Chordiant Software Reports Prelim Financial Results for the Fourth Quarter and Fiscal Year

WASHINGTON, Oct 14, 2008 (ASCRIBE NEWS via COMTEX) -- CHRDD | Quote | Chart | News | PowerRating -- Chordiant Software, a provider of Customer Experience (Cx) software and services, announced selected preliminary financial results for the fourth quarter and fiscal year ended September 30, and provided an overview of revenue and profitability expectations for fiscal 2009.

Highlights of the report include:

- Total revenues of between $27.0 million and $28.0 million.

- License revenues of approximately $9.0 million.

- GAAP net income of between $0.5 million and $1.0 million, or $0.02 and $0.03 per fully diluted share.

- Non-GAAP net income of between $1.5 million and $2.0 million, or $0.05 and $0.07 per fully diluted share.

- Total bookings of approximately $14.6 million.

- Ending total backlog of approximately $71 million as of September 30.

- Cash, cash equivalents and restricted cash of approximately $55 million as of September 30.

"The fourth quarter was more challenging than we had originally anticipated," stated Steven R. Springsteel, Chairman and CEO. "The macroeconomic climate, even in the emerging geographies, which until recently had remained strong, deteriorated significantly during the last few weeks of the quarter. A number of transactions that we anticipated closing slipped out of the quarter, which negatively impacted our results for the quarter. Despite the shortfall in revenue, bookings and backlog, I'm pleased that we remained profitable which attests to our strong financial discipline."

All statements relating to Chordiant's fourth quarter and fiscal 2008 financial performance contained in this news release are preliminary in nature and may change based on the completion of the quarterly and annual closing and audit procedures by the Company's management and Chordiant's independent registered public auditing firm.

Chordiant also announced an approximate net 13 percent reduction in force, which impacts approximately 33 people and is expected to reduce operating costs by more than $4.8 million annually.

Chordiant said it expects both revenues and bookings for the full fiscal year ending September 30, 2009 to be between $100 and $110 million. With the cost reductions resulting from the reduction in force and additional reductions associated with third party consultants, the Company expects to remain profitable on a non-GAAP basis for fiscal 2009.

"While the actions we took today were difficult, we believe they are necessary to ensure that Chordiant remains a profitable company", stated Steven R. Springsteel, Chairman and CEO. "After a thorough review of our business operations we felt that these changes were prudent to better align our resources to the current market conditions."

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