InteliData Reports First Quarter Results

Wednesday 11 May 2005 13:45 CET | News

InteliData Technologies Corp., a leading provider of electronic bill payment and presentment technologies, today announced financial results for the three-month period ended March 31, 2005.

Revenues for the first quarter of 2005 totaled $2,944,000, a decrease of $648,000 from the $3,592,000 reported for the first quarter of 2004. Gross profit for the three-month period ended March 31, 2005 totaled $1,687,000 with a resulting gross margin of 57%. This compares to a gross profit of $1,812,000 and a gross margin of 50% for the same period in 2004. The net losses for the three-month periods ended March 31, 2005 and 2004 were $1,920,000, or $0.04 per share, and $1,533,000, or $0.03 per share, respectively. Cash and cash equivalents as of March 31, 2005 totaled $1,253,000, compared to $3,223,000 as of year-end 2004. Because the Company has recurring losses from operations and is experiencing difficulty in generating cash flow, there is substantial doubt about its ability to continue as a going concern. Managements plans concerning these matters are described in the quarterly report on Form 10-Q. As previously announced, the Company entered into a definitive agreement to be acquired by Corillian Corporation on March 31, 2005. Under the terms of the merger agreement, the purchase consideration for the Company is approximately $19.2 million, subject to adjustment. Under the terms of the agreement, each outstanding share of the Companys common stock will be converted into the right to receive 0.0954 of a share of Corillians common stock and $0.0844 in cash without interest, subject to adjustment. The closing of this transaction is subject to, among other things, the effectiveness of the proxy statement/prospectus on Form S-4 to be filed with the Securities and Exchange Commission and approval of the Companys stockholders.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce