Reaffirming its goal to reach profitability by September 2002, corporate expense management independent software vendor (ISV) and ASP Concur Technologies Inc.,
yesterday reported its financial results for the first quarter of its fiscal year 2002 (which ended on December 31, 2001).
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“We had an outstanding quarter and delivered results that were better than the high end of our guidance range,” said Steve Singh, Concur’s chairman, president and CEO. “The fiscal 2002 first quarter marked the sixth consecutive quarter in which we have met or exceeded analyst’s expectations.” In addition to reaching profitability by the September quarter, Singh said Concur will be cash flow positive prior to September.
Concur’s first quarter revenues were $10.1 million. That figure is $0.4 million higher than the midpoint of revenue guidance and down 2.9 percent from $10.4 million for the first quarter of fiscal 2001, Concur officials said. The net loss for the quarter was $4.2 million, or $0.16 per share. For the same quarter is fiscal year 2001, the company’s net loss was $10.5 million, or $0.42 per share.
The company benefitted from a significant increase in ASP revenue over the same period in 2001. In most recent quarter, ASP revenues were just over $2 million compared to ASP-generated revenue of $732,000 for the quarter ending December 2000.
“We signed 95 customer contracts in the quarter, marking the seventh consecutive quarter in which we have signed more than 90 customer contracts,” said Singh. ADP continued its strong momentum, delivering more than half of our middle market ASP customers, and Microsoft Great Plains continued its strong early momentum, signing several new customers in the quarter.”
Of the 95 new contracts, 65 were new ASP customers, which included Dr Pepper/Seven Up, Inc., Revlon Consumer Products Corp., Sanex WTA (Women’s Tennis Association) Tour and the United States Olympic Committee.
Singh added that Concur’s investment in its core infrastructure will allow it to add ASP customers for no additional cost for the foreseeable future.
For the second quarter of fiscal 2002, Concur expects total revenues to be between $10.3 and $10.6 million. For the entire fiscal year, the company expects revenues to fall between $45.2 and $46.0 million.
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