Ableauctions Announces Financial Results for Q2 2009

FINANCIAL SUMMARY

The Company reported revenue of $550,787 for the three months ended June
30, 2009 compared to $849,859 during the same period in 2008, a decrease
of $299,072 or 35%. The Company reported revenue of $1,192,134 for the
six months ended June 30, 2009 compared to $1,647,747 during the same
period in 2008, a decrease of $455,613 or 28%.

The Company reported an operating loss of $291,253 or $(0.05) per share
for the three months ended June 30, 2009 as compared to a net loss of
$457,151 or $(0.10) per share for the three months ended June 30, 2008.
The Company reported an operating loss of $459,043 or $(0.08) per share
for the six months ended June 30, 2009 as compared to a net loss of
$651,202 or $(0.13) per share for the six months ended June 30, 2008.

FINANCIAL DETAILS - 3 MONTHS ENDED JUNE 30, 2009

Revenues. During the three months ended June 30, 2009, the
Company had revenues of $550,787 compared to revenues of $849,859 during
the same period in 2008, a decrease of $299,072 or 35%. The decrease in
revenues is a result of a 14% decrease in revenues from the Company's
liquidation business and a 77% decrease in revenues from its Live
Auction services.

Revenues from the Company's liquidation services totalled $437,426 (or
79% of total revenue) compared to revenues of $510,831 (or 60% of total
revenue) during the same period in 2008. The revenue from the Company's
liquidation service decreased by $73,405 or 14% compared to the three
months ended June 30, 2008.

Revenues from the Company's live auctions services totalled $54,794 (or
10% of total revenue) compared to revenues of $236,206 (or 28% of total
revenue) during the same period in 2008. The decrease in revenues is a
direct result of the termination of eBay's Live Auction platform.

The Company's liquidation services accounted for 79% of total revenue
for the three month period ending June 30, 2009. The Company anticipates
that revenues from its liquidation sector will continue to represent a
significant percentage of overall revenues. The Company believes that
the results of its liquidation business and the number of antique and
collectible auctions it managed during the quarter is directly related
to the general economy of the US, and that the current economic
down-turn in the US could continue to have a dampening effect on its
revenues from this business segment.

During the three months ended June 30, 2009, the Company had investment
income of $54,797 compared to $38,701 for the same period in 2008. The
investment in property development is long term in nature and, as a
result, returns will be realized on completion of projects. As of June
30, 2009, the holdings in real estate, including the head office
building and entities that hold real estate for development, totalled
approximately $18,541,786, representing the lower of cost or market for
these assets.

Cost of Revenue. Cost of revenue was $358,431 or 65% of the
Company's revenues for the three months ended June 30, 2009, compared to
$586,572 or 69% of its revenues during the same period in 2008.

Gross Profit. Gross profit was $192,356 or 35% of total revenue
for the three months ended June 30, 2009, compared to gross profit of
$263,287 or 31% of total revenue for the three months ended June 30,
2008.

Operating Expenses. During the three month period ended June 30,
2009, the Company put a number of cost cutting measures in place to
withstand the decrease in revenues from its liquidation and live auction
broadcast operations. Operating expenses during the three month period
ended June 30, 2009 were $512,848 or approximately 93% of revenue
compared to $705,860 or approximately 83% during the three month period
ended June 30, 2008. Operating expenses are expected to further decrease
in the third quarter of the 2009 fiscal year as we realize the effects
of additional cost cutting measures.

FINANCIAL DETAILS - 6 MONTHS ENDED JUNE 30, 2009

Revenues. During the six months ended June 30, 2009, the Company
had revenues of $1,192,134 compared to revenues of $1,647,747 during the
same period in 2008, a decrease of $455,613 or 28%. The decrease in
revenues is a result of a 47% decrease in revenues from the Company's
liquidation business and an 82% decrease in revenues from its Live
Auction services.

Revenues from the Company's liquidation services totalled $880,876 (or
74% of total revenue) compared to revenues of $944,076(or 57% of total
revenue) during the same period in 2008. The revenue from the Company's
liquidation service decrease by 4% for the six months ended June 30,
2008.

Revenues from the Company's live auctions services totalled $125,796 (or
11% of total revenue) compared to revenues of $438,186 (or 27% of total
revenue) during the same period in 2008. The decrease in revenues is a
direct result of the termination of eBay's Live Auction platform.

The Company's liquidation services accounted for 74% of total revenue
for the six month period ending June 30, 2009. The Company anticipates
that revenues from its liquidation sector will continue to represent a
significant percentage of overall revenues. The Company believes that
the results of its liquidation business and the number of antique and
collectible auctions managed during the period is directly related to
the general economy of the US, and that the current economic down-turn
in the US could continue to have a dampening effect on revenues from
this segment of business.

During the six months ended June 30, 2009, the Company had investment
income of $135,821 compared to $73,703 for the same period in 2008.

Cost of Revenue. Cost of revenue was $765,109 or 64% of revenues
for the six months ended June 30, 2009, compared to $1,001,082 or 61% of
revenues during the same period in 2008.

Gross Profit. Gross profit was $427,025 or 36% of total revenue
for the six months ended June 30, 2009, compared to gross profit of
$646,665 or 39% of total revenue for the six months ended June 30, 2008.

Operating Expenses. During the six month period ended June 30,
2009, the Company put a number of cost cutting measures in place to
withstand the decrease in revenues from its liquidation and live auction
broadcast operations. Operating expenses during the six month period
ended June 30, 2009 were $980,850 or approximately 82% of revenue
compared to $1,213,561 or approximately 74% during the six month period
ended June 30, 2008. Operating expenses are expected to further decrease
in the third quarter of the 2009 fiscal year as further cost cutting
measures are realized.

Although the Company has implemented strong cost control measures to
reduce recurring operating expenses, if the U.S. economy does not
experience a significant recovery during the 2009 fiscal year, the
Company expects that its operations will continue to be adversely
affected. As a result, the Company is continuing to explore all avenues
to mitigate any further losses including the divestiture and possible
liquidation or winding-down of certain operations. The Company will
continue to restructure its operations or acquire or merge with another
business. However, in the absence of a definitive transaction, the
Company intends to continue focusing on its investment and property
development business, which management believes to be in the best
interests of the Company and its shareholders.

About Ableauctions.com

Ableauctions.com Inc. (AMEX "aac") is a high-tech liquidator and on-line
auction facilitator that operates the domains iCollector.com, Naalive.com
and Unlimited Closeouts.com.

As an on-line auction facilitator, the Company, with the experience of
over 3,000 auctions, has developed state-of-the-art technology to
broadcast auctions over the Internet (www.ableauctions.com/technology)
and currently provides the technology and related services to auction
houses, enabling them to broadcast auctions over the Internet. The
Company broadcasts business and industrial auctions over the Internet
for auctioneers and members of the National Auctioneers Association
(NAA) and art, antique and collectible auctions for numerous galleries
and auction houses around the world through eBay Live Auctions.

As a liquidator, the Company, through Unlimited Closeouts, purchases
overstocks, order cancellations and discontinued products from major
manufacturers and importers, then sells the merchandise to major retail
chains, other resellers or the public.

For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com.
For more information, contact Investor Relations at investorrelations@ableauctions.com

This press release contains forward-looking statements, particularly as
related to, among other things, the business plans of the Company,
statements relating to goals, plans and projections regarding the
Company's financial position, the Company's business strategy and the
Company's real estate development project. The words or phrases "would
be," "will allow," "intends to," "may result," "are expected to," "will
continue," "anticipates," "expects," "estimate," "project," "indicate,"
"could," "potentially," "should," "believe," "considers" or similar
expressions are intended to identify "forward-looking statements." These
forward-looking statements fall within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Act of 1934 and
are subject to the safe harbor created by these sections. Actual results
could differ materially from those projected in the forward-looking
statements as a result of a number of risks and uncertainties. Such
forward-looking statements are based on current expectations, involve
known and unknown risks, a reliance on third parties for information,
transactions or orders that may be cancelled, and other factors that may
cause our actual results, performance or achievements, or developments
in our industry, to differ materially from the anticipated results,
performance or achievements expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ materially
from anticipated results include risks and uncertainties related to the
performance of our staff, management, financing, competition, on-line
auction business, our ability to implement or manage our expansion
strategy, general economic conditions, our ability to license our
software to other auction houses, our ability to acquire profitable
companies and integrate them into our business successfully and other
factors that are detailed in our Annual Report on Form 10-KSB and on
documents we file from time-to-time with the Securities and Exchange
Commission. Factors that could cause our real estate development results
to differ materials from anticipated results include delay experienced
during any phase of the project development (such as in obtaining
permits) or unforeseen problems (such as labor disputes, increasing
materials costs, or an inability to obtain adequate financing). Even if
we are able to build the project, the market for the units we build
could decline. We cannot guarantee you that our building projects will
be successful or that we will be able to recover the money we put into
them. If our building projects are unsuccessful, our business and our
cash flow will be materially adversely affected. Price changes may occur
in the market as a whole, or they may occur in only a particular
company, industry, or sector of the market. Real estate values and
mortgage loans can be seriously affected by factors such as interest
rate fluctuations, bank liquidity, the availability of financing, and by
factors such as a zoning change or an increase in property taxes. Since
the majority of our investments are held in Canadian funds, currency
fluctuations may affect the value of our portfolio significantly. There
can be no assurance that the securities and other assets in which we
have invested will increase, or even maintain, their value. Statements
made herein are as of the date of this press release and should not be
relied upon as of any subsequent date. The Company cautions readers not
to place undue reliance on such statements. The Company does not
undertake, and the Company specifically disclaims any obligation, to
update any forward-looking statements to reflect occurrences,
developments, unanticipated events or circumstances after the date of
such statement. Actual results may differ materially from the Company's
expectations and estimates. The Company does not realize nor book the
full revenue of auctions that it facilitates in its financials, only the
net auction fees, that can vary from time-to-time, that it realizes.

ABLEAUCTIONS.COM, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
                                                        JUNE 30              DECEMBER 31
                                                            2009                 2008
ASSETS
Current
Cash and cash equivalents                               $   303,195          $   223,592
Accounts receivable - trade, net of allowance               517,538              545,740
Employee receivable                                         312,071              248,072
Mortgages and loans receivable                              2,395,787            2,294,745
Inventory                                                   522,233              666,138
Prepaid expenses                                            43,363               63,841
                                                            4,094,187            4,042,128
Deposits                                                    335,376              320,558
Property and Equipment                                      2,352,974            2,312,187
Property Held for Development                               13,148,668           8,520,055
Investment in Joint Venture                                 1,275,568            1,223,728
Investment in Surrey City Central                           1,867,085            1,671,638
                                                        $   23,073,858       $   18,090,294
LIABILITIES
Current
Accounts payable and accrued liabilities                $   297,598          $   519,043
Deferred revenue                                            10,331
Due to related parties                                      1,334,607            1,363,765
Bank loan                                                   11,756,092           6,367,756
                                                            13,398,628           8,250,564
STOCKHOLDERS' EQUITY
Capital Stock
Authorized:
100,000,000 common shares with a par value of $0.001
Issued and outstanding:
5,754,172 common shares at June 30, 2009
5,906,957 common shares at December 31, 2008                5,754                      5,907
Additional paid-in capital                                  37,866,057                 37,903,221
Deficit                                                     (28,611,724 )              (28,152,681 )
Accumulated Other Comprehensive Income                      427,800                    83,283
Treasury Stock, at cost                                     (12,657     )              -
                                                            9,675,230                  9,839,730
                                                        $   23,073,858           $     18,090,294

ABLEAUCTIONS.COM, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
                                                    3 MONTHS ENDED                    6 MONTHS ENDED
                                                    JUNE 30                           JUNE 30
                                                    2009             2008             2009             2008
Net Revenues
Sales                                             $ 550,787        $ 849,859        $ 1,192,134      $ 1,647,747
Cost Of Revenues                                    358,431          586,572          765,109          1,001,082
Gross Profit                                        192,356          263,287          427,025          646,665
Investment Income                                   54,797           38,701           135,821          73,703
                                                    247,153          301,988          562,846          720,368
Expenses
Operating expenses                                  512,848          705,860          980,850          1,213,561
Depreciation and amortization                       22,183           43,701           38,591           89,059
                                                    535,031          749,561          1,019,441        1,302,620
(Loss) Income from Operations                       (287,878  )      (447,573  )      (456,595  )      (582,252  )
Other Items
Share of net income (loss) of joint venture         (5,228    )      (8,275    )      (5,815    )      (7,563    )
Settlement of legal claim                           -                -                -                (65,035   )
Gain on Sale of Asset                               3,423                             3,423
Foreign exchange gain (loss)                        (1,570    )      (1,303    )      (56       )      3,648
                                                    (3,375    )      (9,578    )      (2,448    )      (68,950   )
Income (Loss) For The Period                      $ (291,253  )    $ (457,151  )    $ (459,043  )    $ (651,202  )
Basic (loss) Earnings per Share                   $ (0.05     )    $ (0.10     )    $ (0.08     )    $ (0.13     )
Diluted (loss) Earnings per Share                 $ (0.05     )    $ (0.10     )    $ (0.08     )    $ (0.13     )
Weighted Average Number Of Shares Outstanding:
Basic                                               5,735,247        4,944,947        5,793,636        5,011,338
Diluted                                             8,200,524        4,944,947        5,793,636        5,011,338

ABLEAUCTIONS.COM, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
                                         3 MONTHS ENDED                  6 MONTHS ENDED
                                         JUNE 30                         JUNE 30
                                         2009            2008            2009            2008
(Loss) Income for the Period           $ (291,253 )    $ (457,151 )    $ (459,043 )    $ (651,202 )
Other Comprehensive (Loss)
Income, net of tax
Foreign currency translation             652,271         79,679          344,517         (330,985 )
adjustments
Consolidated Comprehensive (Loss)      $ 361,018       $ (377,472 )    $ (114,526 )    $ (982,187 )
Income
Basic Comprehensive (Loss) Income      $ 0.06          $ (0.08    )    $ (0.02    )    $ (0.20    )
per Share
Diluted Comprehensive (Loss) Income    $ 0.04          $ (0.08    )    $ (0.02    )    $ (0.20    )
per Share

ABLEAUCTIONS.COM, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
                                                                   6 MONTHS ENDED JUNE 30
                                                                      2009                2008
Cash Flows From Operating Activities
Income (Loss) for the period from continuing operations            $  (459,043   )     $  (651,202   )
Non-cash items included in net Income:
Depreciation and amortization                                         38,591              89,059
Stock based compensation                                              -                   16,000
Gain on sales of asset                                                (3,423     )        -
Joint Venture (Income) loss                                           5,815               7,563
Changes in operating working capital items:
(Increase) Decrease in accounts receivable                            42,473              184,602
(Increase) Decrease in inventory                                      145,027             10,948
(Increase) Decrease in prepaid expenses                               20,559              (71,201    )
(Increase) Decrease in employee receivable                            (63,999    )        (65,389    )
Increase (Decrease) in accounts payable and accrued liabilities       (225,718   )        (300,542   )
Increase (Decrease) in deferred revenue                               9,865               (7,736     )
Net cash used in (from) operating activities                          (489,853   )        (787,898   )
Cash Flows From Investing Activities
Purchase (sale) of property and equipment, net                        2,393               (24,366    )
Purchase of property held for development                             (4,005,519 )        (1,369,893 )
Loan advances                                                         (100,000   )        (464,037   )
Loan repayment                                                        107,481             -
Investment in surrey city central                                     (195,447   )        -
Other receivables                                                     -                   215,067
Deposits                                                              -                   (4,000     )
Net cash from (used in) Investing Activities                          (4,191,092 )        (1,647,229 )
Cash Flows From Financing Activities
Proceed from Bank Loan                                                4,858,079           1,470,625
Repayment to related parties                                          (60,092    )        -
Purchase of Treasury Stock                                            (49,974    )        (374,304   )
Proceeds from issuance of capital stock, net                          -                   -
Net cash from (used in) financing activities                          4,748,013           1,096,321
Effect of Exchange Rates On Cash                                      12,535              (14,519    )
Change in Cash and Cash Equivalents For The Period                    67,068              (1,338,806 )
Cash And Cash Equivalents, Beginning of Period                        223,592             1,594,657
Cash And Cash Equivalents, End Of Period                           $  303,195          $  241,332

SOURCE: Ableauctions.com Inc.

Ableauctions.com 
Vid Wadhwani, 604-521-3369 
Email: investorrelations@ableauctions.com 
Website: www.ableauctions.com

For full details on Ableauctions.Com Inc (AAC) AAC. Ableauctions.Com Inc (AAC) has Short Term PowerRatings at TradingMarkets. Details on Ableauctions.Com Inc (AAC) Short Term PowerRatings is available at This Link.