LAS VEGAS, Dec. 3, 2001 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO) today reported that 184 reverse auctions were held using e-Source, the company's strategic sourcing product, in the month ended November 30, 2001, compared with 234 auctions held in October.
Low bids in the November auctions totaled $78 million, compared with $125 million in October, with opening, or high bids totaling $123 million, compared with $175 million in the prior month. The market spread, or implied savings, in November between total low and high bids was $45 million or 58 percent, compared with $50 million or 40 percent in October.
PurchasePro also reported today that the number of buying organizations in November was 11, compared with 10 in October. The company said November reverse auctions attracted 3,166 bids from 1,077 suppliers, compared with the 4,198 bids posted in October from 1,313 suppliers.
PurchasePro also announced today that 27,000 purchase orders, valued at $33 million crossed its commerce network in November, compared with 29,000, valued at $33 million in October. For the quarter ended September 30, 2001, 82,000 purchase orders crossed the network valued at $86 million, compared with 60,000 purchase orders in the second quarter valued at $61 million.
The company attributed the decline in November auctions, as well as purchase orders, to the Thanksgiving holiday, as well as an unusually high number of auctions and purchase orders in October that were delayed because of the events on September 11, 2001.
Among the products purchased through e-Source were injection molding, Teflon bearings, filters, ball studs, tubing, bore tool clamps, film, janitorial services, plain spacers, production tools, digital cameras, plastics, trucks, services, high-speed diesel oil, polyfoam sheets and rolls, clutch assemblies, rack bar steel, food service equipment and installation and ferric chloride. Since PurchasePro began reporting monthly e-Source results in July 2001, 61 buyers have conducted 911 auctions, totaling $541 million in high bids and $398 million in low bids, generating an implied savings of $143 million.
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.