Welcome!

News Feed Item

uSell.com Reports 2013 Annual Results

Record Revenues for Our ReCommence Business of $5.4 Million, an Increase of 125 Percent; Cash Operating Loss Reduced by 45 Percent to $1.8 Million; Continued Service Model Enhancements

NEW YORK, NY -- (Marketwired) -- 04/01/14 -- uSell.com (OTCQB: USEL), the leading US-based reCommerce marketplace that instantly finds cash offers for used smartphones and electronics, announced today record results for the fourth quarter and year ended December 31, 2013.

Nik Raman, Chief Operating Officer, stated, "While 2013 was a record year for our reCommence business, we are barely scratching the surface as 90%+ of used smartphones have not been sold or traded in by consumers. We look forward to increased consumer awareness and ramped activation of the market opportunity. We have made tremendous strides on the technology side, improving our marketplace efficiencies and conversion rates, which strengthen our relationships with professional buyers and consumers. We are very excited about our growth opportunities for 2014 and years to come."

2013 Financial Highlights:

  • Revenues of $5.4 million for the year ended December 31, 2013, up 125% from revenues of $2.4 million for the year ended December 31, 2012
  • Gross margins of 92.4%, above 90% for the 8th consecutive quarter, up from 90.9%
  • Operating loss of $4.3 million for the year ended December 31, 2013, a $2.3 million improvement from operating loss of $6.6 million for the year ended December 31, 2012
  • Cash operating loss of $1.8 million for the year ended December 31, 2013, a $1.5 million improvement from cash operating loss of $3.3 million for the year ended December 31, 2012
  • Continued improved efficiency of marketing spend, amounting to 88% of revenue in 2013, versus 109% in 2012

2013 Business Highlights:

  • Strengthened relationships with 50 professional buyers with expanded value added services such as shipping kit fulfillment, check processing and analytics
  • Unique visitors reaching 1 million per month
  • 200,000+ transactions facilitated to-date
  • Launched online trade-in programs for two major retailers via our hosted white label solution

Financial Results:
Year 2013 Compared to Year 2012
For the year ended December 31, 2013, revenues were $5.4 million, a 125 percent increase from $2.4 million in the year ended December 31, 2012. Gross profit margin of 92.3 percent was realized in the year ended December 31, 2013, a slight improvement from 90.7 percent in the year ended December 31, 2012. Operating loss for the year ended December 31, 2013 improved by $2.3 million, from a loss of $6.6mm in the year ended 2012 to a loss of $4.3 million in the year ended December 31, 2013. Of note, the cash operating loss for the year ended December 31, 2013 improved by $1.5 million, from a loss of $3.3 million in the year ended 2012 to a loss of $1.8 million in the year ended December 31, 2013. Net loss for the year ended December 31, 2013 improved by $4.6 million, from a loss of $8.8 million in the year ended 2012 to a loss of $4.3 million in the year ended December 31, 2013. The resulting EPS is ($0.95), as compared to ($5.08) a year earlier.

Subsequent to the end of 2013, we have greatly strengthened our balance sheet. During the first quarter of 2014, we raised $2,075,000 of new capital from existing and new investors. In February, $1,120,000 of outstanding Convertible Notes converted to equity at $3.00 per share. The significance of the Note conversions is the elimination of all remaining debt and interest, elimination of a $1 million derivative liability and an increase to our shareholders equity.

"We are proud of the significant progress we have made over the last year. Our industry is still in its infancy and we are well positioned to capture increasing share as both we and it grow in coming years," stated Daniel Brauser, Chief Executive Officer.

About uSell.com, Inc.
uSell.com is a reCommerce marketplace that helps individuals turn unused items into cash. uSell ensures that customers get the highest payouts with the least amount of hassle by facilitating risk-free transactions with professional buyers. For uSell's buyers, uSell offers a scalable technology, marketing, logistics, and analytics solution that provides a high volume of inventory at a low acquisition cost. Visit www.uSell.com

Forward-Looking Statements
This press release includes forward-looking statements including statements regarding growth and opportunities for our platform. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. The results anticipated by any or all of these forward-looking statements might not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include providing consumers with a sufficient number of buyers that furnish offers on our site, competition from large retail stores and wireless operators, the effectiveness of our advertising campaigns, success of the new offerings on our site, and the willingness of people to use us to help them monetize and recycle their small consumer electronic items and other new offerings. Further information on our risk factors is contained in our filings with the SEC, including our Annual Report on Form 10-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

Contact Information
Hayden IR
[email protected]
917-658-7878

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
Digital transformation is changing the face of business. The IDC predicts that enterprises will commit to a massive new scale of digital transformation, to stake out leadership positions in the "digital transformation economy." Accordingly, attendees at the upcoming Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA, Oct 31-Nov 2, will find fresh new content in a new track called Enterprise Cloud & Digital Transformation.
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.
Though cloud is the future of enterprise computing, a smooth transition of legacy applications and systems is critical for seamless business operations. IT professionals are eager to start leveraging the cost, scale and other benefits of cloud, but with massive investments already in place in existing infrastructure and a number of compliance and resource hurdles, it can be challenging to move to a cloud-based infrastructure.
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, will discuss how given the magnitude of today's applicati...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
Amazon is pursuing new markets and disrupting industries at an incredible pace. Almost every industry seems to be in its crosshairs. Companies and industries that once thought they were safe are now worried about being “Amazoned.”. The new watch word should be “Be afraid. Be very afraid.” In his session 21st Cloud Expo, Chris Kocher, a co-founder of Grey Heron, will address questions such as: What new areas is Amazon disrupting? How are they doing this? Where are they likely to go? What are th...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp emp...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant th...
SYS-CON Events announced today that SkyScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SkyScale is a world-class provider of cloud-based, ultra-fast multi-GPU hardware platforms for lease to customers desiring the fastest performance available as a service anywhere in the world. SkyScale builds, configures, and manages dedicated systems strategically located in maximum-security...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, will go over the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, applicatio...
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
Microsoft Azure Container Services can be used for container deployment in a variety of ways including support for Orchestrators like Kubernetes, Docker Swarm and Mesos. However, the abstraction for app development that support application self-healing, scaling and so on may not be at the right level. Helm and Draft makes this a lot easier. In this primarily demo-driven session at @DevOpsSummit at 21st Cloud Expo, Raghavan "Rags" Srinivas, a Cloud Solutions Architect/Evangelist at Microsoft, wi...
Containers are rapidly finding their way into enterprise data centers, but change is difficult. How do enterprises transform their architecture with technologies like containers without losing the reliable components of their current solutions? In his session at @DevOpsSummit at 21st Cloud Expo, Tony Campbell, Director, Educational Services at CoreOS, will explore the challenges organizations are facing today as they move to containers and go over how Kubernetes applications can deploy with lega...