-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L6++a3V6jWEARohve0Wo05PV6rUJpvuPYmdQyA2/+/UtEpoBuTDyPnmO9XxnuC15 DwiKPAfp2abwkSRkWL6W/w== 0000950130-00-000937.txt : 20000302 0000950130-00-000937.hdr.sgml : 20000302 ACCESSION NUMBER: 0000950130-00-000937 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000201 FILED AS OF DATE: 20000229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BID COM INTERNATIONAL INC CENTRAL INDEX KEY: 0001079171 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: SEC FILE NUMBER: 001-14835 FILM NUMBER: 556094 BUSINESS ADDRESS: STREET 1: 6725 AIRPORT RD STE 201 STREET 2: MISSISSAUGA ONTARIO CITY: CANADA L4V 1V2 BUSINESS PHONE: 9056727469 MAIL ADDRESS: STREET 1: 6725 AIRPORT RD STE 201 STREET 2: MISSISSAUGA ONTARIO CITY: CANADA L4V 1V2 6-K 1 FOURTH QUARTER FINANCIAL RESULTS - ------------------------------------------------------------------------------ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Issuer PURSUANT to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 Filing No. 1 for the month of February, 2000 Bid.Com International Inc. (Exact name of Registrant) 6725 Airport Road, Suite 201, Mississauga, ON, Canada L4V 1V2 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F Form 20-F X Form 40-F --- --- Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No X --- --- - ------------------------------------------------------------------------------- BID.COM INTERNATIONAL INC. On February 24, 2000, the Company announced its results for the fourth quarter and year ended December 31, 1999. All figures are in Canadian dollars. As of December 31, 1999, the exchange rate was Cdn$1.444 to US$1.00. Revenue in the fourth quarter of 1999 increased 80.3% to $11.4 million compared to $6.3 million in the fourth quarter of 1998. Revenue increased 36.9% from $8.3 million in the third quarter of 1999. Revenues are derived from merchandise sales and shipping revenue from products sold on the Company's web site and from the provision of Bid.Com's licensed technology, consulting and related services. Advertising and promotion expenses in the current quarter were $5.2 million, or 45.5% of revenue, compared to $3.7 million, or 58.4% of revenue, for the fourth quarter of 1998 and $3.4 million, or 40.9% of revenue, in the quarter ending September 30, 1999. General and administrative expenses were $3.9 million, or 34.4% of revenue, in the fourth quarter compared to $2.1 million, or 33.5% of revenue, in the fourth quarter of 1998 and $3.2 million, or 38.5% of revenue, in the quarter ending September 30, 1999. Approximately 60% of the increase in general and administrative expenses from the third to fourth quarter of 1999 was related to additional resources required to support the Company's growing focus on its business-to-business opportunities. The net loss for the fourth quarter of 1999 was $8.7 million, or $0.17 per basic share, compared to a net loss of $5.8 million, or $0.18 per basic share, in the comparable period of 1998 and a net loss of $5.0 million, or $0.10 per basic share, in the third quarter of 1999. For the year, revenue increased 55.0% to $31.0 million compared to $20.0 million for 1998. Advertising and promotion expenses declined to $11.9 million, or 38.3% of revenue, in 1999 from $12.6 million, or 63.0% of revenue, in 1998. General and administrative expenses for the year increased to $12.4 million, or 40.0% of revenue, from $5.8 million, or 28.8% of revenue, in 1998. This Form 6-K may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the Safe Harbor provisions of the U.S. federal securities laws. These include, among others, statements about expectations of future revenues, cash flows and capital requirements. Forward-looking statements are subject to risks and uncertainties that may cause the Company's results to differ materially from expectations. These risks include the Company's ability to further develop its business-to-business and licensing businesses, the Company's ability to develop appropriate strategic alliances and successful development and implementation of technology, acceptance of the Company's products and services, competitive factors, new products and technological changes, and other such risks as the Company may identify and discuss from time to time, including those risks disclosed in the Company's amended Form 20-F filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the Company's plans will be achieved. Exhibit 1. Fourth Quarter and Year Ended December 31, 1999 Financial Results SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BID.COM INTERNATIONAL INC. Date: February 28, 2000 By: /s/ John Mackie --------------- Name: John Mackie Title: Vice-President, General Counsel and Corporate Secretary BID.COM International Inc. Statement of Operations (expressed in thousands of Canadian dollars, except per share amounts) (Canadian GAAP, Audited)
Three Months Ended Twelve Months Ended December 31 December 31 - ----------------------------------------------------------------------------------------------------------------------------- 1999 1999 1998 1999 1999 1998 ------------- ----------------- ------------- ---------- ----------------- ---------- (translated into (translated into US$ at $US = US$ at $US = Cdn$1.444 for Cdn$1.444 for convenience) convenience) - ----------------------------------------------------------------------------------------------------------------------------- Revenue $ 11,406 $ 7,899 $ 6,325 $ 31,001 $ 21,469 $ 20,001 - ----------------------------------------------------------------------------------------------------------------------------- Direct expenses 10,810 7,486 5,939 26,696 18,488 19,361 - ----------------------------------------------------------------------------------------------------------------------------- General and administrative 3,924 2,717 2,116 12,405 8,591 5,751 - ----------------------------------------------------------------------------------------------------------------------------- Advertising and promotion 5,189 3,593 3,692 11,870 8,220 12,594 - ----------------------------------------------------------------------------------------------------------------------------- Software development and expense 251 174 395 1,001 693 889 - ----------------------------------------------------------------------------------------------------------------------------- Depreciation and amortization 196 136 65 621 430 201 - ----------------------------------------------------------------------------------------------------------------------------- 20,370 14,106 12,207 52,593 36,422 38,796 Interest income 236 163 51 767 531 88 - ----------------------------------------------------------------------------------------------------------------------------- Net loss ($8,728) ($6,044) ($5,831) ($20,825) ($14,422) ($18,707) ==================================================================================== Loss per basic share ($0.17) ($0.12) ($0.18) ($0.42) ($0.29) ($0.79) ==================================================================================== Weighted average common shares - ----------------------------------------------------------------------------------------------------------------------------- Outstanding 50,682 50,682 32,609 49,218 49,218 23,680 ==================================================================================== December 31, December 31, December 31, Balance Sheet Data: 1999 1999 1998 (in US$) - ----------------------------------------------------------------------------------------------------------------------------- Cash and marketable securities $ 21,497 $ 14,887 $ 16,598 - ----------------------------------------------------------------------------------------------------------------------------- Other current assets 6,495 4,498 3,756 - ----------------------------------------------------------------------------------------------------------------------------- Other assets 8,751 6,060 693 - ----------------------------------------------------------------------------------------------------------------------------- Total assets $ 36,743 $ 25,445 $ 21,047 ======== ======== ======== Total current liabilities 6,469 4,480 2,425 Deferred Revenue 1,289 893 - Total stockholders' equity 28,985 20,072 18,622 Total liabilities and $ 36,743 $ 25,445 $ 21,047 shareholders' equity ======== ======== ========
CERTAIN PRIOR PERIOD AMOUNTS HAVE BEEN RECLASSIFIED TO CONFORM TO THE CURRENT PERIOD PRESENTATION. -----END PRIVACY-ENHANCED MESSAGE-----