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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel?
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To: Mama Bear who wrote (7126)6/25/1999 10:52:00 AM
From: CAPT TONY  Read Replies (1) of 20297
 
DJ summary of Allen's interview:

=DJ Check Free CFO: No Revs To Be Lost From Exchange's Debut

Dow Jones News Service via Dow Jones

NEW YORK (Dow Jones)--The debut of the Exchange, an electronic bill-delivery
service formed by three major banks, will not affect Check Free Holdings Inc.'s
(CKFR) revenue, according to Chief Financial Officer Allen Shulman.

"Not a penny" of revenue will be lost on the announcement that Chase Manhattan
Corp. (CMB), First Union Corp. (FTU) and Wells Fargo & Co. (WFC) joined together
to provide electronic bill presentment and back-end processing over the
Internet, Shulman said in an interview with CNBC Friday.

Shulman noted that the banks, which are all customers of Check Free, account
for "substantially less than" the 20% of the company's total revenue as
popularly believed.

"All the revenues that they contribute are for bill payments, not for
electronic bill presentment. The billers pay for that, not the banks," he said.

On Tuesday, Check Free canceled a secondary offering it priced Monday after
concerns about competition from the Exchange drove the company's stock price
sharply lower.

Shulman said that there is no threat to Check Free's business because the
Exchange will focus on treasury management services for corporate customers,
while Check Free exclusively provides electronic billing and payment services.
- Nicole Ridgway; 201-938-5174

(END) DOW JONES NEWS 06-25-99
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