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Online Resources Posts Second Quarter 2004 Results
Earnings Expand Sharply, Surpassing Expectations
Statements of Operations
(Unaudited)
(In thousands, except per share data)
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THREE MONTHS ENDED
JUNE 30, |
SIX MONTHS ENDED
JUNE 30, |
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2004 |
2003 |
2004 |
2003 |
| Revenues: |
| Banking Services |
$ 777 |
$ 943 |
$ 1,562 |
$ 2,251 |
| Payment Services |
6,791 |
4,888 |
13,127 |
9,463 |
| Consumer Contact Services |
1,933 |
1,977 |
3,864 |
4,393 |
| Professional Services and Other |
568 |
609 |
1,283 |
3,320 |
| Total Revenues |
10,069 |
8,417 |
19,836 |
19,427 |
| Expenses: |
| Cost of Revenues |
3,945 |
3,760 |
8,228 |
7,611 |
| Gross Profit |
6,124 |
4,657 |
11,608 |
11,816 |
| General and Administrative |
2,276 |
1,900 |
4,554 |
4,212 |
| Selling and Marketing |
1,784 |
1,481 |
3,651 |
3,026 |
| System and Development |
879 |
956 |
1,814 |
1,846 |
| Total Expenses |
4,939 |
4,337 |
10,019 |
9,084 |
| Income (Loss) from Operations |
1,185 |
320 |
1,589 |
2,732 |
| Other Income (Expense) |
| Interest Income |
26 |
14 |
52 |
37 |
| Interest Expense |
(1) |
(274) |
(3) |
(586) |
| Debt Conversion Expense |
- |
(181) |
- |
(181) |
| Total Other Income (Expense) |
25 |
(441) |
49 |
(730) |
| Income (Loss) Before Income Taxes |
1,210 |
(121) |
1,638 |
2,002 |
| Income Tax Provision |
9 |
27 |
18 |
27 |
| Net Income (Loss) |
$ 1,201 |
$ (148) |
$ 1,620 |
$ 1,975 |
| Net Income (Loss) Per Share: |
| Basic |
$ 0.07 |
$ (0.01) |
$ 0.09 |
$ 0.14 |
| Diluted |
$ 0.06 |
$ (0.01) |
$ 0.08 |
$ 0.13 |
| Shares used in calculation of Net Income (Loss) Per Share: |
| Basic |
18,004 |
14,109 |
17,944 |
13,909 |
| Diluted |
20,030 |
14,109 |
20,085 |
14,847 |
| Reconciliation of Net Income to EBITDA (See Note 1): |
| Net Income (Loss) |
$ 1,201 |
$ (148) |
$ 1,620 |
$ 1,975 |
| Depreciation |
961 |
742 |
1,930 |
1,495 |
| Other Income (Expense) |
(25) |
441 |
(49) |
730 |
| Taxes |
9 |
27 |
18 |
27 |
| EBITDA (See Note 1) |
$ 2,146 |
$ 1,062 |
$ 3,519 |
$ 4,227 |
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1. EBITDA represents earnings before interest, taxes, depreciation and amortization, and gains or losses from extraordinary items.
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