GSI Commerce Wins Recognition as One of the Delaware Valley’s 50 Fastest Growing Technology Companies
KING OF PRUSSIA, Pa., Sept. 23, 2004 – GSI Commerce Inc. (Nasdaq: GSIC) was named to the prestigious Technology Fast 50 Program for the Delaware Valley, a ranking of the 50 fastest growing technology companies in the region as judged by Deloitte & Touche LLP, a national professional services firm. Rankings are based on the percentage of growth in fiscal year revenues over the last five years, from 1999 – 2003.
“GSI Commerce is very proud to receive this honor from Deloitte as it recognizes the success we have experienced growing this business during the last five years,” said Michael Rubin, chairman and CEO of GSI Commerce. “Our annual net revenues have risen from $5.5 million in 1999 to approximately $242 million in 2003. Further, we expect our growth to continue as we have forecast a net revenue range of $310 million to $328 million for fiscal year 2004.”
“In today’s economy, double-digit percentage revenue growth is an exceptional accomplishment. We commend GSI Commerce for making the commitment to technology and delivering on the promise of market longevity. We are proud to honor
GSI Commerce as a Deloitte Technology Fast 50 winner,” said Michael J. Purcell, partner, Deloitte’s Technology, Media and Telecommunications Practice.
To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 1999 and $1 million in 2003. Companies must be public or private with headquarters in North America, and be a “technology company,” which is defined as owning proprietary technology that contributes to a significant portion of the company’s operating revenues, or devoting a significant proportion of revenues to research and development of technology.
Winners of the 19 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte Technology Fast 500 program, which ranks North America’s top 500 fastest growing technology companies. For more information on the Fast 50 or Fast 500 programs, visit www.fast500.com.
About GSI Commerce
GSI Commerce provides an e-commerce solution enabling retailers, branded manufacturers, entertainment companies and professional sports organizations to operate e-commerce businesses. The company’s e-commerce solution includes Web site design and development, e-commerce technology, managed hosting, order fulfillment, customer service, merchandising and order management, online merchandising, customer relationship management, content development and online marketing. The company operates either all or a portion of the e-commerce businesses for approximately 45 partners.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in nearly 150 countries. Deloitte delivers services in four professional areas — audit, tax, consulting, and financial advisory services. For more information, please visit the U.S. member firm’s Web site at www.deloitte.com/us.
Forward-Looking Statements
All statements made in this release other than statements of historical fact are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,” “should,” “guidance,” “potential,” “continue,” “project,” “forecast,” “confident,” “prospects,” and similar expressions typically are used to identify forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business of GSI Commerce and the industries and markets in which GSI Commerce operates. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements. Factors which may affect GSI Commerce’s business, financial condition and operating results include the effects of changes in the economy, consumer spending, the financial markets and the industries in which GSI Commerce and its partners operate, changes affecting the Internet and e-commerce, the ability of GSI Commerce to develop and maintain relationships with strategic partners and suppliers and the timing of its establishment or extension of its relationships with strategic partners, the ability of GSI Commerce to timely and successfully develop, maintain and protect its technology and product and service offerings and execute operationally, the ability of GSI Commerce to attract and retain qualified personnel, the ability of GSI Commerce to successfully integrate its acquisitions of other businesses, if any, and the performance of acquired businesses. More information about potential factors that could affect GSI Commerce can be found in its most recent Form 10-K, Form 10-Q and other reports and statements filed by GSI Commerce with the Securities and Exchange Commission. GSI Commerce expressly disclaims any intent or obligation to update these forward-looking statements, except as otherwise specifically stated by GSI Commerce.
Contact:
Greg Ryan
Director, Corp. Communications
tel: 610-491-7294
fax: 610-265-2866
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Michael Conn
Senior Vice President Corp. Development
tel: 610-491-7002
fax: 610-265-7302
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