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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 February, 2000
Bid.Com International Inc.
(Exact name of Registrant)
6725 Airport Road, Suite 201, Mississauga, ON, Canada L4V 1V2
(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 February 24, 2000, the Company announced its results for the fourth
quarter and year ended December 31, 1999. All figures are in Canadian dollars.
As of December 31, 1999, the exchange rate was Cdn$1.444 to US$1.00.
Revenue in the fourth quarter of 1999 increased 80.3% to $11.4 million
compared to $6.3 million in the fourth quarter of 1998. Revenue increased 36.9%
from $8.3 million in the third quarter of 1999. Revenues are derived from
merchandise sales and shipping revenue from products sold on the Company's
web site and from the provision of Bid.Com's licensed technology, consulting and
related services.
Advertising and promotion expenses in the current quarter were $5.2
million, or 45.5% of revenue, compared to $3.7 million, or 58.4% of revenue, for
the fourth quarter of 1998 and $3.4 million, or 40.9% of revenue, in the quarter
ending September 30, 1999. General and administrative expenses were $3.9
million, or 34.4% of revenue, in the fourth quarter compared to $2.1 million, or
33.5% of revenue, in the fourth quarter of 1998 and $3.2 million, or 38.5% of
revenue, in the quarter ending September 30, 1999. Approximately 60% of the
increase in general and administrative expenses from the third to fourth quarter
of 1999 was related to additional resources required to support the Company's
growing focus on its business-to-business opportunities.
The net loss for the fourth quarter of 1999 was $8.7 million, or $0.17 per
basic share, compared to a net loss of $5.8 million, or $0.18 per basic share,
in the comparable period of 1998 and a net loss of $5.0 million, or $0.10 per
basic share, in the third quarter of 1999.
For the year, revenue increased 55.0% to $31.0 million compared to $20.0
million for 1998. Advertising and promotion expenses declined to $11.9 million,
or 38.3% of revenue, in 1999 from $12.6 million, or 63.0% of revenue, in 1998.
General and administrative expenses for the year increased to $12.4 million, or
40.0% of revenue, from $5.8 million, or 28.8% of revenue, in 1998.
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
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.
Exhibit 1. Fourth Quarter and Year Ended December 31, 1999 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: February 28, 2000 By: /s/ John Mackie
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Name: John Mackie
Title: Vice-President, General Counsel and
Corporate Secretary
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BID.COM International Inc.
Statement of Operations
(expressed in thousands of Canadian dollars, except per share amounts)
(Canadian GAAP, Audited)
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<CAPTION>
Three Months Ended Twelve Months Ended
December 31 December 31
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1999 1999 1998 1999 1999 1998
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(translated into (translated into
US$ at $US = US$ at $US =
Cdn$1.444 for Cdn$1.444 for
convenience) convenience)
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<S> <C> <C> <C> <C> <C> <C>
Revenue $ 11,406 $ 7,899 $ 6,325 $ 31,001 $ 21,469 $ 20,001
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Direct expenses 10,810 7,486 5,939 26,696 18,488 19,361
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General and administrative 3,924 2,717 2,116 12,405 8,591 5,751
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Advertising and promotion 5,189 3,593 3,692 11,870 8,220 12,594
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Software development and expense 251 174 395 1,001 693 889
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Depreciation and amortization 196 136 65 621 430 201
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20,370 14,106 12,207 52,593 36,422 38,796
Interest income 236 163 51 767 531 88
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Net loss ($8,728) ($6,044) ($5,831) ($20,825) ($14,422) ($18,707)
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Loss per basic share ($0.17) ($0.12) ($0.18) ($0.42) ($0.29) ($0.79)
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Weighted average common shares
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Outstanding 50,682 50,682 32,609 49,218 49,218 23,680
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<CAPTION>
December 31, December 31, December 31,
Balance Sheet Data: 1999 1999 1998
(in US$)
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<S> <C> <C> <C>
Cash and marketable securities $ 21,497 $ 14,887 $ 16,598
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Other current assets 6,495 4,498 3,756
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Other assets 8,751 6,060 693
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Total assets $ 36,743 $ 25,445 $ 21,047
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Total current liabilities 6,469 4,480 2,425
Deferred Revenue 1,289 893 -
Total stockholders' equity 28,985 20,072 18,622
Total liabilities and $ 36,743 $ 25,445 $ 21,047
shareholders' equity ======== ======== ========
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CERTAIN PRIOR PERIOD AMOUNTS HAVE BEEN RECLASSIFIED TO CONFORM TO THE CURRENT
PERIOD PRESENTATION.
