Usell.com, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2013
August 19, 2013 at 05:30 pm IST
Share
usell.com, Inc. reported earnings results for the second quarter and six months ended June 30, 2013. For the second quarter of 2013, revenues reached a record $1.2 million, a 107% increase from $0.6 million in the second quarter of 2012. The increase in revenue is primarily due to increased marketing spend, improved marketing efficiency and an increase in trading partners. Operating loss for the second quarter improved by $0.8 million, from $1.9 million in the second quarter of 2012 to $1.1 million in the second quarter of 2013. The decrease in operating loss was primarily due to improved marketing efficiency and increased revenue. The cash operating loss for the second quarter improved by $0.2 million, from $0.85 million in the second quarter of 2012 to $0.65 million in the second quarter of 2013. The company's GAAP net loss for the second quarter improved by $5.0 million, from a loss of $6.1 million in the second quarter of 2012 to a loss of $1.1 million in the second quarter of 2013. The resulting GAAP loss per share was $0.02, as compared to $0.47 a year earlier. GAAP net loss and loss per share results from the second quarter of 2012 include a change in fair value of derivative liability relating to conversion feature of Series A preferred stock of $4.2 million.
For the first six months of 2013 ended June 30, 2013, revenues were $2.3 million, a 172% increase from $0.8 million in the first six months of 2012. Operating loss for the first six months of 2013 was approximately flat with the first six months of 2012 at $2.7 million. The cash operating loss for the first six months of 2013 improved by $0.6 million, from $1.8 million in the first six months of 2012 to $1.2 million in the first six months of 2013. GAAP net loss for the first six months improved by $4.6 million, from a loss of $7.3 million in the first six months of 2012 to a loss of $2.7 million in the first six months of 2013. The resulting GAAP loss per share was $0.04, as compared to $0.77 a year earlier. GAAP net loss and loss per share results from the first six months of 2012 include a change in fair value of derivative liability relating to conversion feature of Series A preferred stock of $4.3 million.
PhoneX Holdings, Inc. is engaged in building the cloud-based software-as-a service solution for the wholesale exchange of pre-owned mobile devices. The Company works with mobile carriers and mobile handset distributors to facilitate global commerce related to pre-owned mobile devices. The Company operates through two models: Proprietary Trading Model and Platform Partnership Model. Its Proprietary Trading Model, through which it purchases devices utilizing its own balance sheet via its subsidiary We Sell Cellular LLC. Its Platform Partnership Model, through which it enables its partners to license its software via its subsidiary PhoneX, Inc. Through these licensing agreements, the Company enables mobile carriers and mobile handset distributors to increase selling prices and selling velocity by using a specialized, automated platform where wholesale buyers of mobile devices can purchase inventory on demand.
PHONEX HOLDINGS, INC. 
