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On Feb. 4, 2009,
reported that its Q1 FY09 earnings surged 71.8%, helped by strong client demand and growth. Net income advanced to $5.81 million or $0.11 per share from $3.38 million or $0.07 per share in Q1 FY08. The company's non-GAAP pretax income was $13.10 million or $0.25 per share, which missed the most recent consensus estimate of $0.13 per share.
During Q1 FY09, total revenue increased 18.7% to $58.56 million from $49.35 million a year ago, driven by increased subscription revenue. Subscription revenue, contributing 96.6% of total sales soared 21.5% to $56.56 million from $46.54 million, led by an increased number of customers and new clientele in the subscription services. However, revenue from the Consulting and Other segment declined 28.7% to $2.00 million from $2.81 million, hurt by lower demand for consulting services.
Concur Technologies repurchased 2.0 million shares of its common stock under the share repurchase program. In addition, 700 (over 50.0%) new clients signed contracts with Concur Travel and Expense, an end-to-end solution and on-demand service that combines online travel booking with automated expense reporting.
Looking ahead to Q2 FY09, Concur expects to report earnings of $0.08 per share, assuming an estimated effective tax rate of 36.0% and non-GAAP pretax earnings per share of $0.22. The company anticipates total revenue to grow by about 6.0% over Q1 FY09. For FY09, CNQR continues to expect earnings to be $0.48 per share including an estimated effective tax rate of 36.0% and non-GAAP pretax earnings per share to be $1.11. Furthermore, Concur expects cash flows from operations to be between $64.00 million and $68.00 million and capital expenditures of approximately $21.00 million.
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