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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 Balance Sheets
(Unaudited)
| |
December 31,
1998 |
September 30,
1999 |
| Current Assets: |
| Cash and cash equivalents |
$ 3,471,620 |
$1,916,479 |
| Investment in available
for sale securities |
-- |
24,635,567 |
| Escrow deposit |
400,985 |
-- |
| Accounts receivable, net |
933,585 |
1,447,110 |
| Prepaid expenses and
other current assets |
921,247 |
1,010,682 |
| Total current assets |
5,727,437 |
29,009,838 |
| Property and
equipment, net |
3,166,019 |
3,812,858 |
| Other assets |
527,972 |
274,638 |
| Total assets |
$ 9,421,428 |
$33,097,334 |
| Current Liabilities: |
| Accounts payable,
accrued liabilities
and other |
$ 2,942,397 |
$2,554,029 |
| Deferred revenues |
678,117 |
622,763 |
| Current portion of long
term obligations |
1,526,547 |
753,427 |
| Total current liabilities |
5,147,061 |
3,930,219 |
| Long-term obligations -
less current portion |
9,686,889 |
501,691 |
| Redeemable convertible
Preferred Stock,
$0.01 par value |
25,776,254 |
-- |
| Stockholders equity |
(31,188,776) |
28,665,424 |
| Total liabilities
and stockholders' equity |
$ 9,421,428 |
$33,097,334 |
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SOURCE Online Resources & Communications Corporation
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