Business Wire - October 27, 1999 16:31
REDMOND, Wash.--(BUSINESS WIRE)--Oct. 27, 1999--
-- Signs 35 New Concur eWorkplace(TM) and Concur eWorkplace.com(TM)
Customers, Bringing Customer Base to More Than 275 Companies --
Concur Technologies, Inc. (Nasdaq:CNQR), a global leader in workplace e-commerce solutions, today reported financial
results for its fourth fiscal quarter and year ended September 30, 1999.
Concur reported fiscal fourth quarter 1999 revenues of $9.0 million, up 43 percent from the $6.3 million in revenues for the
fourth quarter of fiscal 1998, and down 19.5 percent from the $11.2 million in revenues for the third quarter of fiscal 1999. On
June 1, 1999, Concur acquired Seeker Software in a transaction accounted for as a pooling of interests. Accordingly, all prior
period amounts have been combined to reflect the acquisition.
The net loss for the fourth quarter of fiscal 1999 was $12.2 million, or $0.54 per share, compared with a net loss of $7.8
million, or pro forma loss per share of $0.52, for the fourth quarter of fiscal 1998. All per share amounts are computed based
on weighted average shares outstanding, including, as applicable, the pro forma effect of the assumed conversion of all
preferred stock to common stock at the time of issuance. On a GAAP basis, the net loss per share for the fourth quarter of
fiscal 1998 was $2.19.
The company reported revenues of $37.0 million for the year ended September 30, 1999, an increase of 84 percent over
revenues of $20.1 million for the same period in fiscal 1998. The pro forma net loss for the year ended September 30, 1999,
excluding one-time acquisition charges, was $37.6 million, or pro forma loss per share of $1.87 assuming conversion of all
preferred stock, as compared to the 1998 pro forma net loss, excluding one-time acquisition charges, of $21.0 million, or pro
forma loss per share of $1.56 assuming conversion of all preferred stock. On a GAAP basis, the net loss for fiscal 1999 was
$46.5 million, or $2.75 per share, including the effect of a one-time charge of $8.9 million for costs related to the Seeker
acquisition, compared with a net loss of $26.2 million, or $8.18 per share, for the same period in fiscal 1998, including the
effect of a $5.2 million one-time charge related to Concur's June 1998 acquisition of 7Software.
"Revenue growth in our fourth quarter was disappointing, and fell short of both our expectations and the strong growth we had
achieved during the first three quarters of the year," said Steve Singh, Concur's president and chief executive officer. "The
revenue short-fall was primarily due to an unexpected delay in closing quarter-end business and a lengthening of the sales
cycle caused by the expansion of our Concur eWorkplace suite of applications. Now that we have three applications within
Concur eWorkplace, our sales process includes a broader range of departments within companies, and customers need
additional time to fully evaluate our product." |
