Business
uSell.com Reports Strong Full Year 2015 Results
uSell.com Reports Strong Full Year 2015 Results.
About this update from Phonex Holdings, Inc.
[{"type":"text","content":"\n \n \n uSell.com Reports Strong Full Year 2015 Results\n \n \nuSell.com Reports Strong Full Year 2015 Results\n\n306% YOY Revenue Growth to $27.1 Million; 68% YOY Pro-Forma Revenue Growth to $78.6 Million; Increase in Working Capital to $5.6 Million and Stockholders' Equity to $14.0 Million\n\n \n NEW YORK, NY--(Marketwired - Mar 30, 2016) - uSell.com (OTCQB: USEL), a technology based company focused on extracting the maximum value from used mobile devices, today reported results for the fourth quarter and full year ended December 31, 2015.\n As a result of the acquisition of We Sell Cellular, LLC (\"We Sell\"), uSell.com's business was fundamentally transformed and its financial situation substantially improved. The financials contained within this press release and the corresponding Form 10-K reflect just over two months of joint operations, as the merger was consummated on October 27, 2015.\n Key Highlights:\n \n \n Revenues increased by $20.4 million, or 306%, from $6.7 million for the year ended December 31, 2014, to $27.1 million for the year ended December 31, 2015\n \nNet loss decreased by $4.7 million, or 64%, from $7.3 million for the year ended December 31, 2014, to $2.6 million for the year ended December 31, 2015\n \nNet loss decreased by $1.1 million, or 76%, from $1.4 million for the quarter ended December 31, 2014, to $0.3 million for the quarter ended December 31, 2015\n \nAdjusted EBITDA loss improved by $2.8 million, or 78%, from $3.6 million for the year ended December 31, 2014, to $0.8 million for the year ended December 31, 20151\n \nAdjusted EBITDA was positive at $0.3 million for the quarter ended December 31, 2015, as compared to a loss of $0.8 million for the quarter ended December 31, 20141\n \nWorking capital increased to $5.6 million at December 31, 2015, from $1.7 million at December 31, 2014\n \nStockholders' equity increased to $14.0 million at December 31, 2015, from $2.6 million at December 31, 2014 \n \n \n \n \n For the first time in its operating history, uSell.com experienced meaningfully positive Adjusted EBITDA for the three months ended December 31, 2015. While this was primarily the result of the acquisition of We Sell, the Company also benefited from efficiency gains within its legacy retail business, validating its strategic decision to reduce marketing spend in favor of the wholesal...