Source: Corillian Corporation
Corillian Corp. (NASDAQ: CORI), the top provider of online banking, payment and security solutions to the financial services industry, today reported financial results for the third quarter ended September 30, 2006.
Revenues for the third quarter were $15.6 million, compared to $14.6 million for the second quarter of 2006 and $11.9 million for the third quarter of 2005. Net income for the third quarter of 2006 was $590,000, resulting in diluted earnings per share of $0.01, compared to a net loss of $1.5 million for the second quarter of 2006 and a diluted net loss per share of ($0.03). This compares to a net loss of approximately $60,000, resulting in a net loss of ($0.00) per diluted share in the third quarter of 2005.
Pro forma net income - before amortization of acquisition-related intangible assets and stock-based compensation expense - for the third quarter of 2006 was $1.5 million, resulting in pro forma diluted earnings per share of $0.03. This compares to a pro forma net loss of $463,000 in the second quarter of 2006 and a diluted net loss per share of ($0.01) and pro forma net income of $161,000 in the third quarter of 2005, resulting in net income of $0.00 in diluted earnings per share. A reconciliation of GAAP results to pro forma results is provided as part of this press release.
"I'm very pleased with the progress we demonstrated during the third quarter," said Alex Hart, president & CEO of Corillian. "We are beginning to see the revenue growth and earnings leverage we anticipated when we decided to re-invest in our product capabilities and broaden our addressable market several quarters back. Our great results this quarter were driven by our ability to cross-sell many different applications to both new and existing customers, including Corillian Payments, Intelligent Authentication, Personal Money Manger, Family Banking, and other innovative online services. These and other investments are enabling us to successfully execute on our plan and we expect continued financial improvement in the quarters ahead."
A top 100 U.S. bank selected Corillian Consumer Banking and Corillian Payments as the foundation for its next-generation online banking and bill payment solution. This new customer also selected Corillian Personal Money Manager and Corillian Intelligent Authentication™ to enhance the online experience for its customers.
Credit Union Electronic Transaction Services (CUETS), a provider of MasterCard© issuing and acquiring products and services to over 450 credit unions, caisses populaires and other organizations throughout Canada, selected Corillian Credit Card Management as its next-generation online credit card management solution.
Three more top 100 U.S. banks selected Corillian Intelligent Authentication™ during the third quarter. Corillian now has over 35 leading financial institutions that have selected Corillian's Intelligent Authentication as the solution of choice to help them meet the FFIEC guidelines and deliver strong online authentication services to their online banking users.
Five customers successfully launched Corillian Consumer Banking and one more customer went live with Corillian Business Banking.
Corillian anticipates that revenue for the fourth quarter will range between $14 and $16 million. Corillian anticipates that GAAP diluted net (loss) income per share will range from ($0.03) to $0.01 and pro forma diluted net (loss) income per share will range from ($0.01) and $0.03.