Epoch Partners Issues a Research Note on eBay

Research Note Highlights Q1 Results



Apr 20, 2001, 01:00 ET from Epoch Partners, Inc.

    SAN FRANCISCO, April 20 /PRNewswire Interactive News Release/ -- Epoch
 Partners today issued a Research Note on eBay (Nasdaq: EBAY). The Research
 Note, issued today by Adam Levy, Analyst, Internet with Epoch Partners,
 discusses eBay's fiscal first-quarter results. The following are key
 highlights included in the Research Note:
 
     -- eBay announced first-quarter results that easily exceeded expectations
        once again. The company reported revenues of $154.1 million, which were
        slightly ahead of our estimate of $150 million. Earnings per share
        (EPS) of $0.11, excluding non-cash charges, were well above our $0.08
        estimates.
     -- All of the company's key financial measures -- registered users
        (29.7 million), gross merchandise sales ($1.98 billion), and number of
        auctions (89 million) -- surpassed our forecasts, each growing
        significantly over both the prior quarter and the year-ago period. With
        higher-than-expected gross margins (82%) -- 100 basis points above our
        estimates -- and profit (excluding non-cash charges) of over
        $30.6 million (higher than any previous quarter), eBay continued to
        demonstrate the power of its unique, scalable business model.
     -- eBay introduced new features, "Buy It Now" and "Billpoint Instant Pay,"
        that ease frictions in the auction process, helping the company
        increase the velocity of transactions on its website.
     -- Half.com added four key categories (consumer electronics, computer
        equipment, sporting goods, and trading cards) to deepen its product
        categories and use its fixed-price format for products with higher
        average selling prices (ASPs).
     -- eBay accelerated its international expansion, announcing new sites for
        Switzerland, Ireland, and New Zealand. Coupled with the iBazar
        acquisition, this growth shows that eBay is the Internet company
        closest to becoming a truly global commerce platform.
     -- Our full note, with detailed analysis of each company, is available
        free at:  www.epoch.com.
 
     Internet Research Coverage
     Investors can visit Epoch's Web site for a comprehensive investment report
 on the Internet Sector and to read research coverage on the following public
 companies:  Amazon.com, eBay, InfoSpace, Openwave, Vicinity, and Yahoo.
     In addition, investors can be added to the Internet email alert system,
 which alerts investors to new research in the Internet Sector. To be added to
 this alert system, visit
 http://www.epoch.com/research_center/industry/int/int.html and subscribe.
     Full research coverage on other companies under coverage by Epoch is
 available for free to investors through the Epoch Web site (www.epoch.com).
     Epoch Partners is a technology-enabled investment bank focused on
 high-growth companies and electronically connected institutional and
 individual investors.
 
     The information contained herein is based on sources believed to be
 reliable but is neither all inclusive nor guaranteed by Epoch Partners.
 Opinions, if any, reflect our judgment at this time and are subject to change.
 Epoch Partners does not undertake to advise of changes in its opinion or the
 information. Epoch Partners may perform or seek to perform investment banking
 services for the issuers of securities which are the subject of our Research.
 Most of the companies Epoch Partners follows are emerging growth companies
 whose securities typically involve a higher degree of risk and more volatility
 than the securities of more established companies. The securities discussed in
 the Epoch Partners Research may be unsuitable for investors depending on their
 specific investment objectives and financial situation and needs. No report
 included in the Epoch Partners Research is a recommendation that any
 particular investor should purchase or sell any particular security in any
 amount or at all and is not a solicitation of any offer to purchase or sell
 from or to any particular investor. For additional information that may be
 available on the securities mentioned, please contact Epoch Partners.
 
     Epoch Partners is a member of the National Association of Securities
 Dealers, CRD number 103899.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X59957926
 
 

SOURCE Epoch Partners, Inc.
    SAN FRANCISCO, April 20 /PRNewswire Interactive News Release/ -- Epoch
 Partners today issued a Research Note on eBay (Nasdaq: EBAY). The Research
 Note, issued today by Adam Levy, Analyst, Internet with Epoch Partners,
 discusses eBay's fiscal first-quarter results. The following are key
 highlights included in the Research Note:
 
     -- eBay announced first-quarter results that easily exceeded expectations
        once again. The company reported revenues of $154.1 million, which were
        slightly ahead of our estimate of $150 million. Earnings per share
        (EPS) of $0.11, excluding non-cash charges, were well above our $0.08
        estimates.
     -- All of the company's key financial measures -- registered users
        (29.7 million), gross merchandise sales ($1.98 billion), and number of
        auctions (89 million) -- surpassed our forecasts, each growing
        significantly over both the prior quarter and the year-ago period. With
        higher-than-expected gross margins (82%) -- 100 basis points above our
        estimates -- and profit (excluding non-cash charges) of over
        $30.6 million (higher than any previous quarter), eBay continued to
        demonstrate the power of its unique, scalable business model.
     -- eBay introduced new features, "Buy It Now" and "Billpoint Instant Pay,"
        that ease frictions in the auction process, helping the company
        increase the velocity of transactions on its website.
     -- Half.com added four key categories (consumer electronics, computer
        equipment, sporting goods, and trading cards) to deepen its product
        categories and use its fixed-price format for products with higher
        average selling prices (ASPs).
     -- eBay accelerated its international expansion, announcing new sites for
        Switzerland, Ireland, and New Zealand. Coupled with the iBazar
        acquisition, this growth shows that eBay is the Internet company
        closest to becoming a truly global commerce platform.
     -- Our full note, with detailed analysis of each company, is available
        free at:  www.epoch.com.
 
     Internet Research Coverage
     Investors can visit Epoch's Web site for a comprehensive investment report
 on the Internet Sector and to read research coverage on the following public
 companies:  Amazon.com, eBay, InfoSpace, Openwave, Vicinity, and Yahoo.
     In addition, investors can be added to the Internet email alert system,
 which alerts investors to new research in the Internet Sector. To be added to
 this alert system, visit
 http://www.epoch.com/research_center/industry/int/int.html and subscribe.
     Full research coverage on other companies under coverage by Epoch is
 available for free to investors through the Epoch Web site (www.epoch.com).
     Epoch Partners is a technology-enabled investment bank focused on
 high-growth companies and electronically connected institutional and
 individual investors.
 
     The information contained herein is based on sources believed to be
 reliable but is neither all inclusive nor guaranteed by Epoch Partners.
 Opinions, if any, reflect our judgment at this time and are subject to change.
 Epoch Partners does not undertake to advise of changes in its opinion or the
 information. Epoch Partners may perform or seek to perform investment banking
 services for the issuers of securities which are the subject of our Research.
 Most of the companies Epoch Partners follows are emerging growth companies
 whose securities typically involve a higher degree of risk and more volatility
 than the securities of more established companies. The securities discussed in
 the Epoch Partners Research may be unsuitable for investors depending on their
 specific investment objectives and financial situation and needs. No report
 included in the Epoch Partners Research is a recommendation that any
 particular investor should purchase or sell any particular security in any
 amount or at all and is not a solicitation of any offer to purchase or sell
 from or to any particular investor. For additional information that may be
 available on the securities mentioned, please contact Epoch Partners.
 
     Epoch Partners is a member of the National Association of Securities
 Dealers, CRD number 103899.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X59957926
 
 SOURCE  Epoch Partners, Inc.