Take to Auction Announces Fiscal Year End 2000 Financial Results
FORT LAUDERDALE, Fla.--April 2, 2001--Take to Auction.com (AMEX:TTA) reported today increases in revenues and completed transactions during the year ended December 31, 2000. The results for the fiscal year ended December 31, 1999 are from June 2, 1999 (date of inception) through December 31, 1999FISCAL 2000 RESULTS
The Company generated revenues of $6.0 million during fiscal 2000, an increase of $5.9 million from fiscal 1999. Net loss for the year ended December 31, 2000 was $6.3 million, or ($0.93) per diluted share compared with a net loss of $0.5 million or ($0.10) per diluted share for the year ended December 31, 1999. The net loss per diluted share for the year ended December 31, 2000 takes into effect the addition of approximately 1.3 million shares issued in the Company's initial public offering, which was completed in June 2000. The Company completed over 52,000 online transactions during fiscal 2000.
"We are very pleased with our revenue growth during 2000," said Albert Friedman, President and Chief Executive Officer of Take to Auction. "We expect to continue our aggressive growth through our sales at online auction sites as well as through new product and service offerings, such as our recently launched retail/wholesale site, TTA Direct."
ABOUT TTA
Take to Auction (www.taketoauction.com), provides a total solution for its membership community to profit by selling merchandise at online auction sites. The member then receives the profit from the spread between the minimum, or reserve bid, and the final price. The total solution includes providing members with a wide variety of merchandise to sell at online auction sites, customer service, payment processing and fulfillment services.
In addition, Take to Auction operates TTA Direct, an online retail/wholesale site for its members and non-members.
Take to Auction.com, Inc.
Statements of Operations
For the period
from June 2, 1999
For the (date of inception)
year ended through
December 31, 2000 December 31, 1999
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Net revenues $ 6,009,146 $ 73,824
Cost of net revenues 7,328,395 140,639
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Gross margin (1,319,249) (66,815)
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Operating expenses:
General and administrative
expenses 3,414,804 383,630
Auction fees 463,441 5,727
Sales and marketing 235,001 19,061
Fulfillment 437,113 41,792
Web site development expenses 232,047 32,637
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Total operating expenses 4,782,406 482,847
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Net loss from operations (6,101,655) (549,662)
Interest expense, net (223,331) -
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Net loss $ (6,324,986) $ (549,662)
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Basic and diluted loss
per common share $ (0.93) $ (0.10)
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Weighted average number of
common shares outstanding 6,793,002 5,696,766
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Safe Harbor StatementInvestors should carefully consider the preceding information as well as other information contained in this press release before making an investment in the Common Stock. Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "should," or "anticipates" or the negative thereof or given that the future results covered by the forward-looking statements will be achieved. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company's products and service, the need for regulatory approval of the Company's products and the Company's dependence on reimbursement by third parties. The preceding matters constitute cautionary statements identifying important factors with respect to such forward-looking statements, including certain risks and uncertainties that could cause actual results to vary materially from the future results covered in such forward-looking statements. These factors and others are more fully described in the section entitled "Risk Factors" in the Company's Prospectus dated June 12, 2000 and the Company's annual report on Form 10-K dated April 2, 2001.