Covisint Loss Shrinks On Revenue Jump

DETROIT (WWJ) — In its first financial report as a publicly traded company, Covisint Corp. (Nasdaq: COVS), the Detroit-based provider of secure communication and collaboration technology, reported a loss of $2.4 million or 8 cents a share in the second fiscal quarter ended Sept. 30. That’s an improvement from a $4.6 million loss, 17 cents a share, in the prior fiscal year.

Revenue was $24.5 million, up 19 percent from $20.6 million a year earlier.

The loss for the six months was $6.8 million or 22 cents a share, up slightly from a $6.6 million loss, also 22 cents a share, in the first half of the prior fiscal year. Revenue for the first half was $46.6 million, up from $41.2 million a year earlier.

“Following our successful initial public offering last month, Covisint is reporting strong results for the second quarter of 2014,” said Covisint president and CEO David McGuffie. “Our revenue growth was driven by both the acquisition of new customers and expansions at existing customers, as we see continued demand for the Covisint platform to secure and enable new external business initiatives.”

During the quarter, Compuware Corp. sold 7.36 million shares of its stock in Covisint, 19.7 percent of the shares outstanding.

To listen to a replay of the conference call discussing these results, call (800) 475-6701 in the United States and (320) 365-3844 elsewhere, using the pass code 305577.

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