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SciQuest Announces Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: SQI

Generated Strong Quarterly and Annual Results

Added 42 New Customers During 2012

Achieved All 2012 Priorities

CARY, N.C., Feb. 7, 2013 (GLOBE NEWSWIRE) -- SciQuest, Inc. (Nasdaq:SQI), a leading provider of cloud-based spend management solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2012.

Stephen Wiehe, President and Chief Executive Officer of SciQuest, said, "2012 was a year of strong results and solid execution. Fourth quarter and full year non-GAAP revenues grew 46% and 27% over the applicable 2011 periods, inclusive of strong organic performance. Our customer focus and commitment to generating long-term value helped us gain 42 new customers during 2012, excluding those gained via acquisition. We experienced growth across all of our markets, and the fourth quarter of 2012 was the best quarter ever for the Commercial sales team. In addition, we dramatically expanded our modular solution suite, meeting our 2012 objectives to add Contract Lifecycle Management, Spend Analysis and Accounts Payable products. Our performance and accomplishments in 2012 provide us with an excellent foundation for continued success that will help to further solidify our leadership position in the marketplace. Our priorities in 2013 will be to capitalize on the significant opportunities that our expanded product suite and market focus provide, attract new customers and cross-sell our enhanced and expanded suite to existing customers. At the same time, we are focused on driving operational efficiencies across the business."

Fourth Quarter 2012 Results

SciQuest reported GAAP revenues of $19.7 million for the quarter ended December 31, 2012 compared to $14.2 million in the fourth quarter of 2011.

GAAP loss from operations in the fourth quarter of 2012 was $2.1 million compared to GAAP income from operations of $2.0 million in the fourth quarter of 2011. GAAP net loss was $2.4 million in the fourth quarter of 2012 compared to GAAP net income of $1.1 million in the same quarter in the prior year. The primary drivers of the fourth quarter 2012 losses were the expected dilutive impact of Upside Software and Spend Radar operations, the planned investments in product development and sales, GAAP acquisition related expenses and increased stock-based compensation.

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