DI Rides Online Banking Growth to Record Quarter
CALABASAS, Calif. - Digital Insight Corp. said that the continued growth in online banking helped the e-commerce vendor notch record results in the second quarter of 2003. The provider of online banking services to more than 1,100 institutions recorded record net income of $37.3 million in the quarter ended June 30, an increase of 16% from the year-ago quarter. Net income under Generally Accepted Accounting Principles (GAAP), meanwhile, was $3.6 million for the quarter (11 cents per diluted share) compared with a net loss of $300,000, or one cent per diluted share, in the second quarter of 2002. "The primary catalyst for our strong results continues to be robust trends in end user adoption, which is the single most important driver of our business model," said John Dorman, DI's chairman, president and CEO. DI landed 27 new contracts during the quarter and also recently expanded its joint marketing relationship with Fiserv, which prompted DI to raise its predicted results for the immediate future.