Online Resources Posts Third Quarter 2004 Results
Increased Adoption and Operating Leverage Fuel Strong Earnings Growth
Quarterly Operating Data
| |
|
% Change |
| 4Q 2002 |
1Q 2003(see Note 1) |
2Q 2003 |
3Q 2003 |
4Q 2003(see Note 2) |
1Q 2004 |
2Q 2004 |
3Q 2004 (see Note 3) |
3Q04 vs. 3Q03 |
3Q04 vs. 2Q04 |
| FINANCIAL DATA |
| Revenue ($M) |
$8.5 |
$11.0 |
$8.4 |
$9.3 |
$9.7 |
$9.8 |
$10.1 |
$11.0 |
19% |
10% |
| Gross Profit ($M) |
$5.0 |
$7.2 |
$4.7 |
$5.2 |
$5.8 |
$5.5 |
$6.1 |
$7.2 |
37% |
17% |
| Gross Profit Margin |
59% |
65% |
55% |
57% |
60% |
56% |
61% |
65% |
14% |
7% |
| EBITDA ($M) |
$1.5 |
$3.2 |
$1.1 |
$1.4 |
$1.7 |
$1.4 |
$2.1 |
$3.0 |
108% |
38% |
| Income/(Loss) from Operations ($M) |
$0.7 |
$2.4 |
$0.3 |
$0.6 |
$0.7 |
$0.4 |
$1.2 |
$2.1 |
275% |
80% |
| USAGE |
| Unique Users (#K) |
623 |
661 |
726 |
797 |
841 |
926 |
972 |
1,065 |
34% |
10% |
| Using Banking Services (#K) |
403 |
420 |
390 |
418 |
416 |
450 |
439 |
463 |
11% |
5% |
| Using Payment Services (#K) |
327 |
349 |
437 |
488 |
528 |
592 |
651 |
728 |
49% |
12% |
| Adoption Rates |
| Banking % (see Note 4) |
11.2% |
11.2% |
13.5% |
14.1% |
16.8% |
18.5% |
19.3% |
21.1% |
50% |
9% |
| Payment % (see Note 5) |
4.2% |
4.3% |
4.4% |
4.8% |
5.1% |
5.7% |
6.2% |
6.8% |
42% |
10% |
| Transactions |
| Banking Transactions (#M) |
18.1 |
20.0 |
18.9 |
20.8 |
21.0 |
23.9 |
23.4 |
23.4 |
13% |
0% |
| Payment Transactions (#M) |
4.6 |
4.9 |
5.4 |
7.0 |
7.5 |
8.4 |
9.0 |
9.6 |
37% |
7% |
| DISTRIBUTION CHANNEL |
| Total Client Base (see Note 6) |
| Unique Financial Institution Relationships (#) |
534 |
550 |
558 |
562 |
633 |
670 |
687 |
697 |
24% |
1% |
| Aggregate Checking Accounts (#M) |
9.9 |
10.2 |
10.3 |
10.5 |
10.6 |
10.8 |
11.0 |
11.0 |
5% |
0% |
| Aggregate Account Holders (#M) |
18.2 |
18.8 |
19.0 |
19.3 |
19.5 |
19.9 |
20.3 |
20.3 |
5% |
0% |
| % Of Client Checking Accounts Enabled |
79% |
79% |
96% |
97% |
97% |
96% |
95% |
96% |
-1% |
1% |
| Potential Product Distribution (enabled Checking Accts) |
| Banking Enabled (#M) |
3.6 |
3.8 |
2.9 |
3.0 |
2.5 |
2.4 |
2.3 |
2.2 |
-27% |
-4% |
| Payments Enabled (#M) |
7.8 |
8.1 |
9.9 |
10.2 |
10.3 |
10.4 |
10.5 |
10.6 |
4% |
1% |
| Full Billpay Services (#M) |
5.0 |
5.2 |
4.4 |
4.5 |
4.2 |
4.1 |
4.2 |
4.3 |
-4% |
2% |
| Remittance & Other (#M) |
2.8 |
2.9 |
5.5 |
5.7 |
6.1 |
6.3 |
6.4 |
6.3 |
11% |
-2% |
|
Notes:
- 1Q03 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. Cal Fed had approximately 90,000 users.
- 4Q03 includes a one-time fee of $328,000, in connection with the early termination of the Company's contract with First Virginia Bank, which was acquired and migrated to the BB&T platform. First Virginia had approximately 27,000 users.
- 3Q04 includes one-time fees totaling $500,000, in connection with the early termination of customers that were acquired and migrated off of our platform. These clients had approximately 7,500 users.
- 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.
Back
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
|
|
