Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of 2004 was $1.4 million. This compares to $3.2 million in first quarter 2003, or $1.0 million excluding the one-time fee. Net income for the first quarter 2004 was $419,000, or $0.02 per share. This compares to first quarter 2003 net income of $2,123,000, or $0.15 per share, and breakeven after adjusting for the one-time fee. Consumer adoption of Internet banking services increased to 18.5 percent versus 16.8 percent in the fourth quarter of 2003. Payment services adoption increased to 5.7 percent versus 5.1 percent in the fourth quarter of 2003, including a 71 percent year-over-year increase in bill payment transactions. The Company also expanded its distribution channel to 670 financial institutions with the addition of 49 new clients. 2004 Business Outlook The following statements are forward-looking, and actual results may differ materially. This guidance assumes no change in the method of accounting for equity compensation. For second quarter and full year 2004, the Company expects the following: Second Quarter 2004 - Revenue between $10.2 million and $10.4 million. - Gross profit margin between 56 percent and 58 percent. - Earnings before interest, taxes, depreciation and amortization (EBITDA) between $1.6 million and $1.9 million. - Net income between $0.03 and $0.05 per share calculated on basic and fully diluted share counts of 18.0 million shares and 20.2 million shares, respectively. Full Year 2004 - Revenue remains between $42.0 million and $44.0 million. - Gross profit margin remains between 57 and 59 percent. - EBITDA remains between $7.3 million and $8.0 million. - Net income remains between $0.18 and $0.22 per share based on a projected 20.2 million fully diluted shares outstanding.
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