REDMOND, WA Concur Technologies reported a new operating plan under which it will discontinue Concur Procurement and focus on its expense management ASP. The move comes as a result of a 47 percent decrease in revenues for the third quarter and an eight percent earnings reduction in the first three quarters of fiscal 2000 in comparison to the same period of 1999.
The net loss for the first three quarters of fiscal 2000 was $62.1 million, including restructuring charges, accrued sales returns on discontinued products, and adjustments to merger and acquisition costs, totaling $4.4 million. The Redmond-based company took a $2.2 million charge against third quarter revenue for returns, or potential returns, of Concur Procurement.
In addition to terminating the e-procurement ASP, Concur dismissed 13 percent of its base workforce and reduced its contract labor.