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Corio Reports Q2 Results

Corio Inc. , a San Carlos, Calif.-based ASP, today announced financial results for its second quarter of 2002, which ended on June 30.

George Kadifa, chairman and CEO, said in a conference call today that he's "pleased with the company's progress" for the quarter, which includes total revenues of $11.9 million (the same revenue figure as reported last quarter). The company's application management services revenue increased 8 percent to $8.7 million in the second quarter, up from $8.1 million in the same period of the previous year.

Professional services and other revenues from implementation, consulting, training and related services was $2.6 million in the second quarter, down from $3.4 million in the same quarter last year.

Net loss for the quarter was $7.7 million. Operating loss for the quarter, excluding non-cash amortization charges and net interest income, declined to $7.2 million, which is down 57 percent from the $16.8 million loss reported in the same quarter a year ago. The loss is also down 9 percent ($7.9 million) from the quarter that ended March 31, 2002.

Corio reported that its balance of cash, cash equivalents, restricted cash and short-term investments on June 30, 2002 totaled $72.0 million. Cash used in operations during the quarter declined 51 percent to $5.5 million compared with $11.2 million used in operations during the quarter that ended June 30, 2001.

Kadifa said that Corio will continue to focus on reducing operating expenses. However, he said he doesn't expect to make significant reductions in headcount.

Corio is listed by ASPnews as a Top 20 Service Provider.

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