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| Online Resources Announces Third Quarter Results; Revenues Double, End-Users Triple Versus Prior Year |
Online Resources & Communications Corporation (Nasdaq: ORCC), a leading provider of Internet banking services, today reported financial results for the third quarter and the nine months ended September 30, 1999.
MCLEAN, Va., Oct. 27 /PRNewswire/
ONLINE RESOURCES
Condensed Statements of Operations
(Unaudited)
| |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
| |
1999 |
1998 |
1999 |
1998 |
| Revenues: |
| Core services |
$ 1,241,553 |
$583,070 |
$3,035,137 |
$ 1,547,121 |
| Support services |
573,835 |
166,959 |
1,405,163 |
395,952 |
| Implementation fees |
412,198 |
354,509 |
1,132,707 |
788,434 |
| Related products |
64,852 |
58,393 |
202,708 |
196,614 |
| Total revenues |
2,292,438 |
1,162,931 |
5,775,715 |
2,928,121 |
| Expenses: |
| Cost of revenues |
2,357,048 |
1,538,946 |
6,362,236 |
4,421,720 |
| General &
administrative |
970,507 |
564,323 |
2,523,321 |
1,629,501 |
| Sales and marketing |
1,346,232 |
853,876 |
3,558,660 |
2,319,638 |
| Systems and
development |
994,046 |
601,616 |
2,844,304 |
1,755,775 |
| Total expenses |
5,667,833 |
3,558,761 |
15,288,521 |
10,126,634 |
| Loss from
operations |
(3,375,395) |
(2,395,830) |
(9,512,806) |
(7,198,513) |
| Other Income
(expense) |
184,799 |
(367,243) |
(511,148) |
(729,881) |
| Loss before
extraordinary loss |
(10,023,954) |
(7,928,394) |
(3,190,596) |
(2,763,073) |
| Extraordinary debt
extinguishment loss |
-- |
-- |
(885,407) |
-- |
| Net loss |
(3,190,596) |
(2,763,073) |
(10,909,361) |
(7,928,394) |
| Preferred stock
accretion |
-- |
(872,662) |
(2,236,716) |
(2,924,815) |
| Beneficial return
on preferred shares |
-- |
-- |
(2,668,109) |
-- |
| Net loss available
to common
stockholders |
$(3,190,596) |
$(3,635,735) |
$(15,814,186) |
$(10,853,209) |
| Basic and diluted
loss per share: |
| Operations |
$(0.31) |
$(0.59) |
$(1.35) |
$(1.78) |
| Before extraordinary
loss |
$(0.29) |
$(0.69) |
$(1.43) |
$(1.97) |
| Available to common
stockholders |
$(0.29) |
$(0.90) |
$(2.25) |
$(2.69) |
| Pro forma basic and
diluted loss per share: |
| Operations |
$(0.31) |
$(0.38) |
$(1.06) |
$(1.13) |
| Before extraordinary
loss |
$(0.29) |
$(0.43) |
$(1.12) |
$(1.24) |
| Available to common
stockholders |
$(0.29) |
$(0.57) |
$(1.77) |
$(1.70) |
| Shares used in calculation
of loss per share: |
| Basic and diluted |
10,844,854 |
4,026,700 |
7,026,668 |
4,033,216 |
| Pro forma basic
and diluted |
10,844,854 |
6,377,660 |
8,950,312 |
6,384,176 |
|
SOURCE Online Resources & Communications Corporation
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