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uSell.com Reports 2016 Results
Revenue Growth of 249% to $94.7 Million
Expanded Capacity and Access to Supply
Strengthened Financial Position to Grow Without Diluting Shareholders
New York, NY – (Accesswire) - March 29, 2017 - uSell.com (USEL), a large market maker of used smartphones, today reported financial and operational results for the twelve month period ended December 31, 2016.
Key Business Highlights for Full Year 2016:
|·||Continued migration of customers to online platform|
|·||Positive trends in diversification of supply|
|·||New warehouse facility to more than double processing capacity|
|·||Solidified financial position to grow without diluting shareholders|
Key Financial Highlights for Full Year 2016:
|·||Revenues increased by $67.6 million, or 249%, to $94.7 million|
|·||Operating loss decreased by $3.0 million, or 62%, to $1.8 million|
|·||Net loss increased to $3.7 million from $2.6 million for 2015; however the 2015 net loss included a $2.4 million income tax benefit|
|·||Adjusted EBITDA, a non-GAAP financial measure, improved to $0.6 million|
The following table presents Adjusted EBITDA, a non-GAAP financial measure, and provides a reconciliation of Adjusted EBITDA to the directly comparable GAAP measure reported in the Company’s consolidated financial statements:
|Year Ended December 31,|
|Income tax benefit||-||(2,393,000||)|
|Stock-based compensation expense||525,000||2,954,000|
|Depreciation and amortization||1,912,000||820,000|
|Acquisition related costs||-||268,000|
|Interest and other income||-||(1,000||)|
|Change in fair value of derivative liability||370,000||-|
See the discussion on pages 3-4 of non-GAAP Financial Measures.
The Company made meaningful progress towards its long term objectives in 2016. These objectives included migrating sales of its newly acquired subsidiary, We Sell Cellular, to an online platform and diversifying its supplier base. In particular, the Company:
|·||Successfully launched an online auction platform for a subset of We Sell Cellular’s product|
The following information was filed by Usell.Com, Inc. (USEL) on Wednesday, March 29, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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