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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): October 21, 1997
ONSALE, Inc.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware
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(STATE OR OTHER JURISDICTION OF INCORPORATION)
000-29244 77-0408319
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(COMMISSION (IRS EMPLOYER
FILE NUMBER) IDENTIFICATION NO.)
1861 Landings Drive, Mountain View, California 94043
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(650) 428-0600
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(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
Not Applicable
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS
On October 21, 1997, the Registrant issued a press release announcing
its results of operations for the three and nine months ended September 30,
1997. A copy of the financial statements attached to the press release is filed
as Exhibit 99.1 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
Exhibit Number Exhibit
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99.1 Financial Statements attached to Press Release, dated
October 21, 1997, of ONSALE, Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ONSALE, Inc.
(Registrant)
/s/ John F. Sauerland
Date: October 21, 1997 By:______________________________________
John F. Sauerland,
Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit Number Exhibit
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99.1 Financial Statements attached to Press Release, dated
October 21, 1997, of ONSALE, Inc.
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EXHIBIT 99.1
STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Revenue:
Merchandise $24,198 $ 2,990 $53,754 $ 4,951
Commission 863 586 2,196 1,012
Total revenue 25,061 3,576 55,950 5,963
Cost of revenue 21,735 2,665 48,407 4,463
Gross profit 3,326 911 7,543 1,500
Operating expenses:
Sales and marketing 1,935 339 3,273 512
General and administrative 1,376 275 3,459 396
Engineering 765 182 1,915 349
Total operating expenses 4,076 796 8,647 1,257
Income (loss) from
operations (750) 115 (1,104) 243
Interest and other income 167 3 347 3
Income (loss) before
income taxes (583) 118 (757) 246
Provision for income taxes - (12) - (25)
Net income/(loss) $ (583) $ 106 $ (757) $ 221
Net income/(loss) per
share ($0.03) $0.01 ($0.05) $0.01
Shares used to compute net
income per share 16,782 15,326 16,155 15,326
Supplemental financial
data gross merchandise
sales (a) $32,301 $ 9,246 $74,785 $16,328
</TABLE>
(a) Represents what the company's total revenue would have been if sales
where the company acted as a commissioned auction agent for its vendors were
recorded as transactions where the company purchased or accepted consignment of
merchandise from vendors for resale at auction.
This presentation of sales on a gross basis does not affect the company's
gross profit or net income. Management believes that gross merchandise sales
provide a more consistent comparison between historical periods and to future
periods than does total revenue. Gross merchandise sales should not be
considered in isolation or as substitute for other information prepared in
accordance with Generally Accepted Accounting Principles.
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BALANCE SHEETS
(amounts in thousands)
(unaudited)
September 30, December 31,
1997 1996
ASSETS
Current assets:
Cash and cash equivalents $11,098 $2,649
Restricted cash 84 80
Accounts receivable, net 2,224 395
Merchandise inventory 7,183 1,520
Prepaid and other 221 439
Total current assets 20,810 5,083
Property and equipment, net 1,304 578
Other assets 96 19
Total assets $22,210 $5,680
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,721 $2,268
Accrued expenses 1,519 480
Deferred revenue 440 604
Total current liabilities 3,680 3,352
Total stockholders' equity 18,530 2,328
Total liabilities and
stockholders' equity $22,210 $5,680
