ALISO VIEJO, Calif., Aug. 29, 2007 (PRIME NEWSWIRE) -- Buy.com(r), the Internet Superstore(tm), today reported continued profitability in the second quarter of 2007 by achieving record net income of $1,015,000 (excluding $152,000 of stock-based compensation) compared to a loss of ($3,111,000) in the second quarter of 2006. Net income for the second quarter of 2007 increased 41% from the $722,000 net income earned in the first quarter of 2007 (excluding $154,000 of stock-based compensation).
In addition, Buy.com has made the necessary changes such that it now recognizes net revenue in lieu of gross merchandise sales. On a net revenue basis, Buy.com's margin would have been 83% for the second quarter of 2007.
"With the help of operational efficiencies, we are pleased to report our third straight profitable quarter," said Neel Grover, CEO and President of Buy.com. "Through improved shopping enhancements, our customers realize there is a great alternative to Amazon.com."
About Buy.com
Buy.com is a leading e-commerce company with more than 10 million customer accounts, focused on providing its customers with a rewarding shopping experience and a broad selection of high-quality technology and entertainment retail goods at competitive prices. Buy.com offers over 2 million products in a range of categories, including consumer electronics, computer hardware and software, cell phones, books, music, videos, games, digital music downloads, toys, bags, home and outdoor, baby and sporting goods. Buy.com, founded in June of 1997, is located in Aliso Viejo, California. Buy.com(r) and The Internet Superstore(tm) are trademarks of Buy.com Inc. Buy.com currently competes with a variety of companies that can be divided into two broad categories: (i) multi-category retailers such as Amazon.com and Wal-Mart and (ii) specialty retailers or manufacturers such as Best Buy, Circuit City, CompUSA, Barnes & Noble and Dell.