Ableauctions Announces Financial Results for Q3 2009

FINANCIAL SUMMARY

The Company reported revenue of $244,430 for the three months ended
September 30, 2009 compared to $604,486 during the same period in 2008,
a decrease of $360,056 or 60%. The Company reported revenue of
$1,436,564 for the nine months ended September 30, 2009 compared to
$2,252,233 during the same period in 2008, a decrease of $815,669 or 36%.

The Company reported a net loss of $666,154 or $(0.09) per share for the
three months ended September 30, 2009 as compared to a net loss of
$1,183,978 or $(0.24) per share for the three months ended September 30,
2008. The Company reported a net loss of $1,125,197 or $(0.18) per share
for the nine months ended September 30, 2009 as compared to a net loss
of $1,835,180 or $(0.37) per share for the nine months ended September
30, 2008.

FINANCIAL DETAILS -- 3 MONTHS ENDED SEPTEMBER 30, 2009

Revenues. During the three months ended September 30, 2009, the
Company had revenues of $244,430 compared to revenues of $604,486 during
the same period in 2008, a decrease of $360,056 or 60%. The decrease in
revenues is a result of a 45% decrease in revenues from the Company's
liquidation business and a 97% decrease in revenues from its Live
Auction services.

Revenues from the Company's liquidation services totalled $212,942 (or
87% of its total revenue) compared to revenues of $386,623 (or 64% of
its total revenue) during the same period in 2008. The revenue from the
Company's liquidation service decreased by $173,681 or 45% compared to
the three months ended September 30, 2008.

Revenues from the Company's live auctions services totalled $3,901 (or
2% of its total revenue) compared to revenues of $124,542 (or 21% of its
total revenue) during the same period in 2008.

The Company's liquidation services accounted for 87% of total revenue
for the three month period ending September 30, 2009. the Company
believes that the decrease, both in the results of its liquidation
business and in the number of antique and collectible auctions managed
during the quarter, is directly related to the recession in the United
States, which has had an adverse effect on both consumer and business
spending, and that the recession could continue to have a dampening
effect on the revenues the Company earns from this segment of its
business. The decline in revenues generated by the Company's live
auctions operations is also attributable to eBay's decision to terminate
its Live Auction platform.

During the three months ended September 30, 2009, the Company had
investment income of $84,762 compared to $81,550 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
September 30, 2009, the Company's holdings in real estate, including its
headquarters and entities that hold real estate for development,
totalled approximately $22,854,215, representing the lower of cost or
market for these assets.

Cost of Revenue. Cost of revenue was $413,993 for the three
months ended September 30, 2009, compared to $845,723 during the same
period in 2008.

Gross Profit. Gross profit was $(169,563) for the three months
ended September 30, 2009, compared to gross profit of $(241,237) for the
three months ended September 30, 2008. The negative gross profit is a
direct result of the write-down of inventory in the amount of $200,000
and $359,187 for the three months ended September 30, 2009 and September
30, 2008 respectively.

Operating Expenses. During the three month period ended September
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 September 30, 2009 were $523,434 or approximately 214% of revenue
compared to $655,955 or approximately 109% during the three month period
ended September 30, 2008. The Company expects its operating expenses to
further decrease in the fourth quarter of the 2009 fiscal year as
additional cost cutting measures are realized.

FINANCIAL DETAILS -- 9 MONTHS ENDED SEPTEMBER 30, 2009

Revenues. During the nine months ended September 30, 2009, the
Company had revenues of $1,436,564 compared to revenues of $2,252,233
during the same period in 2008, a decrease of $815,669 or 36%. The
decrease in revenues is a result of an 18% decrease in revenues from the
Company's liquidation business and a 77% decrease in revenues from the
Company's Live Auction services.

Revenues from the Company's liquidation services totalled $1,093,818 (or
76% of its total revenue) compared to revenues of $1,330,699 (or 59% of
its total revenue) during the same period in 2008. The revenue from the
Company's liquidation service decreased by 18% for the nine months ended
September 30, 2008.

Revenues from the Company's live auctions services totalled $129,697 (or
9% of its total revenue) compared to revenues of $562,728 (or 34% of its
total revenue) during the same period in 2008.

The Company's liquidation services accounted for 76% of total revenue
for the nine months ended September 30, 2009. the Company believes that
the decrease, both in the results of its liquidation business and in the
number of antique and collectible auctions the Company managed during
the period, is directly related to the recession in the United States,
which has had an adverse impact on both consumer and business spending,
and that the recession could continue to have a dampening effect on the
revenues earned from this segment of its business. The decline in
revenues generated by the Company's live auctions operations is also
attributable to eBay's decision to terminate its Live Auction platform.

During the nine months ended September 30, 2009, the Company had
investment income of $220,583 compared to $155,253 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 September 30, 2009, the Company's holdings in real estate, including
its headquarters and entities that hold real estate for development,
totalled approximately $22,854,215, representing the lower of cost or
market for these assets.

Cost of Revenue. Cost of revenue was $1,179,102 or 82% of the
Company's revenues for the nine months ended September 30, 2009,
compared to $1,846,805 or 82% of the Company's revenues during the same
period in 2008.

Gross Profit. Gross profit was $257,462 or 18% of total revenue
for the nine months ended September 30, 2009, compared to gross profit
of $405,428 or 18% of total revenue for the nine months ended September
30, 2008.

Operating Expenses. During the nine months ended September 30,
2009, the Company put a number of cost cutting measures in place to
withstand the decrease in revenues from the Company's liquidation and
live auction broadcast operations. Operating expenses during the nine
months ended September 30, 2009 were $1,504,284 or approximately 105% of
revenue compared to $1,869,516 or approximately 83% of revenue during
the nine months ended September 30, 2008. Operating expenses are
expected to further decrease in the third quarter of the 2009 fiscal
year as the Company realizes the effects of additional cost cutting
measures.

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, 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)
                                                     SEPT 30              DEC 31
                                                     2009                 2008
ASSETS
Current
Cash and cash equivalents                            $   -                $   223,592
Accounts receivable - trade, net of allowance            437,768              545,740
Employee receivable                                      342,266              248,072
Mortgages and loans receivable                           1,907,229            2,294,745
Inventory                                                239,247              666,138
Prepaid expenses                                         49,823               63,841
                                                         2,976,333            4,042,128
Deposits                                                 363,663              320,558
Property and Equipment                                   95,127               118,712
Property Held for Sale                                   2,429,255            2,193,475
Property Held for Development                            17,157,004           8,520,055
Investment in Joint Venture                              1,390,871            1,223,728
Investment in Surrey City Central                        1,877,085            1,671,638
                                                     $   26,289,338       $   18,090,294
LIABILITIES
Current
Bank indebtedness                                    $   4,743            $   -
Accounts payable and accrued liabilities                 220,683              519,043
Due to related parties                                   105,028              1,363,765
Bank loan                                                15,200,082           6,367,756
                                                         15,530,536           8,250,564
STOCKHOLDERS' EQUITY
Capital Stock
Authorized:
100,000,000 common shares with a par value of $0.001
Issued and outstanding:
8,114,197 common shares at September 30, 2009
5,906,957 common shares at December 31, 2008             8,114                5,907
Additional paid-in capital                               38,891,314           37,903,221
Deficit                                                  (29,277,878 )        (28,152,681 )
Accumulated Other Comprehensive Income                   1,137,252            83,283
Treasury Stock, at cost                                  -                    -
                                                         10,758,802           9,839,730
                                                     $   26,289,338       $   18,090,294

ABLEAUCTIONS.COM, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
                                                  3 MONTHS ENDED                   9 MONTHS ENDED
                                                  SEPTEMBER 30                     SEPTEMBER 30
                                                  2009           2008              2009             2008
Net Revenues
Sales                                          $  244,430    $   604,486      $    1,436,564    $   2,252,233
Cost Of Revenues                                  413,993        845,723           1,179,102        1,846,805
Gross Profit                                      (169,563)      (241,237)         257,462          405,428
Investment Income                                 84,762         81,550            220,583          155,253
                                                  (84,801)       (159,687)         478,045          560,681
Expenses
Operating expenses                                523,434        655,955           1,504,284        1,869,516
Depreciation and amortization                     23,493         26,316            62,084           115,375
                                                  546,927        682,271           1,566,368        1,984,891
(Loss) Income from Operations                     (631,728)      (841,958)         (1,088,323)      (1,424,210)
Other Items
Share of net income (loss) of joint venture       435            (9,025)           (5,380)          (16,588)
Settlement of legal claim                         -              -                 -                (65,035)
Gain on Sale of Asset                             -                                3,423
Impairment of asset                                              (321,612)                          (321,612)
Foreign exchange gain (loss)                      (34,861)       (11,383)          (34,917)         (7,735)
                                                  (34,426)       (342,020)         (36,874)         (410,970)
Income (Loss) For The Period                   $  (666,154)  $   (1,183,978)  $    (1,125,197)  $   (1,835,180)
Basic (loss) Earnings per Share                $  (0.09)     $   (0.24)       $    (0.18)       $   (0.37)
Diluted (loss) Earnings per Share              $  (0.09)     $   (0.24)       $    (0.18)       $   (0.37)
Weighted Average Number Of Shares Outstanding:
Basic                                             7,373,261      4,906,365         6,319,857        4,975,963
Diluted                                           7,373,261      4,906,365         6,319,857        4,975,963

ABLEAUCTIONS.COM, INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
                                                   3 MONTHS ENDED                  9 MONTHS ENDED
                                                   SEPTEMBER 30                    SEPTEMBER 30
                                                   2009           2008             2009             2008
(Loss) Income for the Period                   $   (666,154)  $   (1,183,978)  $   (1,125,197)  $   (1,835,180)
Other Comprehensive (Loss) Income, net of tax
Foreign currency translation adjustments           709,452        (613,602)        1,053,969        (944,587)
Consolidated Comprehensive (Loss) Income       $   43,298     $   (1,797,580)  $   (71,228)     $   (2,779,767)
Basic Comprehensive (Loss) Income per Share    $   0.01       $   (0.37)       $   (0.01)       $   (0.56)
Diluted Comprehensive (Loss) Income per Share  $   0.01       $   (0.37)       $   (0.01)       $   (0.56)

ABLEAUCTIONS.COM, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
                                                                 9 MONTHS ENDED         SEPTEMBER 30
                                                                 2009                   2008
Cash Flows From Operating Activities
Income (Loss) for the period from continuing operations          $         (1,125,197)  $      (1,835,180)
Non-cash items included in net Income:
Depreciation and amortization                                              62,084              115,375
Stock based compensation                                                   -                   20,625
Gain on sales of asset                                                     (3,423)             -
Inventory write down                                                       200,000
Impairment of asset                                                                            321,612
Joint Venture (Income) loss                                                5,380               16,588
Changes in operating working capital items:
(Increase) Decrease in accounts receivable                                 146,952             319,050
(Increase) Decrease in inventory                                           230,731             231,326
(Increase) Decrease in prepaid expenses                                    14,018              (15,671)
(Increase) Decrease in employee receivable                                 (94,194)            (56,048)
Increase (Decrease) in accounts payable and accrued liabilities            (305,479)           (227,315)
Increase (Decrease) in deferred revenue                                    -                   (8,450)
Net cash (used in) from operating activities                               (869,128)           (1,118,088)
Cash Flows From Investing Activities
Purchase (sale) of property and equipment, net                             2,599               (27,654)
Purchase of property held for development                                  (6,596,347)         (3,423,850)
Loan advances                                                              (100,000)           (2,200,644)
Loan repayment                                                             735,071             390,960
Investment in joint venture                                                (4,670)
Investment in surrey city central                                          (205,447)           -
Other receivables                                                          -                   215,067
Deposits                                                                   -                   (4,000)
Net cash from (used in) Investing Activities                               (6,168,794)         (5,050,121)
Cash Flows From Financing Activities
Proceed from Bank Loan                                                     6,995,794           5,062,300
Repayment to related parties                                               (177,079)           -
Advances from Director                                                     -                   935,209
Purchase of Treasury Stock                                                 (49,974)            (374,304)
Proceeds from issuance of capital stock, net                               -                   (50,701)
Net cash from (used in) financing activities                               6,768,741           5,572,504
Effect of Exchange Rates On Cash                                           40,846              (35,265)
Change in Cash and Cash Equivalents For The Period                         (269,181)           (595,705)
Cash And Cash Equivalents, Beginning of Period                             223,592             1,594,657
Cash And Cash Equivalents (Bank Indebtedness), End Of Period     $         (4,743)      $      963,687

SOURCE: Ableauctions.com Inc.

Ableauctions.com 
V.Wadhwani, 604-293-3933 
investorrelations@ableauctions.com 
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.