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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
PURSUANT to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
Filing No. 1 for the Month of July, 2000
Bid.Com International Inc.
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(Exact name of Registrant)
6725 Airport Road, Suite 201, Mississauga ON, Canada L4V 1V2
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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BID.COM INTERNATIONAL INC.
On July 27, 2000, Bid.Com International Inc. ("Bid.Com" or the
"Company") announced its financial results for the second quarter ended June 30,
2000. All figures are in Canadian dollars. As of June 30, 2000, the exchange
rate was Cdn $1.4798 to US$1.00.
Gross Revenue in the second quarter 2000 totaled $3.0 million compared
to $6.3 million in the same period in 1999 and $6.6 million in the first quarter
of 2000. The reduction in revenues is a direct result of the implementation of
the Company's previously announced plan to exit the business-to-consumer arena.
The Company's revenues from its business-to-consumer model are based on the
value of goods sold through its website, www.bid.com These revenues are off-set
by the costs of goods sold and adversiting costs incurred in enticing customers
to the website. In its business-to-business model, the Company typically
recognizes revenues through implementation fees, monthly hosting fees, and a
precentage of transactions, without direct expenses seen in the consumer segment
such as the cost of goods sold.
The net loss for the second quarter of 2000 was $7.1 million or $0.13
per basic share, compared to a net loss of $7.8 million, or $0.15 per basic
share, for the first quarter of 2000. The decline in the net loss can be
attributed to a significant reduction in advertising and promotion expenses
earmarked in previous quarters for business-to-consumer activities.
As the Company continues to ramp up its business-to-business activities
and exit from its business-to-consumer activities, it is experiencing a
reduction in top-line revenue that is being off-set by a significant decrease in
expenses. Once this transition period is complete, the Company believes that it
will be able to sustain long-term growth.
During the quarter, the Company raised $3.1 million in financing
through the issuance of common shares and share purchase warrants to Acqua
Wellington Value Fund. Net proceeds from the issue will be used to fund growth
in the business-to-business sector and general working capital.
In the press release announcing its second quarter financial results,
the Company also listed the following key milestones and developments announced
during the second quarter of 2000:
. Pat Bourke was named to the Company's Board of Directors and
appointed Chairman.
. The Company entered into a two-year agreement with GE Capital Auto
Financial Services to enable the online auction of off-lease
automobiles to dealers across North America.
. The Company entered into a strategic alliance with
PricewaterhouseCoopers whereby PricewaterhouseCoopers will introduce
the Company's dynamic pricing solutions to its client base and
PricewaterhouseCoopers will become the Company's preferred North
American system integrator.
. The Company launched a new offering suite leveraging wireless and
voice recogintion technolgoies developed by Research in Motion and
Quack.com.
. The Company was selected by a number of organizations, including
Advantage Computers and the National Price Shopping Club, as their
provider of dynamic pricing solutions.
. The Company commissioned its Application Service Provider Platform
in Dublin, Ireland, to more effectively support customers and
partners in Europe.
. The Company opened a sales and marketing office in Sacramento,
California, to support a client base throughout the western United
States.
This Form 6-K may include comments that do not refer strictly to
historical results or actions and may be deemed to be forward-looking within the
meaning of the Safe Harbor provisions of the U.S. federal securities laws. These
include, among others, statements about expectations of future revenues, cash
flows, and cash requirements. Forward-looking statements are subject to risks
and uncertainties that may cause Bid.Com's results to differ materially from
expectations. These risks include Bid.Com's ability to further develop its
business-to-business and licensing businesses, Bid.Com's ability to develop
appropriate strategic alliances and successful development and implementation of
technology, acceptance of Bid.Com's products and services, competitive factors,
new products and technological changes, and other such risks as Bid.Com may
identify and discuss from time to time, including those risks disclosed in
Bid.Com's most recent Form 20-F filed with the Securities and Exchange
Commission. Accordingly, there is no certainty that Bid.Com's plan will be
achieved.
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The Company hereby incorporates by reference this Form 6-K into its
Registration Statement on Form F-3, and into the prospectus contained therein
(File No. 333-40888).
Exhibit 1. Second Quarter Financial Results
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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.
BID.COM INTERNATIONAL INC.
Date: July 28, 2000 By: /s/ John Mackie
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Name: John Mackie
Title: Vice-President, General
Counsel and Corporate
Secretary
