Concur posts higher 4Q profit, revenue

AP News
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Posted: Nov 17, 2009 7:52 PM

Concur Technologies Inc., which makes corporate expense-management software, said Tuesday its fiscal fourth-quarter profit rose as revenue got a boost from a 13 percent increase in subscription revenue.

The company also announced its chief financial officer, John Adair, will retire at the end of the current fiscal year.

For the three months ended Sept. 30 earned $5.9 million, or 11 cents per share, up 4 percent from a profit of $5.6 million, also 11 cents per share, in the same period a year earlier.

The company had more outstanding shares in the latest quarter, which can lower per-share results even when total net income grows.

Revenue rose 13 percent to $64.8 million from $57.5 million. Subscription revenue rose to $62.9 million from $55.7 million.

Adjusted fourth-quarter, pre-tax profit was $15 million, or 29 cents per share.

Analysts, on average, were expecting a profit of 18 cents per share on sales of $64.4 million, according to a poll by Thomson Reuters.

"We are very pleased with fiscal fourth quarter performance as we exceeded expectations for revenue, earnings and free cash flow," said Steve Singh, Concur's chairman and CEO, in a statement.

For the current quarter, the company forecast earnings of 11 cents per share, and adjusted, pretax earnings of 27 cents per share.

Analysts are expecting earnings of 18 cents per share on sales of $67 million.

Shares fell $3.03, or 7.4 percent, to $38.05 in after-hours trading. The stock had closed up 16 cents at $41.08.