Corillian Reports Second Quarter 2004 Results

Net income for the second quarter was $2.3 million, resulting in diluted earnings per share of $0.06, beating the consensus analyst estimate by $0.01. This compares to net income of $1.8 million in the second quarter of 2003, which resulted in diluted earnings per share of $0.05. Cash and investment balances at the end of the second quarter were $37.5 million, compared to $26.8 million at December 31, 2004. Recent Highlights -- Wachovia, the fourth largest bank in the U.S., licensed the Corillian Voyager platform and the Corillian Consumer Banking application. Wachovia is the first major bank to decide to move from an in-house developed system to a licensed vendor solution. -- Hibernia National Bank, a $21 billion bank based in New Orleans, La., has chosen to upgrade to the Corillian Voyager 3.1 platform. The Corillian Voyager 3.1 platform will provide Hibernia with the industrys most scalable and flexible platform, increasing Hibernias ability to rapidly deploy new and innovative online banking services to its more than 200,000 online banking customers. -- Corillian signed a top 100 credit union through its partnership with NCR. This credit union licensed the Corillian Voyager platform and Corillian Consumer Banking application for on-premise deployment. -- Five smaller financial institutions subscribed to NCRs shared server solution for online banking and bill payment, powered by the Corillian Voyager platform. -- Corillian launched the Corillian Fraud Detection System, a comprehensive subscription service that enables companies of all kinds to predict and thwart phishing scams and related fraudulent activities. -- Corillian launched enterprise alerts capabilities that enable financial institutions to proactively deliver time-critical financial information to customers anytime, anywhere, through a variety of devices. -- Corillian appointed Andre Bouchard, former senior practice director for Oracle Consulting, as senior vice president of professional services. Financial Outlook Based on the current backlog of projects in implementation, sales pipeline and an anticipated large performance bonus, Corillian anticipates that third quarter 2004 revenues will be in the range of $12.5 to $13.5 million and that EPS will be in the range of $0.06 to $0.08 per fully diluted share.