RealTime IT News

Internet Liquidators Revenues, Loss Climb

Toronto-based Internet auction firm Internet Liquidators International Inc. said revenues have grown from $2.6 million for the 12 months ending December 31, 1997 to $1.8 million for the three months ending March 31.

Revenues for the same quarter a year earlier were $23,185. The company posted a net loss for the first quarter of $3.26 million, compared to a loss of $532,000 in the year earlier period.

Paul Godin, president and CEO, said that the company "is experiencing substantial growth in both site traffic and revenue."

"We believe that over the next decade up to 10% of the over $2 trillion annual retail industry will shift online. We are also encouraged by the recent technology research that forecasts online auctions to be the dominant application in online commerce, potentially growing to 30% of this industry," he said.

Internet Liquidators operates consumer auction site Bid.com, which has a strategic partnership with America Online.

The company said it plans to introduce a business-to-business format for the auction later in 1998.