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S1 reports Q3 loss

04 November 2005  |  732 views  |  0 Source: S1 Corporation

S1 Corporation (Nasdaq: SONE), a leading global provider of integrated front-office applications for financial institutions, today announced financial results for its third quarter ended September 30, 2005.

Revenue for the third quarter ended September 30, 2005 was $57.9 million as compared to $60.3 million for the same quarter in the previous year and $62.0 million in the prior quarter ended June 30, 2005.

Total license revenue for the third quarter ended September 30, 2005 was $10.6 million compared to $11.4 million in the same quarter in the previous year and $13.9 million in the prior quarter ended June 30, 2005.

Loss from continuing operations for the third quarter ended September 30, 2005 was ($7.5) million, or ($0.11) per share, compared to income from continuing operations of $0.05 per share for same quarter the previous year and $0.03 per share in the prior quarter ended June 30, 2005. Net loss for the third quarter 2005 includes restructuring costs of $4.3 million. Excluding these restructuring costs, our net loss for the third quarter would have been $3.2 million, or $0.05 per share.

In the third quarter, the Company's FI Segment signed 15 Enterprise contracts, of which 4 were new relationships and 11 were substantial purchases of additional licenses and services from existing Enterprise customers. S1 also initiated a restructuring plan, which led to a one-time charge of $4.3 million, including $0.6 million of stock-based compensation.

"While I am disappointed in our financial performance in the third quarter, I believe we now have the right organizational structure to more effectively align our business with the needs of our customers and our addressable markets," said James "Chip" S. Mahan III, chief executive officer of S1 Corporation. "We are committed to running the business in such a way that ensures customer satisfaction and long-term shareholder value. The streamlined organization and our cost-reduction efforts will put our expenses more in line with our revenues."

The Company remains dedicated to its strategy of delivering integrated front-office solutions to financial institutions to give them a single view of their customers and a way to more efficiently run their business. This will be accomplished through the delivery of multiple lines of products that are designed to meet the unique needs of the various markets S1 serves, which include global and national financial institutions, local community banks and credit unions. S1 remains the only provider in its space to offer the full range of retail and wholesale banking solutions across all customer interaction channels, including the branch, call center, internet, voice and ATM.

S1 also announced today that it will suspend the practice of providing financial guidance.» Download the document now 43.9 kb (Adobe Acrobat Document)

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