(PRNewswire) —  Textura Corporation (NYSE: TXTR), the leading provider of collaboration solutions for the construction industry, today announced financial results for the quarter ended March 31, 2014.

• Revenue increased 61% year over year to $13.8 million
• Organicrevenuegrowthof 46% year over year
• Construction value added of $19.5 billion, up 84% year over year
• Grossmargin of 79%, up from 77% in prior quarter
• Adjusted EPS loss of $0.16, improving from $0.19 in the prior quarter
• Net loss per share of $0.30, compared to $0.27 in the prior quarter
• Change in fiscal year end from September 30th to December 31st

"While our quarterly results were strong and within our guidance range," said Patrick Allin, Chairman and CEO of Textura, "the results did not fully meet our internal expectations. Severe winter weather conditions across much of the country resulted in delays in construction project starts and delays in contracting for projects on system. In addition, negative reports on Textura at the beginning of the quarter had the impact of delaying sales to prospective clients and slowing down the implementation of our new clients. That being said, weather and other distractions are temporary delays. Our business opportunity and future growth prospects have not changed, and we are pleased with the improving gross margin and Adjusted EPS in the quarter."

"Due to the nature of our business model, when project or contracting activity is delayed, it has an impact on revenue growth for the next couple of quarters," said Jillian Sheehan, Executive Vice President and CFO of Textura. "Despite a temporary delay in revenue, we expect to continue to see strong future revenue growth, leverage in our business model and improving Adjusted EPS going forward."

Results for the quarter ended March 31, 2014:

• Revenue: Revenue was $13.8 million, an increase of 61% over the prior-year period, and organic revenue increased by 46% year over year. Revenue for the quarter was negatively impacted by delays due to weather and delays in large general contractor sales and implementations, partially offset by the positive impact of the ongoing conversion of certain of our existing CPM general contractor clients to a new approach to calculating subscription fees based on combining project and monthly fees.
• Operating Metrics: Total active construction projects increased 34% year over year to 7,052. New projects added totaled 1,712, representing $19.5 billion in construction value, up 84% year over year. Organic active projects increased 30% year over year to 6,838, with 1,618 projects added during the quarter representing $16.2 billion in construction value, up 53% year over year. Latista added 94 projects for $3.3 billion in construction value and had 214 active projects during the quarter. Total number of organizations increased by 103% year over year to 14,173.
• Deferred Revenue: Deferred revenue at March 31, 2014 was $27.8 million, up 64% from $17.0 million at March 31, 2013, and up 8% from $25.8 million at December 31, 2013.
• Net Loss: Adjusted EBITDA loss was $3.3 million and GAAP net loss was $7.3 million, increases from $2.6 million and $4.9 million, respectively, in the quarter ended March 31, 2013. Adjusted EPS loss was $0.16 and GAAP net loss per share was $0.30, decreases from $0.35 and $0.56, respectively, in the quarter ended March 31, 2013, driven by a higher share count.
• Total Cash and Cash Equivalents: As of March 31, 2014, total cash and cash equivalents was $72.7 million. Cash used in operations during the quarter was $3.3 million, which increased from $2.1 million in the prior- year period, driven by higher personnel-related expenses due to growth and the Latista acquisition, partially offset by higher revenue and changes in working capital balances year over year. The change in the accounts receivable balance was impacted by the high level of sales late in the quarter, which affected the timing of cash collection. Other uses of cash during the quarter included capital expenditures to maintain existing infrastructure and to finance the purchase of new assets.
• LATISTA: The Latista acquisition closed on December 2, 2013 and resulted in revenue of $0.7 million in the quarter. The impact of Latista included in the consolidated results was Adjusted EBITDA loss and GAAP net loss of $1.1 million and $1.7 million, respectively, and Adjusted EPS loss and GAAP net loss per share of $0.04 and $0.07, respectively.

Change in Fiscal Year End

On May 1, 2014, Textura's Board of Directors approved a change in Textura's fiscal year end from September 30th to December 31st. The decision to change the full fiscal year end to coincide with the calendar year end is intended to improve comparability with industry peers and better align our reporting and planning cycle with the construction industry.

Outlook

Textura is providing guidance for the second, third and fourth quarters of its new fiscal year ending December 31, 2014 and for its new fiscal year ending December 31, 2014 . The guidance shows that we expect revenue growth to continue at a high rate and despite high levels of investment in our product strategy and business, Adjusted EPS to continue to improve. Textura expects to be operating cash flow neutral to slightly positive for its fiscal year ending December 31, 2014 .