• Revenue was $39.3 million, compared to $38.6 million in the first quarter of 2010.
  
• Including a legal reserve recognized in the quarter, Ebitda, a non-GAAP measure, was a loss of $3.2 million, compared to $8.3 million in the same quarter of 2010.
  
• Adjusted Ebitda, a non-GAAP measure that adjusts Ebitda for equity compensation expense and other expenses, was $6.2 million, compared to $9.3 million in the prior year period.
  
• Net loss available to common stockholders was $7.2 million, or $0.23 per share, compared to $0.2 million, or $0.01 per share, in the first quarter of 2010.
  
• Core net income, a non-GAAP measure, was $0.5 million, or $0.02 per diluted share, compared to $2.4 million, or $0.08 per diluted share, in the same quarter of 2010.

In the first quarter, the Company created a $7.7 million reserve for potential legal liability related to a verdict in litigation with its former CEO. Additionally, it incurred approximately $900,000 in advisory costs as part of the Board of Directors' evaluation of strategic alternatives. Excluding the legal reserve and one-time advisory costs, Ebitda would have been $5.4 million in the quarter.

"The Company performed well during the period, exceeding revenue expectations due to higher than anticipated payment transactions late in the quarter," said Joseph L. Cowan, president and chief executive officer of Online Resources. "We also made significant progress in getting our corporate strategy underway."

Cowan continued, "In particular, we have initiated two key components of our strategy. As announced earlier today, we have completed our transition to a functionally-aligned organization. In addition, we have taken the first steps to establish our development operation in India, including contracting for office space and commencing the hiring process. I look forward to reporting on additional progress toward our plan in the coming months."

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