Concur Technologies, which earlier this week announced the purchase of France's Etap-On-Line, today reported a 13 percent increase in revenues and a big increase in net income that beat company expectations. Shares jumped nearly four percent in after hours trading.
The Redmond software company, which helps corporations streamline travel and entertainment expense forms, posted fiscal third quarter revenues of $62.2 million. Its net income increased to $7.2 million, or 14 cents per share. That compared to net income of $4.5 million for the same period last year.
Chief Executive Steve Singh said he was "very pleased" with the results and noted that new customer growth in the quarter was among the strongest in the company history.
“Against the backdrop of an environment that is beginning to stabilize, our ongoing ability to execute well, and the large-scale opportunity in front of us, we are beginning to reaccelerate our investments across the business while we continue to execute on our core objectives of expanding distribution, driving innovation in our industry, and setting the bar for service excellence," he said in the release.
For fiscal 2009, Concur expects earnings per share of 49 cents and cash flows from operations of $64 million to $66 million.
Year-to-date, the stock is up five percent.
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