ADB Systems International Inc. 6725 Airport Road, Suite 201 Mississauga, ON L4V 1V2 Tel: 905-672-7467 /
Facsimile: 905-672-5705 Website: www.adbsys.com
(Nasdaq: ADBI, TSE: ADY)
For Immediate Release
ADB SYSTEMS (FORMERLY BID.COM) REPORTS THIRD-QUARTER
2001 FINANCIAL RESULTS
Recent developments provide basis for long-term improvements
TORONTO - October 23, 2001 - ADB Systems International Inc., a global provider of asset lifecycle
management solutions, today announced financial results for its third quarter ended September 30, 2001. All
figures are in Canadian dollars. As of September 30, 2001, the exchange rate was CDN $1.58 to US$1.00.
Consistent with its previously announced expectations, the Company's gross revenue in the third quarter totaled
$619,000 a decrease of $796,000 or 56 percent compared to the preceding quarter. In the same period of
2000, ADB's gross revenue was $1.67 million, which was primarily derived from on-line retail activities. Since its
exit from on-line retail activities, ADB's gross revenue is comprised strictly of fees earned through customer
agreements and deferred revenues recognized in the quarter.
ADB reported a loss from operations of $2.06 million or $0.04 per basic share. This compares to an operating
loss of $3.47 million or $0.06 per basic share in the second quarter of 2001 and $5.98 million, or $0.11 per
basic share, during the corresponding period in 2000.
Including realized gains from the disposal of marketable securities and investments, unrealized losses from
impairments of assets and the re-evaluation of marketable securities, and a restructuring charge, ADB reported a
net loss of $3.48 million or $0.06 per basic share in the third quarter. This compares to a net loss of $2.15
million, or $0.04 per basic share, in the second quarter of 2001, and $11.28 million, or $0.21 per basic share,
during the same period in 2000.
At the end of September, 2001, ADB Systems held cash and marketable securities totaling $8.74 mil