According to the pilot, he aborted the landing on the 5,001-foot long by 100-foot wide runway after two bounces. He applied full power, retracted the landing gear and the flaps, and the airplane settled to the runway. The airplane subsequently departed the left side of the runway, struck runway lights, and substantially damaged the underside of the airframe. The pilot reported that there were no mechanical deficiencies with the airplane, and when asked how this accident could have been prevented, explained that first a positive rate of climb must be established before the gear and flaps are retracted.