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buy.com(TM) Named 'Best E-Commerce Site' by PC World Magazine
TUESDAY, JUNE 05, 2001 8:05 AM
- PRNewswire
ALISO VIEJO, Calif., Jun 5, 2001 /PRNewswire via COMTEX/ -- buy.com (Nasdaq:BUYX), The Internet Superstore(TM) was honored by PC World magazine with a 2001 World Class Award for Best E-Commerce Site. A trophy will be presented at the PC Expo in New York on June 27, 2001 and the winners will be announced in the July 2001 issue of PC World.
buy.com was recognized as the leading e-commerce destination because of its focus on enhancing the customer experience by offering some of the best brands at an exceptional value.
Celebrating its 19th year, the respected World Class Awards honor the best in several categories. To select the best of the best, PC World's editors, testers, and contributors examined the entire spectrum of products that have appeared in the magazine over the past year. Hundreds of products in 58 categories were judged on performance, value, consistency, and innovation.
"We are honored to receive this award from PC World, one of the most recognized computer magazines. We will continue to focus on delivering a seriously simple shopping experience to our customers while maintaining our low-prices and world-class customer service," said James Roszak, Chief Executive Officer of buy.com.
"As the ultimate buyers guide, the World Class Awards set the standard for excellence in the high-tech industry," stated Kevin McKean, editorial director of PC World. "From printers to personal finance software, corporate PCs to search engines, the editors reward the finest products and most outstanding performers in this annual award program. Congratulations to buy.com."
about PC World
PC World is the world's largest computer magazine with a circulation rate base of 1.25 million. The winner of more editorial awards than any other computer publication, including two Grand Neal Awards from American Business Media, PC World is targeted to meet the informational needs of PC-proficient managers, both at work and at home. With its monthly Top 100 product rankings, news, how-to articles, features, and special reports, PC World helps managers plan what to buy, where to buy, and how to use the technologies that keep them and their companies ahead of the competition.
about buy.com
buy.com, The Internet Superstore(TM) and low price leader, offers its 3.5 million customers nearly 1,000,000 SKUs in a range of categories including computer hardware and software, electronics, wireless products and services, books, sporting goods, office supplies and more. Individuals and businesses can shop quickly and easily at buy.com 24 hours a day, 7 days a week. buy.com was named the No. 1 electronics e-tailer in the PowerRankings by Forrester Research, Inc. (November 2000), a "Best of the Web" in the computer and electronics category by Forbes Magazine (spring 2000 and fall 2000), "Best Overall Place To Buy" by Computer Shopper Magazine (January 2001). buy.com, founded in June 1997, is located in Aliso Viejo, California. For more information visit www.buy.com. buy.com(TM) and The Internet Superstore, (TM) are trademarks of buy.com Inc.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release may contain forward-looking statements that involve risks and uncertainties. Important factors, which could cause actual operating results to differ materially from those in the forward-looking statements, include, without limitation, risks that economic softness and reduced consumer demand, competitive pressures, reduced marketing expenditures combined with increased pricing will result in a reduction in revenue. Other risks, including, without limitation our ability to maintain the functionality of our site and intense retail competition, are detailed in filings with the Securities and Exchange Commission made from time to time by buy.com, including its Registration Statement on form S-1, as amended, filed with the Securities and Exchange Commission on October 27, 1999, its final prospectus related to its initial public offering filed with the Securities and Exchange Commission on February 7, 2000 and its quarterly reports filed from time to time with the Securities and Exchange Commission. buy.com undertakes no obligations to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
For further information, please contact financial, Robert Price, 949-389-2247, robertp@buy.com, or media, Kathy Beaman, 949-389-2247, kathyb@buy.com.
BUY.COM INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
ASSETS
March 31, December 31,
2001 2000
----------- ------------
(unaudited)
Current Assets:
Cash and cash equivalents, including
restricted cash of $20,000 and $27,000 $ 32,213 $ 56,656
Marketable securities 1,502 10,769
Accounts receivable, net of allowances
of $2,519 and $2,813 12,923 19,424
Prepaid expenses and other current assets 8,306 7,141
---------- ---------
Total current assets 54,944 93,990
---------- ---------
Property and equipment, net 14,573 18,500
Intangibles, net 8,046 23,622
Other noncurrent assets 142 392
---------- ---------
$ 77,705 $ 136,504
========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 15,460 $ 38,682
Other liabilities and accrued expenses 18,097 3,460
Deferred revenue 2,278 3,400
Obligation to joint ventures, net 2,072 7,156
Current portion of long-term debt 255 250
---------- ---------
Total current liabilities 38,162 52,948
---------- ---------
Long-term debt, net of current portion 241 324
---------- ---------
38,403 53,272
---------- ---------
Commitments and Contingencies
Stockholders' Equity:
Common stock, $0.0001 par value;
Authorized shares--850,000,000
Issued and outstanding--136,262,793
and 134,941,776 at March 31, 2001
and December 31, 2000, respectively 13 13
Additional paid-in capital 365,210 368,970
Deferred compensation (2,017) (7,019)
Accumulated deficit (323,904) (278,732)
---------- ---------
Total stockholders' equity 39,302 83,232
--------- ---------
$ 77,705 $ 136,504
========= =========
The accompanying notes are an integral part of these consolidated balance sheets.
1
--------------------------------------------------
BUY.COM INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
Three Months Ended
------------------------------------
March 31, March 31,
2001 2000
--------------- ---------------
(unaudited)
Net revenues $ 124,601 $ 207,616
Cost of goods sold 110,200 198,743
--------------- ---------------
Gross profit 14,401 8,873
Operating expenses:
Sales and marketing 13,190 24,520
Product development 4,265 4,370
General and administrative 12,324 11,682
Restructuring charge 34,678 -
--------------- ---------------
Total operating expenses 64,457 40,572
--------------- ---------------
Operating loss (50,056) (31,699)
Other income (expense):
Interest income 701 1,388
Other 125 (114)
--------------- ---------------
Total other income (expense) 826 1,274
--------------- ---------------
Net loss before equity in income (losses) of joint ventures (49,230) (30,425)
Equity in income (losses) of joint ventures, net 4,058 (2,421)
--------------- ---------------
Net loss $ (45,172) $ (32,846)
=============== ===============
Net loss per share:
Basic and diluted $ (0.33) $ (0.28)
=============== ==============
Weighted average number of common
shares outstanding:
Basic and diluted 135,239,182 115,544,187
=============== ==============
The accompanying notes are an integral part of these consolidated statements.
2
--------------------------------------------------
BUY.COM INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Three Months Ended
-------------------------------
March 31, 2001 March 31, 2000
-------------- --------------
OPERATING ACTIVITIES
Net Loss $(45,172) $(32,846)
Adjustments to reconcile net loss to cash used in operating
activities:
Depreciation 1,498 1,079
Amortization of deferred compensation and warrants 1,388 1,371
Equity in (income) losses of joint ventures, net (4,058) 2,421
Amortization of goodwill and other intangibles 2,805 2,957
Non-cash restructuring charge 15,912 -
Loss from the disposal of property and equipment 13 161
Changes in assets and liabilities:
Accounts receivable 5,688 (4,078)
Prepaid expenses and other current assets (1,335) (5,503)
Other noncurrent assets 250 8
Accounts payable (23,222) (16,379)
Other liabilities and accrued expenses 14,407 (1,831)
Deferred revenues (1,122) 1,421
---------- ----------
Net cash used in operating activities (32,948) (51,219)
---------- ----------
INVESTING ACTIVITIES
Redemption of marketable securities 9,267 -
Purchase of property and equipment (412) (3,632)
Proceeds from sale of property and equipment - 456
Investments in equity method investees (296) (1,523)
---------- ----------
Net cash provided by (used in) investing activities 8,559 (4,699)
---------- ----------
FINANCING ACTIVITIES
Net proceeds from initial public offering - 192,305
Repayments to stockholder - (5,000)
Net proceeds from exercise of stock options 24 856
Repayments under line of credit and other obligations (78) (12,457)
---------- ----------
Net cash (used in) provided by financing activities (54) 175,704
---------- ----------
Net (decrease) increase in cash and cash equivalents (24,443) 119,786
Cash and cash equivalents at beginning of period 56,656 24,693
---------- ----------
Cash and cash equivalents at end of period $ 32,213 $144,479
========== ==========
Supplemental cash flow information:
Cash paid for interest $ 9 $ 1,295
========== ==========
Stock issued in connection with domain purchases $ - $ 316
========== ==========
Assumption of liabilities in connection with acquisition $ (313) $ -
========== ==========
Net settlement of joint venture receivable $ 730 $ -
========== ==========
The accompanying notes are an integral part of these consolidated statements.
3
buy.com(TM) Named 'Best E-Commerce Site' by PC World Magazine
TUESDAY, JUNE 05, 2001 8:05 AM
- PRNewswire
ALISO VIEJO, Calif., Jun 5, 2001 /PRNewswire via COMTEX/ -- buy.com (Nasdaq:BUYX), The Internet Superstore(TM) was honored by PC World magazine with a 2001 World Class Award for Best E-Commerce Site. A trophy will be presented at the PC Expo in New York on June 27, 2001 and the winners will be announced in the July 2001 issue of PC World.
buy.com was recognized as the leading e-commerce destination because of its focus on enhancing the customer experience by offering some of the best brands at an exceptional value.
Celebrating its 19th year, the respected World Class Awards honor the best in several categories. To select the best of the best, PC World's editors, testers, and contributors examined the entire spectrum of products that have appeared in the magazine over the past year. Hundreds of products in 58 categories were judged on performance, value, consistency, and innovation.
"We are honored to receive this award from PC World, one of the most recognized computer magazines. We will continue to focus on delivering a seriously simple shopping experience to our customers while maintaining our low-prices and world-class customer service," said James Roszak, Chief Executive Officer of buy.com.
"As the ultimate buyers guide, the World Class Awards set the standard for excellence in the high-tech industry," stated Kevin McKean, editorial director of PC World. "From printers to personal finance software, corporate PCs to search engines, the editors reward the finest products and most outstanding performers in this annual award program. Congratulations to buy.com."
about PC World
PC World is the world's largest computer magazine with a circulation rate base of 1.25 million. The winner of more editorial awards than any other computer publication, including two Grand Neal Awards from American Business Media, PC World is targeted to meet the informational needs of PC-proficient managers, both at work and at home. With its monthly Top 100 product rankings, news, how-to articles, features, and special reports, PC World helps managers plan what to buy, where to buy, and how to use the technologies that keep them and their companies ahead of the competition.
about buy.com
buy.com, The Internet Superstore(TM) and low price leader, offers its 3.5 million customers nearly 1,000,000 SKUs in a range of categories including computer hardware and software, electronics, wireless products and services, books, sporting goods, office supplies and more. Individuals and businesses can shop quickly and easily at buy.com 24 hours a day, 7 days a week. buy.com was named the No. 1 electronics e-tailer in the PowerRankings by Forrester Research, Inc. (November 2000), a "Best of the Web" in the computer and electronics category by Forbes Magazine (spring 2000 and fall 2000), "Best Overall Place To Buy" by Computer Shopper Magazine (January 2001). buy.com, founded in June 1997, is located in Aliso Viejo, California. For more information visit www.buy.com. buy.com(TM) and The Internet Superstore, (TM) are trademarks of buy.com Inc.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release may contain forward-looking statements that involve risks and uncertainties. Important factors, which could cause actual operating results to differ materially from those in the forward-looking statements, include, without limitation, risks that economic softness and reduced consumer demand, competitive pressures, reduced marketing expenditures combined with increased pricing will result in a reduction in revenue. Other risks, including, without limitation our ability to maintain the functionality of our site and intense retail competition, are detailed in filings with the Securities and Exchange Commission made from time to time by buy.com, including its Registration Statement on form S-1, as amended, filed with the Securities and Exchange Commission on October 27, 1999, its final prospectus related to its initial public offering filed with the Securities and Exchange Commission on February 7, 2000 and its quarterly reports filed from time to time with the Securities and Exchange Commission. buy.com undertakes no obligations to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
For further information, please contact financial, Robert Price, 949-389-2247, robertp@buy.com, or media, Kathy Beaman, 949-389-2247, kathyb@buy.com.
BUY.COM INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
ASSETS
March 31, December 31,
2001 2000
----------- ------------
(unaudited)
Current Assets:
Cash and cash equivalents, including
restricted cash of $20,000 and $27,000 $ 32,213 $ 56,656
Marketable securities 1,502 10,769
Accounts receivable, net of allowances
of $2,519 and $2,813 12,923 19,424
Prepaid expenses and other current assets 8,306 7,141
---------- ---------
Total current assets 54,944 93,990
---------- ---------
Property and equipment, net 14,573 18,500
Intangibles, net 8,046 23,622
Other noncurrent assets 142 392
---------- ---------
$ 77,705 $ 136,504
========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 15,460 $ 38,682
Other liabilities and accrued expenses 18,097 3,460
Deferred revenue 2,278 3,400
Obligation to joint ventures, net 2,072 7,156
Current portion of long-term debt 255 250
---------- ---------
Total current liabilities 38,162 52,948
---------- ---------
Long-term debt, net of current portion 241 324
---------- ---------
38,403 53,272
---------- ---------
Commitments and Contingencies
Stockholders' Equity:
Common stock, $0.0001 par value;
Authorized shares--850,000,000
Issued and outstanding--136,262,793
and 134,941,776 at March 31, 2001
and December 31, 2000, respectively 13 13
Additional paid-in capital 365,210 368,970
Deferred compensation (2,017) (7,019)
Accumulated deficit (323,904) (278,732)
---------- ---------
Total stockholders' equity 39,302 83,232
--------- ---------
$ 77,705 $ 136,504
========= =========
The accompanying notes are an integral part of these consolidated balance sheets.
1
--------------------------------------------------
BUY.COM INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
Three Months Ended
------------------------------------
March 31, March 31,
2001 2000
--------------- ---------------
(unaudited)
Net revenues $ 124,601 $ 207,616
Cost of goods sold 110,200 198,743
--------------- ---------------
Gross profit 14,401 8,873
Operating expenses:
Sales and marketing 13,190 24,520
Product development 4,265 4,370
General and administrative 12,324 11,682
Restructuring charge 34,678 -
--------------- ---------------
Total operating expenses 64,457 40,572
--------------- ---------------
Operating loss (50,056) (31,699)
Other income (expense):
Interest income 701 1,388
Other 125 (114)
--------------- ---------------
Total other income (expense) 826 1,274
--------------- ---------------
Net loss before equity in income (losses) of joint ventures (49,230) (30,425)
Equity in income (losses) of joint ventures, net 4,058 (2,421)
--------------- ---------------
Net loss $ (45,172) $ (32,846)
=============== ===============
Net loss per share:
Basic and diluted $ (0.33) $ (0.28)
=============== ==============
Weighted average number of common
shares outstanding:
Basic and diluted 135,239,182 115,544,187
=============== ==============
The accompanying notes are an integral part of these consolidated statements.
2
--------------------------------------------------
BUY.COM INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Three Months Ended
-------------------------------
March 31, 2001 March 31, 2000
-------------- --------------
OPERATING ACTIVITIES
Net Loss $(45,172) $(32,846)
Adjustments to reconcile net loss to cash used in operating
activities:
Depreciation 1,498 1,079
Amortization of deferred compensation and warrants 1,388 1,371
Equity in (income) losses of joint ventures, net (4,058) 2,421
Amortization of goodwill and other intangibles 2,805 2,957
Non-cash restructuring charge 15,912 -
Loss from the disposal of property and equipment 13 161
Changes in assets and liabilities:
Accounts receivable 5,688 (4,078)
Prepaid expenses and other current assets (1,335) (5,503)
Other noncurrent assets 250 8
Accounts payable (23,222) (16,379)
Other liabilities and accrued expenses 14,407 (1,831)
Deferred revenues (1,122) 1,421
---------- ----------
Net cash used in operating activities (32,948) (51,219)
---------- ----------
INVESTING ACTIVITIES
Redemption of marketable securities 9,267 -
Purchase of property and equipment (412) (3,632)
Proceeds from sale of property and equipment - 456
Investments in equity method investees (296) (1,523)
---------- ----------
Net cash provided by (used in) investing activities 8,559 (4,699)
---------- ----------
FINANCING ACTIVITIES
Net proceeds from initial public offering - 192,305
Repayments to stockholder - (5,000)
Net proceeds from exercise of stock options 24 856
Repayments under line of credit and other obligations (78) (12,457)
---------- ----------
Net cash (used in) provided by financing activities (54) 175,704
---------- ----------
Net (decrease) increase in cash and cash equivalents (24,443) 119,786
Cash and cash equivalents at beginning of period 56,656 24,693
---------- ----------
Cash and cash equivalents at end of period $ 32,213 $144,479
========== ==========
Supplemental cash flow information:
Cash paid for interest $ 9 $ 1,295
========== ==========
Stock issued in connection with domain purchases $ - $ 316
========== ==========
Assumption of liabilities in connection with acquisition $ (313) $ -
========== ==========
Net settlement of joint venture receivable $ 730 $ -
========== ==========
The accompanying notes are an integral part of these consolidated statements.
3
