Value America, Inc. (Nasdaq: VUSA) said Thursday its net loss for the third quarter was 71 cents a share, sneaking by First Call's expected loss of 73 cents a share on rocketing revenue
Shares in the one-stop Internet superstore selling brand-name technology, office and consumer products dropped 9/16 to 13 5/16, or 4 percent after the announcement. Shares have been climbing from a bottom of 9 3/4 despite having missed estimates in the last quarter.
Value America reported that its revenue for the quarter ended Sept. 30, surged to $57.6 million, a 269 percent increase over revenue of $15.6 million in 1998's quarter. Third quarter revenue was also up 61 percent over the second quarter.
Net loss for the quarter was $31.6 million or 71 cents a share versus the previous quarter's loss of $31.8 million or 75 cents a share
Value America reported a gross profit of $3.5 million, a 678 percent increase over third quarter 1998 gross profit of $0.5 million, and a 169 percent increase over the second quarter's $1.3 million. Gross margin for the third quarter rose to 6 percent, which is up 110 percent over the third quarter of 1998. Value America also increased its customer base by almost 50 percent during the quarter.
"Because Value America is a pure e-commerce, inventory-less model, we can grow our business rapidly and efficiently," said Tom Morgan, CEO of Value America, who added he was determined the company would exceed goals for growth going forward.