LAS VEGAS, Jan. 2, 2002 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO) today reported that 150 reverse auctions were held using e-Source, the company's strategic sourcing product, in the month ended December 31, 2001, compared with 184 auctions held in November.
Low bids in the December auctions totaled $45 million, compared with $78 million in November, with opening or high bids totaling $72 million, compared with $123 million in the prior month. The market spread or implied savings in December between total low and high bids was $27 million or 38 percent, compared with $45 million or 37 percent in November.
PurchasePro also reported today that the number of buying organizations in December was 13, compared with 11 in November. The company said December reverse auctions attracted 2,535 bids from 1,407 suppliers, compared with the 3,166 bids posted in November from 1,077 suppliers.
PurchasePro also announced that 25,000 purchase orders, valued at $31 million crossed its commerce network in December, compared with 27,000, valued at $33 million in November.
The company attributed the decline in December auctions, as well as purchase orders, to the holiday season. Among the products purchased through e-Source were brake parts, spacer rings, circuit boards, electricity, marine gas oil, routers, webbing and aluminum. Since PurchasePro began reporting monthly e-Source results in July 2001, 1,061 auctions have been conducted, totaling $613 million in high bids and $443 million in low bids, generating an implied savings of $170 million for companies worldwide.
About PurchasePro
PurchasePro(r), www.purchasepro.com, is a B2B e-commerce leader with the stated goal of providing software to enable enterprises of all sizes to gain universal access to the world's largest commerce network. The PurchasePro commerce network comprises more than 300,000 businesses, authorized to buy and sell, and powers hundreds of private-label marketplaces. PurchasePro provides the following B2B e-commerce solutions: e-Procurement for enterprise-wide procurement; e-Source for strategic sourcing, v-Distributor for online distributors; and e-MarketMaker for Internet market makers.
This news release may include forward-looking statements, which are subject to the "Safe Harbor" created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve certain risks and uncertainties that can cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements represent only the views of certain members of management and are based on limited information available to us now, which is subject to change. We have no current plan to update these statements. Actual results may differ substantially from what we say today and no one should assume at a later date that the forward-looking statements provided herein are still valid. They speak only as of today. For more information about these risks and uncertainties, see the SEC filings of PurchasePro Inc., including the section titled "Factors That May Affect Results" in its 10-K filing for the period ended December 31, 2000, and its 10-Q for the quarter ended March 31, 2001, which are available from the company on request and on the Internet at the SEC's Website, www.sec.gov. Note: PurchasePro is a service mark of PurchasePro.com Inc. All other trademarks or registered trademarks are the property of their respective owners.