uBid.com Holdings Inc., which operates the uBid.com online-auction marketplace, announced results for the first quarter ending March 31, 2007. The company said it experienced a net loss of $1.4 million compared to a net loss of $2.0 million in first quarter 2006. uBid CEO Robert H. Tomlinson Jr. said, "Profitability still remains a core objective which is reflected in our net loss improvement over last year and is in line with our expectations." The company also announced it appointed Casey Gunnell to its Board of Directors and Chairman of the Audit Committee.

Tomlinson said during a conference call Monday afternoon that in addition to continuing to grow the uBid Certified Merchant program, the company is working to expand its product categories. "In fact, there are several new categories we'd like to launch in the near term while expanding our depth in existing product lines," he said.

The company said some highlights for the first quarter of 2007 were:

• Net Revenues in uBid's Certified Merchant Program, a key business metric, were up 50.0% to $1.5 million compared to $1.0 million one year ago.
• uBid's Certified Merchant Program grew by 164.8% to 2,513 approved merchants at March 31, 2007 from 949 merchants at March 31, 2006. This also represents an increase of 22.6% from December 31, 2006.
• Active auction participants totaled 341,000, while the number of auction events increased 75.2% to approximately 545,000 from 311,000 in the first quarter of 2006.
• Customer registrations totaled approximately 64,000 in the first quarter of 2007 compared to approximately 57,000 in the fourth quarter of 2006.

http://www.ubid.com