Corillian Reports First Quarter 2004 Results

Net income for the first quarter was $1.8 million, resulting in diluted earnings per share of $0.05, beating the consensus analyst estimate by $0.01. This compares to a net loss of ($441,000) in the first quarter of 2003, which resulted in a net loss per share of ($0.01). Cash and investment balances at the end of the first quarter were $29.7 million, compared to $26.8 million at the end of the fourth quarter of 2003. Recent Highlights -- Two top 100 U.S. banks selected Corillian Consumer Banking to replace their existing online banking solutions. -- Two smaller financial institutions selected Corillians shared server solution offered by NCR. -- One of Corillians top 10 banks successfully converted its consumer online banking users to the Corillian Voyager platform. The launch of the new consumer site builds on the banks highly successful online small business banking service, which is also deployed on the industry-leading Corillian Voyager online banking platform. -- Corillian successfully converted Charter Ones more than 700,000 consumer and small business online users to the Corillian Voyager platform in a record five-month timeframe. -- Boeing Employees Credit Union (BECU), the fifth largest credit union in the country, selected Corillian Small Business as its solution of choice to enter the rapidly growing small business banking market. -- State Employees Credit Union of North Carolina (SECU), the second largest credit union in the country, chose to upgrade to the Corillian Voyager 3.1 platform. Financial Outlook Based on the current backlog of projects in implementation and sales pipeline, Corillian anticipates that second quarter 2004 revenues will be in the range of $11.5 to $12.5 million and EPS will be in the range of $0.04 to $0.06. With the growing strength and maturity of the sales pipeline, substantial performance bonuses Corillian expects to earn on existing projects and the generally positive trends in the online banking industry, Corillian expects that results for the second half of 2004 will be stronger than anticipated results for the first half.