AAC:Ableauctions Announces Strong 4th Quarter Revenue & Income to Positively Impact
2003 Results
Business Editors
FIFE, Wash.--(BUSINESS WIRE)--Dec. 8, 2003--Ableauctions.com Inc.
(AMEX:AAC) (the "Company") announced today that it expects fourth
quarter revenues to increase by approximately 25% from the previous
quarter and net income to increase by approximately 50% from the
previous quarter, exceeding management's expectations.
The increase in revenues is attributed to strong auction activity
in the fourth quarter and a consolidation of the results of operations
from the Company's acquisition of Rapidfusion Technologies Inc. on
September 1, 2003. The increase in net income is attributed to growth
of the Company's business, increased operating efficiency and gains
realized on investments and currency exchange.
The Company believes that increased transparency is the
cornerstone of maintaining investor trust. It will continue to update
its shareholders with information on its earnings, value drivers,
strategic initiatives and those factors critical to understanding its
business and operating environment.
The Company plans to file its annual report on Form 10-KSB on
March 29, 2004 at the market open.
About Ableauctions.com
Ableauctions.com is a high-tech auctioneer that conducts auctions
live and simultaneously broadcasts them over the Internet. With the
experience of 3,000 auctions, the Company has developed its own
technology to broadcast auctions over the Internet
(www.ableauctions.com/technology) and currently provides the
technology and related services to auction houses, enabling them to
broadcast auctions over the Internet. For a comprehensive Corporate
Update and prior releases, visit www.ableauctions.com. For more
information, contact Investor Relations at
investorrelations@ableauctions.com.
About iCollector.com
iCollector.com is a wholly owned subsidiary of Ableauctions and is
the independent connection to the world's auction houses. It was the
first company dedicated to trading antiques, fine art and premium
collectibles on the Internet and today represents some of the world's
leading auction houses. Since January 2001, it has broadcast hundreds
of live auctions in real-time on eBay Live Auctions, directly from the
salesroom as the auction happens, selling tens of thousands of lots to
many thousands of users online. With its unparalleled understanding
and expertise in this sector, iCollector can help you to maximize your
opportunities to find, buy or sell art, antiques and collectibles
online.
This press release contains forward-looking statements,
particularly as related to, among other things, the business plans of
the Company, statements relating to goals, plans and projections
regarding the Company's financial position and the Company's business
strategy. These forward-looking statements fall within the meaning of
Section 27A of the Securities Act of 1933 and Sections 21E of the
Securities Act of 1934 and are subject to the safe harbor created by
these sections. Such forward-looking statements are based on current
expectation, involve known and unknown risks, a reliance on third
parties for information, uncertainties and other factors that may
cause our actual results, performance or achievements, or developments
in our industry, to differ materially from the anticipated results,
performance or achievements expressed or implied by such
forward-looking statements. Factors that could cause actual results to
differ materially from anticipated results include risks and
uncertainties related to the performance of our auction houses, our
ability to implement our inventory procurement strategy, general
economic conditions, our ability to license our software to other
auction houses, our ability to acquire profitable companies and
integrate them into our business successfully and other factors that
are detailed in our Annual Report on Form 10-KSB and on documents we
file from time-to-time with the Securities and Exchange Commission.
The Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise. Actual results may differ
materially from the Company's expectations and estimates.
--30--NL/se*
CONTACT: Ableauctions.com Inc.
Thorsten Bonn, 604-521-3369
KEYWORD: WASHINGTON INTERNATIONAL CANADA
INDUSTRY KEYWORD: E-COMMERCE INTERNET EARNINGS
SOURCE: Ableauctions.com Inc.
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Dec-08-2003 14:30 GMT
Symbols:
DE;AA7 DE;AA7F US;AAC
Source BW Business Wire
Categories:
MST/I/NET MST/I/SVC MST/R/CA MST/R/US/WA MST/S/ERN TGT/BWN |
