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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
Consolidated Condensed Balance Sheets
| |
December 31,
1998 |
June 30,
1999
(Unaudited) |
| Current Assets: |
| Cash and cash equivalents |
$ 3,471,620 |
$ 30,727,475 |
| Escrow deposit |
400,985 |
-- |
| Accounts receivable, net |
933,585 |
1,390,146 |
| Prepaid expenses and other
current assets |
921,247 |
435,067 |
| Total current assets |
5,727,437 |
32,552,688 |
| Property and equipment, net |
3,166,019 |
3,248,058 |
| Other assets |
527,972 |
229,284 |
| Total assets |
$ 9,421,428 |
$ 36,030,030 |
| Current Liabilities: |
| Accounts payable, accrued
liabilities and other |
$ 2,942,397 |
$ 2,566,812 |
| Deferred revenues |
678,117 |
675,553 |
| Current portion of
long term obligations |
1,526,547 |
651,323 |
| Total current liabilities |
5,147,061 |
3,893,688 |
| Long-term obligations -
less current portion |
9,686,889 |
521,230 |
| Redeemable convertible
Preferred Stock,
$0.01 par value |
25,776,254 |
-- |
| Stockholders equity: |
(31,188,776) |
31,615,112 |
| Total liabilities and stockholders' equity |
$ 9,421,428 |
$ 36,030,030 |
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