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February 10, 2010

GSI Commerce Q4 net revenues up 10% to $430.2m

Expects net revenues of $260m for Q1 2010

By CBR Staff Writer

GSI Commerce has reported net revenues of $430.2m for the fourth quarter of 2009, an increase of 10% compared to $391.4m for the same period last year. Net revenues from product sales were $254.1m and service free revenue for the quarter was $176.1m.

The company posted an operating income of $47m for the fourth quarter of 2009, an increase compared to $42.5m in the same period a year ago.

For the fourth quarter ended January 2, 2010, the company posted net income of $23.6m or $0.38 per share, compared to net income $23.07m or $0.45 per share for the same period last year.

For full year, the company reported net revenues of $1bn, compared to $966.9m for 2008. Operating income was $10.3m, compared to an operating loss of $10.26m while net loss was $11.03m or $0.21 per share, compared to net loss of $23m or $0.49 per share in 2008.

Michael Rubin, chairman, president and CEO of GSI Commerce, said: “Our strong fourth quarter capped a remarkable year’s performance for the company as we grew our 2009 non-GAAP income from operations 30% to $106.4m and we achieved free cash flow of $97.2m, meaningfully exceeding the average analyst expectation of $54.6m.

“Our results reflect the secular growth of e-commerce and interactive marketing, the continued success of our proven business model and our excellent execution. I am confident in the overall strength of our business, the industry and the opportunities for continued growth in 2010 and beyond, supported by solid quarter to date trends.”

The company anticipates net revenues to be $260m for the first quarter of fiscal 2010, and operating loss to be $19.5m. For the full year 2010, the company expects operating income of $21.4m and capital expenditure to be approximately $60m.

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