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| Online Resources Reports Strong Third Quarter Results |
Condensed Balance Sheets
(in thousands)
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SEPTEMBER 30, 2001 |
DECEMBER 31, 2000 |
ASSETS
Current assets: |
| Cash and cash equivalents |
$ 2,076 |
$ 1,771 |
| Investments |
7,632 |
19,688 |
| Accounts receivable, net |
3,127 |
3,026 |
| Deferred implementation costs |
920 |
810 |
| Prepaid expenses and other current assets |
907 |
541 |
| Total current assets |
14,662 |
25,836 |
| Property and equipment, net |
7,030 |
6,525 |
| Deferred implementation costs, less current portion |
675 |
713 |
| Debt issuance costs |
1,065 |
1,750 |
| Other assets |
348 |
304 |
| Total assets |
$ 23,780 |
$ 35,128 |
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: |
| Accounts payable, accrued expenses and other current liabilities |
$ 2,666 |
$ 3,115 |
| Deferred revenues |
983 |
1,104 |
| Current portion of capital lease obligation |
308 |
279 |
| Total current liabilities |
3,957 |
4,498 |
| Capital lease obligation, less current maturities |
424 |
232 |
| Deferred revenues, less current portion |
701 |
1,193 |
| Notes payable |
14,000 |
20,000 |
| Total liabilities |
19,082 |
25,923 |
| Stockholders' equity |
4,698 |
9,205 |
| Total liabilities and stockholders' equity |
$ 23,780 |
$ 35,128 |
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| Online Resources Reports Strong Third Quarter Results |
Statements of Operations
(In thousands, except per share data)
(Unaudited)
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THREE MONTHS ENDED
SEPTEMBER 30, |
NINE MONTHS ENDED
SEPTEMBER 30, |
| |
2001 |
2000 |
2001 |
2000 |
| Revenues: |
| Service fees |
$5,746 |
$3,725 |
$15,904 |
$8,907 |
| Implementation and other revenues |
628 |
479 |
2,042 |
1,775 |
| Total revenues |
6,374 |
4,204 |
17,946 |
10,682 |
| Expenses: |
| Cost of revenues |
3,561 |
3,354 |
10,769 |
9,505 |
| Gross profit |
2,813 |
850 |
7,177 |
1,177 |
| General & administrative |
1,709 |
1,581 |
5,307 |
4,745 |
| Selling and marketing |
1,481 |
2,269 |
4,541 |
6,698 |
| Systems and development |
1,534 |
1,568 |
4,505 |
4,680 |
| Non-recurring charges |
- |
- |
209 |
- |
| Total expenses |
4,724 |
5,418 |
14,562 |
16,123 |
| Loss from operations |
(1,911) |
(4,568) |
(7,385) |
(14,946) |
| Other income (expense) |
(275) |
143 |
(856) |
632 |
| Debt conversion expense |
(922) |
- |
(922) |
- |
| Loss before extraordinary item and cumulative effect of change in accounting principle |
(3,108) |
(4,425) |
(9,163) |
(14,314) |
| Extraordinary item - gain on repurchase of debt |
- |
- |
1,083 |
- |
| Cumulative effect of change in accounting principle |
- |
- |
- |
(217) |
| Net loss |
$(3,108) |
$(4,425) |
$(8,080) |
$(14,531) |
| Basic and diluted loss per share: |
| Loss from operations |
$(0.16) |
$(0.39) |
$(0.63) |
$(1.31) |
| Before extraordinary item and cumulative effect of change in accounting principle |
(0.26) |
(0.38) |
(0.78) |
(1.25) |
| Extraordinary item - gain on repurchase of debt |
- |
- |
0.09 |
- |
| Cumulative effect of change in accounting principle |
- |
- |
- |
(0.02) |
| Net loss |
(0.26) |
(0.38) |
(0.69) |
(1.27) |
| Shares used in calculation of loss per share: |
| Basic and diluted |
11,731 |
11,595 |
11,688 |
11,426 |
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