uBid.com announced third-quarter financial results for 2007 and said its Certified Merchant Program continues to grow. Net revenues in the program were up 27.2% to $1.4 million, according to the company. Gross profit for the quarter increased 12.7% over the same period one year ago, and the company experienced a net loss of $2.2 million compared to a net loss of $2.7 million in third quarter 2006.
uBid's Certified Merchant Program grew by 93.5% to 3,321 approved merchants at September 30, 2007, from 1,716 merchants at September 30, 2006. This also represents an increase of 15.6% from June 30, 2007. Active auction participants totaled 328,000 while the number of auction events increased 27.2% to approximately 715,000 from 562,000 in the third quarter of 2006.
Customer registrations totaled approximately 63,000 in the third quarter of 2007 compared to approximately 54,000 in the third quarter of 2006.
uBid.com Holdings Inc. CEO Jeffrey D Hoffman said, "The growth in both the number of Certified Merchants and their associated increase in revenues are further evidence that our strategy in building stronger relationships with our sellers is starting to bear fruit. We'll be building on this momentum and leveraging these relationships as part of our growth strategy in 2008." Hoffman recently succeeded Robert H. Tomlinson, Jr., uBid.com's previous CEO, who informed the Board on March 26, 2007, of his intention to step down before the end of 2007.
http://www.ubid.com
