The Woodlands, TX, Feb. 5, 2004 — Pantellos, an independent electronic marketplace and supply chain services company for the utility and energy industries, announced its year-end financial results, highlighting year-over-year revenue and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) growth as well as cash-flow positive status.
To date, Pantellos has not identified any other B2B procurement exchange that similarly records a fiscal year both EBITDA and cash flow positive.
For the year ending December 31, 2003, Pantellos recorded net revenue of $17.6 million or a net revenue gain of $3.8 million, a 27 percent increase from net revenue in the prior year. The company ended the year with less operating expense and more cash on hand than projected in its business plan.
Pantellos added seven new energy customers and more than 60 suppliers in 2003. Moreover, the company reported increased procurement spending through its Marketplace as well as increased customer-reported savings. Total customer spending through Pantellos reached more than $1.2 billion in 2003 compared to approximately $750 million in 2002. Since inception, customer procurement spending through the company has now passed the $2.3 billion milestone, with customer-reported savings of more than $400 million.
Pantellos also established new business partnerships with Xign, Frictionless Commerce and Time Industrial, Inc., which yielded solutions tailored specifically to the needs of the energy industry and contributed to its year-end financial success. In 2003, the company launched Pantellos eSettlement Network, powered by Xign Corporation, an electronic invoice processing and payment solution. Pantellos also announced a new suite of enterprise sourcing solutions, powered by Frictionless Commerce, that include packaged, enterprise license-based and hosted e-sourcing technologies and services.
Yesterday, the company launched Pantellos Services Management, powered by Time Industrial, an outsourced contractor-time and cost-tracking service for the energy industry that tracks and manages labor (regardless of skill set), material costs and accrued expenses in real-time on scheduled and unscheduled managed tasks.
“Pantellos’ positive business results are directly attributable to our customers’ successful adoption of supply chain solutions that streamline their business processes, reduce costs and improve bottom-line profitability,” said Jim Neikirk, president and CEO of Pantellos. “We will continue to work with our customers in 2004 to deliver the supply chain services and solutions they need to further transform their source-to-pay procurement cycles for improved efficiencies and effectiveness.”
Pantellos is a supply chain services company for the utility and energy industries. Built by the industry, for the industry, Pantellos delivers deep industry knowledge and expertise around a broad suite of supply chain tools and services to its active trading community of more than 30 buyer and 500 supplier companies.
Pantellos Marketplace solutions enable customers to electronically transact on a host of direct and indirect goods and services through either direct integration with its Marketplace or via managed Web solutions. Since inception, utilities have used Pantellos to source, procure and manage more than 100 categories of products and services. Pantellos supply chain services include: supply management services, enterprise sourcing services, services management solutions, electronic settlement solutions and program implementation.
Established in 2000 by some of North America’s largest utilities, Pantellos founders include: American Electric Power (NYSE: AEP); Cinergy (NYSE: CIN); Consolidated Edison, Inc. (NYSE: ED); Dominion Resources (NYSE: D); DTE Energy (NYSE: DTE); Duke Energy (NYSE: DUK); Edison International (NYSE: EIX); El Paso Energy (NYSE: EPG); Entergy (NYSE: ETR); Exelon (NYSE: EXC); FirstEnergy Corp. (NYSE: FE); FPL Group (NYSE: FPL); Ontario Power Generation; PG&E Corp. (NYSE: PCG); Progress Energy (NYSE: PGN); Public Service Enterprise Group (NYSE: PEG); Reliant Energy (NYSE: REI); Sempra Energy (NYSE: SRE); Southern Company (NYSE: SO); and TXU (NYSE: TXU). Pantellos is based in The Woodlands, Texas, USA. For more information, please visit: http://www.pantellos.com.