SciQuest reports wider loss in third quarter after acquisitions

11/05/2013 6:55 PM

11/05/2013 6:56 PM

SciQuest reported late Tuesday a wider net loss in the third quarter, which the company attributed largely to recent acquisitions.

On a GAAP basis, SciQuest reported a net loss of $2.4 million, compared with a loss of $700,000 during the same period last year. GAAP revenues were $22.5 million, compared with $17.5 million in the third quarter of 2012. GAAP refers to generally accepted accounting principles.

On a non-GAAP basis, the Cary company had revenue of $23.5 million, up 33 percent from the same period a year ago. Net income was $2.2 million, up from $1.4 million in the same period last year. Net income per diluted share was 9 cents, compared with 6 cents per share during the same period last year.

That equaled the consensus of Wall Street analysts, which forecast adjusted earnings per share of 8 cents and adjusted net income of $2 million.

“The third quarter was characterized by good execution, strong results and advancement of our strategic priorities,” CEO Stephen Wiehe said in a statement.

SciQuest shares closed Wednesday at $24.50, up $2.36.

SciQuest’s technology allows customers to more efficiently buy goods and services online. The company’s shares tumbled 16 percent in a single day in September after the company lowered revenue and cash-flow projections for the second half of the year.

Wiehe said Tuesday that the company’s acquisition in September of CombineNet, a Pittsburgh-based software company, was expected to boost fourth quarter results.

For the year, SciQuest expects non-GAAP revenues to be between $92.1 million and $92.4 million.

Staff writer David Bracken

Join the Discussion

News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Terms of Service