Concur posts $14.6 M Q1 net revenue

Thursday, 23 January 2003, 08:00 Hrs
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Concur Technologies Inc. (Nasdaq:CNQR), a provider of corporate expense management solutions, Thursday posted fiscal 2003 first quarter net revenues of $14.6 million.

REDMOND: This was an increase of 41 percent from the first quarter of fiscal 2002, the company claimed in an official release.

The Company reported that it achieved earnings per share breakeven on a GAAP basis, which was at the top end of the range expected by the Company. This compares to a loss of $(0.16) per share, for the first quarter of fiscal 2002.

"We are pleased to report a strong start to 2003. The Company crossed a significant milestone in turning EPS breakeven and for the second consecutive quarter was cash flow positive, generating one million dollars in cash flow from operations," said Steve Singh, chairman and chief executive officer for Concur Technologies, Inc. "We recorded the highest quarterly revenue in company history driven by growth in every part of our business: license, subscription, and services. As we enter the March 2003 quarter, we have better than 75 percent visibility into our quarterly revenue target driven by the strength of our subscription and service revenues."

"We are pleased with the progress and momentum of the ADP and Microsoft Business Solutions partnerships," added Singh. "At an operational level, we continue to improve the scalability and efficiency of our business. Our subscription gross margin improved to 38 percent from breakeven just two quarters ago. We are excited by the Corporate Expense Management market opportunity, a market in which we are the clear leader."
Source: IANS

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