18 October 2017
Find out more

CheckFree raises expectations as Q2 losses narrow

21 January 2004  |  3109 views  |  0 CheckFree raises expectations as Q2 losses narrow

Boosted by an 11% lift in revenues, CheckFree has narrowed losses for the second quarter and raised expectations for fiscal 2004 earnings.

The US-based e-commerce outfit posted a net loss of $1.9 million for the second quarter, compared to $11.2 million for the same quarter last year, as Q2 revenues surged to $149.9 million. Underlying earnings, excluding write-offs and charges, rose to $23.4 million from $17.7 million for the comparative period.

Pete Kight, CheckFree chairman and CEO says: "We experienced strong transaction growth, reflecting positive gains by many Consumer Service Providers who take advantage of our full service processing capabilities and saw nice gains in electronic bill delivery and portfolios under management."

The company reports that its Electronic Commerce unit processed more than 139 million transactions for the quarter, a 10% increase over the previous quarter; delivered 18.5 million electronic bills, an increase of 26% over the previous quarter; and increased its electronic rate by two full percentage points to 78%. In Investment Services, portfolios under management increased to about 1.4 million. In its Software business, CheckFree signed five financial services clients for its PEP+ reACH solution, which supports electronic cheque conversion for merchants of those banks. The company also acquired the assets of financial middleware vendor Heliograph.

CheckFree CFO David Magnum says the company has increased full-year expectations for earnings per share to $0.04 to $0.08 on a GAAP basis, or $0.99 to $1.03 on an underlying basis.

"These expectations include the performance we anticipate from our Heliograph acquisition," he says.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

CheckFree expands London office

CheckFree expands London office

07 January 2004  |  5079 views  |  0 comments
Checkfree to acquire American Payment Systems

Checkfree to acquire American Payment Systems

17 December 2003  |  3647 views  |  0 comments
CheckFree and Bank of America rewrite EBPP contract

CheckFree and Bank of America rewrite EBPP contract

05 December 2003  |  6010 views  |  0 comments
CheckFree acquires Heliograph

CheckFree acquires Heliograph

03 November 2003  |  9424 views  |  0 comments
CheckFree to pilot Web securities reconciliation

CheckFree to pilot Web securities reconciliation

23 October 2003  |  3803 views  |  0 comments
CheckFree appoints SunGard's David Pheasant sales director, EMEA & APAC

CheckFree appoints SunGard's David Pheasant sales director, EMEA & APAC

13 October 2003  |  5409 views  |  0 comments
SunGard acquires reconciliation source code rights from CheckFree

SunGard acquires reconciliation source code rights from CheckFree

06 October 2003  |  6023 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.capgemini.comvisit www.innotribe.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15310 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8491 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8005 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7530 views comments | 13 tweets | 9 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6637 views comments | 8 tweets | 16 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job