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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
|By Marketwired .
|April 1, 2014 08:15 AM EDT
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
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
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.
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