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- 29 July 2003 11:53
CONCERTO SOFTWARE ANNOUNCES Q2 03 RESULTS
Concerto Software, Inc. Announces Second Quarter 2003 Results and Raises Full-Year Guidance
Company Exceeds Expectations; EnsemblePro Sales More Than Double, Gains Momentum in Inbound Sector
WESTFORD, Mass., July 29, 2003 – Concerto Software, Inc. (NASDAQ: CRTO), a leading provider of customer interaction management (CIM) solutions, has announced its financial results for the second quarter, which ended June 30, 2003, and raises its revenue and earnings per share (EPS) guidance for the full year of 2003.
In the second quarter of 2003, Concerto Software met its revenue expectations for the seventh consecutive quarter and exceeded its EPS guidance of US$0.04-US$0.05, delivering US$0.06 per share. The Company attributes its strong financial performance this quarter in part to sequentially more than doubling sales of EnsembleProä, its unified contact center platform that continues to gain momentum in the marketplace, specifically in the inbound sector. Concerto Software also credits record product revenue contribution by its Asia Pacific operations, continued demand for its industry-leading outbound contact center solution, UnisonÒ, and a sustained focus on controlling costs.
For the second quarter of 2003, total revenue increased by 6% to US$26.3 million from US$24.7 million in the same period in 2002, and increased 3% from US$25.6 million for the first quarter of 2003. Product revenue for the second quarter of 2003 increased by 2% to US$11.8 million compared to US$11.5 million for the same period in 2002, and increased 7% from US$11.0 million in the first quarter of 2003. On a basis in accordance with generally accepted accounting principles (GAAP), net income for the second quarter of 2003 was US$647,000 or EPS of US$0.06, compared to net income of US$245,000 or EPS of US$0.02 for the same period in 2002.
“Our positive financial performance this quarter in a number of areas – growing the top and bottom line, more than doubling sales of EnsemblePro, and being cash flow positive from operations – is proof of our ability to effectively execute on our strategy even in the face of continued challenging economic times,” said James D. Foy, President and CEO of Concerto Software. “I am pleased with the track record of success that Concerto Software has established thus far and confident that we will continue to deliver on our expectations. As a result, I’m proud to report we are raising our full-year guidance for both revenue and EPS.”
In the third quarter of 2003, Concerto Software expects sequential quarterly improvement with total revenue of at least US$26.5 million and GAAP diluted EPS of US$0.07. For the 2003 fiscal year, the Company is raising its original full year revenue guidance of US$105.0 million to US$106.0 million and its original GAAP diluted EPS guidance of US$0.19 to US$0.25. Concerto Software’s GAAP diluted EPS guidance of US$0.25 does include US$1.8 million of pre-tax amortization expense for fiscal 2003 related to the purchased intangible assets in connection with the acquisition of CELLIT, Inc.
At the end of the second quarter – while being cash flow positive from operations – cash and short-term investments decreased approximately US$1.5 million from the previous quarter for a total of US$27.2 million. The decrease is primarily due to the utilization of approximately US$1.5 million to repurchase 322,100 shares of the Company’s common stock pursuant to its stock repurchase program and US$700,000 for capital expenditures. Days sales outstanding (DSO) increased 4 days from 67 in the first quarter to 71 days in the second quarter, yet management believes it still remains below the industry average.
Second Quarter Business Highlights
EnsemblePro Sales Account for 78% of New Customer Revenue For the second quarter of 2003, Concerto Software secured 27 new name customers compared to 19 new customers in the first quarter of 2003. EnsemblePro represented 78% of new customer product revenue in the second quarter of 2003 compared to 60% in the first quarter of 2003.
“Our unified contact center platform continues to gain momentum every quarter, demonstrating that companies are looking for tangible ways to reduce the complexity in their contact centers,” said Foy. “With nearly half of all product revenue and more than three-quarters of all new customer revenue coming from sales of EnsemblePro this quarter, it’s clear that companies understand the value EnsemblePro offers by enabling them to have all of the functionality they need for use at their own pace, while also allowing them the flexibility to maximize any technologies they’ve already invested in. In addition, this traction sets the stage for Concerto Software’s continued penetration of the contact center industry’s inbound sector, given that most EnsemblePro customers utilize the solution for managing some or all of their inbound customer interactions,” Foy added.
International Sales Strong; Asia Pacific Region Delivers Record Quarter In the second quarter of 2003, international sales accounted for 35% of total revenue, an increase from 27% and 24% in the same period last year and first quarter of 2003, respectively. A key contributor was Concerto Software’s Asia Pacific (APAC) region that marked a record quarter for product revenue contribution.
Unison 7.0 Becomes Generally Available; Features Significantly Increased Telephony Capacity and Functionality to Aid in Federal Trade Commission Compliance
The newest version of Concerto Software’s comprehensive outbound customer contact solution, Unison, became generally available in May. Unison Version 7.0 delivers greater system capacity, redundancy and performance for businesses that produce high call-volumes and the need to improve campaign effectiveness. Unison is for companies that undertake extensive telemarketing, proactive customer contact, and collections campaigns and helps customers to comply with new and emerging federal telemarketing regulations.
Concerto Software Provides Guidance on Complying with Federal Telemarketing Regulations In June, as the Federal Trade Commission accelerated the schedule for initiating one of the main provisions of its new telemarketing regulations – the national “do not call” registry – Concerto Software released a white paper offering an introduction to the regulations and their potential impacts on businesses. The paper, entitled “The Amended Telemarketing Sales Rule: An Introduction to the Key Regulations, Their Impact and Potential Benefits,” provides an overview of the complex amended Telemarketing Sales Rule, outlines suggested strategies to help with compliance and discusses potential benefits of the new regulations.
“With complex laws and high standards for compliance, companies need to be aware of the business and technology issues involved in adhering to these new requirements,” said Foy. “Ultimately, each company must interpret the laws and make their own decisions on how to comply, but we are dedicated to providing our customers information and technology solutions that can help them succeed within the boundaries of laws such as these.”
Concerto Software’s EnsemblePro Now Globalized/Localized in Seven Languages EnsemblePro was recently globalized and localized for multilingual support and is now available in seven additional languages: Traditional Chinese, Simplified Chinese, Japanese, French, German, Korean and Spanish. The globalized EnsemblePro solution enhances Concerto Software’s ability to continue to expand in emerging markets throughout Europe, Asia, the Caribbean and Latin America. Now, non-English-speaking agents can utilize the solution with ease, resulting in more efficient, effective contact center operations and enhanced customer service. This version adds globalized support for the Windows® locale, all reporting and data entry. It also offers complete OCX® integration and globalized/localized menus, wizards, droppable objects, controls, applets, message boxes and on-line help for agent-facing applications.
About Concerto Software™
Concerto Software, Inc. (NASDAQ: CRTO) is a proven and reliable provider of contact center solutions that help companies better manage customer interactions via voice, email, the Web and fax. With multiple strengths – including financial stability, talented people, innovative technology, more than 20 years of industry expertise and a singular focus on the contact center – Concerto Software is a trusted partner to more than 1,200 companies across the globe. Concerto Software is headquartered in Westford, Massachusetts, with operations across North America, Europe and Asia. For more information, visit www.concerto.com.
For further information please contact:
Samantha Koh Concerto Software +65 6416 0166 firstname.lastname@example.org
Shuna Boyd BoydPR 02 9418 8100 email@example.com
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