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| Online Resources Announces Second Quarter Results |
Revenues Increase 109%, Client Base Increases 73%, Launched Clients Increase 158% Versus Prior Year
MCLEAN, Va., July 28 /BUSINESS WIRE/
ONLINE RESOURCES
Statements of Operations
(Unaudited)
| |
Six Months Ended
June 30, |
Three Months Ended
June 30, |
| |
1999 |
1998 |
1999 |
1998 |
| Revenues: |
| Core services |
$ 997,655 |
$ 484,642 |
$ 1,793,584 |
$ 964,051 |
| Support services |
481,629 |
123,671 |
831,328 |
228,993 |
| Implementation fees |
419,700 |
274,100 |
720,509 |
433,925 |
| Related products |
80,597 |
63,037 |
137,856 |
138,221 |
| Total revenues |
1,979,581 |
945,450 |
3,483,277 |
1,765,190 |
| Expenses: |
| Cost of revenues |
2,099,272 |
1,513,971 |
4,005,188 |
2,882,774 |
| General &
administrative |
757,640 |
543,781 |
1,552,814 |
1,065,178 |
| Sales and marketing |
1,229,147 |
731,935 |
2,212,428 |
1,465,762 |
| Systems and
development |
945,903 |
607,131 |
1,850,258 |
1,154,159 |
| Total expenses |
5,031,962 |
3,396,818 |
9,620,688 |
6,567,873 |
| Loss from operations |
(3,052,381) |
(2,451,368) |
(6,137,411) |
(4,802,683) |
| Other Income (expense) |
(295,955) |
(290,894) |
(695,947) |
(362,638) |
| Loss before
extraordinary loss |
(3,348,336) |
(2,742,262) |
(6,833,358) |
(5,165,321) |
| Extraordinary debt
extinguishment loss |
(885,407) |
-- |
(885,407) |
-- |
| Net loss |
(4,233,743) |
(2,742,262) |
(7,718,765) |
(5,165,321) |
| Preferred stock
accretion |
(970,532) |
(1,016,568) |
(2,236,716) |
(2,052,153) |
| Beneficial return on
preferred shares |
-- |
-- |
(2,668,109) |
-- |
| Net loss available
to common
stockholders |
$(5,204,275) |
$(3,758,830) |
$(12,623,590) |
$(7,217,474) |
| Basic and diluted
loss per share: |
| Operations |
$ (0.50) |
$ (0.61) |
$ (1.21) |
$ (1.20) |
| Before extraordinary
loss |
$ (0.55) |
$ (0.69) |
$ (1.35) |
$ (1.29) |
| Available to common
stockholders |
$ (0.86) |
$ (0.94) |
$ (2.48) |
$ (1.81) |
| Pro forma basic and
diluted loss per share: |
| Operations |
$ (0.35) |
$ (0.39) |
$ (0.77) |
$ (0.76) |
| Before extraordinary
loss |
$ (0.39) |
$ (0.43) |
$ (0.86) |
$ (0.81) |
| Available to common
stockholders |
$ (0.60) |
$ (0.59) |
$ (1.58) |
$ (1.14) |
| Shares used in
calculation of
loss per share: |
| Basic and diluted |
6,076,225 |
3,994,195 |
5,080,538 |
3,990,097 |
| Pro forma basic
and diluted |
8,615,999 |
6,345,155 |
7,982,313 |
6,341,057 |
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