Concur Technologies Inc. (CNQR) reported a 13% year-over-year jump in revenues for its fiscal third quarter — $62.2 million on 14% growth in subscription revenues compared to the year-ago quarter. Net income for the quarter was $7.2 million or 14 cents per share.
Concur released Concur® Mobile for general availability. This application is meant for business travelers and extends the power of Concur® Travel & Expense by allowing mobile workers using their phones to easily change itineraries.
Concur also announced the acquisition of Etap-On-Line, a European provider of business travel and expense management solutions based in Paris, France. Concur expects the acquisition, which closed on Aug 1, 2009, to be accretive to fiscal 2010 earnings.
Total cash and equivalents as of June 30, 2009 were $243 million while long-term debt was $491,000 and shareholder’s equity was $505 million. Long-term debt was negligible and cash balance declined slightly compared to that in the beginning of fiscal 2009.
Concur expects fiscal fourth-quarter earnings per share of 11 cents, assuming an estimated effective tax rate of 36%. The Zacks Consensus Estimate is currently 14 cents per share.
For the current fiscal year, the company expects earnings per share to be 49 cents, assuming an estimated effective tax rate of 36%. The Zacks Consensus Estimate is pegged at 59 cents per share.
Concur Technologies is a provider of business services that automate the processes involved in the management of corporate expense. It focuses on reducing costly and inefficient expense processes in businesses of all sizes, by streamlining the reimbursement processes, reducing operating costs, improving internal controls, and enabling customers to apply greater insight into their spending patterns through analytics.
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