CheckFree Posts Strong Results for the Third Quarter of Fiscal 2001.Business Editors ATLANTA--(BUSINESS WIRE)--April 24, 2001 -- 245 primary billers are now signed to use CheckFree's electronic billing and payment services, and nearly 300 Internet sites enable consumers to view and pay bills -- Electronic payment percentage reaches 62 percent -- Sequential quarterly subscriber growth reaches nine percent, modestly above the Company's historic rate of six to eight percent CheckFree Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CKFR CKFR Checkfree Corporation (stock abbreviation, AMEX) ) today announced revenues of $113.1 million for the third quarter ended March 31, 2001 compared to $79.7 million for the same quarter of fiscal 2000. Total revenues for the quarter increased 42 percent over the comparative quarter of last year. CheckFree reported a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma loss for the quarter of $3.5 million, or four cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , excluding the impact of acquisition-related amortization and one-time charges. This compares to a pro forma loss of $2.1 million, or four cents per share, for the same period in fiscal 2000. On a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis, the company reported a loss per share of $1.17, compared to $.07 in the third quarter of fiscal 2000, reflecting the impact of acquisition-related intangible amortization and a charge for the decline in value of investments in equity instruments. CheckFree Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Pete Kight said, "I continue to be very pleased with the progress we are making this year. Our overall sequential quarterly subscriber growth rate of nine percent was at the high end of our expectations, and continues to be distributed across the range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organizations and portals that offer electronic billing Electronic billing is the electronic delivery and presentation of financial statements, bills, invoices, and related information sent by a company to its customers. Electronic billing is also referred to as the following:
Solid Performance on Core Electronic Billing and Payment Metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. Performance across key operating metrics for the third quarter includes:
-- Third quarter sequential quarterly subscriber growth was nine
percent, modestly above the Company's historic rate of six to
eight percent, bringing the total subscriber count at the end
of the quarter to about 4.8 million. The anticipated increase
reflects the broader availability of electronic billing and
payment in states served by Bank of America, and some increase
in localized marketing by a number of financial services
organizations.
-- Nearly 300 sites are now live with full electronic billing and
payment, up from nearly 275 at the end of the second quarter
of fiscal 2001 and compared to just over 150 at the close of
the third quarter of fiscal 2000.
-- The Company signed deals for electronic billing and payment
with 23 targeted billers in the third quarter, bringing to 245
the total roster of bills that will be available on the
Internet, which is up from 121 at the close of the third
quarter of fiscal 2000.
-- CheckFree distributed about 350,000 bills over the Internet in
March, up from about 210,000 bills distributed in December,
and up from 62,000 bills distributed in March of fiscal 2000.
This equates to a run rate of more than four million bills per
year.
-- The Company processed about 21 million transactions in March,
up from over 18 million transactions in December. The Company
achieved an electronic payment rate of 62 percent, up from 60
percent in December and reflecting continued improvements in
patented processes around risk management and payment routing,
as well as improvements in exception prevention and electronic
remittance connections.
-- The number of primary billers with electronic bills live on
the Internet increased by 12 in the quarter, bringing the
total to 156, up from 76 at the close of the third quarter of
fiscal 2000.
Pete Sinisgalli, CheckFree president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said, "We planned to move 80 additional billers into production this fiscal year, so that by June 30 the average online consumer would be able to view and pay eight to 10 bills at their preferred site. Economic conditions are affecting implementations for some billers, which in turn is slowing the speed at which they are moving into production. We now expect to close this fiscal year having moved about 50 additional billers into production. "We have therefore accelerated plans to bring as many as 30 additional bills to subscribers by leveraging new technology in our Genesis platform," Sinisgalli continued. "Through a combination of distributed e-bills and aggregated biller-direct content, typical online consumers should be able to view and pay more than 10 bills by the end of the calendar year, at sites that have upgraded to the latest release of our services. For consumers, adding screen-scraped bills will assemble valuable content from some billers sooner than e-bill implementation will, but it falls short of enabling a richer relationship with the biller bill·er n. One that bills, as: a. A clerk who prepares bills. b. A machine used in preparing bills. . Each person that elects to receive scraped content strengthens the business case for that biller to implement a distributed e-bill that can deliver interactive content and services to customers," Sinisgalli concluded. Solid Division Performance CheckFree's Electronic Commerce division reported revenue of $79.9 million for the quarter, representing 43 percent growth over the same quarter of fiscal 2000. The division posted a pro forma operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $2.5 million, compared to a pro forma loss of $3.8 million for the third quarter of fiscal 2000. "We expect operating efficiencies to continue to improve as we achieve higher volumes in the metrics most important to continuing our long-term market leadership," Sinisgalli said. "Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. subscribers in 17 states now access electronic billing and payment through Genesis. We also are encouraged by the electronic billing and payment promotions and consumer incentives planned by Bank of America and our other financial services organization and biller partners for the remainder of the calendar year," he added. CheckFree Investment Services reported revenue of $17.9 million for the quarter, a 28 percent increase over the same quarter last year. Pro forma operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter was $5.2 million, a 36 percent increase from the third quarter of fiscal 2000. The Company's Software businesses reported revenue in the quarter of $15.3 million, up more than 54 percent over revenue generated in the third quarter of fiscal 2000. This division had a pro forma operating loss of $0.4 million, down from pro forma operating income of $3.3 million in the third quarter of fiscal 2000, reflecting, as planned, continued investment in CheckFree i-Solutions, the Company's e-billing and e-statement software and services unit. "We had very good results across our operating divisions this quarter, with continued revenue growth and new account signings across each of our divisions," said Sinisgalli. "Our Electronic Commerce division continues to make important strides in both market-leading innovation and operating efficiency. Innovations in the latest release of our WebPay service recently won the `Best of Show' award at InternetWorld, the leading Internet technology trade show, for the advances in consumer convenience that integrating e-mail access to our core electronic billing and payment infrastructure enables. Through technology available today, consumers can use e-mail invitations to send or receive money, and can elect to view and pay their bills through e-mail access, while maintaining the security, routing, tracking and customer care of their trusted financial services provider," he concluded. Fourth Quarter Expectations "We are forecasting revenues for the fourth quarter of fiscal 2001 to be in the range of $116 million to $121 million, with a pro forma loss per share of around one to three cents," said David Mangum, CheckFree's chief financial officer. "In addition, we expect sequential quarterly subscriber growth for the fourth quarter to again be in the range of seven to nine percent, reflecting the increased availability of electronic billing and payment in states served by Bank of America and the continually increasing size of our subscriber base," Mangum continued. About CheckFree CheckFree Corporation is the leading provider of financial electronic commerce services, software and related products. Through its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , CheckFree designs, develops and markets services that enable nearly five million consumers to receive and pay bills over the Internet or electronically through a variety of bill aggregation points, including banks, brokerage firms, portals and interactive content sites on the Internet, and personal financial management (PFM) software. CheckFree's range of services and products are focused on enabling customers to receive electronic bills and statements, make electronic payments and collections, automate paper-based recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. financial transactions and conduct secure Internet transactions. Third Quarter Highlights April 19 -- CheckFree i-Solutions announced an agreement with Malaysian-based KnowledgeBaze, a customer relationship management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ) software and service provider, to offer electronic billing and payment (EBP EBP Evidence Based Practice EBP Enterprise Buyer Professional EBP Education Business Partnership EBP European Business Programme EBP Efficiency Bandwidth Product EBP Electronic Billing and Payment EBP Extended Base Pointer EBP Error Back Propagation ) capabilities to customers in Malaysia. April 17 -- Stephen Olsen is promoted to executive vice president and general manager of CheckFree's Electronic Commerce Division, reporting to Pete Sinisgalli, president and chief operating officer of CheckFree. April 10 -- CheckFree Investment Services unveils CheckFree APL (A Programming Language) A high-level mathematical programming language noted for its brevity and matrix generation capabilities. Developed by Kenneth Iverson in the mid-1960s, it runs on micros to mainframes and is often used to develop mathematical models. Plus, a new graphical user interface graphical user interface (GUI) Computer display format that allows the user to select commands, call up files, start programs, and do other routine tasks by using a mouse to point to pictorial symbols (icons) or lists of menu choices on the screen as opposed to having to (GUI (Graphical User Interface) A graphics-based user interface that incorporates movable windows, icons and a mouse. The ability to resize application windows and change style and size of fonts are the significant advantages of a GUI vs. a character-based interface. ) and client/server extension of the UNIX-based CheckFree APL platform. CheckFree APL Plus emphasizes easy access to trading tools for portfolio managers and brokers. Merrill Lynch's Personal Investment Advisory (PIA pi·a n. The pia mater. pi  al adj. ) Program is an early
adopter of the solution.April 9 -- Southwest Bank of Texas, the largest independent bank in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , will use CheckFree RECON-Plus(TM) for Windows(R) to automate and support daily account reconciliation and daily deposit verification. Southwest Bank of Texas has been a customer with CheckFree since 1997, using its WebPay solution. April 3 -- EDB EDB ethylene dibromide; a grain fumigant toxic to chickens. Teamco Dialog, Norway's largest bill consolidator, added one of the country's major electricity providers to its pioneering e-Billing service. EDB is using the CheckFree i-Series electronic billing and payment software platform. To date, EDB generates over 1.3 million consolidated summary pages a month for its e-billers. March 19 -- Lowe's Home Improvement Warehouse announced that Lowe's credit card holders will be able to receive and pay their bills online. Through a relationship with CheckFree i-Solutions, Lowe's six million credit card holders can view and pay their Lowe's credit card bills at their choice of nearly 275 financial services sites and Internet portals. March 15 -- Internet World Names CheckFree's E-Bills and E-Payments through E-Mail "Best of Show" at Spring Internet World 2001. CheckFree is recognized among leading Internet companies for innovative use of technology and product leadership in business applications. March 14 -- National Life Insurance company selects CheckFree RECON-Plus(TM) for Windows(R) to automate manual processes and support daily account reconciliation. National Life is also implementing CheckFree APECS APECS Auger Photoelectron Coincidence Spectroscopy APECS All Purpose Environmental Clothing System APECS Advanced Process Engineering Co-Simulator APECS Advanced Performance Escape Cushioning System APECS Advance Portable Exciter Control Station (TM) to ensure compliance with abandoned property reporting requirements nationwide. March 13 -- CheckFree debuts two extensions to its electronic billing and payment capabilities, aimed squarely square·ly adv. 1. Mathematics At right angles: sawed the beam squarely. 2. In a square shape. 3. at accelerating the convenience of Internet billing and payments for consumers. The first enhancement is the ability for consumers to receive and pay e-bills over e-mail. The second is the ability for consumers to exchange money with each other using e-mail "invitations" to send or receive money. March 6 -- DST (1) (DeSTination) Contrast with SRC, which is an abbreviation of "source." (2) (Digital Signal Trust Company, Salt Lake City, UT, www.digsigtrust.com) An organization that sets up and manages PKI systems for companies and industry groups. Canada selects CheckFree RECON-Plus for Windows to support daily account reconciliation for its Transfer Agency Operations. DST Canada develops advanced back office software solutions and provides transfer agency services for financial institutions worldwide. February 26 -- CheckFree and Edward Jones Edward, Eddie, or Ed Jones is the name of: Edward Jones:
February 23 -- CheckFree i-Solutions and Honolulu Board of Water Supply (HBWS HBWS Honolulu Board of Water Supply (Hawaii) ), the largest water utility in Hawaii, announce that electronic billing and payment is now available to over 150,000 HBWS customers. HBWS utility customers in Oahu can save time while increasing control over bill payments by receiving and paying their monthly electric bills online. February 15 -- CheckFree i-Solutions opens its Asia/Pacific marketing, sales and service office in Singapore. The initial market entry for CheckFree i-Solutions is to support partner led engagements in the region with its i-Series platform. In addition to in-country partners, global partners include IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Xerox and EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. . February 14 -- CheckFree Health & Fitness introduces RCM RCM Reliability-Centered Maintenance RCM Royal College of Music RCM Royal Conservatory of Music RCM Royal Canadian Mint RCM Reliability Centered Maintenance RCM Revenue Cycle Management RCM Regional Climate Model RCM Ring-Closing Metathesis Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. to provide club management and operations consulting to clients in the health club industry. RCM Professional Services will specialize in technology solutions and business growth development. February 8 -- Ravi Ganesan, vice chairman, leaves CheckFree to accept a position as chief executive officer at SingleSignOn.Net, Inc., an Internet security ''This article or section is being rewritten at Internet security is the process of protecting data and privacy of devices connected to internet from information robbery, hacking, malware infection and unwanted software. company headquartered in Virginia. Randy McCoy, formerly executive vice president, product management and development, is promoted to chief technology officer. February 7 -- CheckFree i-Solutions announces that electronic billing and payment is now available to Entergy's residential customers in Louisiana. Entergy plans to roll out the service to its customers in Texas, Mississippi and Arkansas over the next 12 months. February 5 -- CheckFree Investment Services announces an agreement with Schwab Consulting Services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" , part of Charles Schwab Charles Schwab can refer to:
The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. (STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. ) and portfolio reporting requirements of its new managed account service for independent, fee-based investment Fee-Based Investment An investment account in which the advisor's compensation is based on a set percentage of the client's assets instead of on commissions. Contrast this to commission-based investment, in which the advisor makes money based on the amount of trades made or the advisors. January 29 -- CheckFree i-Solutions and Amica Mutual Insurance Amica Mutual Insurance is a mutual insurance company founded in 1907 and located in Lincoln, Rhode Island offering primarily auto, home, and life insurance. The company is licensed in 49 US states with most business concentrated in the Northeastern United States, Florida, Texas, Company, a national writer of automobile, homeowners, marine and personal excess liability insurance, announced that Amica's 500,000 property and casualty insurance customers can now receive and pay bills online. As a leading insurance provider, Amica has chosen to implement integrated software Separate software components or applications that have been combined into one package. See integrated software package. and services from CheckFree i-Solutions. January 16 -- CheckFree Corporation (NASDAQ: CKFR), the leading provider of financial electronic commerce services and products, today celebrated 20 years of industry leadership and technology innovation. The company was founded in January of 1981 by Pete Kight, CheckFree Chairman and CEO, in space his grandmother let him use rent-free in the basement of her home in Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. . January 8 -- CheckFree Corporation (NASDAQ: CKFR) today announced it has named Tacio Carvalho, an executive with more than 20 years of experience in the investment management industry, as executive vice president and general manager of CheckFree Investment Services. Second Quarter Highlights December 19 -- CheckFree awarded the "eward" for "Best Large Public Company in Georgia 2000" by the Technology Associate of Georgia (TAG) and the Atlanta Business Chronicle. December 7 -- CheckFree Health & Fitness Services, a division of CheckFree Corporation, announces the redesign re·de·sign tr.v. re·de·signed, re·de·sign·ing, re·de·signs To make a revision in the appearance or function of. re of its RCM2001 Club Management Software. Based on N-Tier computing computing - computer models, the redesigned club management solution will offer additional scalability, performance, load balancing The fine tuning of a computer system, network or disk subsystem in order to more evenly distribute the data and/or processing across available resources. For example, in clustering, load balancing might distribute the incoming transactions evenly to all servers, or it might redirect them and flexibility to CheckFree's industry-leading management software. November 30 -- New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Electric and Gas (NYSEG NYSEG New York State Electric & Gas (utility) ) customers can now choose to conveniently receive and pay their monthly NYSEG bills at nearly 250 financial services Web sites that offer CheckFree services. November 29 -- CheckFree announced its new CheckFree WebPay for Small Business service that enables CheckFree financial services partners to deliver electronic bill payment services that are optimized for their base of small business customers. The new service provides the functionality small businesses need to let them quickly and securely pay all of their bills online. November 15 -- CheckFree i-Solutions announced an agreement with Taipei-based C+H Technology Corporation (C+H) that enables C+H to offer electronic billing and payment (EBP) capabilities to companies in Taiwan The following is a list of companies based in Taiwan. : Top - 0–9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z By company name A Company Product(s) Notes Accton network infrastructure. Acer computer systems Active Development Co. . C+H, a specialist in software for printing and mailing subsystems, will resell re·sell tr.v. re·sold , re·sell·ing, re·sells 1. To sell again. 2. To sell (a product or service) to the public or to an end user, especially as an authorized dealer. the CheckFree i-Series suite of electronic billing software products and provide service and support for its customers in Taiwan. November 14 -- Bank of America and CheckFree announced that Bank of America has launched its new electronic billing and payment service, using the CheckFree Genesis platform, in selected Midwest markets. This announcement marks the first stage of the implementation of the strategic alliance forged by the two companies in April 2000. November 13 -- CheckFree announced a strategic business alliance with Data Support Systems of Omaha, Nebraska “Omaha” redirects here. For other uses, see Omaha (disambiguation). Omaha is the largest city in the State of Nebraska, United States. It is the county seat of Douglas County.GR6 As of the 2000 census, the city had a population of 390,007. , and US Dataworks of Houston, Texas, to provide the industry's first end-to-end solution (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. for the conversion of returned checks to Automated Clearing House See ACH. (ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to ) items. The solution will integrate CheckFree's PEP+ (Paperless Entry Processing), US Dataworks' Returnworks system and TRIPS Incoming, the image-based return item processing solution from Data Support Systems. November 9 -- CheckFree announced that The Bombay Company The Bombay Company is a furniture and home accessories retailer based in Fort Worth, Texas, United States. History It was founded in 1978 by Brad Harper in New Orleans as a mail-order company. Harper later opened two retail stores in New Orleans. , Inc (NYSE NYSE See: New York Stock Exchange : BBA BBA abbr. Bachelor of Business Administration ), a specialty home furnishings furnishings the extra type or quantity of hair on the head, tail, ears or legs, specified for a particular breed. For example, the feathers in setters, the beard in Bearded collies, the eyebrows in Schnauzers. and accessories retailer, will use CheckFree RECON-Plus for Windows to automate and support daily account reconciliation and daily deposit verification for its 400 stores in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada, and its mail order and online retail operations. November 6 -- CheckFree and GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. Energy, which operates the largest electric distribution system in New Jersey and Pennsylvania, announced that electronic billing and payment is available to GPU Energy's customer base of more than two million customers in New Jersey, Pennsylvania and New York. October 31 -- CheckFree i-Solutions announced CheckFree i-Series 3.0, the first industrial strength software platform for high quality, high volume business-to-consumer and business-to-business electronic billing and statement applications. With the release of i-Series 3.0, CheckFree i-Solutions is delivering an advanced version of its flagship software product enabling billers to confidently deploy secure and reliable B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business and B2C (Business to Consumer) Refers to a business communicating with or selling to an individual rather than a company. See B2B. e-billing applications for greater customer interaction. October 24 -- CheckFree announced revenues of $90.8 million for the first quarter ended September 30, 2000 compared to $69.0 million for the same quarter of 2000. Total revenues for the quarter increased 31 percent over the comparative quarter of last year. October 2 - CheckFree announced that its strategic agreement with Bank of America has closed. CheckFree and Bank of America announced their intention to forge the strategic alliance on April 27, 2000 and began working together on plans to make electronic billing and payment services available to the Bank of America customer base. First Quarter Highlights September 28 -- CheckFree shareholders approved the issuance of 10 million restricted shares of CheckFree Common Stock and performance-based warrants to purchase up to an additional 10 million shares of CheckFree Common Stock to Bank of America. September 19 - Sears, Roebuck and Company's approximately 60 million credit card customers will be able to view and pay their Sears bills online through their choice of CheckFree-powered Web sites. September 18 - CheckFree's client base of professional money managers and financial advisors is now running in excess of one million portfolios on the CheckFree APL platforms. September 12 - EDS announced it is adding electronic billing and payment capabilities from CheckFree i-Solutions, the leading provider of electronic billing and payment software and services, to its wide range of e-commerce solutions. September 7 - CheckFree named Pitney Bowes  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . docSense as a Premier Certified See certification. Partner through its CheckFree Partner Certification Program. The Certification Program is designed to offer partner organizations CheckFree's leading distribution and payment systems as a complement to the partners' products and services. September 5 - CheckFree and TransPoint announced that the merger of the two companies has closed. On September 1, 2000, CheckFree shareholders approved the issuance of 17 million shares of CheckFree Common Stock in connection with the merger with TransPoint. The two companies announced their plans to merge in February 2000. August 15 - CheckFree announced that it is providing EBP to SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. Communications, Inc. companies Pacific Bell and Southwestern Bell
Southwestern Bell Telephone, L.P. . Customers in California, Missouri California is a city in Moniteau County, Missouri, United States. The population was 4,005 at the 2000 census. It is the county seat of Moniteau CountyGR6. It is part of the Jefferson City, Missouri Metropolitan Statistical Area. , Oklahoma, Texas, Arkansas, and Kansas can view and pay their monthly Pacific Bell and Southwestern Bell bills online. July 31 - CheckFree and AT&T announced that AT&T's 60 million long distance customers can now view and pay their long distance phone bills online at their choice of CheckFree-powered web sites. July 27 - Yodlee.com and CheckFree announced an agreement that will enable users to experience the convenience of CheckFree's billing and payment services directly from Yodlee-powered services across the web. July 27 -- DocuCorp announced that electronic bill presentment and payment See EBPP. services are available for 155,000 residential and commercial members of Cobb Electric Membership Corporation (Cobb EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. ) of Marietta, GA. July 24 -- Reliant Energy's (NYSE:REI) 1.6 million electric and natural gas customers in the Houston area can eliminate their paper bills by viewing and paying their bills online at www.reliantenergy.com. July 17 - Phillips 66 credit cardholders can now access their statements and pay their accounts online. July 13 - CheckFree and APS, Arizona's largest electric utility, announced an agreement to make electronic billing and payment available to APS customers. July 12 - CheckFree will incorporate the Equifax Secure authentication See authentication token and SecurID card. engine into its electronic and billing payment enrollment process to more quickly and securely verify customer identity when signing up for service to view and pay bills electronically. July 11 -Internet infrastructure developer 724 Solutions and CheckFree agreed to make EBP over wireless devices available to financial institutions that use CheckFree and the 724 Solutions Financial Services Platform. July 10 - TIAA-CREF TIAA-CREF Teachers Insurance and Annuity Association - College Retirement Equities Fund has selected CheckFree RECON-Plus for Windows to support daily account reconciliation for its growing transaction volume base. This press release contains statements that are not purely historical, and as such are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under the federal securities laws. These include forward-looking statements regarding management's intentions, plans, hopes, beliefs, expectations or projections of the future, and include statements in this document regarding forecasts of revenues, pro forma loss and sequential subscriber growth for the fiscal fourth quarter (paragraphs 17 and 18). These forward-looking statements involve risks and uncertainties, including without limitation, whether the planned technology developments will be successful and accepted by the Company's customers; whether the Company can deliver its services at the pace demanded by the marketplace; whether consumers will sign up for and use the Company's services when and as expected; whether the Company's customers, particularly financial institutions and Internet portals, timely announce, actively offer and aggressively market such services to their clients and users; whether the Company's business and market assumptions supporting its current revenue and earnings projections will prove to be accurate; and the various risks inherent in the Company's business and other risks and uncertainties detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission, including the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 30, 2000, filed September 26, 2000 and Form 10-Q Form 10-Q See 10-Q. for the quarters ended September 30, 2000, filed November 14, 2000 and December 31, 2000, filed February 13, 2001. One or more of these factors have affected, and could in the future affect, the Company's business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this press release will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements.
CHECKFREE CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
March 31, March 31,
2000 2001 2000 2001
Revenues: -------- -------- -------- --------
Processing and servicing $ 68,499 $ 95,636 $ 189,430 $ 261,324
License fees 4,098 7,577 10,295 19,840
Maintenance fees 4,615 5,232 13,571 15,539
Other 2,494 4,624 8,399 14,845
-------- -------- -------- --------
Total Revenues 79,706 113,069 221,695 311,548
Expenses:
Cost of processing,
servicing and support 46,785 68,289 133,684 187,947
Research and development 9,166 13,276 24,276 41,218
Sales, marketing and
royalties 10,945 16,790 29,522 71,843
General and administrative 9,550 12,843 28,837 37,133
Depreciation and amortization 9,033 125,126 23,789 304,995
In process research and
development - - - 18,600
-------- -------- -------- --------
Total Expenses 85,479 236,324 240,108 661,736
-------- -------- -------- --------
Loss from operations (5,773) (123,255) (18,413) (350,188)
Interest, net (226) 629 (83) 2,402
Loss on investments - (14,144) - (14,144)
-------- -------- -------- --------
Loss before income taxes (5,999) (136,770) (18,496) (361,930)
Income tax benefit (2,126) (35,703) (6,718) (86,486)
-------- -------- -------- --------
Net loss $ (3,873) $(101,067) $ (11,778) $(275,444)
======== ======== ======== ========
Basic and diluted loss
per share:
Net loss per common share $ (0.07) $ (1.17) $ (0.23) $ (3.49)
======== ======== ======== ========
Equivalent number of shares 52,716 86,682 52,246 78,909
======== ======== ======== ========
CHECKFREE CORPORATION AND SUBSIDIARIES
Supplemental Pro Forma Consolidated Condensed Statements of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
March 31, March 31,
2000 2001 2000 2001
Revenues: -------- -------- -------- --------
Processing and servicing $ 68,499 $ 95,636 $189,430 $261,324
License fees 4,098 7,577 10,295 19,840
Maintenance fees 4,615 5,232 13,571 15,539
Other 2,494 4,624 8,399 14,845
-------- -------- -------- --------
Total Revenues 79,706 113,069 221,695 311,548
Expenses:
Cost of processing,
servicing and support 46,785 68,289 133,684 187,947
Research and development 9,166 13,276 24,276 41,218
Sales, marketing and
royalties 10,945 16,790 29,522 46,843
General and administrative 9,550 12,843 28,837 37,133
Depreciation and amortization 6,802 8,646 17,615 24,967
-------- -------- -------- --------
Total Expenses 83,248 119,844 233,934 338,108
-------- -------- -------- --------
Loss from operations (3,542) (6,775) (12,239) (26,560)
Interest, net (226) 629 (83) 2,402
-------- -------- -------- --------
Loss before income taxes (3,768) (6,146) (12,322) (24,158)
Income tax benefit (1,630) (2,635) (5,299) (10,146)
-------- -------- -------- --------
Net loss $ (2,138) $ (3,511) $ (7,023) $(14,012)
======== ======== ======== ========
Basic and diluted loss
per share:
Net loss per common share $ (0.04) $ (0.04) $ (0.13) $ (0.18)
======== ======== ======== ========
Equivalent number of shares 52,716 86,682 52,246 78,909
======== ======== ======== ========
These supplemental pro forma statements of operations for the
three and nine month periods ended March 31, 2000 and 2001 are for
illustrative purposes only and are not prepared in accordance with
generally accepted accounting principles. They present the operating
results of the Company, excluding acquisition related charges of $2.2
million for the three months ended March 31, 2000, which represents
intangible amortization; of $130.6 million for the three months ended
March 31, 2001, which represents $116.5 million of intangible
amortization and an investment impairment charge of $14.1 million; of
$6.2 million for the nine months ended March 31, 2000 which represents
intangible amortization; and of $337.7 million for the nine months
ended March 31, 2001, which represents $280.0 million of intangible
amortization, $18.6 million of in-process research and development
charges and a one time marketing related charge of $25.0 million and a
$14.1 million investment impairment charge. The tax benefit in all
periods has been adjusted for the impact of deductible intangible
asset amortization and other deductible charges at a rate of 40%.
CHECKFREE CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Unaudited)
(In thousands)
June 30, March 31,
2000 2001
---------- ----------
Current assets:
Cash, cash equivalents, and
investments $ 184,622 $ 180,094
Accounts receivable, net 58,308 81,328
Other current assets 22,546 18,642
---------- ----------
Total current assets 265,476 280,064
Property and equipment, net 93,214 99,124
Capitalized software and intangible
assets, net 288,469 1,811,670
Deferred income taxes 29,248 -
Investments 23,003 86,044
Other 13,704 10,532
---------- ----------
Total assets $ 713,114 $2,287,434
========== ==========
Current liabilities:
Accounts payable, accrued
liabilities and other $ 60,071 $ 77,732
Deferred revenues 26,644 42,779
---------- ----------
Total current liabilites 86,715 120,511
Accrued rent and other 7,269 5,414
Deferred income taxes - 177,205
Long-term obligations - less current portion 736 4,327
Convertible subordinated notes 172,500 172,500
Net stockholders' equity 445,894 1,807,477
---------- ----------
Total liabilities and
stockholders' equity $ 713,114 $2,287,434
========== ==========
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