Paul Lundy
Chief Marketing Officer
Marketworks
678.248.3332
plundy@channeladvisor.com
AUCTIONWORKS RECORDS SECOND CONSECUTIVE QUARTER OF PROFITABILITY AND CLOSES ADDITIONAL FUNDING DEAL
Momentum Continues For Auctionworks With Key Customer Acquisitions
April 29, 2003 (ATLANTA)--- Atlanta-based Auctionworks™, the leading provider of online marketplace sales management software and services and an eBay Preferred Solution Provider, today announced results for the 1st-quarter of 2003. Auctionworks' web-based software enables businesses to cost-effectively manage the complexities of selling via online marketplaces such as eBay.
"Auctionworks facilitated $53 million in gross merchandise sales for the 1st- quarter of 2003, which represents an increase of over 90% versus the same period in 2002". Auctionworks also grew revenue by 70% vs. 1st-quarter 2002", stated Alec Peters, Auctionworks founder and CEO. "This is our second consecutive quarter of profitability which is especially significant since we accomplished this while investing aggressively in additional resources," added Peters.
In addition to the gross merchandise sales increase and resulting profitability, Auctionworks also experienced a number of other significant milestones in the 1st-quarter of 2003. One of those milestones was closing a $2 million round of funding. "We've been fueling our expansion on growing revenues and this additional funding now gives us the ability to expand more aggressively over the next year," said Peters.
The company also won a number of new marquee customers this past quarter including Golfsmith International, Canada Post, Rock Bottom Golf, Online Liquidators, AFS Wheels and Roger Dunn Golf Shops among others. More than 20 of the deals closed in the first quarter were customers that replaced competitive marketplace management products with Auctionworks' software.
About Auctionworks
Founded in 1999, and named an eBay Preferred Solution Provider in 2001, Auctionworks is the leading marketplace management software provider. Auctionworks gives online sellers the opportunity to manage, launch and sell inventory via multiple online channels through a single, central software product. Auctionworks specializes in helping customers easily and efficiently utilize online marketplaces as an additional channel to sell inventory and acquire new customer relationships. For more information, visit www.marketworks.com.