In the Black: Corillian Reports First Positive EBIDTA Quarter

PORTLAND, Ore. – Corillian Corp. this week reported the first quarter in company history where it turned a profit according to one of the standard measures of corporate profitability. The enterprise software provider said it made approximately $300,000 in the fourth quarter of 2002 according to earnings adjusted for interest, depreciation, taxes and amortization (EBIDTA). That compares with an EBIDTA-adjusted loss for fourth-quarter 2001 of $4.5 million. Net loss for the year was $17.3 million, compared with $49.3 million in 2001. Fourth-quarter revenues were $10.1 million, compared with $10 million for the third quarter and $9.9 million for the year-ago fourth quarter, the company said. “We have clearly turned the corner in our path to profitability,” said Corillian President and CEO Alex Hart. “We finished one of the worst IT spending years in recent memory with essentially zero cash burn and a significant increase in backlog,” he said. Year-end highlights included NetBank, the largest Internet bank, licensing Corillian’s Voyager platform, adding 150,000 online customers to the nine million consumers using Corillian solutions at their financial institutions, the company said.