CheckFree bounces back into the black

CheckFree bounces back into the black

US-based electronic payments firm CheckFree has posted a second quarter profit of $13 million - compared to a $1.9 million loss a year ago - after recording increased sales at its electronic commerce, investment services and software divisions.

The company is reporting revenue of $185.8 million for the second quarter, a 24% growth over the same period last year. Revenue from processing and services fees made up the vast majority of the company's overall revenue at $164 million, up from $131.6 million last year.

Underlying net income came in at $33.7 million for the quarter, compared to $23.4 million a year ago.

In a statement, Pete Kight chairman and CEO, CheckFree, says: "Each business delivered solid, focused performance this quarter, putting us ahead of our expectations."

Going forward, David Mangum, CheckFree's chief financial officer, says he expects revenue in the range of $187 to $192 million and net profit of 12 to 14 cents per share for the third quarter of fiscal 2005.

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