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S1 Q3 revenue rises

07 November 2008  |  2062 views  |  0 Source: S1 Corporation

S1 Corporation (Nasdaq: SONE), a leading global provider of customer interaction financial and payment solutions, today announced financial results for the third quarter ended September 30, 2008.

  • Total revenue for the third quarter of 2008 increased 14 percent to $58.6 million from $51.3 million in the third quarter of 2007. Total revenue for the nine months ended September 30, 2008 increased 12 percent to $169.8 million from $151.5 million in the nine months ended September 30, 2007.
  • GAAP earnings were $6.2 million or $0.11 per share (diluted) for the third quarter of 2008, a $0.03 increase over earnings of $5.1 million or $0.08 per share (diluted) for the third quarter of 2007. GAAP earnings were $16.5 million or $0.28 per share (diluted) for the nine months ended September 30, 2008, a $0.07 increase over GAAP earnings of $13.1 million or $0.21 per share (diluted) for the nine months ended September 30, 2007. These figures include stock based compensation expense of $0.4 million and $2.9 million in the third quarter of 2008 and 2007, respectively, and $4.6 million and $7.9 million for the nine months ended September 30, 2008 and 2007, respectively.
  • Adjusted EBITDA for the third quarter of 2008 was $10.5 million compared to $9.9 million in the third quarter of 2007. Adjusted EBITDA for the nine months ended September 30, 2008 was $32.5 million compared to $28.0 million in the nine months ended September 30, 2007. Adjusted EBITDA does not include stock based compensation expense, and is described and reconciled to GAAP net income in the attachment. (1)
  • Total revenue from international operations for the third quarter of 2008 increased 34 percent to $17.7 million from $13.2 million in the third quarter of 2007. Total revenue from international operations for the nine months ended September 30, 2008 increased 36 percent to $48.2 million from $35.5 million in the nine months ended September 30, 2007.
  • Third quarter customer highlights include:
    • S1 Enterprise licensed multiple applications to a financial institution in SE Asia in one of the largest agreements in the history of S1 Enterpr1 Enterprise;
    • S1 Enterprise licensed multiple applications to a top 40 bank in the U.S.; and
    • Postilion licensed its payments software to its fourth top 10 retailer in the U.K.
  • The Company expects approximately $42 million in revenue from State Farm in 2008. Additionally, the Company expects approximately $80 million in revenue from State Farm from 2009 until our work for State Farm concludes by the end of 2011, of which approximately $35 - $37 million in revenue is expected in 2009.
  • A $10 million increase to the Company's previously announced stock repurchase program was approved pursuant to which the Company may repurchase shares of its common stock from time to time in open market and privately negotiated transactions as market and business conditions warrant. The Company repurchased 1.3 million shares of its common stock for $8.4 million during the third quarter of 2008, and 2.2 million shares for $11.6 million during the month of October. The Company ended the third quarter of 2008 with $81.8 million in cash, cash equivalents and short-term investments.

"Despite the turmoil in the marketplace, we continued to execute effectively against our business plan in the third quarter and I am very pleased with our results," said Johann Dreyer, Chief Executive Officer of S1. "I am particularly pleased with the number of net new customers we were able to sign in both our Enterprise and Postilion businesses. As we look to the remainder of 2008, we continue to expect full-year 2008 revenue and Adjusted EBITDA to be on the higher end of the guidance we previously provided."

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