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S1 overshoots first quarter revenue targets; raises guidance

28 April 2004  |  415 views  |  0

S1 Corporation (Nasdaq: SONE), a leading global provider of integrated front-office applications for financial institutions, today announced financial results for its first quarter ended March 31, 2004.

-- Revenue for the quarter was $57.9 million, a sequential increase of 11% over last quarter's revenue without Zurich Insurance Company ("Zurich"). See segment tables attached.
-- Net income for the quarter was $0.4 million, or $0.01 per share, compared to net loss of ($7.8) million, or ($0.11) per share, for the quarter ended December 31, 2003 without Zurich.
-- Revenue and earnings per share for the quarter exceeded the Company's previous guidance and the Company raised revenue and profit guidance for the remainder of 2004.
-- Second consecutive quarter of EPS profitability.

"In addition to the strong financial performance for the quarter, I am pleased with the progress we made on our strategic Enterprise 3.0 initiatives. First, we signed multi-year global distribution agreements with two of the industry's leading financial services providers - Misys and EverSystems - which will rapidly expand our global reach for S1 Enterprise products in Europe, Africa, Latin America and Asia," said Jaime Ellertson, chief executive officer of S1 Corporation. "These new relationships further demonstrate to our customers, partners and competitors the continued value that our integrated multi-channel solutions can deliver. Our strong financial performance in Q1, combined with successful customer implementations on multiple Enterprise products and these new global distribution agreements, establish S1 as the clear leader in the Enterprise financial services market."

Operating Highlights

-- Signed 15 Enterprise deals, seven of which are new relationships with financial institutions and eight are substantial new application or service add-on contracts, with an overall average sale price of approximately $700,000.

-- Obtained commitments from three leading financial institutions to participate in the S1 Enterprise 3.0 Customer Value Program, in which we will jointly work through the final development stages of Enterprise 3.0 and establish production-ready, multi-channel environments targeted for the end of this year.

-- Signed multi-year distribution agreement for S1 Enterprise solutions with Misys International Banking Systems, one of the largest international financial services core processors with 1,200 banking customers, which will enable S1 to more than triple its sales, marketing and implementation presence in Europe, Middle East, Africa and Asia.
-- Signed multi-year distribution agreement with EverSystems, Latin America's leading e-Banking solution and service provider. EverSystems will be converting some of their leading Internet and branch banking solutions to S1 Enterprise, and providing S1 with significantly greater sales, marketing and implementation reach throughout Latin America.
-- Signed 83 new customers and added more than 200 cross-sales this quarter, which highlights the value of S1's customer base and feature-rich products that can be implemented either as a standalone solution or an integrated suite.
-- Took an additional 12 customers live on the S1 Enterprise Platform this quarter, demonstrating the progress being made in the maturity of the product and processes surrounding S1 Enterprise.

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