Concur achieves profitability

By SiliconIndia   |   Thursday, 24 July 2003, 07:00 Hrs
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REDMOND, WA: Concur Technologies, Inc. (Nasdaq: CNQR), a provider of expense management solutions, today reported fiscal 2003 third quarter net revenues of $14.2 million, which were up 28 percent from the third quarter of fiscal 2002.

The net income for the quarter was $0.4 million or 1 cent per share compared to a loss of 9 cents per share for the third quarter of fiscal 2002.

"Similar to payroll automation, the corporate expense management market represents a multi-billion dollar opportunity. At least 97% of all companies are still mired in a paper-based reporting process, which makes expense management automation a relatively new business process frontier - one that can benefit every organization," said Steve Singh, chairman and chief executive officer for Concur Technologies.

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