Bidz Com Company

An initial public offering for Culver City-based online retailer Bidz.com Inc. was delayed Wednesday, according to an underwriter. No reason was given for the delay, but the change in Bidz.com's plans comes during a period of several IPO withdrawals amid market turbulence. The online jewelry auction retailer was poised to offer about 6.2 million shares for a forecast range of $8 to $10 a share.

Online auctioneer Bidz.com on Thursday announced a sharp increase in 2007 annual and fourth-quarter sales, but the Culver City-based company also said its costs to gain new customers had soared. Bidz said it earned $20.9 million in net income in 2007, compared with $5.5 million a year earlier. Sales rose by 42% to $187.1 million. For the fourth quarter, the company earned $8.2 million, up from $953,000 in the same period a year earlier. Sales climbed 68% to $63.2 million.

Online auctioneer Bidz.com on Thursday announced a sharp increase in 2007 annual and fourth-quarter sales, but the Culver City-based company also said its costs to gain new customers had soared. Bidz said it earned $20.9 million in net income in 2007, compared with $5.5 million a year earlier. Sales rose by 42% to $187.1 million. For the fourth quarter, the company earned $8.2 million, up from $953,000 in the same period a year earlier. Sales climbed 68% to $63.2 million.

An initial public offering for Culver City-based online retailer Bidz.com Inc. was delayed Wednesday, according to an underwriter. No reason was given for the delay, but the change in Bidz.com's plans comes during a period of several IPO withdrawals amid market turbulence. The online jewelry auction retailer was poised to offer about 6.2 million shares for a forecast range of $8 to $10 a share.