Internet auctioning company Bid.Com International Inc., based in Toronto, reported a net loss of $3.5 million Canadian for the quarter ended March 31, up from $3.3 million in the comparable period of 1998.
The exchange rate is about Cdn$1.50 per U.S. dollar.
Revenue in the quarter was $5 million, a gain over $1.8 million in the first quarter of 1998.
Gross profit for the first quarter was $489,000, or 9.8% of revenue, compared to gross profit of $36,000, or 1.4% of revenue, in the first quarter of 1998, an increase of 1,258%.
“The first quarter met our expectations both in terms of revenue and gross margin,” said chairman/CEO Paul Godin, in a statement.”
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