UPDATE 1-PFSweb agrees to buy eCOST.com in stock deal
Thu Nov 10, 2005 04:53 PM ET
(Adds earnings)
BOSTON, Nov 10 (Reuters) - Internet commerce company PFSweb Inc. (PFSW.O: Quote, Profile, Research) on Thursday said it has agreed to acquire eCOST.com, which sells close-out items and refurbished products over the Web.
PFSweb, which helps companies buy and sell goods over the Web, will issue one PFSweb common share for each outstanding share of eCOST.com (ECST.O: Quote, Profile, Research) .
The companies also reported quarterly earnings.
PFSweb said that it had a third-quarter loss of $453,000, or 2 cents a share, compared with year-earlier net income of $420,000, or 2 cents. Revenue rose to $81.5 million from $77.0 million.
eCOST.com said its loss widened in the third quarter to $2.3 million, or 13 cents a share, from a year-earlier loss of $892,000, or 6 cents. Sales fell to $38.2 million from $43.4 million.
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