FurnishNet Announces Record Second Quarter for 2003

Furniture World Magazine

FurnishNet announced that they have set a new high for annual purchase order volume brought live in a single quarter with over $278 million in purchase orders added to the exchange in Q2 2003. This represents a more than 200% increase over the same time period last year. Over 100 new retailer and manufacturer connections were brought live during this period as well, and the company reports that they are on track to have over 2,000 live connections between retailers and manufacturers by year-end. Additionally, 14 more clients signed for the company’s exchange services adding an additional $250 million in contracted purchase order volume in the second quarter of 2003, another company single-quarter record. Recent signings for FurnishNet’s electronic document exchange services include McMahan’s Furniture, Furnitureland South, Oskar Huber, Tempur-Pedic, and Elliott’s Designs. “It is becoming increasingly evident to leading retailers and manufacturers that we are the practical, affordable answer to EDI,” said Ronald B. Sellers, Vice President of FurnishNet. “Our ability to quickly implement our Internet-based electronic document exchange and deliver real savings and operational efficiencies is being demonstrated over and over again as we gain momentum and traction in the industry.” The company also recorded a record increase in the number of purchase orders processed in a single quarter with a 110% increase over last year. Year to date the company reports that they have processed over 150,000 purchase orders for retailers and manufacturers. FurnishNet's solution for Transaction Management speeds the accurate transmission of purchase orders, purchase order acknowledgements, advance ship notices, invoices, and many other transaction types. By integrating e-mail, web applications, electronic data interchange (EDI), and XML, into a unique "Any-to-Any" exchange, FurnishNet is able to translate the information into appropriate formats for the electronic flow of information between retailers and manufacturers of any size, regardless of technology platform or system. FurnishNet currently provides electronic document exchange services for more than 360 manufacturers and is processing transactions for many of the industry’s leading retailers on a variety of corporate systems. About FurnishNet: With over 425 trading partners and over $1.8 billion in contracted purchase order volume, FurnishNet is a leading provider of Internet-based supply chain solutions for retailers, manufacturers, and suppliers. FurnishNet's solutions for Parts Management and Transaction Management provide a cost-effective alternative to EDI, and help trading partners to streamline communications, reduce errors, and save hard costs. For more information, visit www.furnishnet.com.