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Corillian reports third quarter 2004 results

21 October 2004  |  502 views  |  0 Source: Corillian Corp.

Corillian Corp. (NASDAQ: CORI), the top provider of online banking solutions to leading financial institutions, today reported financial results for the third quarter ended September 30, 2004.

Revenues for the third quarter were $13.5 million, compared to $11.6 million for the third quarter of 2003, an increase of 17 percent. Third quarter revenues include the recognition of a performance bonus in excess of $2 million that was related to a product development project with a large customer. Net income for the third quarter was $3.1 million, resulting in diluted earnings per share of $0.08, beating the consensus analyst estimate by $0.01. This represents an 86 percent increase from net income of $1.6 million in the third quarter of 2003, which resulted in diluted earnings per share of $0.04. Net income for the third quarter of 2004 includes a non-cash impairment charge of $491,000, approximately $0.01 per share, which resulted from an amendment to the lease for Corillian's headquarters in August 2004.

Cash and investment balances at the end of the third quarter were $34.4 million, compared to $26.8 million at December 31, 2003.

"We had another strong quarter, hitting the top end of our revenue guidance and generating record earnings," said Alex Hart, president and CEO of Corillian. "We also had new wins with our small business banking product and the Corillian Fraud Detection System. Our customers are continuing to see the benefits of leveraging our products and services across multiple lines of business and into new areas of the financial institution. Our expertise and product depth will enable us to continue to grow our business and help position our financial institution clients as leaders in the industry."

Recent Highlights

* A top 50 financial institution decided to expand its relationship with Corillian by deploying Corillian Small Business Banking.
* A top 100 financial institution chose to upgrade to the Corillian Voyager 3.1 platform and also licensed the Corillian Small Business Banking solution.
* Five more smaller financial institutions subscribed to NCR's shared server solution for online banking and bill payment, powered by the Corillian Voyager platform.
* Corillian launched Corillian Security Solutions, an innovative range of security products and services, at its first annual Security Summit.
* Three financial institutions signed up for the Corillian Fraud Detection System. NCR also licensed the Corillian Fraud Detection System and will serve as a reseller for the solution.
* Corillian appointed James R. Stojak, a former Citigroup executive, to its board of directors.

Financial Outlook

Based on the current backlog of projects in implementation, potential deals in our sales pipeline and anticipated sales of a large number of seat licenses, Corillian anticipates that fourth quarter 2004 revenues will be in the range of $13 to $14 million and that EPS will be in the range of $0.07 to $0.09 per fully diluted share.

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