Corillian posts Q2 loss

Revenues for the second quarter were $14.6 million, compared to $14.3 million for the first quarter of 2006. Net loss for the second quarter was $1.5 million, resulting in a diluted net loss per share of ($0.03), compared to a net loss of $971,000 for the first quarter of 2006, which resulted in a diluted net loss per share of ($0.02). Pro forma net loss – before amortization of acquisition-related intangible assets and stock-based compensation expense – for the second quarter was $463,000, resulting in a diluted net loss per share of ($0.01). This compares to pro forma net income of $15,000 in the first quarter of 2006, which resulted in diluted earnings per share of $0.00. A reconciliation of GAAP results to pro forma results is provided as part of this press release.

"We've been working hard to do two primary things" said Alex Hart, president and CEO of Corillian. "First, expand our product line, and second, serve a broader cross section of the financial institution market. We are making good progress on both fronts; reaching important development and integration milestones and successfully selling both recently-developed and recently-acquired products to new and existing customers. For example, we closed our fourth Personal Money Manager (PMM) deal, signed another business banking deal, closed two more payment warehouse deals, and added nine more Intelligent Authentication (IA) customers to bring our IA customer list to thirty-one. We added four new consumer banking customers, but we frankly expected to close more consumer banking deals before the quarter ended. Those deals have not gone away, however, and we’re confident that the progress we've made with many of those prospects will result in signed deals within the next few months."