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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.