InteliData Reports Fourth Quarter and Year-End 2001 Results And Provides Guidance for 2002 *
InteliData on target with fourth quarter 2001 revenues of
$5.5 million and $18.3 million for full year 2001 revenues
* InteliData reports on progress of big bank customers' implementations, and rollouts of EBPP initiatives utilizing InteliData's Bill Payment Warehouse solution
RESTON, Va., Feb 20, 2002 /PRNewswire-FirstCall via COMTEX/ -- InteliData
Technologies Corp. (Nasdaq: INTD), a pioneer in electronic banking and bill payment technology, today reported its financial results for the three-month and twelve-month periods ended December 31, 2001, and discussed the current business outlook. Highlights since the end of the third quarter include:
Financial Highlights:
* Q4 2001 revenues of $5.5 million represent a $4.9 million increase over Q4
2000 revenues of $602,000, and an increase of 3.3% from the previous quarter.
* Full year revenues of $18.3 million represent a $13.2 million increase over the $5.1 million in revenues we booked in 2000, and a 35% increase over the previous year's combined InteliData/Home Account Network pro forma revenues.
* Q4 2001 pro forma cash operating loss of $2.8 million represents an improvement of $2.4 million or 46% from previous quarter.
* Company on track for profitability on a cash operating basis by year-end 2002 provided we hit the mid-point of the $21-$28 million revenue range forecast.
* Balance sheet strengthened with $7 million in net proceeds from private placement.
Business Highlights:
* Two Top 10 banks completed implementation of our Bill Payment Warehouse, with initial targeted rollouts scheduled to commence in the first half of this year.
Both are license deals with recurring revenue components. These two banks have combined assets of over $550 billion and a customer base of over 20 million.
* All four of InteliData's Corporate Credit Union customers recently launched their respective EBPP offerings utilizing our Bill Payment Warehouse system, and are now actively bringing credit unions onto the platform. Twenty- seven credit unions are either in production, or are up and running on the system to date. The four Corporate Credit Unions provide services to approximately 3,000
consumer credit unions.
* We began the process of certifying our InteliWorks CSP product with MasterCard RPPS, and we expect to announce completion of the certification process in Q2.
* The previously announced ALLTEL license agreement resulted in recent implementations of new bank customers for our Bill Payment Warehouse solution
under the transaction-based revenue sharing agreement.
* Bank of the West successfully launched our Interpose Web Banking front- end replacing another vendor, and we expect to be in production presenting bills and
receiving payments for Bank of the West and First Hawaiian bank this summer.
* A new General Manager of Card Solutions was hired to increase the unit's productivity and manage our strategic relationship with First Data Resources.
* Version 4.0 of InteliData's online credit card management solution was launched, which included powerful new features built into an already robust
solution.
Revenues for the three-month period were $5,483,000 compared to $602,000 for the same period last year. The Q4 2001 results include those of Home Account Network, acquired on January 11, 2001. Excluding non-cash charges related to the amortization of deferred stock-based compensation, the amortization of acquisition-related intangible assets, and depreciation and amortization
charges, pro forma cash operating loss for the quarter was $(2,795,000) or $(0.06) per share on 46.9 million weighted-average common shares outstanding.
Net loss for the quarter including all non-cash charges was $(3,674,000) or $(0.08) per share compared to $(7,345,000) or $(0.19) per share for Q4 2000. The Company's cash and investments on December 31, 2001 were $14.9 million.
Commenting on the Company's financial results, InteliData President and CEO, Al Dominick, said, "Despite the year's challenges our revenues came in within our projected range. With our $7 million capital raise we improved our cash position moving forward. During 2001 we took action on several fronts to improve our operating results. These steps included reducing our cash burn rate by cutting
our organizational costs, while continuing full funding of our investment in InteliWorks payments solutions."
Dominick continued, "Our first quarter 2002 revenues will be affected by our customers' delayed business decisions in the last quarter and the beginning of this year. However, we are encouraged by the activity we are now seeing in the
market. Customers appear to be proceeding with their EBPP plans again, albeit cautiously."
First quarter 2002 revenues are projected at $4.1-$4.6 million. The cash operating loss in Q1 is projected to be $3.9-$4.4 million, or $.08-$.09 on a per share basis. We are forecasting Q2 revenues of between $5-$6 million. The cash operating loss in Q2 is expected to be between $2.5-$3.5 million, or $.05-$.07 per share. We expect revenue for 2002 to be between $21-$28 million. At the mid-range of that forecast, we expect to be profitable on a cash operating basis by year-end. We expect a cash operating loss for the year in the range of $5-$12 million, or $.11 and $.25 per share based on 49.2 million shares outstanding.
Attached are financial statements comparing results for the three-month and twelve-month period ended December 31, 2001 to the same periods for 2000. A table detailing the differences between InteliData's reported net loss and pro
forma cash operating loss is included in the consolidated statements of operations attached to this release.
InteliData will hold a conference call today at 4:30 p.m. Eastern time. Investors can access the call by dialing 1-888-375-8244. Conference leader is Al Dominick. International callers dial 706-634-5506. A replay can be accessed for 50 hours beginning at 7:00 p.m. on February 20, by dialing 800-642-1687 and entering code 3135078. Replays will also be available at InteliData's Web site
http:///">http://www.InteliData.com">http://www.InteliData.com , streetfusion.com and
companyboardroom.com for 30 days.
About InteliData
InteliData provides Internet banking and Electronic Bill Payment and Presentment (EBPP) technology and services to 21 of the Top 60 banks, credit unions, and financial institution processors. InteliData's EBPP products offer banks and other financial institutions an end-to-end solution for creating e-bills for billers, distributing e-bills and e-payments through multiple delivery channels,
delivering e-bills to consumers, and enabling payment of bills through multiple payment processors utilizing OFX and IFX messaging standards. InteliData's Internet banking products provide large financial institutions throughout the
U.S. with proven scalability, flexibility and security in supplying real-time, Internet based banking services to their customers. For more information about InteliData, visit the company's Web site at intelidata.com .
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, our ability to continue funding operating losses, our ability to manage our expenses in line with anticipated business levels, the ability of the Company to complete product implementations in required time frames and the Company's ability to increase its recurring
revenues and profits through its ASP business model, the impact of competitive products, pricing pressure, product demand and market acceptance risks, pace of consumer acceptance of home banking and reliance on the Company's bank clients to increase usage of Internet banking by their customers, the effect of general economic conditions on the financial services industry, mergers and acquisitions, risk of integration of the Company's technology by large software
companies, the ability of financial institution customers to implement applications in the anticipated time frames or with the anticipated features, functionality or benefits, reliance on key strategic alliances and newly emerging technologies, the ability of the Company to leverage its Spectrum relationship into new business opportunities in the EBPP market, the on-going viability of the mainframe marketplace and demand for traditional mainframe products, the ability to attract and retain key employees, the availability of cash for long-term growth, product obsolescence, ability to reduce product costs, fluctuations in operating results, delays in development of highly
complex products and other risks detailed from time to time in InteliData filings with the Securities and Exchange Commission. These risks could cause the Company's actual results for 2002 and beyond to differ materially from those
expressed in any forward looking statements made by, or on behalf of, InteliData. InteliData is not under any obligation (and expressly disclaims an obligation to) update or alter its forward-looking statements, whether as a
result of new information or otherwise.
INTELIDATA TECHNOLOGIES CORPORATION
PRO FORMA CASH OPERATING LOSS
(in thousands, except for per share data)
For the
For the three-month period ended year ended
3/31/2001 6/30/2001 9/30/2001 12/31/2001 12/31/200
Revenues $3,151 $4,355 $5,307 $5,483 $18,296
Cost of revenues 1,902 2,117 2,421 2,570 9,010
Operating expenses 11,048 10,908 10,366 7,302 39,624
Operating Loss (9,799) (8,670) (7,480) (4,389) (30,338)
Less noncash items:
Amortization of goodwill
and intangibles 1,176 1,352 1,291 436 4,255
Stock-based compensation
expense 365 637 538 363 1,903
Depreciation and
amortization 341 459 466 795 2,061
Total of noncash items 1,882 2,448 2,295 1,594 8,219
Pro forma cash operating
loss $(7,917) $(6,222) $(5,185) $(2,795) $(22,119)
Basic and diluted weighted-
average common share
outstanding 44,580 45,249 45,521 46,866 45,897
Pro forma cash operating
loss per common share $(0.18) $(0.14) $(0.11) $(0.06) $(0.48)
INTELIDATA TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2001 AND 2000
(in thousands, except per share data)
Three months ended Twelve months ended
December 31, December 31,
2001 2000 2001 2000
Revenues
Software $187 $18 $1,790 $673
Consulting and services 5,296 584 16,506 3,884
Royalties and other - - - 544
Total revenues 5,483 602 18,296 5,101
Cost of revenues
Software - - 5 -
Consulting and services 2,570 363 9,005 2,720
Total cost of revenues 2,570 363 9,010 2,720
Gross profit 2,913 239 9,286 2,381
Operating expenses
General and administrative 1,515 1,857 10,065 6,455
Selling and marketing 2,257 2,038 9,575 6,732
Research and development 3,094 5,084 15,729 14,512
Amortization of goodwill
and intangibles 436 - 4,255 -
Total operating expenses 7,302 8,979 39,624 27,699
Operating loss (4,389) (8,740) (30,338) (25,318)
Realized gain (loss) on sales
of investments (752) 780 378 48,602
Unrealized gain (loss) on
Sybase warrants 1,402 - (866) -
Other income (expenses), net 65 465 625 1,124
Income (loss) before
income taxes (3,674) (7,495) (30,201) 24,408
Provision (benefit) for
income taxes - (145) (160) 488
Income (loss) from continuing
operations (3,674) (7,350) (30,041) 23,920
Income (loss) from
discontinued operations
of Caller ID leasing,
net of income taxes - (5) - (262)
Net income (loss) $(3,674) $(7,345) $(30,041) $23,658
Basic earnings per common share
Income (loss) from
continuing operations $(0.08) $(0.19) $(0.65) $0.63
Income (loss) from
discontinued operations 0.00 (0.00) 0.00 (0.01)
Net income (loss) $(0.08) $(0.19) $(0.65) $0.62
Diluted earnings per common share
Income (loss) from
continuing operations $(0.08) $(0.19) $(0.65) $0.59
Income (loss) from
discontinued operations 0.00 0.00 0.00 (0.01)
Net income (loss) $(0.08) $(0.19) $(0.65) $0.58
Basic weighted-average
common shares outstanding 46,866 38,349 45,897 38,237
Diluted weighted-average
common shares outstanding 46,866 38,349 45,897 40,843
INTELIDATA TECHNOLOGIES CORPORATION
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2001 AND 2000
(in thousands, except share data)
2001 2000
ASSETS
CURRENT ASSETS
Cash and cash equivalents $12,026 $27,255
Restricted cash - 440
Investments 2,917 10,217
Accounts receivable, net 4,992 1,486
Other receivables 563 83
Prepaid expenses and other current assets 559 320
Total current assets 21,057 39,801
NONCURRENT ASSETS
Property and equipment, net 3,720 3,282
Goodwill, net 22,038 -
Intangibles, net 10,700 -
Other assets 195 195
TOTAL ASSETS $57,710 $43,278
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $3,346 $4,288
Accrued expenses 5,357 3,651
Deferred revenues 3,164 1,014
Other liabilities 324 -
Net liabilities of discontinued operations 204 455
TOTAL CURRENT LIABILITIES 12,395 9,408
Net liabilities of discontinued operations 300 300
Other liabilities 540 -
TOTAL LIABILITIES 13,235 9,708
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value;
authorized 5,000,000 shares;
no shares issued and outstanding - -
Common stock, $0.001 par value; authorized
60,000,000 shares; issued 49,723,603 shares
in 2001 and 39,320,609 shares in 2000;
outstanding 48,917,259 shares in 2001 and
38,629,897 shares in 2000 50 39
Additional paid-in capital 303,141 261,552
Treasury stock, at cost: 806,344 shares
in 2001 and 690,712 shares in 2000 (2,473) (2,123)
Deferred compensation (1,395) (1,375)
Accumulated other comprehensive income 210 494
Accumulated deficit (255,058) (225,017)
TOTAL STOCKHOLDERS' EQUITY 44,475 33,570
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $57,710 $43,278
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SOURCE InteliData Technologies Corp.
CONTACT: Investor Relations: Deirdre Skolfield of InteliData
Technologies Corp., +1-703-259-3000, or info@intelidata.com
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