USell.Com Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017
May 14, 2017
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uSell.com reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. Revenues increased by $5,179,000, or 23%, to $27,631,000 for the three months ended March 31, 2017, from $22,452,000 for the three months ended March 31, 2016. Operating income for the three months ended March 31, 2017 was $543,000, compared to an operating loss of $1,009,000 for the three months ended March 31, 2016, a change of $1,552,000, or 154%. Net loss for the three months ended March 31, 2017 was $746,000, compared to $2,091,000 for the three months ended March 31, 2016. Basic and diluted Loss per common share was $0.04 against $0.11 a year ago. Net cash and cash equivalents used in operating activities was $1,079,280 against $2,107,991 a year ago. Cash paid to purchase property and equipment was $3,672. Website development costs were $135,949 against $136,501 a year ago. Adjusted EBITDA, a nonGAAP financial measure, improved to $1,018,000 for the three months ended March 31, 2017, from adjusted LBITDA $371,000 for the three months ended March 31, 2016.
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.