Yearly revenues at Sanchez grew 30% to $88.8 million for 2001, with net earnings of $3.9 million or $0.15 per diluted share. For Q4, the company recorded revenues of $21.0 million and net earnings of $1.0 million, or $.04 per diluted share, which met forecasts.

"Our revenue increased 30 percent during a difficult year overall in the technology sector. The growth was driven by consistent gains made within our e-Profile outsourcing solution and by license expansion opportunities with existing clients. We also met or exceeded our earnings estimates each quarter," says Frank Sanchez, CEO of the company.

He says the company will grow in 2002 by selling more outsourcing solutions, by increasing the number of accounts processed in Sanchez' data centre, and by gaining new license sales in North America, Europe and the Asian Pacific Rim. In the United States, the company has expanded its sales efforts to include the mid-tier banking and financial institutions market segment. The company also plans on making strategic acquisitions of financial services technologies and companies.

"The pipeline for sales of Sanchez' outsourcing solution remains strong as we continue to sign contracts with the large, branded, non-bank financials," says Sanchez pointing to the recent contract win at MetLife Bank.

Processing revenues from Sanchez' outsourcing operations grew 80 percent year on year rising from $8.3 million in 2000 to $14.9 million in 2001. As of Jan. 31, 2002, Sanchez was processing accounts for eight clients - American Express Membership Banking, GMAC Bank, Allstate Bank, Juniper Bank, Morgan Stanley Dean Witter's BusinesScape, Lehman Brothers Bank, DeepGreen Bank and ING Direct USA. MetLife Bank became a client in the fourth quarter of 2001 and is in implementation.

At Corillian - whose business model is more reliant on big ticket license sales to top tier banks - the slow-spending technology climate has been less kind. Revenue for the year to 31 December, 2001 was $53.8 million, a 75 percent increase over revenue of $30.9 million for 2000. Net loss was $49.3 million, resulting in a net loss per share of $1.42 on 34.6 million weighted shares. Comparable net loss per share for the year 2000 was $1.33 on 25.1 million shares. Net loss for the quarter was $24.7 million, resulting in a net loss per share of $0.71 on 34.9 million outstanding shares.

"2001 was an extremely challenging year for us as most financial institutions slowed their technology spending and took a conservative attitude toward all technology decisions. Despite, and to some extent because of, the delays we experienced in 2001, we are cautiously optimistic about our prospects for success in 2002," says Ted Spooner, CEO of Corillian.

Based on the current backlog of projects in implementation, he anticipates that first quarter 2002 revenue will be at least $10 million and forecasts breakeven on a quarterly basis during 2002.