Chordiant Software (CHRD) Misses Q2 EPS by 1c; Comments on Outlook

May 7, 2009 4:26 PM EDT

Chordiant Software (Nasdaq: CHRD) reports a Q2 loss of $0.05, 1 cent worse than the analyst estimate of ($0.04). Revenue for the quarter was $18.0 million, versus the consensus of $20.07 million.

Although the Company is not providing specific bookings, revenue, cash flow or earnings per share guidance, it is providing the following basic parameters for its financial performance in the second half of fiscal 2009. We expect:

to recognize approximately $4.2 million in total license revenues in the third quarter of fiscal year 2009 associated with the remaining contractual commitments under the Vodafone transaction that was closed in the first quarter of fiscal year 2008;

to recognize a total of $1.0 to $2.0 million dollars of the remaining $6.0 million in license revenue backlog, exclusive of Vodafone, over the next two quarters of fiscal year 2009;

to be non-GAAP profitable in the third quarter of fiscal year 2009, though the amount and timing of new license transactions are difficult to predict;

to continue to renew our existing support and maintenance contracts at rates in line with our historical experience. For the trailing 12-month period ended March 31, 2009, support and maintenance revenues
averaged approximately $9.5 million per quarter; and

our average quarterly professional services revenues for the remainder of fiscal year 2009 to decline from the $5.2 million that was reported in the second quarter of fiscal year 2009.

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