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Online Resources Posts Second Quarter 2012 Results

Online Resources Corporation (NASDAQ: ORCC), a leading provider of digital financial services, today reported its financial and operating results for the three months ended June 30, 2012.
  • Revenue was $40.4 million, compared to $38.3 million in the second quarter of 2011.
  • Net loss available to common stockholders was $0.8 million, or $0.03 per share, compared to a net loss of $2.3 million, or $0.07 per share, in the second quarter of 2011.
  • Ebitda, a non-GAAP measure, was $6.8 million, compared to $3.9 million in the second quarter of 2011.
  • Adjusted Ebitda, a non-GAAP measure that adjusts Ebitda for equity compensation expense and other expenses, was $8.5 million, compared to $6.8 million in the second quarter of 2011.
  • Core net income, a non-GAAP measure, was $2.0 million, or $0.06 per diluted share, compared to $1.1 million, or $0.03 per diluted share, in the second quarter of 2011.

“As is typical between the first and second quarters, revenue and earnings were down sequentially,” said Joseph L. Cowan, president and chief executive officer of Online Resources. “However, both revenue and earnings were higher than our expectations owing to higher biller transactions and professional services revenue. Additionally, costs were lower due it taking longer than anticipated to fill several new positions as part of our investment plans.”

Cowan continued, “As a result of our stronger than expected performance through the first half of 2012, I now believe that our financial performance for the full year will be slightly better than what we have previously disclosed. That being said, we still anticipate incurring material increased costs over the next two quarters as we continue to make growth investments. These investments will likely result in lower earnings in the second half of 2012 when compared to the first half of the year, but should drive increased revenue and earnings growth in late 2013 and beyond.”

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