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| Online Resources Announces Fourth Quarter and 1999 Results |
ONLINE RESOURCES
Condensed Statements of Operations
(Unaudited)
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Three Months Ended
December 31, |
Year Ended
December 31, |
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1999 |
1998 |
1999 |
1998 |
| Core services |
$ 1,327,558 |
$ 674,109 |
$ 4,362,695 |
$ 2,221,230 |
| Support services |
610,317 |
248,866 |
2,015,480 |
644,818 |
| Implementation fees |
639,583 |
411,724 |
1,772,290 |
1,200,158 |
| Related products |
92,362 |
63,284 |
295,070 |
259,898 |
| Total revenues |
2,669,820 |
1,397,983 |
8,445,535 |
4,326,104 |
| Expenses: |
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| Cost of revenues |
2,719,033 |
1,867,742 |
9,081,269 |
6,289,462 |
| Gross loss |
(49,213) |
(469,759) |
(635,734) |
(1,963,358) |
| General & administrative |
1,371,154 |
1,075,528 |
3,894,475 |
2,705,029 |
| Sales and marketing |
1,707,384 |
1,058,090 |
5,266,044 |
3,377,728 |
| Systems and
development |
1,154,632 |
688,840 |
3,998,936 |
2,444,615 |
| Total expenses |
4,233,170 |
2,822,458 |
13,159,455 |
8,527,372 |
| Loss from
operations |
(4,282,383) |
(3,292,217) |
(13,795,189) |
(10,490,730) |
| Other Income
(expense) |
477,103 |
(337,858) |
(34,045) |
(1,067,739) |
| Loss before
extraordinary
loss |
(3,805,280) |
(3,630,075) |
(13,829,234) |
(11,558,469) |
| Extraordinary debt
extinguishment loss |
-- |
-- |
(885,407) |
-- |
| Net loss |
(3,805,280) |
(3,630,075) |
(14,714,641) |
(11,558,469) |
| Preferred stock
accretion |
-- |
(854,354) |
(2,236,716) |
(3,779,169) |
| Beneficial return on
preferred shares |
-- |
-- |
(2,668,109) |
-- |
| Net loss available
to common
stockholders |
$(3,805,280) |
$(4,484,429) |
$(19,619,466) |
$(15,337,638) |
| Basic and diluted
loss per share:
Operations |
$(0.39) |
$(0.81) |
$(1.48) |
$(2.62) |
| Before extraordinary
loss |
$(0.35) |
$(0.90) |
$(1.48) |
$(2.88) |
| Available to common
stockholders |
$(0.35) |
$(1.11) |
$(2.10) |
$(3.83) |
| Pro forma basic and
diluted loss per share:
Operations |
$(0.39) |
$(0.52) |
$(1.46) |
$ (1.65) |
| Before extraordinary
loss |
$ (0.35) |
$ (0.57) |
$ (1.46) |
$ (1.82) |
| Available to common
stockholders |
$ (0.35) |
$ (0.57) |
$ (1.56) |
$ (1.82) |
| Shares used in
calculation of
loss per share: |
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| Basic and diluted |
10,929,247 |
4,039,823 |
9,327,202 |
4,009,713 |
| Pro forma basic
and diluted |
10,929,247 |
6,391,992 |
9,449,105 |
6,356,728 |
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SOURCE Online Resources & Communications Corporation back
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