CHANTILLY, Va. (AP) ¿ Financial technology company Online Resources Corp. on Tuesday issued a fourth-quarter revenue outlook below Wall Street expectations and said Matthew P. Lawlor has retired as CEO, effective immediately.
Lawlor will remain chairman until Feb. 15 to assist with the transition, the company said, and after that time, Lawlor will serve on the board as a director.
Online Resources said Raymond T. Crosier, 54, will serve as interim CEO until a successor is named. Crosier is currently president and chief operating officer.
The company also forecast revenue between $37 million and $37.5 million for the fourth quarter ending Dec. 31. That's below the $37.8 million estimate expected by analysts polled by Thomson Reuters.Online Resources said its loss available to common shareholders is expected to range between a 3-cent loss and 2-cent loss, or between 9 cents and 10 cents in earnings when excluding certain items. Analysts, who usually exclude one-time items, expect 10 cents per share in earnings. The company expects to report fourth-quarter and full-year 2009 results in February. It said the fourth-quarter outlook doesn't include one-time items related to Lawlor's departure. Online Resources said it formed an executive management committee consisting of Crosier, lead independent director Barry D. Wessler and independent director John Dorman to oversee the CEO transition. Wessler and Dorman will lead the search for a new CEO, and the company expects to hire a firm to help identify CEO candidates.