Concur Technologies Reports Fiscal
2000 First Quarter Financial Results; Adds 47 New Customers, Bringing
Customer Base to More Than 2.4 Million Employees at Over 320 Companies
REDMOND, Wash.--(BUSINESS WIRE)--Jan. 19, 2000--Concur
Technologies, Inc. (Nasdaq:CNQR), the leading provider of
business-to-business eCommerce solutions, today reported financial
results for its first fiscal quarter ended Dec. 31, 1999.
Concur reported fiscal 2000 first quarter revenues of $9.0
million, up 11 percent from the $8.1 million in revenues for the first
quarter of fiscal 1999, and equal to the $9.0 million in revenues for
the fourth 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 first quarter of fiscal 2000 was $17.3
million, or $0.76 per share, compared with a net loss of $7.8 million,
or pro forma loss per share of $0.48, for the first quarter of fiscal
1999. The increase in the loss was due primarily to higher expenses as
a result of increased investments in research and development and
sales and marketing programs. 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 first quarter of fiscal 1999 was $1.22.
"During the first quarter, we continued to focus on our number
one priority: increasing the number of companies and employees using
Concur eWorkplace(TM)," said Steve Singh, Concur chairman and chief
executive officer. "We signed 47 new customers, bringing our total
customer base to more than 320 companies representing over 2.4 million
employees. Of particular note, the demand for our application service
provider (ASP) versions of Concur eWorkplace significantly exceeded
our expectations. A total of 35 customers signed multi-year contracts
for ASP versions of Concur eWorkplace, which are hosted for customers
off site and are offered on a monthly subscription basis. We also
signed 12 new customers for the company's license solution targeted to
Global 4000 companies.
"Over the past year, we have increased our investment in research
and development to accelerate our penetration into the market for
business-to-business eCommerce," added Singh. "During the first
quarter, we unveiled several significant new offerings resulting from
this investment. We launched two ASP versions of our flagship product,
Concur eWorkplace, which are offered on a hosted basis to small,
mid-market and large-market customers. We also introduced the Concur
Commerce Network(TM), our global trading network linking buyers
throughout the workplace together with suppliers to conduct
business-to-business eCommerce. The Concur Commerce Network delivers
the benefits of a dynamic global trading network representing
thousands of suppliers to companies ranging in size from 50 to 200,000
employees. Concur eWorkplace, the Concur Commerce Network and our
eCommerce partners form the core of our eCommerce ecosystem and the
foundation upon which we will continue to expand our presence in the
rapidly emerging business-to-business eCommerce market."
Other Key First Quarter Events
-- Concur signed a global agreement with Nortel Networks to expand
the distribution channels and new market opportunities for its
ASP versions of the Concur eWorkplace business-to-business
eCommerce portal. Delivered through Nortel Networks service
providers, this unique alliance allows Nortel Networks to bring
the advantages of a complete business-to-business eCommerce
Internet solution to hundreds of thousands of companies. This
service offering enables customers to leverage Concur's hosted
workplace eCommerce
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