.com Inc. (AMEX:AAC) (the "Company") today announced the results of operations for the quarter ended March 31, 2003.
For the first quarter, the Company reported net auction revenue of $140,192, compared to $80,654 during the same period in 2002, an increase of $59,538 or 73.8%. Gross profit margin for the quarter was 58%, compared to 59% in the same period in 2002. The Company reported a loss in operations of $19,474 before interest, depreciation and amortization of capital assets and stock options, and a net gain for the quarter of $3,971 after the gain on the disposition of subsidiaries, compared to a loss of $368,241 for the corresponding quarter last year.
The results for the first quarter reflect management's ongoing efforts to reduce costs and focus on profitability. The Company has implemented strong controls throughout the organization and has reduced the overall liabilities significantly to $605,000. During the 2003 fiscal year, the Company will continue conducting its "bricks and mortar" auctions and facilitating on-line auctions through its wholly owned subsidiary iCollector. The Company currently conducts approximately 75 auctions per year on eBay for its antique and collectible clients and approximately 36 auctions per year using its own technology.
The Company intends on aggressively marketing its on-line auction services jointly with eBay and expanding the iCollector workforce to enable it to conduct more auctions in Europe and North America. The Company also intends on identifying possible candidates for strategic relationships or a possible acquisition.
About Ableauctions.com
Ableauctions.com is a high-tech business-to-business and consumer auctioneer that conducts auctions live and simultaneously broadcasts them over the Internet. The Company liquidates a broad range of products including computers, electronics, office equipment, furniture and industrial equipment that are acquired through bankruptcies, insolvencies and defaults. For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information contact Investor Relations at 858-847-9667 or investorrelations@ableauctions.com.
About iCollector.com
iCollector.com is the independent connection to the world's auction houses. Founded in 1994, it was the first company dedicated to trading antiques, fine art and premium collectibles on the Internet. Today iCollector.com represents some of the world's leading auction houses. Since January 2001, its alliance with eBay Live Auctions has resulted in hundreds of Live Auctions being broadcast in real-time, direct to the saleroom as the auction happens, selling tens of thousands of lots to many thousands of users online. With its unparalleled understanding and expertise in this sector, iCollector can help you to maximize your opportunities to find, buy or sell art, antiques and collectibles online.
This press release contains forward-looking statements, particularly as related to the business plans of the Company, within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the performance of our auction houses, our ability to implement our inventory procurement strategy, general economic conditions, our ability to license our software to other auction houses, and other factors that are detailed in our Annual Report on Form 10-KSB filed with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results may differ materially from the Company's expectations and estimates.