Thursday September 16, 11:08 am Eastern Time
Company Press Release
SOURCE: Digital Courier Technologies, Inc.
Digital Courier Announces Financial Results for Fiscal 1999
- Fourth Quarter Record Revenue Increase of 591.8% over 1998 -
PARK CITY, Utah, Sept. 16 /PRNewswire/ -- Digital Courier Technologies, Inc. (Nasdaq: DCTI - news), a leading provider of Internet payment processing technologies and services for merchants and financial institutions worldwide, announced financial results for its fourth quarter and for its fiscal year ended June 30, 1999.
For the year, Digital Courier generated net revenues of $3,970,641 compared to the net revenues of $803,011 in fiscal 1998. This represents a 394.5 percent increase in revenues for fiscal 1999. The Company generated net revenues of $2,752,407 for the fourth quarter ended June 30, 1999, compared to net revenues of $397,853 for the fourth quarter of fiscal 1998. This equates to an increase of 591.8 percent over the fourth quarter of fiscal 1998. The increase in revenue is due to the acquisitions of Access Services and Secure-Bank.com, both of which closed in the fourth quarter of fiscal 1999.
Mitchell Edwards, Executive Vice President and Chief Financial Officer of Digital Courier, said, ''We are pleased with our dramatic revenue growth during the fourth quarter. Our decision to focus on Internet payment processing products and services has resulted in increased revenues each month. The successful integration of Access Services, Inc. and Secure-Bank.com into our e-commerce strategy has given us a competitive advantage in the Internet payment processing industry and a revenue stream that sets us apart from many of our competitors.''
Digital Courier's fiscal 1999 net loss before the effect of non-cash charges related to depreciation, goodwill amortization and other acquisition expense was $13,274,950 or $1.01 per fully diluted share. Net loss for the current year was $21,364,713, or $1.63 per share on a fully diluted basis. Digital Courier's fourth quarter of 1999 net loss before the effect of non- cash charges related to depreciation and goodwill amortization was $2,061,056, or $0.13 per fully diluted share, compared with a loss of $2,644,318 or $0.34 per fully diluted share during the fourth quarter of fiscal year 1998. Net loss for the fourth quarter of fiscal 1999 was $3,518,640 or $0.23 per share on a fully diluted basis.
Digital Courier will host a Special Stockholder's Meeting on October 5, 1999, to approve the proposed acquisition of DataBank International Ltd. Pending stockholder approval, the acquisition is expected to close shortly thereafter.
Digital Courier supplies financial institutions, businesses and Internet merchants with sophisticated e-commerce and payment processing software and services. Its integrated netClearing product provides an end to end Internet payment gateway to the credit card networks, provides payment-processing management, and combines real-time access with sophisticated fraud prevention features. For more information about the netClearing product, visit the Internet at dcourier.com or netclearing.com.
SOURCE: Digital Courier Technologies, Inc. |
