News

CyberSource Reports Record Quarter

Friday 16 April 2004 00:44 CET | News

CyberSource Corporation has reported financial results for its first quarter ended March 31, 2004. Total revenue for the first quarter was a record $8.5 million, exceeding prior guidance of $7.3 million. This compares to $6.4 million in total revenue for the same period last year, a 33% increase year-to-year.

Transaction and support services revenue was $6.5 million for the first quarter of 2004 as compared to $5.1 million for the first quarter of 2003, representing an increase of 26%. Enterprise software revenue was $0.9 million for the first quarter, consistent with the first quarter last year. Professional services revenue was $1.1 million for the first quarter of 2004 as compared to $0.3 million for the same period last year, representing an increase of 292%. The companys strong revenue growth was the result of a significant increase in transaction volumes, combined with continued success in new customer acquisition. Gross profit was $6.0 million in the first quarter as compared to $4.0 million in the first quarter of 2003. Gross margin was 71% in the first quarter of 2004, up from 62% in the same period last year. Net income for the first quarter of 2004 was $0.6 million or $0.02 per share as compared to a net loss of $2.1 million or ($0.06) per share for the same period last year. Operating expenses for the first quarter were $5.5 million as compared to $6.2 million in the same period last year. This was comparable to the $5.5 million of operating expenses in the prior quarter. Cash, cash equivalents and short-term investments increased by $0.8 million during the quarter to $45.2 million as of March 31, 2004. The Company has no long-term debt. Selected noteworthy achievements during the quarter Transaction volume: - CyberSource processed 99.7 million transactions in the first quarter of 2004 as compared to 66.1 million processed in the same period last year, an increase of 51% and a company record. Customer growth: - CyberSource signed 432 new customers in the first quarter of 2004 resulting in a total customer count of approximately 4,000. A partial list of these new customers includes Allied Waste Industries, the American Dental Association, Fender Musical Instruments, House of Blues Entertainment, Motorola SPS, the National Journal Group, Stride Rite, and Verizon. - Existing customers that added new services or renewed agreements during the quarter include Briggs & Stratton, British Airways, Brown Shoe Co., Columbia House, Google, Nike.com, Panasonic, Reed Business Information, and Yamaha Music Interactive. Progress on initiatives: - CyberSource introduced its Global Payment Suite last year-a comprehensive set of eight services designed to help eCommerce merchants grow online sales in over 140 countries. CyberSource currently has six Global Payment Suite customers live now, five more signed and implementing, and a strong pipeline established for subsequent quarters. - Traction in the small business segment is growing. Though early in the rollout, CyberSource already has 26 active resellers, and 22 more signed and preparing to go live. Operational uptime: - During the first quarter 2004 CyberSource maintained its reputation for reliability with operational uptime of 99.98%. Top customer satisfaction scores: - During the first quarter of 2004, CyberSource maintained its reputation for customer satisfaction as 98% of CyberSource customers surveyed said the company had met or exceeded expectations. This figure is derived from an independent survey conducted by the Omega Management Group.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce