InteliData Reports Fourth Quarter and Full-Year Results

Full-year revenue totaled $20.6 million as compared to $21.5 million for the full-year period of 2002. Gross profit for the three-month and twelve month periods ended December 31, 2003 totaled $2.6 million and $13.1 million, respectively. This resulted in a gross margin for the three-month period of 59% as compared to 61% for the prior-year period, while on a full-year basis, the Companys gross margin increased to 63% as compared to 61% for the twelve months of 2002. Net loss for the three-month and twelve month periods ended December 31, 2003 was $873,000, or $0.02 per share, and $1.6 million, or $0.03 per share, respectively. These net loss results compare to $200,000, or less than $0.01 per share, and $8.6 million, or $0.18 per share, for the comparable year-ago periods. Cash and investments as of December 31, 2003 totaled $7.6 million, compared to $5.7 million as of year-end 2002. The yearend balance includes approximately $3.1 million of net proceeds from a July warrant exercise. With incremental customer de-conversions and migrations expected during the first-half of 2004, coupled with timing uncertainties surrounding current pipeline opportunities, the Company is providing updated 2004 full-year revenue guidance consistent with FY2003 results. However, based on the Companys improved net loss performance during FY2003, the Company remains focused on reaching net income profitability for FY2004.