Goldleaf Financial Solutions (NasdaqGM:GFSI), a provider of integrated technology-based solutions designed to improve the performance of financial institutions, today reported financial results for the three month period ended March 31, 2009.
Revenue for the first quarter ended March 31, 2009 totaled $18.3 million, as compared to $19.2 million or a 4.4% decline over the same period last year. Operating loss totaled $1.4 million for the first quarter of 2009 compared to operating income of $17 thousand for the first quarter of 2008. Net loss available to common stockholders totaled $2.0 million, or $(0.11) per share, in the first quarter of 2009, versus net loss available to common stockholders of $0.5 million, or $(0.03) per share, in the first quarter of 2008.
EBITDAS is a non-GAAP financial measurement calculated as earnings before interest, taxes, depreciation, amortization and non-cash stock based compensation expense. EBITDAS totaled $0.7 million for the three-month period of 2009, which compares to $2.4 million for the same period of 2008. Including the restructuring charges related to the core and teller software sale to Integrated Bank Technology and foreign exchange losses, adjusted EBITDAS for the three-month period ended March 31, 2009 would have been $1.1 million as compared to $3.4 million for the same period of 2008. See Attachment A for a reconciliation of GAAP and non-GAAP results.
Goldleaf CEO Lynn Boggs commented, "While we continue to operate in a challenging environment, our payments business continues to expand and experience double-digit growth quarter over quarter on a GAAP basis. We anticipate additional growth in this business line throughout 2009, which we expect will provide strong cash flow. However, the ongoing economic crisis continues to negatively impact the lending side of our business. We anticipate this impact to last throughout the second quarter."
"We believe our company's sales pipeline is strong and once the economic headwinds subside, we would expect business to increase due to pent-up demand. While we recognize that we need to maintain our ability to serve our customers, we have implemented and are continuing to implement a number of expense reduction initiatives where appropriate. We expect these initiatives will have a meaningful impact on our second half 2009 results while leaving us in a position to capitalize on increased financial institution spending once the economy turns the corner. We remain confident in our exceptional suite of products and services, as well as the ability of our employee base to succeed in meeting the needs of our clients."
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