Corillian Closes the GAAP: Reports First Quarter in the Black
PORTLAND, Ore. - Corillian Corp. beat the Street with a record profitable quarter for the three months ending June 30, the Internet banking vendor said. The company had net income of $1.8 million, or 5 cents per diluted share. First Call's consensus estimate for the Nasdaq-traded stock had been a net loss of 1 cent per share, which the company had recorded in the first quarter of the year. Second quarter revenues were $11.5 million, compared with $10.8 million for the previous quarter and $9 million for the second quarter of 2003, Corillian said. "We achieved GAAP (generally accepted accounting principles) profitability for the first time in company history, well ahead of our 2003 plan. This achievement, combined with our revenue growth, cost containment and cash generation, represents a significant milestone in the history of our company," said Alex Hart, Corillian's president and CEO The company said approximately 11.6 million end users, more than a quarter of the online banking and bill payment population of the United States, use Corillian's Voyager platform. That's up from 7.2 million in the year-ago quarter.