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 first quarter ended March 31, 2007.
Revenues for the first quarter of 2007 were $16.5 million, compared to $14.3 million for the first quarter of 2006. Net loss for the first quarter of 2007 was $1.1 million, resulting in a diluted net loss per share of ($0.03), compared to net loss of $971,000 for the first quarter of 2006, resulting in a diluted net loss per share of ($0.02).
Net loss in the first quarter of 2007 included $658,000 of merger-related costs incurred for legal fees, proxy-related fees and fees associated with the fairness opinion contained in the special proxy filed on March 20, 2007 for the pending acquisition of Corillian by CheckFree Corporation. Net loss also included an incremental charge of $299,000 of stock-based compensation expense resulting from the suspension of the Corillian Employee Stock Purchase Plan in connection with the pending acquisition.
Non-GAAP net income, as described below, for the first quarter of 2007 was $745,000, resulting in non-GAAP diluted earnings per share of $0.02. This compares to non-GAAP net income of $15,000 in the first quarter of 2006, resulting in non-GAAP diluted earnings per share of $0.00. A reconciliation of GAAP results to non-GAAP results is provided as part of this press release.
On February 13, 2007, Corillian entered into a merger agreement pursuant to which CheckFree will acquire all of the outstanding shares of Corillian's common stock for $5.15 per share in cash. Corillian's shareholders approved the merger on April 30, 2007. Corillian previously announced that on April 12, 2007, CheckFree submitted an additional responsive document required by the pre-merger notification and report form under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR Act") to the Federal Trade Commission ("FTC") and Department of Justice ("DOJ"), relating to the proposed acquisition of Corillian by CheckFree. As a result, the HSR Act waiting period recommenced and is now set to expire at 11:59 p.m. on May 14, 2007, unless earlier terminated by federal antitrust authorities, or extended by a request for additional information from such authorities. Corillian continues to anticipate the merger will close in the second calendar quarter of 2007, shortly following the expiration or termination of the antitrust waiting period. However, the timing of the closing may be affected by formal or informal requests, if any, for additional information from the FTC or DOJ.
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