|
COMMERCEHUB REPORTS RECORD RESULTS FOR THE YEAR ENDED DECEMBER 31, 2003
Worlds Leading Merchants and Suppliers Joining CommerceHub Client Network
CLIFTON PARK, NY - March 10, 2004 - CommerceHub, the leader in drop-ship commerce for multi-channel merchants and suppliers, today announced record results for the year ended December 31, 2003.
During 2003, CommerceHub exceeded sales and profitability expectations as network transactions grew by an impressive 75% to a record of more than 5,600,000 orders representing gross merchandise sales of roughly $500 million. Bolstering this growth were the additions of several of the world's leading merchants, including ShopNBC (Nasdaq: VVTV), to its rapidly growing network of integrated clients which includes QVC, Target, Sears, Staples and Costco. CommerceHub's network of integrated clients is approaching 1,000 organizations representing nearly 1,000,000 unique SKUs.
By selecting the CommerceHub solutions, merchants, through a single connection to CommerceHub, are able to tap into a diverse network of suppliers and easily expand their product offerings and grow revenues, all with no inventory risk. CommerceHub's suppliers are electronically exposed to the world's leading merchants and are able to easily grow their channel breadth, thereby increasing revenues.
In addition to the outstanding operational results, the company strengthened its' executive management team by adding previously announced key executives from General Electric (NYSE:GE) and MapInfo (Nasdaq: MAPS). As the company enters its next phase, one of rapid growth, the key additions made in 2003 will enable the organization to continue to meet and exceed the expectations of its clients.
The excellent results marked the culmination of another very successful year for us," said Frank Poore, President and CEO of CommerceHub. "The Year 2003 was the third straight year of dramatic increase in our business."
Since 2000, CommerceHub has experienced an average annual revenue growth rate of over 150% per year and now has two consecutive years of profitability and cash flow generation.
Our outstanding team and their achievements have positioned us as the leader in our market. We plan to sustain this momentum in 2004 and leverage the growing acceptance of our solution as a way for merchants and suppliers to increase revenues, decrease operating costs and increase customer satisfaction," Poore added.
About CommerceHub
CommerceHub is the leading provider of e-Commerce solutions that enable drop-ship supplier integration for world-class multi-channel merchants. CommerceHub Drop-Ship Master is the first comprehensive drop-ship solution that allows merchants to seamlessly integrate with suppliers, rapidly expand product offerings, preserve brand identity, and manage, analyze, and deliver comprehensive order information to their customers, all with no inventory risk. World class merchants and suppliers have chosen CommerceHub to increase speed to market, grow sales, reduce expenses, and enhance customer service by improving supply chain performance. CommerceHub's growing customer base comprises many of the world's best-known companies, including QVC, Target, Sears, Staples, Costco, and ShopNBC. CommerceHub is headquartered in Clifton Park, New York. For more information, contact info@commercehub.com or call +1-518-886-0700.
|
