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Monday April 24, 3:22 pm Eastern Time
Company Press Release
Onvia.com Announces Record First Quarter Revenues
Strong Growth in Transactions and Buyer Demand Fuel Record Revenues for Onvia's First Quarter as a Public Company
SEATTLE--(BUSINESS WIRE)--April 24, 2000--Onvia.com, Inc. (Nasdaq:ONVI - news), the leading business-to-business e-marketplace where small business buyers and sellers market their products and services, today announced financial results for the first quarter of 2000.
Total revenues for the quarter ending March 31 were $21.5 million, a 53 percent increase from the $14.0 million recorded during the fourth quarter of 1999 and an increase from the $1.5 million recorded in the first quarter of 1999. Net loss for the first quarter of 2000 was $26.2 million, compared to a net loss of $27.2 million in the fourth quarter of 1999. On a per-share basis, the company reported a net loss of $.71 per diluted share during the first quarter of 2000.
``The success of our IPO in February combined with the strength of our first quarter results as a public company illustrate the opportunities in our market, the depth and potential of our business strategy and the quality of our management team and overall execution,' said Glenn S. Ballman, president and chief executive officer of Onvia.com.
Ballman attributes Onvia.com's leadership position in the highly fragmented small business-to-business e-marketplace to the company's valuable strategic alliances and commitment to customer service, as well as to the record growth in the number of online buyers and sellers.
``The increases we have seen in transactions and buyer demand have produced results that exceeded market expectations for both revenues and important non-financial metrics,' added Ballman. The number of customer accounts increased from 110,000 in the fourth quarter of 1999 to 267,000 in the first quarter of 2000.
``These results reinforce the confidence we have in our business model and demonstrate the magnitude of our opportunity to help small businesses operate more efficiently,' said Ballman. ``The $244 million Onvia.com has in cash and cash equivalents also gives us the financial strength to continue to increase brand awareness, expand our revenue streams and pursue prudent customer acquisition strategies. This will reinforce our mission of becoming the single source for all small business needs.'
About Onvia.com
Onvia.com, headquartered in Seattle, is the leading business-to-business e-marketplace for small business buyers and sellers. The Onvia.com e-marketplace is designed to help small businesses succeed by providing a single online destination where small businesses can buy and sell services and products, exchange valuable news, product and service information and access productivity tools. For more information, contact Onvia.com: 1000 Dexter Ave. N., Fourth Floor, Seattle, WA 98109. Phone: 206/282-5170. Web: www.onvia.com.
To the extent this news release contains forward-looking statements, such statements are subject to risks and uncertainties, which could cause the company's actual results to differ materially from anticipated results. These risks and uncertainties include, but are not limited to, those associated with the company's limited operating history, the increasingly competitive nature of the company's business, the ability of the company to continue to develop its brand and other risk factors disclosed in the company's filings with the Securities and Exchange Commission.
ONVIA.COM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended March 31,
2000 1999
---- ----
(In thousands, except per share data)
(Unaudited)
Revenue $ 21,509 $ 1,476
Cost of goods sold 24,355 1,826
------- -----
Gross margin (2,846) (350)
Operating expenses:
Sales and marketing 14,529 170
Technology and development 4,655 76
General and administrative 3,389 498
Noncash stock-based
compensation 1,526 431
------- -----
Total operating expenses 24,099 1,175
------- -----
Loss from operations (26,945) (1,525)
Interest income (expense), net 785 (75)
------- -----
Net loss (26,160) (1,600)
Reduction of beneficial
conversion on preferred stock 287 --
------- -----
Net loss attributable
to common stockholders $ (25,873) $ (1,600)
========== =========
Basic and diluted net
loss per common share $ (0.71) $ (0.17)
========== =========
Basic and diluted weighted
average shares outstanding 36,377 9,635
========== =========
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Contact:
Media Contacts -
Onvia.com
Gretchen Sorensen, 206/352-4934
gsorensen@onvia.com
or
Fleishman-Hillard for Onvia.com
Russell Johnson, 713/513-9515
johnsoru@fleishman.com
or
Analyst/Investor -
Onvia.com
Mike Jacobsen, 206/352-4986
mjacobsen@onvia.com
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