US banking systems vendor Corillian is reporting its fourth consecutive profitable quarter after posting revenues of $11.7 million for the first quarter ended 31 March 2004, an eight per cent increase on the year ago period.
Net income was $1.8 million for the quarter, compared to a net loss of $441,000 in the Q1 2003. Revenues for the first quarter were $11.7 million, compared to $10.8 million a year ago.
Cash and investment balances at the end of the first quarter were $29.7 million, compared to $26.8 million at the end of Q4 2003.
Alex Hart, president and CEO, Corillian, says: "We're confident that the progress demonstrated in the first quarter will continue and will result in increasing revenues and profits in 2004."
The vendor anticipates second quarter revenues to be in the range of $11.5 to $12.5 million, based on the current backlog of projects in implementation and sales pipeline.
Corillian says it expects results for the second half of 2004 will be stronger than anticipated results for H1.