Onsale Announces Preliminary Fourth Quarter Results
MENLO PARK, Calif.--(BUSINESS WIRE)--Jan. 19, 1999--Onsale®, Inc. (Nasdaq: ONSL - news), a leading Internet real-time retailer, today announced preliminary financial results for the fourth quarter, ended December 31, 1998. Final results are scheduled to be announced February 10, 1999 following completion of the year-end audit.
Total revenues for the quarter are expected to show a slight improvement over the previous quarter, at approximately $59 million. Strong growth in sporting goods and consumer electronics, which now collectively represent nearly one quarter of sales, were offset by a decline in computer product revenue due to seasonally limited availability of excess and refurbished goods during the main holiday selling season.
''As a result of these supply constraints in excess computer products, we paid higher prices to secure available goods, leading to an expected margin of 8.5-9% for the fourth quarter,'' said Jerry Kaplan, Onsale's president and CEO. ''However, this was offset by lower than anticipated operating expenses due to tight cost controls and leveraging our infrastructure, resulting in an expected EPS loss in the range of $0.15-0.17 per share (both basic and diluted).''
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