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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 May, 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 April 26, 2000, the registrant filed a press release reporting (i)
financial results for the first quarter ended March 31, 2000, (ii) certain
strategic alliances and transactions completed during this period, and (iii)
certain other matters. The press release is filed as an exhibit to this Form
6-K.
Exhibit 1. Press Release issued April 26, 1999
2
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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: May 2, 2000 By: /s/ John Mackie
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Name: John Mackie
Title: Vice President, General Counsel
and Secretary
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[LOGO] bid.com Bid.Com International Inc.
6725 Airport Road, Suite 201
Mississauga, ON L4V 1V2
Tel: 905-672-7467 / Facsimile: 905-672-
Website: www.bid.com
(Nasdaq: BIDS, TSE: BII)
FOR IMMEDIATE RELEASE
BID.COM ANNOUNCES FIRST QUARTER 2000 RESULTS
Business to Business Relationships Continue to Grow
TORONTO, ONTARIO -April 26, 2000- Bid.Com International Inc. (Nasdaq: BIDS,
TSE: BII), a leading enabler of dynamic pricing solutions, today announced its
results for the first quarter ended March 31, 2000. All figures are in Canadian
dollars. As of March 31, 2000, the exchange rate was Cdn$1.454 to US$1.00.
Revenue in the first quarter of 2000 increased 31.7% to $6.6 million compared to
$5.0 million in the first quarter of 1999. Revenue decreased from $11.4 million
in the seasonally strong fourth quarter of 1999. Revenues are derived from
merchandise sales and shipping revenue from products sold on www.bid.com and
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from the provision of Bid.Com's licensed technology, consulting and related
services.
Advertising and promotion expenses in the quarter were $3.1 million, or 47.6% of
revenue, compared to $1.4 million, or 28.2% of revenue, for the first quarter of
1999 and $5.2 million, or 45.5% of revenue, in the quarter ending December 31,
1999. General and administrative expenses were $3.8 million, or 58.2% of
revenue, in the first quarter compared to $2.4 million, or 48.2% of revenue, in
the first quarter of 1999 and $3.9 million, or 34.4% of revenue, in the quarter
ending December 31, 1999.
The net loss for the first quarter of 2000 was $7.8 million, or $0.15 per basic
share, compared to a net loss of $3.5 million, or $0.09 per basic share, in the
comparable period of 1999 and a net loss of $8.7 million, or $0.17 per basic
share, in the fourth quarter of 1999.
During the quarter, the Company incurred one-time expenses totaling
approximately $1.0 million and business to consumer ("B2C") advertising expenses
of $3.1 million. Commenting on the financial results, Mr. Jeff Lymburner,
President and CEO of Bid.Com International Inc. said, "The one-time expenses and
the B2C advertising commitments affected our burn rate in the quarter. In
addition, a free shipping program at www.bid.com that was in place during the
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first quarter due to competitive pressures negatively impacted the overall gross
margin. Our growing focus on business to business ("B2B") will result in a
dramatic decline in these expenses during future quarters."
Strategic Alliances
Bid.Com's strategy is based on leveraging its proprietary technology platform by
providing "powered by Bid.Com" e-commerce enabling solutions to customers in
return for license and services fees and a percentage of sales or profits.
Partnerships and alliances with leading Internet companies will continue to be
an important part of the Company's strategy. In addition to Bid.Com's existing
relationships with CapGemini Group, Point2 Internet Systems, Megawheels.Com and
ValueVision TV (an NBCi company), the Company continued to diversify into the
much larger and rapidly growing business-to-business segment of the on-line
auction and
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Bid.Com International Inc.
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fixed price market, with the following key initiatives and developments in the
first quarter:
. Entered into a strategic marketing alliance and customer relationship with GE
Capital to provide Bid.Com's dynamic e-commerce pricing solutions and hosted
applications to GE Capital and its partners on a global basis.
. Announced an alliance with Research In Motion to allow secure wireless
interaction and e-commerce transactions utilizing Bid.Com's on-line auction
products and services and RIM's wireless products and services.
. Entered into a technology licensing agreement with The Art Vault for the on-
line auction of arts and antiquities.
. Bid.Com's subsidiary, Point2Internet Systems, hosted a successful unreserved
heavy equipment auction where every piece of equipment was sold and grossed
approximately $1 million.
. Entered into an agreement with First Power Corporation to launch an on-line
procurement service for the electrical utility and power generation industry.
. Bid.Com's subsidiary, Point2 Internet Systems, signed an agreement with GE
Capital whereby GE Capital will be a preferred supplier of financing solutions
for Point2's heavy equipment customers.
. Announced a strategic alliance with Sunday Business Post to develop and
implement an e-commerce strategy for Europe's expanding B2B market.
"We are very pleased with the caliber of alliances and transactions completed in
the first quarter," stated Mr. Lymburner. "Our various agreements, typically
include an upfront licensing or service fee, a monthly hosting fee, and an
ongoing revenue sharing component. Deferred B2B revenue which will be recognized
in future quarters total approximately $3.2 million as of March 31, 2000 (an
increase of approximately 41% over December 31, 1999) and our portfolio of
strategic investments continues to build quarter over quarter. We are confident
that this strategy is sound and in the long term will yield a sustainable,
profitable business."
"In the first quarter, Bid.Com's Chairman and Co-founder, Mr. Paul Godin
announced his intention to step down effective June 14, 2000, at Bid.Com's
Annual Meeting of Shareholders," commented Mr. Lymburner. "Paul will remain on
Bid.Com's Board of Directors, where his vision and entrepreneurial spirit will
continue to be greatly valued by management and staff."
About Bid.Com International Inc.
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Founded in 1995, Bid.Com offers a comprehensive suite of on-line Dynamic Pricing
Solutions for business-to-business and business-to-consumer markets. Bid.Com
offers multiple online transaction methods, providing fixed price, traditional
auction, real-time declining price (Dutch) auction and reverse auctions (Request
for Quotation/Proposal (RFQ/RFP)) all within the same business-to-business or
consumer-based application. A growing number of major online players have made
Bid.Com their dynamic pricing technology partner in sectors such as electronic
media, travel, wireless communications, automotive, heavy machinery, arts and
culture, and retail. Partners include GE Capital, Research In Motion, Rogers New
Media, CapGemini, The Art Vault, First Power Corporation, Sunday Business Post
and ValueVision Interactive (an NBCi company).
Bid.Com has offices in Toronto, Tampa, Dublin, and Melbourne, Australia, and the
company's shares trade on both the NASDAQ National Market and the Toronto Stock
Exchange (NASDAQ: BIDS, TSE: BII).
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Bid.Com International Inc.
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This news release 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
capital requirements. Forward-looking statements are subject to risks and
uncertainties that may cause the Company's results to differ materially from
expectations. These risks include the Company's ability to further develop its
business-to-business and licensing businesses, the Company's ability to develop
appropriate strategic alliances and successful development and implementation of
technology, acceptance of the Company's products and services, competitive
factors, new products and technological changes, and other such risks as the
Company may identify and discuss from time to time, including those risks
disclosed in the Company's amended Form 20-F filed with the Securities and
Exchange Commission. Accordingly, there is no certainty that the Company's
plans will be achieved.
To receive additional information about Bid.Com International Inc. please visit
www.bid.com.
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CONTACT:
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Greg Bewsh, Vice President, Investor Relations
Tel: (905) 672-7467 ext. 322
Fax: (905) 672-9928
Email: [email protected]
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(Financial Tables Follow)
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Bid.Com International Inc.
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Bid.Com International Inc.
Statement of Operations
(expressed in thousands of Canadian dollars, except per share amounts)
(Canadian GAAP, Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31
2000 2000 1999
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<S> <C> <C> <C>
(translated
into
US$ at $US =
Cdn$1.4538 for
Convenience)
Revenue $ 6,604 $ 4,543 $ 5,015
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Direct expenses 6,943 4,776 4,526
General and administrative 3,841 2,642 2,416
Advertising and promotion 3,141 2,161 1,413
Software development and expense 434 299 186
Depreciation and amortization 256 176 85
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$ 14,615 $ 10,054 $ 8,626
Interest income 248 171 101
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Net loss ($7,763) ($5,340) ($3,510)
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Loss per basic share ($0.15) ($0.10) ($0.09)
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Weighted average common
shares outstanding 52,879 52,879 38,529
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March 31 March 31, December 31,
Balance Sheet Data: 2000 2000 1999
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(unaudited) (unaudited) (audited)
(in US$)
Cash and marketable securities $ 12,869 $ 8,852 $ 21,497
Other current assets 5,980 4,113 6,495
Other assets 8,921 6,136 8,751
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Total assets $ 27,770 $ 19,101 $ 36,743
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Total current liabilities 2,520 1,733 5,504
Total short & long-term deferred revenue
3,178 2,186 2,254
Total stockholders' equity 22,072 15,182 28,985
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Total liabilities and shareholders' $ 27,770 $ 19,101 $ 36,743
equity ======== ======== ========
</TABLE>
CERTAIN PRIOR PERIOD AMOUNTS HAVE BEEN RECLASSIFIED
TO CONFORM TO THE CURRENT PERIOD PRESENTATION
