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Corillian Reports Fourth Quarter and Year-end 2003 Results

Tuesday 3 February 2004 16:27 CET | News

Corillian has reported financial results for the fourth quarter and year ended December 31, 2003. Revenues for 2003 were $46.1 million, compared to $39.1 million for 2002, an increase of 18 percent.

Net income for 2003 was $5.1 million, resulting in basic and diluted earnings per share of $0.14. This compares to a net loss of ($17.3 million) in 2002, resulting in a basic and diluted net loss per share of ($0.49). Adjusted EBITDA for 2003 was $10.1 million, compared to an adjusted EBITDA loss of ($6.3 million) in 2002. An explanation of Corillians practice of reporting adjusted EBITDA results is described below. Revenues for the fourth quarter were $12.2 million, compared to $10.1 million for the fourth quarter of 2002, a growth rate of over 21 percent. Net income for the quarter was $2.1 million, resulting in basic earnings per share of $0.06 and diluted earnings per share of $0.05, compared to a net loss for the comparable prior year period of ($1.5 million), which resulted in a basic and diluted net loss per share of ($0.04) for the fourth quarter of 2002. Adjusted EBITDA for the quarter was $3.2 million, compared to adjusted EBITDA of approximately $300,000 for the comparable prior year period. Cash and investment balances at the end of the fourth quarter were $26.8 million, compared to $17.6 million at the end of 2002, an increase of over 50 percent. 2003 Highlights -- End user adoption for Corillian customers continued to grow during 2003, with an increase of over 50 percent from 9.1 million end users at the end of 2002 to 14.0 million at the end of 2003. -- The increasing adoption of Corillian Voyager 3.0 continued with 14 customers migrating to the industry-leading platform during 2003, bringing the total to 16 customers on the 3.0 platform. -- Four customers went live on Corillian Small Business Banking during 2003: a top 10 bank, NetBank, Sterling Financial and Bank of Stockton. -- Corillian increased its market share within the top 50 U.S. banks with the signing of Charter One Bank. Charter One is widely recognized as one of the most innovative and forward-thinking financial institutions in its use of the online channel. -- Corillian strengthened its management team with the appointments of a new chief financial officer, senior vice president of sales and vice president of marketing. -- Corillian signed strategic partnership agreements with NCR, CashEdge, Centerpost and Hipbone. Financial Outlook Based on its current backlog, anticipated project schedules and sales pipeline, Corillian anticipates that first quarter 2004 revenues will be in the range of $11.0 to $12.0 million. Based on these revenue expectations and currently anticipated expenses, Corillian anticipates that EPS will be in the range of $0.02 to $0.05 per share for the first quarter of 2004. Adjusted EBITDA Results Adjusted EBITDA results exclude interest, taxes, depreciation, amortization, litigation settlement charges, restructuring and impairment charges, losses on equity investments and other income (expense), net, and are provided by Corillian as a complement to reported net income (loss), which is provided using accounting principles generally accepted in the United States of America (or GAAP). Corillian believes that adjusted EBITDA is a useful metric for Corillian and its investors because it excludes certain items that relate to non-operating activities and non-cash items and because other companies in its industry provide a similar metric. A table detailing the differences between Corillians reported net income (loss) under GAAP and adjusted EBITDA is included in the consolidated statements of operations below.


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Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
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Banking & Fintech