GSI Commerce Wins Recognition as One of the Delaware Valley's 50 Fastest Growing Technology Companies
23 September 2004
KING OF PRUSSIA, Pa., -- Sept. 23, 2004 -- GSI Commerce Inc. (Nasdaq: GSIC - News) 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 http://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 http://www.deloitte.com/us.
