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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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.