Corporate expense software developer Concur Technologies
Quarterly revenues increased 40% to $27.5 million, but net income fell to $1 million, or $0.03 per share, down from $2.1 million, or $0.06 per share, in the year-ago quarter. The plunge stemmed from a $1.5 million provision for income taxes in the current quarter.
Concur develops software that helps companies automate the travel expense process. With the system, an employee can easily book a flight, rental car, and hotel, which is then integrated into expense reports. What's more, the process is customized according to a company's compliance policy requirements, resulting in lower costs and improved internal controls. Concur's major customers include Dell
Concur's business model is similar to that of ADP
Concur forecasts fiscal 2007 revenues of $120 million to $125 million. That said, the company has been aggressively adding to its sales force. With an eager market and a solid product, there's a good chance that Concur will continue its fast-growing ways -- and beat its current growth forecast.
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