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May 12, 2009

Chordiant Q2 loss widens as sales fall 27% to $18m

Services revenue fell 31.1% to $13.7m

By CBR Staff Writer

CRM vendor Chordiant Software has reported a net loss of $3.5m for the second quarter 2009, compared to a loss of $1.1m in the year-ago quarter, on revenue down 27.2% at $18m.

It made an operating loss of $2.5m compared to a loss of $2.2m in the same period last year. The diluted net loss per share was $0.12 compared to $0.04 a year ago.

The company said license revenue fell 11% to $4.3m, while services revenue fell 31.1% to $13.7m. It recorded total bookings of $8.4m, compared to $20.4m in the same period last year.

Steve Springsteel, chairman, president, and chief executive at Chordiant, said: I am pleased to announce that we posted our second consecutive quarter of positive operating cash flow despite challenging market conditions. Our total bookings fell short of our expectations in the second quarter due to the slippage of a multi-million dollar transaction which we are pleased to announce has subsequently closed.

For the second half of fiscal 2009, it expects approximately $4.2m in total license revenue in the third quarter 2009 associated with the contractual commitments under the Vodafone transaction. It also expects to recognize $1m to $2m of the remaining $6m in license revenue backlog, exclusive of Vodafone, over the next two quarters of fiscal 2009.

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