The Company reported a net loss of ($0.06) per share, compared with guidance of a net loss of ($0.13) to ($0.17) per share. The loss for the quarter ended June 30, 2003 was ($0.09) per share. The third quarter loss includes a restructuring charge of ($.06) per share related to a number of cost-cutting initiatives. Third quarter gross margin was 54% as compared with 55% for the quarter ended June 30, 2003. Cash flow from operations was $9.3 million, resulting in an ending cash balance of $148.5 million, an increase of $11 million over the previous quarter. The Company signed five new Enterprise customer contracts during the quarter at an average sales price of $1.9 million and closed 66 new single-channel customer wins and almost 200 cross-sales. S1 also announced that its Board of Directors approved a program to repurchase up to $15 million of the Companys common stock. The timing of the purchases and the exact number of shares to be purchased will depend on market conditions. Purchases will be financed from available cash.
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