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| Online Resources Reports Strong Fourth Quarter And 2000 Year |
Statements of Operations (1)
(in thousands, except per share data)
(Unaudited)
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THREE MONTHS ENDED
DECEMBER 31, |
TWELVE MONTHS ENDED
DECEMBER 31, |
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2000 |
1999 |
2000 |
1999 |
| Revenues: |
| Service fees |
$4,404 |
$1,938 |
$13,311 |
$6,378 |
| Implementation and other revenues |
558 |
602 |
2,333 |
1,863 |
| Total revenues |
4,962 |
2,540 |
15,644 |
8,241 |
| Expenses: |
| Cost of revenues |
3,665 |
2,565 |
13,170 |
8,740 |
| Gross profit (loss) |
1,297 |
(25) |
2,474 |
(499) |
| General & administrative |
1,627 |
1,371 |
6,371 |
3,894 |
| Selling and marketing |
2,274 |
1,707 |
8,972 |
5,266 |
| Systems and development |
1,565 |
1,155 |
6,246 |
3,999 |
| Total Expenses |
5,466 |
4,233 |
21,589 |
13,159 |
| Loss from operations |
(4,169) |
(4,258) |
(19,115) |
(13,658) |
| Other income (expense) |
(131) |
477 |
501 |
(34) |
| Loss before extraordinary loss and cumulative effect of change in accounting principle |
(4,300) |
(3,781) |
(18,614) |
(13,692) |
| Extraordinary debt extinguishment loss |
- |
- |
- |
(885) |
| Cumulative effect of change in accounting principle |
- |
- |
(217) |
- |
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(4,300) |
(3,781) |
(18,831) |
(14,577) |
| Preferred stock accretion |
- |
- |
- |
(2,237) |
| Beneficial return on preferred shares |
- |
- |
- |
(2,668) |
| Net loss |
$(4,300) |
$(3,781) |
$(18,831) |
$(19,482) |
| Basic and diluted loss per share: |
| Operations (including accretion and beneficial return on preferred shares) |
$(0.36) |
$(0.39) |
$(1.66) |
$(2.32) |
| Before extraordinary loss and cumulative effect of change in accounting principle Extraordinary loss |
(0.37)- |
(0.35)- |
(1.62)- |
(2.32)(0.11) |
| Cumulative effect of change in accounting principle |
- |
- |
(0.02) |
- |
| Net loss |
(0.37) |
(0.35) |
(1.64) |
(2.43) |
| Pro forma basic and diluted loss per share: (2) |
| Operations |
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$(1.45) |
| Before extraordinary loss and cumulative effect of change in accounting principle Extraordinary loss |
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(1.45)(0.09) |
| Cumulative effect of change in accounting principle |
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- |
| Net loss |
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(1.54) |
| Shares used in calculation of loss per share: |
| Basic and diluted |
11,620 |
10,929 |
11,487 |
8,010 |
| Pro forma basic and diluted |
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9,449 |
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- The statements of operations were restated to reflect the adoption of Staff Accounting Bulletin ("SAB") No. 101, "Revenue Recognition in Financial Statements," as of January 1, 2000 and retroactively for 1999 on a pro forma basis.
- For the year ended December 31, 1999, assumes conversion of the Company's convertible preferred stock have been converted to common stock.
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