Online Resources Posts Fourth Quarter And Full Year 2003 Results
Revenue and Earnings at High End of Expectations
Quarterly Operating Data
| |
|
% Change |
| 1Q 2002 |
2Q 2002 |
3Q 2002 |
4Q 2002 |
1Q 2003(see Note 1) |
2Q 2003 |
3Q 2003 |
4Q 2003 |
4Q03 vs. 4Q02 |
4Q03 vs. 3Q03 |
| FINANCIAL DATA |
| Revenue ($M) |
$7.8 |
$7.9 |
$8.2 |
$8.5 |
$11.0 |
$8.4 |
$9.3 |
$9.7 |
14% |
5% |
| Gross Profit ($M) |
$3.9 |
$4.2 |
$4.6 |
$5.0 |
$7.2 |
$4.7 |
$5.2 |
$5.8 |
16% |
11% |
| Gross Profit Margin |
50% |
53% |
57% |
59% |
65% |
55% |
57% |
60% |
2% |
5% |
| EBITDA ($M) |
$0.3 |
$0.8 |
$1.1 |
$1.5 |
$3.2 |
$1.1 |
$1.4 |
$1.7 |
16% |
21% |
| Income/(Loss) from Operations ($M) |
($0.3) |
$0.1 |
$0.4 |
$0.7 |
$2.4 |
$0.3 |
$0.6 |
$0.7 |
-1% |
25% |
| USAGE |
| Unique Users (#K) |
509 |
542 |
575 |
623 |
661 |
726 |
797 |
841 |
35% |
6% |
| Using Banking Services (#K) |
337 |
365 |
374 |
403 |
420 |
390 |
418 |
416 |
3% |
0% |
| Using Payment Services (#K) |
259 |
267 |
300 |
327 |
349 |
437 |
488 |
528 |
61% |
8% |
| Adoption Rates |
| Banking % (see Note 2) |
9.0% |
9.2% |
10.4% |
11.2% |
11.2% |
13.5% |
14.1% |
16.8% |
50% |
19% |
| Payment % (see Note 3) |
3.1% |
3.4% |
3.8% |
4.2% |
4.3% |
4.4% |
4.8% |
5.1% |
21% |
6% |
| Transactions |
| Banking Transactions (#M) |
11.1 |
12.4 |
16.1 |
18.1 |
20.0 |
18.9 |
20.8 |
21.0 |
16% |
1% |
| Payment Transactions (#M) |
3.7 |
3.9 |
4.3 |
4.6 |
4.9 |
5.4 |
7.0 |
7.5 |
63% |
7% |
| DISTRIBUTION CHANNEL |
| Total Client Base (see Note 4) |
| Unique Financial Institution Relationships (#) |
475 |
474 |
484 |
534 |
550 |
558 |
562 |
633 |
19% |
13% |
| Aggregate Checking Accounts (#M) |
9.0 |
8.7 |
8.6 |
9.9 |
10.2 |
10.3 |
10.5 |
10.6 |
7% |
1% |
| Aggregate Account Holders (#M) |
18.3 |
16.8 |
16.2 |
18.2 |
18.8 |
19.0 |
19.3 |
19.5 |
7% |
1% |
| % Of Client Checking Accounts Enabled |
96% |
96% |
95% |
85% |
85% |
93% |
95% |
96% |
13% |
1% |
| Potential Product Distribution (enabled Checking Accts) |
| Banking Enabled (#M) |
3.7 |
4.0 |
3.6 |
3.6 |
3.8 |
2.9 |
3.0 |
2.5 |
-31% |
-17% |
| Payments Enabled (#M) |
8.6 |
7.9 |
7.8 |
7.8 |
8.1 |
9.9 |
10.2 |
10.3 |
32% |
1% |
| Full Billpay Services (#M) |
5.8 |
5.1 |
5.0 |
5.0 |
5.2 |
4.4 |
4.5 |
4.2 |
-16% |
-7% |
| Remittance & Other (#M) |
2.8 |
2.8 |
2.8 |
2.8 |
2.9 |
5.5 |
5.7 |
6.1 |
118% |
7% |
|
Notes:
- 1Q 2003 includes a one-time fee of $2.2 million, in connection with the early termination of the Company's contract with Cal Fed, which was acquired and migrated to the Citigroup platform.
- Represents the percentage of users subscribing to our Internet Banking Service, out of the total number of checking accounts enabled for Banking Services.
- Represents the percentage of users subscribing to our Payment Services, out of the total number of checking accounts enabled for Payment Services.
- The Company updates the number of checking accounts for each client institution at the end of each year, and then restates the prior three quarters.
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Media Contact: Beth Halloran,
Director, Corporate Communications
703.394.5248
bhalloran@orcc.com
Investor Contact: Catherine Graham,
EVP & Chief Financial Officer
703.394.5155
cgraham@orcc.com
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