Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)

BIDZ.com (NASDAQ:BIDZ)

Q3 2007 Earnings Call

November 12, 2007 4:30 pm ET

Executives

Andrew Greenebaum - IR

David Zinberg - President, CEO

Lawrence Kong -CFO

Analysts

Mark Argento - Craig-Hallum

Liz Pierce - Roth Capital Partners

[Abhishek Hatari] - SDL Capital

Sam Steinman - Cedar Creek

Ryan Randall - Randall Capital

Operator

Good day and welcome to the BIDZ.com third quarter 2007conference call. As a reminder, this call is being recorded. It is now mypleasure to turn the floor over to your host, Andrew Greenebaum of ICR. Pleasego ahead, sir.

Andrew Greenebaum

Good afternoon, everyone and thank you for joining us todayto discuss BIDZ.com third quarter financial results. With us on today's callare David Zinberg, the company's President and Chief Executive Officer; andLawrence Kong, the company's Chief Financial Officer. By now, everyone shouldhave access to the press release which went out at 4:00 Eastern time today. If you have not received it, it'savailable on the investor relations portion of BIDZ.com's website.

Before we can begin today, we would like to remind everyoneof the Safe Harborstatement under the Private Securities Litigation Reform Act of 1995. The followingprepared remarks contain forward-looking statements and management may makeadditional forward-looking statements in response to your questions. Thesestatements do not guarantee future performance and therefore, undue relianceshould not be placed upon them.

For a more detailed discussion of the factors that couldcause actual results to differ materially from those projected in anyforward-looking statements, we refer you to BIDZ.com's filings with theSecurities and Exchange Commission, including the most recent annual reportfiled on Form 10-K, quarterly report filed on Form 10-Q, as well as currentreports filed on Form 8-K.

With that, I would like to turn the call over to David.

David Zinberg

Thank you, Andrew and welcome to our third quarterconference call and our second earnings call as a publicly traded company. Iwill provide some highlights from our very strong third quarter, and then givea brief overview of our business and key initiatives. Then Lawrence Kong, ourChief Financial Officer, will provide more detail on numbers and discuss ourfourth quarter and 2008 outlook.

Our third quarter revenues were $40.1 million, exceeding ourprevious guidance of $37 million to $39 million, and represents ayear-over-year growth of 48%. Pre-tax income was $5.2 million versus ourguidance of $3 million to $3.2 million and represent year-over-year growth of409%. We are very pleased with this strong performance and as a result, we areraising our previous 2007 guidance substantially.

From an execution standpoint, we continue to makesignificant progress in terms of key transaction metrics such as value, visitortraffic, customer acquisition costs and market share. Specifically, we areaveraging over 8,800 paid items per day, $173 average order size, 2,700 averageorders per day, 3.3 items purchased per transaction. As per Compete.com, ourtraffic has increased 169% year over year.

We believe the reason for our success is our continued focuson being simply the best online auctioneer of jewelry. We provide a uniquevalue proposition for both our buyers and suppliers. Our prices are determinedby customers, with auctions starting at $1. We have short auction time andprovide immediate gratification.

Additionally, we have an excellent and constantly freshassortment of jewelry with over 50,000 SKUs. The global jewelry market isapproximately $160 billion. BIDZ.com currently purchases inventory from over300 suppliers. Approximately 30% of items we now purchase have beenspecifically manufactured for us.

Historically, our growth has been somewhat impacted ascloseouts are primarily a cash business and we had limited availability of cashto make purchases. Now, with a revolving credit line of $15 million andpositive cash flow, this is no longer an issue.

Additionally, we continue to further diversify our vendorrelationships. As an example, our largest supplier accounted for 29% of ourinventory purchased in the third quarter a year ago; and in the third quarterof 2007, represented less than 12% of our purchases.

We believe this continuous progress to increase supplierdiversification is good, and allows us to provide a broad assortment of productour customers want and expect from BIDZ.com. We are already well-known as thebest purchaser in the closeout market and we are constantly evaluating newsuppliers who can help us grow our business and deliver value to our consumers.

We have also recently begun to buy loose diamonds, primarilyfrom Israel andIndia, and havemanufacturers cut gemstones to our specification. This business tends toinclude engagement rings and higher-priced items in the range of $1,000.Consistent with the rest of our business, these items are auctioned off at agreat value for our customers and significant margins for us. While this is arelatively new part of the business, it's already off to a very successfulstart and leverages our existing expertise across the board.

We have been in business for over eight-and-a-half years andnow have an established name and track record and critical mass; therelationships and employees needed to continue our profitable growth. We areoften asked about how the market economy impacts our business. While we do notnecessarily claim to be recession-proof, we do believe that a weak economy createssignificant opportunities for BIDZ in the form of additional closeouts.

With an average order size of $173 and an average item ofapproximately $52, we're priced around the same cost as an article of clothing,a pair of shoes or a video game. In other words, we are not high-priced itemsand our products provide enormous value and do not depreciate -- and in facttypically appreciate, unlike other similar-priced items.

Our customers include individuals who purchase forthemselves, those who intend to resell the product and those who intend to giveit as a gift. We are not particularly focused on any one of these, as we knowfrom experience that if we continue to deliver excellent value and broadassortment, we will continue to grow profitably.

We believe a soft economy can and does provide us with moreopportunities to successfully execute our business. During the quarter, weachieved record gross margin of 31.7%. We believe this is due to a combinationof recent initiatives we have implemented. However, the primary factor inmaintaining strong gross margin is controlling the flow of auctions andinventory for supply, and then adjust it accordingly.

Ourcustomers' sales and actions are reviewed hourly through real-time proprietary [dataflow] report. It is important to note that BIDZ.com's inventory is agood thing as a part of our value proposition in the constant supply of qualityjewelry at a great price. The experience we have in controlling the flow ofproduct available for sale allows us to control gross margins to a largedegree.

Over the coming months and in 2008, we plan to continue todo what we have been doing profitably: to grow and execute our business. Inaddition, we have some additional strong strategic initiatives that we areworking on that are not assumed in 2008 guidance that Lawrence will provide ina few minutes.

Specifically, we are beginning to translate BIDZ.com intoforeign languages. International revenues, which grew 53% in the third quarterof 2007 compared to prior year, already represents almost 25% of revenues andBIDZ.com's site is only available in English. We expect the first language willbe available in the first quarter of 2008, and from there we will roll outadditional languages.

Additionally, we plan to open an online jewelry store inearly 2008 and already own a URL, BUYZ.com. The technical and operationalcapabilities and inventory already existing in-house and this will furtherleverage our core competencies. The site will allow customers to make fixed-pricepurchases and will include such features as diamond search and the ability tomake your own ring or design your own jewelry.

This will also drive significant incremental traffic to the BIDZ.comsite, as well as the comparative shopping network sites, such as BizRate,ShopZero, Froogle and Amazon will now list us.

Like any public company, we are eager to have long-terminstitutional investors own our stock and want to see strong liquidity for ourshareholders. To that end, during the third quarter, we attended threeconferences, had approximately 50 one-on-one meetings with institutions andthree analysts are covering us.

Since listing on May 1 and becoming a NASDAQ capital marketcompany on June 6, we have had over 16 million shares trade and seen ouraverage daily value increase from approximately 50,000 shares a day to 250,000shares a day. We intend to continue to undertake those kinds of initiatives tofurther develop relationships and increase BIDZ.com's visibility in theinvestment community.

We understand the importance of under-promising andover-delivering and we intend to continue to communicate actively and deliverstrong results.

With that, I will turn the call to our Chief Financial OfficerLawrence Kong.

Lawrence Kong

Thank you, David. As David said, we had a very strong thirdquarter. Net revenues were $40.1 million, a 48% increase compared to the sameperiod of 2006. The increase in revenue was due mainly to the growth in demandfor our jewelry products and the increase in average order value. We have alsoimplemented three initiatives that David discussed earlier which drove customerdemand.

Income before tax in the third quarter was $5.2 millioncompared to $1 million a year ago. The $5.2 million, which is substantiallyabove our original guidance of $3 million to $3.2 million, is due to highergross profit margins on increased revenues from continued growth in demand forour jewelry products and the increase in average order value.

Net income for the third quarter of 2007 increased to $3.6million or $0.14 per fully diluted share compared to $1 million or $0.04 perdiluted share in the same period of 2006. We are pleased with these results andremain very focused on continuing to meet and exceed investor expectations aswell as our own profit goals.

Gross profit dollars in the third quarter of 2007 increasedby 19.6% to $12.7 million compared to $6.7 million in the prior year. Our grossmargin percentage increased to 31.7% compared to 24.6% a year ago.

Gross profit margins in the third quarter benefited from theco-op marketing contributions from our vendors that reduced our cost of salesby $833,000 or 2.1% of net revenue. The co-op marketing contributions areamortized as a reduction to cost of sales over an estimated inventory turnoverperiod. We expect gross margins for the fourth quarter to continue to improveover the corresponding prior year as a result of continued receipt of co-opmarketing dollars and continued elimination of any major free shippingpromotions.

Total operating expenses in the third quarter of 2007increased to $7.5 million from $5.7 million reported in the same period of2006. General and administrative expenses increased by 62% to $4.9 million inthe third quarter of 2007 from $3.1 million in the same period of 2006. Theincrease was mainly due to expenditures to support our overall growth, SOXcompliance and the necessary investments to build out our infrastructure.

General and administrative expenses as a percentage of netrevenues increased slightly to 12.3% in the third quarter of 2007 compared to11.3% in the same period of 2006. Sales and marketing expenses decreased to$2.4 million in the third quarter of 2007 compared to $2.5 million in the sameperiod last year.

Our focused efforts to control sales and marketing expenseand the improved effectiveness of our marketing campaigns have been extremelysuccessful in lowering these costs while driving higher growth in revenues. Asa result, our acquisition costs for new buyers decreased again this quarter to$43 from $51 in the third quarter a year ago. This is a significant improvementand a key metric that we will continue to focus on.

Additionally, we typically budget for less marketingspending in the second and third quarters as they are seasonally weakerperiods. As such, we expect to increase our marketing spending during thefourth quarter. Sales and marketing expenses as a percentage of net revenuedecreased to 6% in the third quarter 2007 from 9.4% in the same period of 2006.On an annual basis, we believe marketing costs of 6% to 8% of net revenues isan appropriate level.

Our average order value in the third quarter increased 39.5%year over year to $173 from $124 a year ago, and the number of items sold perday increased 30.9% to 8,814. The increase in average order value is due to theincrease in the number of items per order to 3.3 compared to 2.8 in the prior year and an increasein the average selling price per item. This increase is due to the continuedimprovements in our site's increased traffic which creates more demand for ouritems, our compelling auction format and a significantly increased selection ofproducts that also includes higher-priced items.

As of September 30, 2007, we had cash of $1.1 million and no long-term debt. Cash flowfrom operations decreased to $2.8 million from $3.2 million in the first ninemonths of 2006 due to changes in inventories, accounts payable and deferredrevenue.

Now turning to guidance. For the fourth quarter of 2007, weexpect revenue to be in the range of $56 million to $58 million, a 52%year-over-year revenue growth at the midpoint, and expect pre-tax income of$5.6 million to $6 million and GAAP earnings per share of $0.15 to $0.16 onapproximately 29.3 million shares outstanding.

For the full year of 2007, we are increasing our revenueguidance range to $180 million to $182 million and anticipate gross margin ofapproximately 27% to 28%. We are projecting pre-tax income of $18 million to$18.5 million. We expect GAAP earnings per share to be in the range of $0.55 to$0.56, based on an effective tax rate of 20.2% on 26.4 million sharesoutstanding.

Additionally, we are introducing our 2008 guidance. For2008, we expect revenue to be in the range of the $225 million to $230 million,or approximately a 25% to 30% increase, and anticipate gross margin ofapproximately 27% to 28%. We expect income before tax of $23.5 million to $25.5million, representing a year-over-year increase of approximately 27% to 42%. Weexpect our effective tax rate for the full year to be 40% and to end the yearwith an average of approximately 30 million fully diluted shares outstanding.Fully taxed, we expect GAAP earnings per share to be in the range of $0.47 to$0.51.

In summary, we are exceptionally pleased with our thirdquarter results and the overall performance. BIDZ.com has become a recognizablebrand and is one of the leading online jewelry sites and we're very optimisticabout our growth prospects for the remainder of 2007 and beyond.

With that, I would like to turn the call back to theoperator so we can take your questions.

Question-and-AnswerSession

Operator

Your first question comes from Mark Argento - Craig-HallumCapital Group.

Mark Argento - Craig-Hallum

Thank you. A coupleof questions. First off, could you just talk a little bit about the mix of yourbusiness, in the quarter particularly? I know that I definitely saw a lot morediamond jewelry, diamond merchandise up on the site. Can you talk about thesell-through of those products and what that did for your average sellingprice? Are you happy with the performance that you've seen in terms of ampingup your diamond business?

David Zinberg

Yes, Mark, we arevery happy with the performance of our diamond business, but it is too earlyfor us to separate it from the rest of the business. We are in the beginning ofit and we see great results. As a result, you can see that the average ordervalue did increase and so did the profit margins.

Mark Argento - Craig-Hallum

I know you had mentioned Israelas a second source now; I know Indiayou had been over there and spent some time buying there. Could you just talk alittle bit about Israel?Does that really open up more inventory for you guys to sell?

David Zinberg

Yes. Israeltends to have a little bit better quality of diamonds, and we just startedworking with them and they're very receptive and we're getting great deals fromIsrael also.

Mark Argento - Craig-Hallum

Lawrence,do you know what shipping and handling was as a percentage of sales in thequarter?

Lawrence Kong

I believe it isaround 12%, thereabouts.

Mark Argento - Craig-Hallum

In terms of your typical seasonality you see in the businessin Q4, is it post-Thanksgiving when you see the pickup in the business? How doyou typically see your Q4 shape up? Has it changed at all this year?

David Zinberg

We are increasing our guidance, so that must tell you thatwe are seeing great results in the fourth quarter.

Mark Argento - Craig-Hallum

Fair enough. I knowyou have a big diamond out on the site right now, a 40 carat or 50 carat ring.Do you guys have any assumptions on what that would sell for relative to yourguidance for the quarter?

David Zinberg

No. We did not factorthat diamond in when we were providing the guidance.

Mark Argento - Craig-Hallum

Good work. Nicequarter, guys. Thanks.

Operator

Your next question comes from Liz Pierce - Roth CapitalPartners.

Liz Pierce - Roth Capital Partners

Good afternoon. Can you hear me?

David Zinberg

Yes.

Liz Pierce - Roth Capital Partners

I was having a little bit of trouble hearing you guys in thebeginning, so if I ask something, that is why. David, it sounds like whatyou're saying is you are going to stay away from the free shipping, right?

David Zinberg

Correct, yes.

Liz Pierce - Roth Capital Partners

It just seems to me that we've already seen an influx ofemails -- and not necessarily in the jewelry area -- but other categories ofmerchandise offering free shipping. Do you think it's possible to hold the lineon that, and that the customer isn't going to, as we get into the thick of the holidayseason, going to expect some free shipping?

Lawrence Kong

No, we don't expectan impact and if you look at our guidance for the fourth quarter, we areexpecting 52% revenue growth. Based on what we see for this quarter, it'sstrong and the lack of free shipping is not affecting that growth in revenues.

Liz Pierce - Roth Capital Partners

I understand that andI think that's great. My concern is as the environment heats up and gets evenmore promotional than it is, are you willing to change your position on that,if need be?

David Zinberg

We are a month-and-a-halfinto fourth quarter. We do not see any indications that that might happen.

Liz Pierce - Roth Capital Partners

Well I understand that it didn't help at all last year andI'm not suggesting that you do, I'm concerned about the greater promotionalenvironment that we're all seeing and if the consumer expects to have it and ifthey don't want to pay shipping… but moving on then in terms of your suppliers,now that your cash balance has moved up, well I guess it will come out in the Q.But the two big vendors, are they still the two big vendors and has theirpercent of total changed at all?

David Zinberg

Yes, it changed alot. The biggest vendor was 29% in the same quarter last year, and this yearhe's 12%.

Liz Pierce - Roth Capital Partners

Aren't there two, if I'm not mistaken?

Lawrence Kong

Well, the second onerepresents roughly 5% of purchases.

Liz Pierce - Roth Capital Partners

On the guidance, and this is where I missed it, I couldn’thear it. I think in the beginning, you were talking about the co-op advertisingso obviously that has been highly effective. Did I understand that you wereusing that in the cost of goods, right?

David Zinberg

Yes.

Liz Pierce - Roth Capital Partners

Butthat is really why you're talking about gross margin for next year, being inthat 27% to 28%, that's where the lift is coming from?

David Zinberg

Exactly.

Liz Pierce - Roth Capital Partners

As well as just maybeyour improved cash position, et cetera?

David Zinberg

Yes, better buyingbecause now we are able to buy for cash.

Liz Pierce - Roth Capital Partners

On the tax rate, you said 40% for next year. For the fourthquarter, what should we be looking at?

Lawrence Kong

Well, I mentionedthat for this year based on the current profit guidance, it's going to be20.2%.

Liz Pierce - Roth Capital Partners

I can back into that,okay. David, were there any categories that stood out for you? I know the thirdquarter isn't necessarily the biggest quarter, but anything that allowed you tochange the mix as you are headed into the most important part of the year?

David Zinberg

We're becoming better known and more brand-name merchandiseis available to us. So we'll have more of the same, plus we'll have more brandnames.

Liz Pierce - Roth Capital Partners

I will let somebody else go. I have a few more, but I getback in the queue. Congratulations, guys, nice job.

Operator

Your next question comes from [Abhishek Hatari] - SDLCapital.

Abhishek Hatari - SDLCapital

Thanks. My questionwas answered, but I was wondering if you guys are presenting at any of theupcoming conferences?

Lawrence Kong

Yes. We plan topresent in December at the Wedbush Morgan conference.

David Zinberg

After that, the ICR conference in January of next year.

Operator

Your next question comes from Sam Steinman - Cedar Creek.

Sam Steinman - Cedar Creek

Hi, guys,congratulations by the way. Could you explain the co-op advertising program ina little more detail, what it involves and how many of your vendors areparticipating and so forth?

David Zinberg

Almost all of our vendors are participating, and if a vendorwants to sell to us more merchandise then we want to take, he would have toparticipate in the markets so we can market his product better.

Sam Steinman - Cedar Creek

Does this also include the closeout guys?

David Zinberg

Yes.

Sam Steinman - Cedar Creek

Okay, thank you verymuch.

Operator

Your next question comes from Liz Pierce - Roth CapitalPartners.

Liz Pierce - Roth Capital Partners

In terms of theonline store, you said that's projected for next year?

David Zinberg

Yes, the first quarter of next year.

Liz Pierce - Roth Capital Partners

Did you just want to wait until after the holiday and justcome out, and not distract yourselves?

David Zinberg

We do not want to do any changes to the site right now whenwe're in our busy quarter and our time will be when it slows down a little bitand when we can make a switch.

Liz Pierce - Roth Capital Partners

Would that even be after Valentine's Day, or do you thinkyou could get it out before Valentine's Day?

David Zinberg

We are going to tryto do it when it slows down between Christmas and New Year.

Liz Pierce - Roth Capital Partners

How is the campaign for the second chance kind of thing? Ican't remember the name of it off the top of my head. How effective has thatbeen where you send out the email to those that didn't win at auction?

David Zinberg

All of thoseinitiatives are working very well and we're not going to break them apart, butthey are all working very well and we are very happy.

Liz Pierce - Roth Capital Partners

Are there otherthings that you have got lined up for the holiday? I realize you probably don'twant to share those things for competitive reasons, but just curious.

David Zinberg

For the holidays,that is it. Everything that we have done is working very well and we do notwant to implement any new technology because it might cause a strain to whatwe're doing already. So we just want to continuously do what we're doing rightnow.

Liz Pierce - Roth Capital Partners

In terms of the merchandise, basically, I know you're notdesigning it, but that you are having made for you, do have a percent of thetotal of that merchandise?

David Zinberg

It is about 30%.

Liz Pierce - Roth Capital Partners

Compared to last year, it wouldn’t hardly be anything,right?

David Zinberg

Yes.

Liz Pierce - Roth Capital Partners

How much was it second quarter? I presume it has been asequential increase.

Lawrence Kong

We didn't mentionanything about second quarter. We are not breaking down those numbers.

Liz Pierce - Roth Capital Partners

But it's about 30%now?

David Zinberg

Yes.

Liz Pierce - Roth Capital Partners

Is that a number that you are comfortable with, or do youplan on having that grow as business would dictate?

David Zinberg

If we find closeouts,then both numbers grow together.

Operator

Your next question comes from Mark Argento - Craig-Hallum.

Mark Argento - Craig-Hallum

David, could you just elaborate a little more on theinternational opportunity, specifically? I know you had mentioned a couplestats in the quarter. Could you just refresh us again on the growth rates andhow much of the business is international?

Then a little bit more specifically on I think you said in Q1you're going to be launching a new site. I wasn't exactly clear. Is that inanother language, or could you just touch on that again quick?

David Zinberg

Right now, about 25%of the business is coming from international buyers, and it's an increase. Ibelieve it was about 20% in the last quarter, somewhere around that. We believethat maybe a weak dollar is helping, and also we're getting more popular inEnglish-speaking countries like the UK,Australia and Canada.The first language we're planning to do would be Spanish.

Mark Argento - Craig-Hallum

Is that something you can do for relatively little money Iwould assume? A pretty decent return you expect on that?

David Zinberg

Yes. Only 30% of the searchon Google is in English. So we're looking at 70% that comes through all therest of the languages and we'll go one by one and we'll go to the biggestfirst.

Mark Argento - Craig-Hallum

So you will buykeywords in the other languages, essentially?

David Zinberg

Correct.

Operator

Your next question comes from Ryan Randall - RandallCapital.

Ryan Randall - Randall Capital

A clarification on the EPS guidance, which is prettyimpressive; your 2008 EPS, you say the range is $0.47 to $0.51. Should wecompare that to the $0.53 that is current consensus this year? Do you thinkthat's appropriate, or should we use more of a fully taxed number?

Lawrence Kong

Well the guidance for '08 that you just mentioned of $0.47to $0.51 is based on the fully taxed scenario of a 40% tax rate. So it's notreally the same comparison as this year where the tax rate is about 20%. Inaddition to that, next year's EPS assumes a fully diluted share count of about30 million, and this year it's about 26.3 million. So these are numbers thatshould be taken into account.

Ryan Randall - Randall Capital

What is causing the 4million share increase?

Lawrence Kong

Well, we are usingthe Treasury method to calculate the diluted effect of stock options, and theaverage share price for this year is lower than projected for next year.

Ryan Randall - Randall Capital

You talked a little bit about inventory. I'm just curious toknow with the balance of the inventory you have now, if that has changed at allnow that you're doing a lot more on the diamond side?

Also, can you just clarify your comment you made about howyour merchants have to pay in more into the marketing fund if they want to sellyou more inventory than you're willing to take?

David Zinberg

I will give you an example. We can sell maybe ten Corumwatches a month, and if a vendor wants to sell us 100 Corum watches a month wewould take a marketing fee, buy keywords and use those Corum keywords to sellthe watches.

What was the first question?

Ryan Randall - Randall Capital

But why would youtake the inventory risk if you only want ten?

David Zinberg

Because if we would get enough advertising dollars, we cansell more. If they're willing to pay for advertising, we can sell more.

Ryan Randall - Randall Capital

If you look at your balance sheet, the $46 million ofinventory, has that changed at all due to the increase of diamond salesrelative to where you were last year at this time?

Lawrence Kong

Yes, it includes some of the diamonds that David purchasedrecently, but that balance is more a reflection of building up the inventoryfor our fourth quarter.

David Zinberg

And the first quarter. First quarter is also a busy seasonfor us.

Ryan Randall - Randall Capital

I see. So the overallmix is the same, it's just increased?

David Zinberg

Yes, if you put it inperspective, we need to sell $20 million plus a month, having $40 million onhand is not a lot.

Operator

We have no additional questions at this time. I would liketo turn the call back over to our speakers for any closing remarks.

David Zinberg

As you can hear and see, we have a uniquely positioned,highly profitable and growing company with many existing opportunities ahead ofus. We look forward to continuing to update you on our progress. Thank you verymuch.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: BIDZ.com Q3 2007 Earnings Call Transcript

Check out Seeking Alpha’s new Earnings Center »

This Transcript
All Transcripts