Chordiant Revenue Up for 3Q; Kelly Promoted to CEO
Chordiant Software reported more than double its total revenue compared to the quarter one year earlier in its third quarter earnings report Tuesday. The Cupertino, Calif.-based company also announced plans to open a new office in South Africa and promote its current president to CEO.
Chordiant (Nasdaq: CHRD) reported both a sequential and year-to-year gain in total revenue for the quarter ended September 30, 2001. Quarterly revenue was over $20.5 million, up sequentially from $18.5 in the previous quarter and more than double the $9.7 million earned in Q3 2000.
The CRM solutions provider also reported net losses of $10.5 million, or ($0.20) per share, an improvement over the $12.7 million lost last quarter but greater than the $8 million lost for 3Q last year.
For the fourth quarter, Chordiant expects revenues of $22 million to $23 million, said Sam Spadafora, chairman and chief executive officer. "We expect to achieve operating and cash flow break-even in the first half of 2002,'' he added.
The company has completed a number of recent acquisitions and has expanded its global presence during the quarter. Most recently, Chordiant Wednesday announced the opening of an office in Johannesburg, South Africa to market, sell and distribute Chordiant solutions in the area. The office will be co-located with Bytes Business Solutions, the South African distributor of Choridant's Marketing Director software.
On the home front, Chordiant has announced plans to promote current president and chief operating officer Stephen Kelly to the position of CEO, effective January 1, 2002. The current CEO, Spadafora, will remain on board as chairman, where he will be active in the strategic direction of the company, Chordiant said.
Kelly began building Chordiant's international operations in 1997 while working in London. Before Chordiant, Kelly spent over 10 years in senior management with Oracle where he focused on vertical markets organization, including financial services, telecommunications and retail.
"Stephen brings a clear vision, a tremendous commitment to drive customer success and a solid understanding of Chordiant's strategic direction," said Spadafora.