Sales performance management company Callidus Software has reported a net loss of $6.74m for the third quarter 2009, compared to a net loss of $1.38m in the year-ago quarter. Revenue declined 38% to $17.39m. Skip related content
Operating loss was $6.61m compared to an operating loss of $1.38m in the same period last year, while diluted net loss per share was $0.22 compared to a diluted net loss per share of $0.05 a year ago. Cash and investments totaled $36.8m at the end of the quarter.
The company said recurring revenue grew 3% to $11.2m, while services revenue fell 50% to $5.3m, and license revenue fell 87% to $0.9m.
For the nine-month period, Callidus Software has reported a net loss of $12.88m compared to a net loss of $9.14m a year ago. Revenue declined 18% to $65.66m.
Leslie Stretch, president and CEO at Callidus Software, said: "With significant competitive wins, we had a strong ACV performance in Q3 as we closed a number of deals in both our on-demand business as well as our term on-premises business. Further, over the course of the last year we have significantly reduced our fixed costs and right-sized the company to fit our new recurring revenue business model. Our subscription and support recurring revenues are now the primary contributor to our total revenue and margin performance, and we are driving to achieve profitability in the second half of 2010."
Looking ahead to the fourth quarter, the company expects revenue between $16m and $17.5m and operating expenses between $10.6m and $11.6m.
