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"Although market conditions remain exceptionally challenging, I am pleased that Chordiant was able to post its eighth consecutive quarter of non-GAAP profitability," said Steve Springsteel, Chairman, President and Chief Executive Officer. "I believe this is a testament to our large blue chip installed base, market leading products and our strong operational discipline. We will continue to manage our business to ensure that we continue to deliver excellent products that deliver a high degree of value to our customers."
In a release, the company stated:
- Total revenues for the first quarter of fiscal year 2009 were $23.4 million, down from $28.4 million in the prior quarter and down from $29.1 million for the first quarter of fiscal year 2008.
- License revenues for the first quarter of fiscal year 2009 were $7.9 million, down from the $9.5 million reported in the prior quarter and $8.8 million in the first quarter of fiscal year 2008. Service revenues for the first quarter of fiscal year 2009 were $15.4 million, compared to $18.9 million in the prior quarter and $20.3 million reported for the same period of fiscal year 2008.
- Chordiant reported a GAAP net loss of $2.7 million, or GAAP loss per basic share of $0.09, for the first quarter of fiscal year 2009 compared to GAAP net income of $0.2 million, or fully diluted GAAP net income per share of $0.01, for the same period of fiscal year 2008. Included in the GAAP results for the first quarter of fiscal 2009 were a net $0.8 million restructuring expense and a $1.3 million deferred tax expense.
- Chordiant reported first quarter fiscal year 2009 non-GAAP net income of $0.6 million, or fully diluted non-GAAP earnings per share of $0.02, compared to non-GAAP net income of $1.7 million, or fully-diluted non-GAAP earnings per share of $0.05, for the first quarter of fiscal year 2008. Non-GAAP net income excludes stock-based compensation expense, the amortization of purchased intangible assets, the non-cash tax expense relating to net operating loss carryforwards and restructuring charges.
- Chordiant's cash, cash equivalents, restricted cash and marketable securities position decreased by approximately $1.7 million during the quarter to $53.9 million at December 31, 2008, as compared to $55.6 million at September 30, 2008. The decline in the cash balance was primarily due to the impact of retranslating the company's international currency positions into U.S. dollars. On a constant currency basis using exchange rates as of September 30, 2008, Chordiant's cash balance would have increased to approximately $59 million.
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