Key Developments For Bidz.com, Inc.
Bidz.com, Inc. (BIDZ.BE) (Berlin Stock Exchange)
BIDZ.com, Inc. Comments On FY 2010 Guidance; Issues Q4 2009 Guidance Below Analysts' Estimates
BIDZ.com, Inc. announced that it expects to resume year over year revenue growth and profitability in fiscal 2010. For the fourth quarter of 2009, it expects revenue of $28-$32 million and fully taxed GAAP earning per share (EPS) of $0.01-$0.04. According to Reuters Estimates, analysts were expecting the Company to report revenue of $33 million and GAAP EPS of $0.08 for the fourth quarter of 2009; revenue of $130 million and net profit of $4.05 million for fiscal 2010.
BIDZ.com, Inc. Acquires Intellectual Property And Customer Database From Whitehall Jewelers Bankruptcy Auction
BIDZ.com, Inc. announced that it has acquired the intellectual property and trademark registrations of Whitehall Jewelers, Lundstrom Jewelers, Marks Bros. Jewelers and White Star Private Label, in the bankruptcy auction of Whitehall Jewelers. The Company also acquired the customer mailing list with over 800,000 names, addresses and transaction information.
BIDZ.com, Inc. Issues Q3 2009 Outlook Below Analysts' Estimates
BIDZ.com, Inc. announced that for the third quarter of 2009, it expects revenue of $22-$24 million, pre-tax income of approximately $0.2-$1.0 million and expects fully taxed GAAP earnings per share (EPS) of $0.01-$0.03. According to Reuters Estimates, analysts on an average were expecting the Company to report GAAP EPS of $0.06 on revenue of $29 million for the same period.
BIDZ.com, Inc. Signs Multi-Year Deal With Aramex to Offer Cost Effective Shipping Services to Middle East Customers
BIDZ.com, Inc. announced that it has signed a multi-year deal with Aramex to offer cost effective shipping services to its customers in 15 Middle East countries. The service will launch sometime in the third quarter of 2009.
BIDZ.com, Inc. Update On Its Stock Repurchase Program
BIDZ.com, Inc. announced that during the second quarter ended June 30, 2009, the Company repurchased approximately 714,000 shares of the Company's outstanding common stock, which represents the allowable limit under the rules for volume limitations and share repurchases, for approximately $2.5 million, at an average price of $3.50. Since the inception of the plan at the end of 2007, the Company has repurchased a total of approximately 2.9 million shares of its outstanding common stock in the open market for a total of approximately $17.0 million, at an average price of $5.85 per share. After the Company retires all of the shares it has repurchased to date, the total number of issued and outstanding Company common stock will be approximately 22.5 million. The repurchases have been funded from available working capital and the Company has no debt as of June 30, 2009. The Company intends to continue repurchasing shares in the open market under the stock repurchase program. Under its existing repurchase program, the Company has approximately $16.5 million still available for additional share repurchase in open market transactions, subject to market conditions, share price, and other considerations.
