Business
uSell.com Reports Second Quarter 2017 Results
uSell.com Reports Second Quarter 2017 Results.
About this update from Phonex Holdings, Inc.
[{"type":"text","content":"First Half 2017 Growth of 8% in Revenue and 76% Decline in Operating LossAdditional Volume of Transactions Supported by Special Purpose EntitySufficiently Capitalized for Growth Plans over Next 12 MonthsNEW YORK, NY / ACCESSWIRE / August 11, 2017 / uSell.com (OTCQB: USEL), a large market maker of used smartphones, today reported financial and operational results for the three month period ended June 30, 2017.Key Business Highlights for Second Quarter and First Half 2017: Continued to invest in online platform and transitioned a higher percentage of customer interactions online Continued to focus on increasing capacity and decreasing processing lead-time Increased scale and strengthened supplier relationships Largest supplier's share of purchases dropped to 69% for the six months ended June 30, 2017, down from 90% during the same period in 2016 Gross Merchandise Volume (\"GMV\"), a newly reported metric which is a non-GAAP financial measure, increased by 15% and 26% for the quarter and the six months ended June 30, 2017, respectivelyKey Financial Highlights for First Half 2017: Revenues increased by $3,988,000, or 8%, to $52,269,000 for the six months ended June 30, 2017, from $48,281,000 for the six months ended June 30, 2016 Operating loss for the six months ended June 30, 2017 was $259,000, compared to $1,068,000 for the six months ended June 30, 2016, an improvement of $809,000, or 76% Net loss for the six months ended June 30, 2017 was $1,895,000, compared to $2,123,000 for the six months ended June 30, 2016 Adjusted EBITDA, a non-GAAP financial measure, was $706,000 for the six months ended June 30, 2017, compared to $203,000 for the six months ended June 30, 2016Key Financial Highlights for Second Quarter 2017: Revenues decreased by $1,192,000, or 5%, to $24,637,000 for the three months ended June 30, 2017, from $25,829,000 for the three months ended June 30, 2016 Operating loss for the three months ended June 30, 2017 was $802,000, compared to $60,000 for the three months ended June 30, 2016, a change of $742,000, or 1,237% Net loss for the three months ended June 30, 2017 was $1,149,000, compared to $33,000 for the three months ended June 30, 2016 Adjusted EBITDA, a non-GAAP financial measure, was ($310,000) for the three months ended June 30, 2017, compared to $572,000 for the three months ended June 30, 2016See discuss...