Online Resources Corporation (Nasdaq: ORCC), a leading provider of web-based financial services, today reported financial and operating results for the three months ended September 30, 2007.
- Revenue was $34.2 million, up 21 percent from $28.3 million in third quarter 2006.
- Earnings before interest, taxes, depreciation and amortization (Ebitda), a non-GAAP measure, was $8.2 million, an increase of 38 percent compared to $5.9 million in the prior year.
- Net income available to common stockholders was $1.1 million, or $0.04 per diluted share, compared to net loss of $3.4 million, or $0.13 per diluted share, in the prior year.
- Core net income, a non-GAAP measure, was $2.3 million, or $0.08 per diluted share, compared to a loss of $37,000, or $0.00 per diluted share, in the prior year.
"Our solid results in the third quarter were due primarily to continued growth in transactions and consumer adoption of bill pay," stated Matthew P. Lawlor, chairman and chief executive officer of the Company. "Our sales pipeline showed early signs of opening up during the quarter with several key client signings, including many of our new products and service options."
"We also continue to execute on our strategic priorities," added Lawlor. "Billpay adoption growth remains on track, we launched four products in the last quarter, and integration of the Internet Transaction Solutions (ITS) acquisition is moving forward as planned."
"Looking ahead, we believe we have a clearer, though moderated, view into the next year," said Lawlor. "Our view is tempered by a higher mix of volume-priced bill payments from large clients. We are also making some more conservative assumptions on the deployment of expedited payment services for banks and billers. At the same time, we are increasingly confident that client retention risk from Princeton's acquisition is behind us, and that our sales pipeline is opening up."
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