Corillian Corporation Announces Second Quarter Results; Revenues Increase 328 Percent Over Second Quarter 1999 and 76 Percent Over First Quarter 2000.Business Editors BEAVERTON Beaverton, city (1990 pop. 53,310), Washington co., NW Oreg., a suburb of Portland, in a farm area; inc. 1893. Beaverton is the heart of the Silicon Forest high-technology manufacturing complex. Headquarters for electronics companies and NIKE, Inc., are there. , Ore.--(BUSINESS WIRE)--July 25, 2000 Corillian Corp. (Nasdaq:CORI), a leading provider of eFinance solutions, today reported financial results for its second fiscal quarter ended June June: see month. 30, 2000. Revenues for the second quarter were $5.7 million, a 328 percent increase over revenues of $1.3 million for the same quarter of 1999 and a 76 percent increase over first quarter revenues of $3.3 million. Excluding non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. related to the amortization of deferred stock-based compensation and charges related to the acquisition of InterTech Systems, 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 net loss for the second quarter was $6.3 million, and pro forma net loss per share was $0.21 on 30.3 million weighted shares outstanding, assuming that all shares of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. were converted at their respective dates of issuance. Net loss for the quarter was $9.2 million, including non-cash charges related to the amortization of deferred stock-based compensation and merger-related charges, resulting in a net loss per share of $0.34 on 27.3 million weighted shares outstanding. The net loss per share for the comparable prior year period was $0.18 on 7.4 million weighted shares outstanding. "We are pleased with our strong second quarter performance," said Ted Spooner  This biographical article or section is written like a resume.Please help [ improve this article] by revising it to be and encyclopedic. , president 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. of Corillian Corp. "We have continued to achieve record revenues, reflecting the strength of our target markets and the performance of our sales and implementation teams. In addition, we made investments to improve on our award-winning Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" product line. We ended the second quarter with a strong balance sheet with over $62 million in cash. Overall, we believe we are well positioned to take advantage of the significant opportunities of the eFinance marketplace." Recent Highlights: -- The quarter yielded five new Voyager Voyager, airplane Voyager, the first airplane to circumnavigate the earth nonstop on a single load of fuel. Designed by Burt Rutan and flown by Dick Rutan and Jeana Yeager, Voyager took off from California on Dec. contracts. Signed contracts during the quarter include Bank One and Huntington Huntington. 1 City (1990 pop. 16,389), seat of Huntington co., NE Ind.; inc. 1848. It is a farm trade center and an industrial city. Manufactures include automotive parts, machinery, construction materials, food and beverages, cleaning agents, Bancshares. As of June 30, 2000, Corillian has 37 signed Voyager contracts compared to 17 as of June 30, 1999. -- As of the end of the second quarter, there were 529,000 active end users on Voyager platforms, compared to 149,000 end users as of June 30, 1999, an increase of 256 percent. -- To further expand its international presence, Corillian established an office in the United Kingdom. -- Corillian shipped Voyager 2.5 and Ad Manager 1.1, further enhancing its product suite. -- Corillian entered into an agreement with Yodlee Yodlee is a company that provides account aggregation and other online financial services. Yodlee allows users to see their credit card, bank, investment, email, travel reward accounts, etc. on one screen. .com to provide an end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. data aggregation offering to financial institutions. -- Corillian entered into a partnership with 724 Solutions to add wireless banking capabilities to the Voyager eFinance Suite. -- Corillian entered into an agreement with Politzer Politzer is a surname deriving from Politz and may refer to:
This page or section lists people with the surname Politzer. & HANEY, a full solution provider of corporate Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the banking services, to integrate and co-market Corillian's Voyager retail banking solution with Politzer & HANEY's wholesale banking solution. -- Corillian appointed John McCoy John McCoy may refer to:
Bank One, as its non-executive non-executive adj non-executive director → direttore m senza potere esecutivo chairman of the board. Mr. McCoy Mc·Coy n. Informal The authentic thing or quality; something that is not an imitation or substitute: This gem is the real McCoy. brings 30 years of experience dealing with strategic initiatives in the 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. industry to Corillian. About Corillian Based in Beaverton, Ore., Corillian Corporation is an award-winning provider of cutting-edge Internet-based technology Refers to the communications infrastructure of the Internet, which is based on the IP protocol. IP is part of the TCP/IP protocol suite. It may also refer to voice over IP (VoIP), which uses the Internet to make telephone calls. See VoIP, IP and TCP/IP. solutions geared toward fulfilling the eFinance needs of the financial services industry and its customers. Corillian applications support Internet-based banking, bill delivery and payment, brokerage, targeted marketing, and small business transactions through the comprehensive eFinance software package known as the Voyager eFinance Suite. Other Corillian client solutions include Corillian OneSource, a data aggregation application, and Browser browser Software that allows a computer user to find and view information on the Internet. The first text-based browser for the World Wide Web became available in 1991; Web use expanded rapidly after the release in 1993 of a browser called Mosaic, which used Banker, a customizable browser-based (HTML HTML in full HyperText Markup Language Markup language derived from SGML that is used to prepare hypertext documents. Relatively easy for nonprogrammers to master, HTML is the language used for documents on the World Wide Web. ) interface. Corillian technology also enables Open Financial Exchange (OFX OFX Open Financial Exchange OFX Outer Fix OFX Open Effects ) access by personal finance management software packages such as Quicken A popular financial management program for PCs and Macs from Intuit, Inc., Mountain View, CA (www.intuit.com). It is used to write checks, organize investments and produce a variety of reports for personal finance and small business. (R) and Microsoft(R) Money. For more information on Corillian Corporation, visit the company's Web site at www.corillian.com. Matters discussed in this release may include 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. that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include the risk that Corillian's solutions do not continue to gain market acceptance domestically or internationally, that Corillian does not successfully integrate the products of its strategic partners into its Voyager platform, that Corillian is not successful in developing or acquiring new products or services, that projects in implementation encounter significant delays and that financial institutions do not continue to demand Internet banking solutions or are affected by adverse government regulations or market conditions. Other risks include those stated in Corillian's reports and other documents filed from time to time with the Securities and Exchange Commission including the prospectus included in its Form S-1 Registration Statement filed on January 27, 2000. - Financial Tables Follow -
CORILLIAN CORPORATION
STATEMENTS OF OPERATIONS
(in thousands, except per share data)
For the Quarter Ended
-------- -------- --------
June 30, March 31, June 30,
2000 2000 1999
-------- -------- --------
Revenues $ 5,723 $ 3,255 $ 1,337
Cost of revenues 4,568 2,937 1,232
-------- -------- --------
Gross profit 1,155 318 105
Operating expenses:
Sales and marketing 3,702 2,716 469
Research and development 4,122(1) 2,272 535
General and administrative 1,775 1,652 515
Amortization of deferred
stock-based compensation 1,488 1,503 --
-------- -------- --------
Total operating expenses 11,087 8,143 1,519
Loss from operations (9,932) (7,825) (1,414)
Other income, net 759 213 80
-------- -------- --------
Net loss $ (9,173) $ (7,612) $ (1,334)
======== ======== ========
Basic and diluted net loss
per share $ (0.34) $ (1.00) $ (0.18)
Shares used in computing
basic and diluted net
loss per share 27,263 7,726 7,428
Pro forma basic and diluted
net loss per share $ (0.21)(2)
Shares used in computing
pro forma basic and diluted
net loss per share 30,320(3)
(1) Includes $1,337 merger-related charges for the acquisition of
InterTech Systems.
(2) Net loss used in computing pro forma basic and diluted net loss
per share excludes the amortization of deferred stock-based
compensation of $1,488 and merger-related charges of $1,337.
(3) Shares used in computing pro forma basic and diluted net loss per
share assume that all shares of preferred stock were converted at
their respective dates of issuance.
CORILLIAN CORPORATION
CONDENSED BALANCE SHEETS
(in thousands)
-------- --------
June 30, Dec. 31,
2000 1999
-------- --------
ASSETS
Current assets
Cash and investments $ 62,015 $ 18,859
Accounts receivable 3,639 2,849
Other current assets 4,165 1,198
-------- --------
Total current assets 69,819 22,906
Property and equipment, net 4,774 2,927
Other assets 3,075 69
-------- --------
Total assets $ 77,668 $ 25,902
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable and accrued liabilities $ 8,225 $ 4,087
Deferred revenue 3,961 1,767
Current portion of long term debt and
capital lease obligations 850 66
Other current liabilities 95 10
-------- --------
Total current liabilities 13,131 5,930
Long term debt and capital lease
obligations, less current portion 2,055 177
Redeemable convertible preferred stock -- 31,501
Shareholders' equity (deficit)
Convertible preferred stock -- 910
Common stock 98,937 3,482
Deferred stock-based compensation (6,449) (2,877)
Accumulated deficit (30,006) (13,221)
-------- --------
Total shareholders' equity (deficit) 62,482 (11,706)
-------- --------
Total liabilities and shareholders'
equity $ 77,668 $ 25,902
======== ========
CORILLIAN CORPORATION
KEY OPERATING DATA
------- ------- -------
June 30, Dec. 31, June 30,
2000 1999 1999
------- ------- -------
Active end users 529,433 335,732 148,641
Total Internet banking contracts 37 23 17
Live Internet banking contracts 18 12 10
------- ------- -------
Corillian Corp. will hold a conference call at 5:00 P.M. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. on July 25, 2000 to discuss the quarterly results. Investors and other interested parties can listen to the conference call over the Internet through Investor Broadcast Networks Vcall Web site, located at http://www.vcall.com or at Corillian's corporate Web site at http://investor.corillian.com. |
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