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Online Resources Posts Fourth Quarter 2011 Results

Online Resources Corporation (NASDAQ: ORCC), a leading provider of online financial services, today reported financial and operating results for the three months and full year ended December 31, 2011. For the fourth quarter:
  • Revenue was $38.7 million, compared to $37.8 million in the fourth quarter of 2010.
  • Net loss available to common stockholders was $0.3 million, or $0.01 per share, compared to a loss of $2.0 million, or $0.06 per share, in the fourth quarter of 2010.
  • Ebitda, a non-GAAP measure, was a $7.2 million, compared to $6.3 million in the fourth quarter of 2010.
  • Adjusted Ebitda, a non-GAAP measure that adjusts Ebitda for equity compensation expense and other expenses, was $9.3 million, compared to $7.2 million in the fourth quarter of 2010.
  • Core net income, a non-GAAP measure, was $2.6 million, or $0.08 per diluted share, compared to $1.0 million, or $0.03 per diluted share, in the fourth quarter of 2010.

For the full year 2011, Online Resources reported revenue of $154.7 million, compared to $149.5 million in 2010; net loss available to common stockholders of $0.36 per share, compared to $0.14 per share in 2010; Ebitda of $13.6 million, compared to $28.0 million in 2010; adjusted Ebitda of $29.4 million, compared $32.4 million in 2010; and core net income of $0.10 per diluted share, compared to $0.19 per diluted share in 2010.

“We made a great deal of progress on the long-term strategic growth plan we presented in March 2011,” said Joseph L. Cowan, president and chief executive officer of Online Resources. “We’ve focused the Company on becoming an innovative, best-of-breed solution provider in the payments market, opened a first-class development center in India and began the process of optimizing and consolidating the technology that we possess. All the while, we’ve met or exceeded the revenue and earnings direction we provided for 2011 at this time last year and for each of the 2011 quarters.”

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