** CNQR ( $9.50~$10.50) Announces Fiscal 2004 First Quarter Earnings
Wednesday January 28, 4:30 pm ET
Subscription Revenue Growth Drives Continued Profitability; Annual Recurring Revenue Grows 22% Over Prior Quarter
REDMOND, Wash., Jan. 28 /PRNewswire-FirstCall/ -- Concur Technologies, Inc. (Nasdaq: CNQR - News), the leading provider of Corporate Expense Management solutions, today reported financial results for its first quarter ended December 31, 2003.
Concur reported net income for the first quarter of fiscal 2004 of $0.6 million, or $0.02 per share, which was at the high end of the range expected by the company. This compares to a net income of $1.0 million, or $0.03 per share, for the fourth quarter of fiscal 2003, and a net loss of $13,000, or ($0.00) per share, for the first quarter of fiscal 2003. Excluding the amortization of intangible assets recorded in the first quarter of 2004, pro forma net income for the quarter was $0.9 million, or $0.02 per share. Fiscal 2004 first quarter revenues were $13.4 million, compared to $14.2 million for the fourth quarter of fiscal 2003, and to $14.6 million for the first quarter of fiscal 2003.
"As expected, our subscription business is driving the growth in our overall business," said Steve Singh, chairman and chief executive officer for Concur Technologies. "In the first quarter, we signed contracts with large and mid-size businesses for $2.2 million in new annual recurring revenue -- a 22 percent increase over the previous quarter. We are excited about this growth because it reflects the increasing demand in the marketplace for business services, an area in which we have a significant competitive advantage."
"We provide affordable, easy to use and quick to deploy business services that solve the pain of expense report processing," added Singh. "As evidenced by the consistent growth in annual recurring revenue, the demand for our business services continues to grow. To capitalize on this opportunity, we are increasing our investment throughout the business with a focus on sales, support and product delivery."
Financial Highlights |
