Tuesday October 5, 8:36 am Eastern Time
Concur sees fourth quarter revenues falling short
REDMOND, Wash., Oct 5 (Reuters) - Concur Technologies Inc.(NasdaqNM:CNQR - news), a company that specializes in automating business functions within an organization, said Tuesday that its fiscal fourth quarter revenues would fall short of analysts' expectations.
The company expects to report revenue for its fourth quarter ending September 30 at $8.6 million to $9.2 million, compared with analysts' estimates of $12.3 million to $12.7 million, the company said.
For the fourth quarter of fiscal 1998, the company reported total revenues of $6.3 million.
The company attributed its shortfall to disappointing results in its license revenue. The company expects $5.0 million to $5.3 million in license revenue, compared with analysts' estimates of $8.1 million to $8.8 million.
In last year's fourth quarter, the reported license revenue of $3.9 million.
''Revenues for the fourth quarter, particularly license revenues, were significantly below expectations, primarily due to an unexpected delay in closing quarter-end business,'' said Steve Singh, Concur's president and chief executive.
He added the company added products to its electronic commerce applications. ''Customers need additional time to evaluate the strategic benefits of purchasing our suite of workplace eCommerce solutions, thereby somewhat lengthening the sales cycle,'' Singh said in a statement.
Shares ended Monday's trading at $32-7/8 on Nasdaq.
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