Tuesday, Concur Technologies, Inc. (CNQR), a provider of employee spend management solutions, reported a rise in profit for the fourth quarter, reflecting the rise in subscription revenues. In a separate release, the company said its Chief Financial Officer John Adair is expected to retire from his position during fiscal 2010.
The Redmond, Washington-based company's fourth-quarter net income was $5.88 million or $0.11 per share, compared to $5.64 million or $0.11 per share a year earlier. On adjusted basis, non-GAAP pre-tax income rose to $15.03 million or $0.29 per share from $12.27 million or $0.24 per share last year.
Total revenues increased to $64.82 million from $57.55 million for the same period last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share on revenues of $64.41 million for the fourth quarter. Analysts' estimates typically exclude special items.
Total expenses for the fourth quarter rose to $55.46 million from $50.44 million a year earlier. The increase in total expenses was mainly due to rise in sales and marketing expenses to $20.13 million from $17.37 million last year and increase in cost of operations to $19.68 million from $17.39 million a year-ago.
For the fiscal year 2009, net income rose to $25.68 million or $0.50 per share from $17.18 million or $0.35 per share a year ago. Non-GAAP pre-tax income was $58.86 million or $1.14 per share, up from $41.65 million or $0.86 per share last year.
Total revenue for the fiscal year increased to $247.60 million from $215.49 million for the year ago period.
Analysts expected earnings of $0.72 per share on revenues of $247.19 million for the full year.
For the first quarter, the company expects earnings to be $0.11 per share, assuming an estimated effective tax rate of 36.5%, non-GAAP pre-tax earnings per share is expected to be $0.27. Analysts currently expect earnings of $0.19 per share for the first quarter.
Looking further ahead, Concur expects earnings per share for fiscal 2010 to be $0.52, assuming an estimated effective tax rate of 36.5%, and non-GAAP pre-tax earnings per share to be $1.27. Analysts currently expect earnings of $0.87 per share for the fiscal year 2010.
Steve Singh, chairman and Chief Executive Officer said, "Against the backdrop of an economic environment that is continuing to stabilize, we expect year-over-year revenue growth rates to modestly trend up in the first half of fiscal 2010 and more substantially trend up in the second half of fiscal 2010."
In a separate statement, the company said that its CFO John Adair is expected to retire from his position during fiscal 2010. Until a successor is named and the transition process is completed, Adair will continue to serve in the role.
Tuesday, Concur Technologies closed its regular trading session up by $0.16 or 0.39% at $41.08 on a volume of 0.46 million shares on Nasdaq. In after hours, after the announcements the shares fell by $2.74 or 6.67% to $38.34.
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