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[Robin7]

PurchasePro CFO Says Working To File Delayed 10Q Soon
Updated: Friday, May 25, 2001 06:30 PM ET


By Ross Snel

Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--PurchasePro.com Inc. (PPROE, news, msgs) is working hard to file its delayed first-quarter
10-Q with the Securities and Exchange Commission, said Richard Clemmer, the company`s vice chairman and chief
financial officer.

"We`re currently in the process of working with legal counsel and accountants to ensure that we have accurate
numbers," Clemmer told Dow Jones Newswires Friday. "Hopefully, we`ll be in a position to be current with our filings
after the long weekend."

Still, Clemmer said there was no guarantee about the timing of the filing, given the
complicated accounting issues involved.

The Las Vegas online business-to-business services company`s postponement of its
quarterly filing has put its stock at risk of being delisted from the Nasdaq National
Market, as indicated by the "E" that Nasdaq has added to the end of PurchasePro`s
ticker symbol.

The 10-Q filing delay is just one of many recent developments that have tarnished
PurchasePro`s reputation and dented its stock price.

After PurchasePro`s former chief executive, Charles "Junior" Johnson, repeatedly
reiterated optimistic first-quarter financial estimates early this year, the company
abruptly announced on the day of its scheduled first-quarter release that results would
fall short of those estimates.

The company attributed the shortfall to last-minute revenue deferrals.

Analysts and shareholders were not impressed. Analysts, including those at firms that underwrote PurchasePro`s stock
offerings, slashed their ratings on the shares. And PurchasePro is now facing a bevy of class-action shareholder
lawsuits related to Johnson`s optimistic guidance.

But things have gotten even worse. Earlier this week, PurchasePro issued a terse news release saying "revised" results
fell far short of the already disappointing numbers.

Also this week, Johnson resigned as chairman and chief executive.

Clemmer said Friday that other than being a major shareholder, Johnson no longer has any involvement with the
company.

The chief financial officer said Johnson`s departure was not related to the accounting issues that caused the delay in
the SEC filing.

"It was his decision to resign," Clemmer said. "You`d have to talk to him about what drove that decision."

However, a source close to the company said the board had forced out Johnson.

The former chief executive and chairman did not return a phone call to his Las Vegas residence in time for this story.

Although PurchasePro is currently functioning without an official chief executive, the source close to the company said
Clemmer, who joined the company only this month, was acting as the de facto chief.

Clemmer declined to comment on who the company was considering for its new chief executive. But he did say
PurchasePro`s board was working hard to lay out its executive management team in the near future.

Despite all of the travails PurchasePro has been through in recent months, Clemmer said he remained optimistic about
the company.

"Overall business activity and the product that we sell are very, very good," Clemmer said. "We`re focused on moving
forward and ensuring we don`t have these kind of (accounting) issues in the future."

-By Ross Snel, Dow Jones Newswires; 201-938-5285; [e-mail]

http://www.quicken.com/investments/news/story/djbn/?story=/n…

[boerseaugsburg]

hallo leute,

ich bin zwar nicht mehr in ppro investiert. mich wundert aber, dass der anteil der instis immer noch unverändert bei 44,60 % liegt.

gruss ba

[TheFreak]

viel schlimmer ist das immer nboch so viele short positionen aufgebaut sind ;-)) ( 30% wenn ich mich recht erinnere)

TF