InteliData Reports Solid First Quarter Results Revenues Up 49% Over Year-Ago Period; EBITDA Loss Improves for Fifth Consecutive Quarter
RESTON, Va., May 9, 2002 /PRNewswire-FirstCall via COMTEX/ -- InteliData
Technologies Corp. (Nasdaq: INTD), a pioneer in electronic banking and bill payment technology, today announced financial and operating results for the three-month period ended March 31, 2002. Revenue for the first quarter was $4.7 million, an increase of 49% over the $3.2 million reported for the first quarter 2001. Gross profit for the quarter totaled $2.7 million compared to $1.2 million for the first quarter of 2001. Consequently, gross margin increased to 58% versus 40% in the year-ago quarter due to an increase in recurring revenues.
(Photo: http://<a href=/">http://www.newscom.com/cgi-bin/prnh/20000113/INTDLOGO )
Earnings before interest, taxes, depreciation and amortization, excluding non-cash compensation (EBITDA), was a loss of $2,552,000 for the three months ended March 31, 2002, the fifth consecutive quarterly improvement. Net loss for the quarter ended March 31, 2002 was $2.9 million or $0.06 per share, compared to a net loss of $9.3 million or $0.21 per share for the first quarter of 2001.
Cash and investments as of March 31, 2002 totaled $12.2 million. This represents a $2.7 million decrease from December 31, 2001.
Commenting on the Company's results, InteliData President and CEO, Al Dominick said, "We are pleased with our first quarter results and the fact that our Web Banking front-end and InteliWorks(TM) product lines are gaining traction in the marketplace. The R&D expenditures required to get those products to market are now leveling off, and we maintain our target of turning EBITDA positive towards year-end."
The Company affirms previous second quarter revenue guidance within the $5 - $6 million range. EBITDA loss is now projected at $2.0 - $2.5 million, an improvement over prior guidance of $2.5 - $3.5 million for the coming quarter. On a full year basis, the Company maintains past revenue guidance of $21 - $28 million, as well as an EBITDA loss of $5 - $12 million.
Recent Highlights:
* Wachovia Corp., with 20 million customers nationwide, began rollout of its enterprise-wide electronic bill pay service utilizing InteliData's Bill Pay Warehouse.
* ALLTEL licensed the InteliWorks(TM) CSP suite of products to complement the previously licensed Interpose(R) Payment Warehouse currently in production with several ALLTEL customers. ALLTEL will provide a single ASP environment for customers of both organizations. InteliData and ALLTEL will jointly market a comprehensive end-to-end EBPP solution, which can be outsourced or implemented in-house.
* Bank of the West launched InteliData's Interpose(R) Web Banking front-end, replacing a competitor, and we are on track to be in production with true Least Cost Routing(TM) of payments for First Hawaiian through Spectrum EBP and MasterCard RPPS.
Dominick concluded, "We are seeing industry leaders validate our unique position as a true payment solution provider as they choose InteliData's online banking and payment solution products. As consumer adoption at our client banks continues to increase, the recurring revenue model we implemented over two years ago is proving its value. We look forward to fostering these client relationships, as well as additional 'pipeline' prospects throughout the year."
Attached is financial information comparing results for the three-month period ended March 31, 2002 to the same period in 2001. A table reconciling nteliData's reported operating loss to EBITDA is included with the condensed financial information in 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 48 hours beginning at 7:00 p.m. on May 9th, by dialing 800-642-1687 and entering code 3702451. Replays will also be available at InteliData's Web site
http://<a href=/">http://www.InteliData.com">http://www.InteliData.com , streetfusion.com and
companyboardroom.com for 30 days.
About InteliData
With over a decade of experience in the industry, InteliData provides Internet banking and Electronic Bill Payment and Presentment (EBPP) technology and services to top banks, credit unions, financial institution processors, and card issuers. 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. InteliData continues to lead the charge as the industry moves towards electronic bill presentment and payment (EBPP) with the development of its end-to-end, Biller-to-Consumer EBPP solution, InteliWorks(TM). 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 effects 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
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, 2002 AND DECEMBER 31, 2001
(in thousands, except share data)
2002 2001
(unaudited) (audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 8,927 $ 12,026
Investments 3,294 2,917
Accounts receivable, net 3,216 4,992
Other receivables 259 563
Prepaid expenses and other current assets 486 559
Total current assets 16,182 21,057
NONCURRENT ASSETS
Property and equipment, net 3,507 3,720
Goodwill, net 26,238 22,549
Intangibles, net 6,320 10,189
Other assets 175 195
TOTAL ASSETS $ 52,422 $ 57,710
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 2,699 $ 3,346
Accrued expenses 3,916 5,357
Deferred revenues 2,895 3,164
Other liabilities 317 324
Net liabilities of discontinued operations 137 204
TOTAL CURRENT LIABILITIES 9,964 12,395
Net liabilities of discontinued operations 200 300
Other liabilities 479 540
TOTAL LIABILITIES 10,643 13,235
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 49,808,000 shares in 2002
and 49,724,000 shares in 2001;
outstanding 49,002,000 shares in 2002
and 48,917,000 shares in 2001 50 50
Additional paid-in capital 303,038 303,141
Treasury stock, at cost:
806,000 shares in 2002 and 2001 (2,473) (2,473)
Deferred compensation (1,062) (1,395)
Accumulated other comprehensive income 210 210
Accumulated deficit (257,984) (255,058)
TOTAL STOCKHOLDERS' EQUITY 41,779 44,475
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 52,422 $ 57,710
INTELIDATA TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(in thousands, except per share data; unaudited)
2002 2001
Revenues $ 4,708 $ 3,151
Cost of revenues 1,959 1,902
Gross profit 2,749 1,249
Operating expenses
General and administrative 2,494 2,823
Sales and marketing 850 2,519
Research and development 2,542 4,530
Amortization of goodwill and intangibles 180 1,176
Total operating expenses 6,066 11,048
Operating loss (3,317) (9,799)
Realized gain on sales of investments - 1,130
Unrealized gain (loss) on Sybase warrants 377 (923)
Other income (expenses), net 14 315
Loss before income taxes (2,926) (9,277)
Provision for income taxes - -
Loss from continuing operations (2,926) (9,277)
Discontinued operations, net of income taxes - -
Net loss $ (2,926) $ (9,277)
Basic and diluted loss per common share
Loss from continuing operations $ (0.06) $ (0.21)
Income (loss) from discontinued operations 0.00 0.00
Net loss $ (0.06) $ (0.21)
Basic and diluted weighted-average
common shares outstanding 48,494 44,580
Operating loss $ (3,317) $ (9,799)
Less non-cash items:
Stock-based compensation 225 365
Depreciation and amortization 360 341
Amortization of goodwill and intangibles 180 1,176
Total noncash items 765 1,882
EBITDA $ (2,552) $ (7,917)
NOTE: EBITDA represents earnings before interest, taxes, depreciation and
amortization, excluding non-cash compensation.
MAKE YOUR OPINION COUNT - Click Here
tbutton.prnewswire.com
SOURCE InteliData Technologies Corp.
CONTACT: Deirdre Skolfield, CFA, of INTD Investor Relations,
+1-703-259-3000
/Photo: NewsCom: newscom.com
AP Archive: photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
URL: intelidata.com
prnewswire.com
Copyright (C) 2002 PR Newswire. All rights reserved.
-0-
KEYWORD: Virginia
INDUSTRY KEYWORD: CPR
ECM
MLM
STW
SUBJECT CODE: CCA
ERN
**IMPORTANT NOTICE AND DISCLAIMER FROM EQUITYALERT.COM, INC.**
The purpose of this advertisement, like any advertising, is to provide coverage and publicity for the advertising company, its products or services. The information provided in this advertisement is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject us to any registration requirement within such jurisdiction or country. Verify all claims and do your own due diligence. This advertisement is not a solicitation or recommendation to buy, sell or hold securities and does not provide an analysis of the financial position of the company. We recommend you use the information found in this advertisement as an initial starting point for conducting your own research on the advertised company in order to determine your own personal opinion of the company before investing. All information concerning the advertised company contained herein should be verified independently by an attorney, with such company and an independent licensed securities analyst. We are not offering securities for sale. An offer to buy or sell can be made only with accompanying disclosure documents and only in the states and provinces for which they are approved. Many states have established rules requiring the approval of a security by a state security administrator. Check with nasaa.org and call your state security administrator to determine whether a particular security is licensed for sale in your state. Many companies have information filed with state securities regulators and many will supply investors with additional information on request. All statements and opinions contained in this advertisement are the sole opinion of the authors and are subject to change without notice. We are not liable for any investment decisions by our readers. Readers should independently investigate and fully understand all risks before investing. It is strongly recommended that any purchase or sale decision be discussed with a financial adviser or broker prior to completing any such purchase or sale decision. We are not registered investment advisers, or broker-dealers, or members of any financial regulatory bodies. The information contained in this advertisement is provided as an information service only. The accuracy or completeness of the information is not warranted and is only as reliable as the sources from which it was obtained. We disclaim any and all liability as to the completeness or accuracy of the information and for any omissions of material facts. This advertisement may contain hyperlinks to web sites operated by third parties other than us. Such hyperlinks are provided for the readers reference and convenience only. We are not responsible for the reliability of these external sites nor are we responsible for any of the contents, advertising, products, or other materials on such external sites. Our inclusion of hyperlinks to such web sites does not imply any endorsement of the material on such web sites or any association with their operators. Under no circumstances shall we be held responsible or liable, directly or indirectly, for any loss or damage caused or alleged to have been caused in connection with the use of or reliance on any content, goods, or services available on such external site. Any concerns regarding any external link should be directed to its respective site administrator or webmaster. We may refer to other sources of information, or other commentary. We intend to offer these items to readers as additional sources of information, but disclaim any implication that we endorse information contained in such outside sources. Any referral by us is no guarantee of the accuracy of any information provided by outside sources. As we disclaim any representation concerning source reliability, readers must contact information suppliers on their own and gauge to the readers satisfaction the truthfulness of any source information. It should be understood that there is no guarantee past performance will be indicative of future results. Any reference to past performance(s) of companies previously advertised are specially selected to be referenced based on the favorable performance of these companies and the companies referenced may not be representative of all past advertised companies as not all past advertised companies may have performed as well. Readers are cautioned that small and micro-cap stocks are high-risk investments and that they may lose all or a portion of their investment if they make a purchase in our advertised stocks. In order to be in full compliance with the U.S. Securities Act of 1933, Section 17(b), we are receiving $13,570.00 from Paradigm Direct Marketing, Inc.
as compensation for the distribution of this and other
advertisements. Since we are receiving compensation and hold
stock in the advertised company there is an inherent conflict of interest in our statements and opinions and such statements and opinions cannot be considered independent. We may benefit from any increase in share price of the advertised company. We will sell our shares at any time, without notice, be that before, during or immediately after the release of this advertisement.
The liquidation of our stock may have a negative impact on the securities of the company liquidated, including decreased market value and/or dilution of the companys securities. Furthermore, our associates and/or employees and/or principals may have stock positions in advertised companies purchased in the open market or in private transactions. These positions may be liquidated, without prior notification, even after we have made positive comments regarding the advertised company. It should be understood that any price targets and/or projections mentioned are solely opinions and should not be taken as suggested holding periods. In fact, we will sell our positions in any companies advertised before they reach such target prices. The receipt of this information constitutes your acceptance of these terms and conditions. Reading this advertisement shall not create under any circumstances an offer to buy or sell stock in any company advertised. Nor shall it create any principal-agent relationship between the reader and us. The stocks of advertised companies may trade in fast moving, highly volatile markets, and any reader should observe the trading behavior of any advertised company prior to investing. Advertised stocks are often thinly traded and large sell orders will have a substantially negative impact on share price. Investors in advertised stocks may experience difficulty in selling shares without seeing a decline in market price and may have difficulty in finding ready buyers of their stock. Information within this advertisement contains "forward looking" statements within the meaning of Section 27(a) of the U.S. Securities Act of 1933 and Section 21(e) of the U.S. Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical facts and may be forward looking statements. Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.
Forward looking statements may be identified through the use of words such as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could or might occur. We encourage our readers to invest carefully and read the investor information available at the web sites of the U.S. Securities and Exchange Commission (SEC) at sec.gov and the National Association of Securities Dealers (NASD) at nasd.com./ We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at sec.gov. The NASD has published information on how to invest carefully at its web site. Readers can review all public filings by companies at the SECs EDGAR page. All information within this advertisement is qualified in its entirety by the detailed information and
financial statements of the advertised company contained in its regulatory filings with the SEC. |
