Corio Reports $83.7M Operating Loss For Year - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Corio Reports $83.7M Operating Loss For Year

Corio Inc., an application service provider backed by Microsoft, PeopleSoft, Sun Microsystems, and others, reported Tuesday fourth-quarter revenue of $14.1 million. Application-management-services revenue, consisting principally of recurring monthly fees from hosting arrangements, increased 57% to $6.8 million, from $4.3 million in the third quarter. Revenue from professional services was about $7.3 million. Corio execs said they expected professional service revenue to be about the same in the first quarter as the company looks for consulting and integration partners with whom to sell such services. This strategy will help Corio keep its professional-services headcount down and control costs, the company says.

For the fourth quarter, ended Dec. 31, the company reported a net loss of $19 million, including one-time charges. Excluding noncash amortization charges and interest income, the company reported a net loss of $18.6 million, or 38 cents a share, compared to a loss of $20 million, or 44 cents a share, for the previous quarter. Revenue for the quarter was $14 million, compared with $2.7 million in the year-ago period.

For the year, Corio reported a loss of $83.7 million, or $2.02 a share, compared with a loss of $33.8 for fiscal 1999. Revenue was $43.6 million, a 653% increase over the year before.

Corio's earnings teleconference, part of a CCBN.com Webcast, was interrupted several times by what sounded like an internal Computer Associates sales meeting Webcast. - Jennifer Maselli

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of Cloud Computing - Fall 2020
The State of Cloud Computing - Fall 2020
Download this report to compare how cloud usage and spending patterns have changed in 2020, and how respondents think they'll evolve over the next two years.
News
Can Cloud Revolutionize Business and Software Architecture?
Joao-Pierre S. Ruth, Senior Writer,  1/15/2021
Slideshows
10 IT Trends to Watch for in 2021
Cynthia Harvey, Freelance Journalist, InformationWeek,  12/22/2020
News
How CDOs Can Build Insight-Driven Organizations
Jessica Davis, Senior Editor, Enterprise Apps,  1/15/2021
Register for InformationWeek Newsletters
Video
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll