Goldleaf Financial Solutions (NASDAQ: GFSI), a provider of integrated technology-based solutions designed to improve the performance of financial institutions, today announced financial results for the three-month period ended March 31, 2008.
Revenue for the first quarter ended March 31, 2008 totaled $19.2 million, a $6.1 million or 47.1% increase when compared to the year-ago quarter. The increase is principally due to the acquisition of Alogent and the growth in our electronic processing offerings, partially offset by a decline in the commercial lending offering.
Operating income totaled $17 thousand for the first quarter of 2008 compared to an operating loss of $530 thousand for the same period of 2007. Net loss available to common stockholders was approximately $513 thousand, or $(0.03) per share, for the first quarter of 2008, versus a net loss available to common stockholders of approximately $377 thousand, or $(0.02) per share, for the first quarter of 2007.
If the Company included approximately $81 thousand and $92 thousand respectively, of deferred revenue of CBS and Datatrade which could not be recognized in the post acquisition financial statements, as well as approximately $1.3 million of Alogent revenue in January prior to completion of our acquisition, pro forma revenue would have been $20.7 million.
EBITDAS is a non-GAAP financial measurement calculated as earnings before interest, taxes, depreciation, amortization and non-cash stock based compensation expense. EBITDAS totaled $2.4 million for the three-month period of 2008, which compares to $488 thousand for the same period of 2007. If the Company included the pro forma revenue adjustments described above and approximately $885 thousand in Alogent expenses for the period prior to completion of our acquisition and excluded approximately $407 thousand in one-time expenses related to the Alogent transaction, pro forma EBITDAS would have been $3.4 million.
Commenting on the results, Goldleaf Chief Executive Officer, Lynn Boggs, stated, "The first quarter marked the completion of the Alogent acquisition, which accomplished several of the company's key initiatives including enhanced focus on payments processing, and the expansion of our remote capture offerings to include financial institutions of any size operating in an in-house or ASP environment. Goldleaf now boasts more than 80,000 points of remote capture."
The following is forward-looking and actual results may differ materially from those defined below. The Company's outlook includes the effect of all acquisitions completed to date. Further, this outlook does not give effect to any additional potential mergers or acquisitions that may be consummated.
The company reaffirms its pro-forma revenue projections for the full year 2008 of approximately $87 million and pro-forma EBITDAS for the full year 2008 of $15.0 million. These full-year pro-forma estimates assume the acquisition of Alogent occurred on December 31, 2007 and inclusion of the CBS and Datatrade deferred revenue described above, and with respect to EBITDAS, are adjusted for the non-recurring expense items related to the Alogent transaction as described above.
Goldleaf will be hosting a conference call to discuss its 2008 first-quarter results this afternoon at 5:00 p.m. Eastern time. The live broadcast of Goldleaf's first-quarter conference call will be available online at www.goldleaf.com under the Investor Relations tab and at www.earnings.com. An online replay will be available for 30 days using the same links.
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