Procuri reports a record year for 2006 and profitability treshold passed

In its january 25, 2007 press release, Procuri announced astounding growth rates:
* 150 percent year-over-year increase in incremental annual revenues,
* 56 percent increase in its revenue run rate,
* 53 percent increase in revenue backlog,
* 68 new contracts in 2006 for a total of 360 customers.

If you understand exactly what it means, sorry, I don’t. Help would be appreciated! I personally notice that Procuri is not disclosing its financials (i.e. revenue, EBITDA, EBIT) and basically that this report lacks of transparency. A good marketing pitch though. Indeed, Procuri reported their “profitability threshold to be passed” which is good news in a way but doesn’t mean anything, financially speaking. I guess – and only guess – that Procuri reached a positive EBITDA (even not talking about EBIT) on a monthly or quarterly basis and nothing else: in other words, Procuri problably reached operational profitability temporarily and might not be profitable (EBITDA) next year still. But those are only assumptions.

Bottom line, I’m amazed – still – to see how long it takes to ‘spend management’ SaaS providers to reach break-even and positive EBIT. To be honest, I haven’t seen any annual accounts proving profitability…

May be Mark Morel, Procuri’s president and CEO, could tell us more…

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