|
CHANTILLY, Va., Oct 28, 2009 (BUSINESS WIRE) -- Online Resources Corporation (Nasdaq: ORCC), a leading provider of
online financial services, today reported financial and operating
results for the three months ended September 30, 2009.
-
Revenue was $36.6 million, down 4 percent from $38.1 million in the
third quarter 2008.
-
Adjusted Ebitda, a non-GAAP measure, was $9.8 million, up 19 percent
from $8.3 million in the prior year.
-
Net income available to common stockholders was $0.4 million, or $0.01
per diluted share. This result compares to a net loss of $1.5 million,
or $0.05 loss per diluted share, in 2008.
-
Core net income, a non-GAAP measure, was $2.9 million, up 50 percent
from $1.9 million in 2008. On a per share basis, core net income was
$0.09, up 50 percent from $0.06 in 2008.
"True to our priorities, we delivered excellent earnings and cash flow
growth in the third quarter, while continuing to reduce debt," said
Matthew P. Lawlor, chairman and chief executive officer of the Company.
"Revenue was lower than expected, however, due to weaker consumer
transactions and a $0.5 million fee expected in the third quarter that
was recognized early in the fourth quarter."
Lawlor continued, "Consumer adoption of online banking continued to
climb nicely, and same store billpay transactions grew in line with
recent quarters. New client signings were especially strong, as our
fully integrated one-stop internet banking offering continues to
resonate with community banks and credit unions. We also entered into
two potentially large distributor partnerships. We renewed all of our
expiring large client contracts but, as previously stated, we expect
continued client turnover as the industry consolidates and competition
intensifies."
"New client activity was also strong in our e-commerce business," Lawlor
added. "We signed a major healthcare services provider for enrollment
and payment services, and significantly expanded our web-based
collections relationship with a top 3 U.S. card issuer. While consumer
transactions continued to grow year over year, the recession has had a
major impact on our accounts receivable management clients, contributing
to a decline in user-paid fees."
Lawlor concluded, "Looking forward, I believe we are positioned well
competitively, with our comprehensive product set and focus on the
online channel. We expect to continue to grow earnings and cash flow, as
we benefit from prior strategic cost initiatives. There are also some
promising revenue indicators such as stepped-up client signings, new
products and a possible bottoming of consumer transaction declines.
However, until we see some firmer signs of an economic turnaround and
stability in the markets we serve, we must assume on-going challenges to
the top line."
Business Outlook The Company provided guidance for fourth quarter, and updated its
guidance for full year 2009. These statements are forward-looking, and
actual results may differ materially. Guidance is stated in millions,
except for per share data.
| | | | | | | Fourth Quarter | | Full Year | | | 2008 Actual | | 2009 Guidance | | % Change | | 2008 Actual | | 2009 Guidance | | % Change | | Revenue ($ millions) | |
$37.2
| |
$37.4-$39.4
| |
3%
| |
$151.6
| |
$151.0-153.0
| |
0%
| | Adjusted Ebitda (a)(b) | |
$9.6
| |
$10.0-11.5
| |
12%
| |
$32.7
| |
$37.5-39.0
| |
17%
| | Earnings ($ per share) | | Net (Loss) Income to Common (c)(d) | |
$0.04
| |
$(0.02)-0.00
| |
n/a
| |
$(0.24)
| |
$(0.12)-(0.10)
| |
n/a
| | Core Net Income (a)(e)(f) | |
$0.07
| |
$0.10-0.12
| |
57%
| |
$0.24
| |
$0.34-0.36
| |
46%
| | Share Count (millions) | | Basic | |
29.4
| |
30.2
| |
3%
| |
29.1
| |
29.9
| |
3%
| | Fully Diluted Shares (g) | |
30.1
| |
31.8
| |
6%
| |
30.5
| |
31.1
| |
2%
|
| | | |
(a)
| |
The Company uses non-GAAP (Generally Accepted Accounting Principles)
financial measures, including Adjusted Ebitda and core net income,
to evaluate performance and establish goals. It believes that these
measures are valuable to investors in assessing the Company's
operating results when viewed in conjunction with GAAP results.
| | | | |
(b)
| |
Adjusted Ebitda is defined as earnings before interest, taxes,
depreciation and amortization, preferred stock accretion and equity
compensation expense.
| | | | |
(c)
| |
Fourth quarter 2009 and years 2009 and 2008 net loss available to
common stockholders per share are calculated using the number of
weighted-average shares outstanding (basic), not fully diluted
shares.
| | | | |
(d)
| |
Guidance does not assume the release of any additional tax valuation
allowance in 2009, though the Company may do so. Also does not
include the impact of any mark-to-market adjustments for derivatives
the Company holds or other fair value accounting impacts.
| | | | |
(e)
| |
Core net income is defined as net income available to common
stockholders before, on a pre-tax basis, the amortization of
acquisition-related intangible assets, equity compensation expense,
income tax benefit from the release of valuation allowance, income
(costs) related to the fair market valuation of certain derivatives
and mark-to-market investments, preferred stock accretion related to
the redemption premium and all other non-recurring charges. Some or
all of these items may not be applicable in any given reporting
period.
| | | | |
(f)
| |
Excludes amortization of acquisition-related intangible assets of
$1.7 and $2.2 million for the fourth quarters 2009 and 2008,
respectively, and $7.6 and $9.5 million for the years 2009 and 2008,
respectively. Excludes equity compensation expense of $1.7 and $0.7
million for the fourth quarters 2009 and 2008, respectively, and
$5.1 and $4.7 million for the years 2009 and 2008, respectively.
Excludes preferred stock accretion related to the redemption premium
of $0.4 million for the fourth quarters 2009 and 2008 and $1.6
million for the years 2009 and 2008. Excludes income (costs) related
to the fair market valuation of certain derivatives of $2.8 for the
fourth quarter 2008 and $1.9 million for the year 2008. Excludes
income (costs) related to mark-to-market investments of $(0.4)
million for the fourth quarter 2008 and $0.1 and $(0.6) million for
the years 2009 and 2008, respectively. Excludes a tax valuation
allowance benefit of $0.2 million for the fourth quarter and year
2008. Includes preferred stock accretion of $1.9 million for the
fourth quarters 2009 and 2008 and $7.6 and $7.3 million for the
years 2009 and 2008, respectively.
| | | | |
(g)
| |
Only used for the purposes of calculating core net income per share
and net (loss) income to common for the year 2008.
|
Today's Conference Call and Web Cast Management will host a conference call to discuss results at 5:00 p.m.
ET today. The conference call dial-in number is (888) 352-6798 for
domestic participants and (719) 325-2469 for international participants.
Alternatively, a live web cast of the call will be available through the
"Investors" section of Online Resources' web site at www.orcc.com.
The call and web cast will be recorded and available for playback from
8:00 p.m. ET on October 28th until midnight on Thursday, November 5th.
For the conference call playback, dial (888) 203-1112 for domestic
participants and (719) 457-0820 for international participants and enter
code 4460134. For web cast replay, go to the "Investors" section of www.orcc.com.
About Online Resources Online Resources (Nasdaq: ORCC) powers financial interactions between
millions of consumers and the company's financial institution and biller
clients. Backed by its proprietary payments gateway that links banks
directly with billers, the company provides web and phone-based
financial services, electronic payments and marketing services to drive
consumer adoption. Founded in 1989, Online Resources has been recognized
for its high growth and product innovation. It is the largest financial
technology provider dedicated to the online channel. For more
information, visit www.orcc.com.
This news release contains statements about future events and
expectations, which are "forward-looking statements." Any statement in
this release that is not a statement of historical fact may be deemed to
be a forward-looking statement. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause
the company's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Specifically factors that might cause such a difference include, but are
not limited to: the company's history of losses and anticipation of
future losses; the company's dependence on the marketing efforts of
third parties; the potential fluctuations in the company's operating
results; the company's potential need for additional capital; the
company's potential inability to expand the company's services and
related products in the event of substantial increases in demand for
these services and related products; the company's competition; the
company's ability to attract and retain skilled personnel; the company's
reliance on the company's patents and other intellectual property; the
early stage of market adoption of the services it offers; consolidation
of the banking and financial services industry; and those risks and
uncertainties discussed in filings made by the company with the
Securities and Exchange Commission, including those risks and
uncertainties contained under the heading "Risk Factors" in the
company's Form 10-K, latest 10-Q, and S-3 as filed with the Securities
and Exchange Commission. These factors should be considered in
evaluating the forward-looking statements, and undue reliance should not
be placed on such statements. | | | | | | | | | | | | | | | | | | Online Resources Corporation | | Quarterly Operating Data(1) | | (Unaudited) | | | | | | | | | | | | | | | | | | | | 4Q07 | | 1Q08 | | 2Q08 | | 3Q08 | | 4Q08 | | 1Q09 | | 2Q09 | | 3Q09 | | BANKING SERVICES | | | | | | | | | | | | | | | | | |
Payment Services2 | | | | | | | | | | | | | | | | | |
Revenue
| |
$
|
20.2
| | |
$
|
19.7
| | |
$
|
18.1
| | |
$
|
18.4
| | |
$
|
17.9
| | |
$
|
17.5
| | |
$
|
17.2
| | |
$
|
17.1
| | |
Bill Payment Transactions
| | |
41.8
| | | |
41.8
| | | |
39.0
| | | |
39.1
| | | |
39.4
| | | |
39.0
| | | |
37.3
| | | |
38.5
| | | | | | | | | | | | | | | | | | | |
Other Revenue
| |
$
|
5.6
| | |
$
|
4.5
| | |
$
|
5.1
| | |
$
|
5.6
| | |
$
|
5.3
| | |
$
|
5.4
| | |
$
|
5.9
| | |
$
|
5.7
| | | | | | | | | | | | | | | | | | | | eCOMMERCE SERVICES | | | | | | | | | | | | | | | | | |
Payment Services - User Paid
| | | | | | | | | | | | | | | | | |
Revenue
| |
$
|
5.5
| | |
$
|
7.0
| | |
$
|
6.4
| | |
$
|
6.2
| | |
$
|
5.8
| | |
$
|
6.5
| | |
$
|
5.8
| | |
$
|
4.7
| | |
Bill Payment Transactions
| | |
1.4
| | | |
1.7
| | | |
1.7
| | | |
1.7
| | | |
1.6
| | | |
1.7
| | | |
1.6
| | | |
1.4
| | | | | | | | | | | | | | | | | | | |
Payment Services - Biller Paid
| | | | | | | | | | | | | | | | | |
Revenue
| |
$
|
4.1
| | |
$
|
5.2
| | |
$
|
5.6
| | |
$
|
6.0
| | |
$
|
6.2
| | |
$
|
7.1
| | |
$
|
7.0
| | |
$
|
7.2
| | |
Bill Payment Transactions
| | |
9.1
| | | |
10.3
| | | |
10.5
| | | |
11.3
| | | |
11.8
| | | |
12.7
| | | |
13.5
| | | |
13.7
| | | | | | | | | | | | | | | | | | | |
Other Revenue3 | |
$
|
2.8
| | |
$
|
2.8
| | |
$
|
2.0
| | |
$
|
1.9
| | |
$
|
2.0
| | |
$
|
2.7
| | |
$
|
1.9
| | |
$
|
1.9
| | | | | | | | | | | | | | | | | | | | OTHER KEY METRICS | | | | | | | | | | | | | | | | | |
Internet Banking Adoption Rate4 | | |
26.9
|
%
| | |
28.2
|
%
| | |
32.8
|
%
| | |
33.6
|
%
| | |
35.4
|
%
| | |
38.3
|
%
| | |
40.8
|
%
| | |
43.2
|
%
| |
Banking Billpay Adoption Rate
| | |
8.7
|
%
| | |
9.0
|
%
| | |
9.4
|
%
| | |
10.0
|
%
| | |
10.2
|
%
| | |
10.4
|
%
| | |
10.7
|
%
| | |
11.1
|
%
| |
Enterprise Users
| | |
12.3
| | | |
13.5
| | | |
12.6
| | | |
13.0
| | | |
13.2
| | | |
13.8
| | | |
14.0
| | | |
14.3
| |
| Notes: | | |
1.
| |
In millions except adoption rates.
| | | | |
2.
| |
Includes the revenues and transactions for the following large,
departed clients: Jack Henry (departed 4Q07) and Corporate Network
eCom (departed 1Q08).
| | | | |
3.
| |
Includes revenues for large client Certegy, which departed in 2Q08.
| | | | |
4.
| |
The Company refined its definition of an Internet banking user in
1Q09 to incorporate a stricter definition of an active user. In
order to make them consistent with the new definition, the Internet
banking adoption rates for prior periods have been adjusted. User
counts under the new definition have been estimated for the prior
periods.
|
| | | | | | | Online Resources Corporation | | Consolidated Statements of Operations | | (In thousands, except per share data) | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | | | | 2009 | | | | 2008 | | | | 2009 | | | | 2008 | | | | (Unaudited) | | (Unaudited) | |
Revenues:
| | | | | | | | | |
Account presentation services
| |
$
|
2,083
| | |
$
|
1,860
| | |
$
|
5,877
| | |
$
|
6,121
| | |
Payment services
| | |
28,971
| | | |
30,518
| | | |
90,126
| | | |
92,480
| | |
Relationship management services
| | |
2,015
| | | |
2,074
| | | |
6,055
| | | |
6,091
| | |
Professional services and other
| | |
3,525
| | | |
3,681
| | | |
11,559
| | | |
9,790
| | |
Total revenues
| | |
36,594
| | | |
38,133
| | | |
113,617
| | | |
114,482
| | | | | | | | | | | |
Expenses:
| | | | | | | | | |
Cost of revenues
| | |
18,816
| | | |
19,579
| | | |
58,496
| | | |
58,808
| | |
Gross profit
| | |
17,778
| | | |
18,554
| | | |
55,121
| | | |
55,674
| | | | | | | | | | | |
General and administrative
| | |
6,955
| | | |
7,984
| | | |
23,564
| | | |
26,528
| | |
Selling and marketing
| | |
4,624
| | | |
6,021
| | | |
15,952
| | | |
18,681
| | |
Systems and development
| | |
2,247
| | | |
2,456
| | | |
6,630
| | | |
7,498
| | |
Total expenses
| | |
13,826
| | | |
16,461
| | | |
46,146
| | | |
52,707
| | |
Income from operations
| | |
3,952
| | | |
2,093
| | | |
8,975
| | | |
2,967
| | | | | | | | | | | |
Other income (expense)
| | | | | | | | | |
Interest income
| | |
22
| | | |
111
| | | |
104
| | | |
433
| | |
Interest expense
| | |
(357
|
)
| | |
(1,045
|
)
| | |
(3,300
|
)
| | |
(5,073
|
)
| |
Other income (expense)
| | |
14
| | | |
(55
|
)
| | |
91
| | | |
(164
|
)
| |
Total other income (expense)
| | |
(321
|
)
| | |
(989
|
)
| | |
(3,105
|
)
| | |
(4,804
|
)
| |
Income (loss) before tax provision (benefit)
| | |
3,631
| | | |
1,104
| | | |
5,870
| | | |
(1,837
|
)
| |
Income tax provision (benefit)
| | |
918
| | | |
338
| | | |
1,950
| | | |
(224
|
)
| |
Net income (loss)
| | |
2,713
| | | |
766
| | | |
3,920
| | | |
(1,613
|
)
| |
Preferred stock accretion
| | |
2,325
| | | |
2,237
| | | |
6,861
| | | |
6,614
| | |
Net income (loss) available to common stockholders
| |
$
|
388
| | |
$
|
(1,471
|
)
| |
$
|
(2,941
|
)
| |
$
|
(8,227
|
)
| | | | | | | | | | |
Net income (loss) available to common stockholders per share:
| | | | | | | | | |
Basic
| |
$
|
0.01
| | |
$
|
(0.05
|
)
| |
$
|
(0.10
|
)
| |
$
|
(0.28
|
)
| |
Diluted
| |
$
|
0.01
| | |
$
|
(0.05
|
)
| |
$
|
(0.10
|
)
| |
$
|
(0.28
|
)
| | | | | | | | | | |
Shares used in calculation of net income (loss) available to common
stockholders per share:
| | | | | | | | |
Basic
| | |
30,048
| | | |
29,211
| | | |
29,898
| | | |
29,013
| | |
Diluted
| | |
31,546
| | | |
29,211
| | | |
29,898
| | | |
29,013
| |
| | | | | | Online Resources Corporation | | Condensed Consolidated Balance Sheets | | (In thousands) | | | | | | | | September 30, | | December 31, | | | 2009 | | 2008 | | | (Unaudited) | | ASSETS | | | | | |
Current assets:
| | | | | |
Cash and cash equivalents
| |
$
|
30,743
| |
$
|
22,969
| |
Short-term investments
| | |
0
| | |
1,009
| |
Accounts receivable, net
| | |
16,256
| | |
15,742
| |
Deferred tax asset, current portion
| | |
2,142
| | |
8,782
| |
Prepaid expenses and other current assets
| | |
4,528
| | |
4,013
| |
Total current assets
| | |
53,669
| | |
52,515
| | | | | | |
Property and equipment, net
| | |
26,264
| | |
28,707
| |
Deferred tax asset, less current portion
| | |
29,927
| | |
25,295
| |
Goodwill
| | |
181,516
| | |
181,516
| |
Intangible assets
| | |
21,752
| | |
27,668
| |
Deferred implementation costs, less current portion, and other assets
| | |
6,780
| | |
7,976
| |
Total assets
| |
$
|
319,908
| |
$
|
323,677
| | | | | | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | |
Current liabilities:
| | | | | |
Accounts payable
| |
$
|
1,414
| |
$
|
1,198
| |
Accrued expenses
| | |
3,676
| | |
3,618
| |
Notes payable, senior secured debt, current portion
| | |
12,750
| | |
15,937
| |
Interest payable
| | |
28
| | |
6
| |
Deferred revenues, current portion, and other current liabilities
| | |
6,975
| | |
7,513
| |
Total current liabilities
| | |
24,843
| | |
28,272
| | | | | | |
Notes payable, senior secured debt, less current portion
| | |
51,000
| | |
59,500
| |
Deferred revenues, less current portion, and other long-term
liabilities
| | |
6,189
| | |
6,377
| |
Total liabilities
| | |
82,032
| | |
94,149
| | | | | | |
Redeemable convertible preferred stock
| | |
98,275
| | |
91,415
| | | | | | |
Stockholders' equity
| | |
139,601
| | |
138,113
| |
Total liabilities and stockholders' equity
| |
$
|
319,908
| |
$
|
323,677
|
| | | | Online Resources Corporation | | Condensed Consolidated Statements of Cash Flows | | (In thousands) | | | | | | Nine Months Ended | | | September 30, | | | | 2009 | | | | 2008 | | | | (Unaudited) | | | | | | | Operating activities | |
| | | |
Net income (loss)
| |
$
|
3,920
| | |
$
|
(1,613
|
)
| |
Adjustments to reconcile net loss to net cash provided by operating
activities:
| | | | | |
Deferred tax expense
| | |
2,008
| | | |
212
| | |
Depreciation and amortization
| | |
15,209
| | | |
16,138
| | |
Equity compensation expense
| | |
3,307
| | | |
3,971
| | |
Write off and amortization of debt issuance costs
| | |
250
| | | |
282
| | |
Loss on disposal of assets
| | |
37
| | | |
33
| | |
Provision for losses on accounts receivable
| | |
16
| | | |
89
| | |
(Gain) loss on investments
| | |
(91
|
)
| | |
163
| | |
Change in fair value of stock price protection
| | |
-
| | | |
1,565
| | |
Change in fair value of theoretical swap derivative
| | |
8
| | | |
(689
|
)
| |
Loss on cash flow hedge derivative security
| | |
-
| | | |
259
| | |
Changes in operating assets and liabilities, net of acquisitions:
| | | | | |
Consumer deposit receivable
| | |
-
| | | |
8,279
| | |
Consumer deposit payable
| | |
-
| | | |
(10,555
|
)
| |
Changes in certain other assets and liabilities
| | |
(958
|
)
| | |
(2,074
|
)
| |
Net cash provided by operating activities
| | |
23,706
| | | |
16,060
| | | Investing activities | | | | | |
Purchases of property and equipment
| | |
(6,744
|
)
| | |
(11,295
|
)
| |
Purchases of short-term investments
| | |
-
| | | |
(250
|
)
| |
Sale of short-term investments
| | |
2,100
| | | |
5,713
| | |
Net cash used in investing activities
| | |
(4,644
|
)
| | |
(5,832
|
)
| | Financing activities | | | | | |
Net proceeds from issuance of common stock
| | |
425
| | | |
794
| | |
Repurchase of shares issued related to ITS acquisition
| | |
-
| | | |
(2,117
|
)
| |
Payments for ITS stock protection
| | |
-
| | | |
(112
|
)
| |
Repayment of 2007 notes
| | |
(11,687
|
)
| | |
(6,375
|
)
| |
Repayment of capital lease obligations
| | |
(26
|
)
| | |
(27
|
)
| |
Net cash used in financing activities
| | |
(11,288
|
)
| | |
(7,837
|
)
| |
Net increase in cash and cash equivalents
| | |
7,774
| | | |
2,391
| | |
Cash and cash equivalents at beginning of year
| | |
22,969
| | | |
13,227
| | |
Cash and cash equivalents at end of period
| |
$
|
30,743
| | |
$
|
15,618
| |
| | | | | | | Online Resources Corporation | | Reconciliation of Non-GAAP Measures | | (In thousands, except per share data) | | | | | | | | |
Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | | | | 2009 | | | | 2008 | | | | 2009 | | | | 2008 | | | | (Unaudited) | | (Unaudited) | | |
| | | | | | | | Reconciliation of adjusted ebitda (See Note 1): | | | | | | | | | |
Net income (loss)
| |
$
|
2,713
| | |
$
|
766
| | |
$
|
3,920
| | |
$
|
(1,613
|
)
| |
Depreciation and amortization (incl. loss on disposal of assets)
| | |
4,822
| | | |
5,183
| | | |
15,246
| | | |
16,171
| | |
Equity compensation expense
| | |
1,069
| | | |
1,021
| | | |
3,307
| | | |
3,971
| | |
Other (income) expense
| | |
321
| | | |
989
| | | |
3,105
| | | |
4,804
| | |
Income tax provision (benefit)
| | |
918
| | | |
338
| | | |
1,950
| | | |
(224
|
)
| |
Ebitda (See Note 1)
| |
$
|
9,843
| | |
$
|
8,297
| | |
$
|
27,528
| | |
$
|
23,109
| | | | | | | | | | | | Reconciliation of core net income (See Note 2): | | | | | | | | | |
Net income (loss) available to common stockholders
| |
$
|
388
| | |
$
|
(1,471
|
)
| |
$
|
(2,941
|
)
| |
$
|
(8,227
|
)
| |
Preferred stock accretion related to redemption premium
| | |
398
| | | |
391
| | | |
1,189
| | | |
1,166
| | |
Change in fair value of stock price protection
| | |
-
| | | |
-
| | | |
-
| | | |
1,565
| | |
Change in fair value of theoretical swap derivative
| | |
(694
|
)
| | |
(189
|
)
| | |
8
| | | |
(689
|
)
| |
Change in fair value of mark to market investments
| | |
(14
|
)
| | |
55
| | | |
(91
|
)
| | |
163
| | |
Equity compensation expense
| | |
1,069
| | | |
1,021
| | | |
3,307
| | | |
3,971
| | |
Amortization of intangible assets
| | |
1,753
| | | |
2,132
| | | |
5,917
| | | |
7,348
| | |
Core net income (see Note 2)
| |
$
|
2,900
| | |
$
|
1,939
| | |
$
|
7,389
| | |
$
|
5,297
| | | | | | | | | | | | Reconciliation of core net income per share: | | | | | | | | | |
Diluted net income (loss) available to common stockholders
| |
$
|
0.01
| | |
$
|
(0.05
|
)
| |
$
|
(0.10
|
)
| |
$
|
(0.28
|
)
| |
Preferred stock accretion related to redemption premium
| | |
0.01
| | | |
0.01
| | | |
0.04
| | | |
0.04
| | |
Change in fair value of stock price protection
| | |
-
| | | |
-
| | | |
-
| | | |
0.05
| | |
Change in fair value of theoretical swap derivative
| | |
(0.02
|
)
| | |
(0.01
|
)
| | |
-
| | | |
(0.02
|
)
| |
Change in fair value of mark to market investments
| | |
-
| | | |
-
| | | |
-
| | | |
0.01
| | |
Equity compensation expense
| | |
0.03
| | | |
0.03
| | | |
0.11
| | | |
0.14
| | |
Amortization of intangible assets
| | |
0.06
| | | |
0.07
| | | |
0.20
| | | |
0.25
| | |
Other, including impact of treasury method and rounding
| | |
-
| | | |
0.01
| | | |
(0.01
|
)
| | |
(0.02
|
)
| |
Core net income per share
| |
$
|
0.09
| | |
$
|
0.06
| | |
$
|
0.24
| | |
$
|
0.17
| |
| | | | | Notes: | | | | | | | | |
1.
| |
Adjusted ebitda is a non-GAAP measure we define as earnings before
interest, taxes, depreciation and amortization, preferred stock
accretion and equity compensation expense.
| | | | |
2.
| |
Core net income is a non-GAAP measure we define as net income
available to common stockholders before, on a pre-tax basis, the
amortization of acquisition-related intangible assets, equity
compensation expense, income tax benefit from the release of
valuation allowance, income (costs) related to the fair market
valuation of certain derivatives and mark to market investments,
preferred stock accretion related to the redemption premium and all
other non-recurring charges. Some or all of these items may not be
applicable in any given reporting period.
|
SOURCE: Online Resources Corporation
Online Resources Corporation
Media Contact:
Beth Halloran
Sr. Dir., Corporate Communications
703-653-2248
bhalloran@orcc.com
or
Investor Contact:
Catherine Graham
EVP & Chief Financial Officer
703-653-3155
cgraham@orcc.com
Copyright Business Wire 2009
|
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