Online Resources posts Q3 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 September 30, 2010.

  • Revenue was $36.8 million, compared to $36.6 million in the third quarter of 2009.
  • Ebitda, a non-GAAP measure, was $7.4 million, compared to $8.8 million in the same quarter of 2009.
  • Adjusted Ebitda, a non-GAAP measure that adjusts Ebitda for equity compensation and
    other expense, was $8.0 million, compared to $9.8 million in the prior year period.
  • Net loss available to common stockholders was $0.7 million, or $0.02 per share, compared to net income of $0.4 million, or $0.01 per diluted share, in the same quarter of 2009.
  • Core net income, a non-GAAP measure, was $1.2 million, or $0.04 per diluted share, compared to $2.9 million, or $0.09 per diluted share, in the same quarter of 2009.

"We continued our trend of performing well against expectations this year, exceeding revenue and earnings expectations in the quarter," said Joseph L. Cowan, the company's president and chief executive officer. "Additionally, payment transactions and consumer adoption of online banking and payments continued their quarterly upward climb."

"Our planning process is well underway. We have presented a strategic direction to the Board of Directors and are now developing the supporting operating plan for their approval. We expect to present this plan to the Board in December and I look forward to sharing it with you once we have finalized our course of action."

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