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Corillian sees dip in Q2 y/y revenues, net income

29 July 2005  |  1895 views  |  0 Source: Corillian

Corillian Corp. (NASDAQ: CORI), the top provider of online banking, bill payment and anti-fraud solutions to leading financial institutions, today reported financial results for the second quarter ended June 30, 2005.

Revenues for the second quarter were $12.3 million, compared to $11.2 million for the first quarter of 2005, an increase of 10 percent. Net income for the second quarter was $2.1 million, resulting in diluted earnings per share of $0.05, compared to net income of $654,000 and diluted earnings per share of $0.02 in the first quarter of 2005. These results exceed prior company guidance on both revenues and earnings per share.

Cash and investment balances at the end of the second quarter were $38.9 million, compared to $39.4 million at December 31, 2004.

"This has been one of our best quarters in recent time as we executed on many different fronts, enabling us to beat our estimates in both revenue and earnings per share," said Alex Hart, president and CEO of Corillian. "During the second quarter we signed multiple online banking deals with both existing and new customers, including Capital One and Space Coast Credit Union, signed five new customers for the Corillian Fraud Detection System and made significant progress in the development and delivery of our industry-leading solutions to our key target markets. These business results truly position Corillian on a path toward becoming the preferred provider of enterprise online financial services."

Recent Highlights

  • Capital One licensed the Corillian Voyager platform for its online enterprise platform across multiple lines of business.
  • Space Coast Credit Union licensed the Corillian Voyager platform and will be the first customer to deploy the Corillian Family Banking application.
  • AmSouth and M&T Bank, two long-time customers, successfully upgraded to the Corillian Voyager 3.1 platform.
  • Five financial institutions signed up for the Corillian Fraud Detection System, including a top 100 Bank, non-online banking customer.
  • Three smaller financial institutions subscribed to NCR's shared server solution for online banking and bill payment, powered by the Corillian Voyager platform.
  • Corillian Consumer Banking and Corillian Corporate Banking were recognized as leading online banking applications by Celent Communications and HighQuest Partners, two industry-leading research firms.
  • Corillian signed strategic partnership agreements with both Teros and NameProtect to help financial institutions and e-Commerce organizations proactively combat online phishing and identity theft attacks.

Financial Outlook
Based on the current backlog of projects in implementation and deals in the sales pipeline, Corillian anticipates that third quarter 2005 revenues will be in the range of $13.0 to $14.5 million, which includes approximately $1.0 million of revenue from InteliData, following the anticipated close of that transaction on August 19, 2005. Corillian expects that EPS will be in the range of $0.02 to $0.05 per fully diluted share, excluding the amortization of intangible assets related to acquisitions.» Download the document now 37.1 kb (Adobe Acrobat Document)

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