Online Resources posts Q2 results

Source: Online Resources

Online Resources Corporation (Nasdaq: ORCC), a leading provider of online financial services, today reported financial and operating results for the three months ended June 30, 2010.

􀂃 Revenue was $36.4 million, compared to $37.8 million in the second quarter of 2009.
􀂃 Ebitda, a non-GAAP measure, was $6.0 million, compared to $8.4 million in the same quarter of 2009.
􀂃 Adjusted Ebitda, a non-GAAP measure that adjusts Ebitda for equity compensation and other expense, was $6.6 million, compared to $9.3 million in the prior year period.
􀂃 Net loss available to common stockholders was $1.3 million, or $0.04 per share, compared to a loss of $1.7 million, or $0.06 per share, in the same quarter of 2009.
􀂃 Core net income, a non-GAAP measure, was $1.7 million, or $0.06 per diluted share, compared to $2.5 million, or $0.08 per diluted share, in the same quarter of 2009.

Excluding $1.3 million in restructuring costs, Ebitda, adjusted Ebitda and net loss available to common stockholders per share would have been $7.3 million, $7.9 million and a loss of $0.01 net of tax, respectively.

"We performed well in the second quarter, with revenue and earnings near the high end of our expectations," said Joseph L. Cowan, the company's president and chief executive officer. "As anticipated, we saw the typical first-to-second quarter decline in eCommerce transactions and associated revenue during the quarter."

"I believe the organizational changes made in April were an excellent first step toward increasing focus across the company. We are now in the process of a deep evaluation of the business that will further align Online Resources' strategy with the best possible path for revenue growth. I am encouraged by the strengths I see in our products and people, and believe we can match those to achieve top and bottom line growth. I look forward to sharing more about our plans in the fourth quarter, after we complete this evaluation process."

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