RESTON, Va., May 3 /PRNewswire/ -- InteliData Technologies Corp.
(Nasdaq: INTD), a leader in Internet banking and bill payment technology,
today reported its unaudited financial results for the three-month period
ended March 31, 2000. Highlights include:
(Photo: NewsCom: newscom.com )
* Recognition of a large gain from an investment securities transaction
resulting in net income for the quarter of $35,426,000 or $0.93 per
share
* Signing of a letter of intent with Spectrum selecting the team of
InteliData and ALLTEL to build an Interactive Financial Exchange (IFX)-
based network electronic bill payment switch
* Installation of software, full customer launches, and beginning of
recurring revenue collection at National City Bank and Old Kent Bank
* Leasing of additional office space and significant growth of R&D
capabilities
Revenues for the quarter were $2,619,000, representing a 23 percent gain
compared to $2,124,000 for the same period last year. Net income for the
quarter was $35,426,000, or $0.93 per share, inclusive of a one-time gain
realized from the sale on January 20, 2000 of InteliData's investment in Home
Financial Network to Sybase, for which InteliData received cash and Sybase
common stock. Accounting rules require that this gain be reported entirely in
the quarter that the transaction closed.
Operating loss for the quarter was $(3,275,000), compared to a net loss
of $(1,564,000) in the prior year period, representing the increased
investment in personnel and facilities to support the increased level of
activity from the Spectrum and outsourcing initiatives. As a result, 30
additional software engineers and supporting staff and an additional 7,500
square feet of office space in Reston, Va., were added during the quarter.
The Company's cash position at the end of the first quarter was
$11,135,000. The Company also owns approximately 1.77 million shares of
Sybase common stock, which is carried on the Company's books at quarter-end at
a value of approximately $36 million.
Overview of Operations
Commenting on the Company's first quarter and subsequent activities,
InteliData President and CEO Al Dominick said, "This quarter's income
statement marks the beginning of recurring revenues associated with the full
customer launches of our Internet banking and bill payment outsourcing
solution at National City and Old Kent banks. Adding the recently announced
customer launches at First Hawaiian Bank and Bank of the West in April, the
universe of potential users for our outsourcing business is approximately four
million consumers. These banks are at the beginning stages of launching the
offering to their customers and have provided us with showcase sites and
positive reference accounts. They also have begun to provide us a recurring
revenue stream, which should enable us to better predict our revenues. For
those banks that use our full service bureau solution, we will realize
revenues in the range of $5.00 to $2.00 per customer, per month, and between
$0.70 and $0.30 per customer, per month, for our Web hosting service."
Dominick continued, "Spectrum's selection of the InteliData and ALLTEL
team to build the IFX switch for their bank network illustrates the industry's
acceptance of our technology and the recognition of the electronic bill
presentment and payment (EBPP) experience and capabilities of the two
companies. We believe it is the commencement, not the culmination, of our
joint efforts in the EBPP arena. Our vision for the industry is to provide
banks with a turnkey suite of products and services designed to allow banks to
efficiently "trade" transactions by taking advantage of interbank payment
exchanges as they have done historically in the ATM and paper check clearing
systems."
Looking ahead, Dominick concluded, "Our improved financial condition as a
result of the Sybase transaction has positioned us well to capitalize on the
opportunities in the current electronic banking marketplace. In addition to
our increased R&D efforts, we also previewed our leading-edge consumer
interface software, Interpose? Web Banking, and plan to be installed at a beta
site this summer."
The attached unaudited financial statements compare the 2000 first quarter
results to the same period last year. InteliData will hold a conference call
today at 4:30 p.m. (EDT). Investors can access the call by dialing 1-888-434-
1242, or on the Internet at www.streetfusion.com. A replay of the conference
call can be accessed for 24 hours beginning at 7:00 p.m. (EDT) May 3, by
dialing 800-633-8284 and entering code 15018486. Replays will also be
available at InteliData's Web site, www.intelidata.com.
About InteliData (www.intelidata.com)
InteliData, with headquarters in Reston, Va., provides financial
institutions with the critical, real-time financial processing infrastructure
they need to Internet-enable their enterprise. Eight of the top 100 U.S.
banks are customers of InteliData's current generation of Internet banking
products and services, and twenty of the top 100 U.S. financial institutions
and financial service providers have chosen InteliData's products and services
for their electronic financial delivery.
InteliData has two complementary lines of business, which provide for both
an end-to-end Internet banking solution, Interpose(TM) Connect, as well as a
comprehensive electronic bill presentment and bill payment (EBPP) solution,
the Interpose(TM) Payment Network. These solutions can be implemented either
in-house or in an outsourcing environment. Interpose Connect is an industrial
strength, scalable and reliable transaction and payment processing solution
that provides real-time and fully synchronized connectivity to banks' systems
of record. The Interpose Payment Network provides an end-to-end, bank-centric
bill presentmentand payment solution that gives banks the ability to process
"on-us" transactions internally, take advantage of interbank exchanges like
Spectrum, and leverage third-party payment processors.
"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, the impact of
competitive products, pricing pressure, product demand and market acceptance
risks, pace of consumer acceptance of home banking, 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 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 growth, product obsolescence, ability to reduce
product costs, fluctuations in operating results, ability to continue funding
operating losses, 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
2000 and beyond to differ materially from those expressed in any forward
looking statements made by, or on behalf of, InteliData.
InteliData Technologies Corporation
Condensed Consolidated Statements of Operations
Three Months Ended March 31, 2000 and 1999
(in thousands, except per share data; unaudited)
For the three months ended
March 31,
2000 1999
REVENUES
Software $436 $162
Consulting and services 1,094 189
Leasing and other 1,089 1,773
Total revenues 2,619 2,124
COST OF REVENUES
Software - 16
Consulting and services 574 41
Leasing and other 418 380
Total cost of revenues 992 437
GROSS PROFIT 1,627 1,687
OPERATING EXPENSES
General and administrative 1,401 1,638
Selling and marketing 1,324 708
Research and development 2,177 905
Total operating expenses 4,902 3,251
Operating loss (3,275) (1,564)
Realized gains on sale of investment 39,272 -
Other income 152 43
Income (loss) before income taxes 36,149 (1,521)
Provision for income taxes 723 -
Income (loss) from continuing operations $35,426 $(1,521)
Income (loss) from discontinued operations - -
Net income (loss) $35,426 $(1,521)
Earnings per common share
Income (loss) from continuing operations $0.93 $(0.05)
Income (loss) from discontinued operations $0.00 $0.00
Net income (loss) $0.93 $ (0.05)
Earnings per common share - assuming dilution
Income (loss) from continuing operations $0.86 n/a
Income (loss) from discontinued operations $0.00 n/a
Net income (loss) $0.86 n/a
Basic weighted-average shares 38,147 31,693
Diluted weighted-average shares 40,955 n/a
InteliData Technologies Corporation
Condensed Consolidated Balance Sheets
March 31, 2000 and December 31, 1999
(in thousands, except share data; unaudited)
March 31, December 31,
2000 1999
ASSETS
CURRENT ASSETS
Cash and cash equivalents $10,695 $8,496
Restricted cash 440 -
Investments 35,949 -
Accounts receivable, net of allowances
of $523 in 2000 and $523 in 1999 2,377 1,924
Prepaid expenses and other current assets 397 138
Total current assets 49,858 10,558
NONCURRENT ASSETS
Property and equipment, net 895 548
Other assets 195 175
TOTAL ASSETS $50,948 $11,281
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable ,159 $2,343
Accrued expenses and other liabilities 2,123 1,166
Deferred revenues - 616
Net liabilities of discontinued operations 949 69
Total current liabilities 5,231 4,194
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 38,983,255 shares
in 2000 and 38,691,040 shares in 1999;
outstanding 38,301,755 shares in 2000
and 38,009,540 shares in 1999 39 38
Additional paid-in capital 258,753 258,133
Treasury stock, at cost (2,064) (2,064)
Deferred compensation (255) (345)
Unrealized gains on investments, net of taxes 2,493 -
Accumulated deficit (213,249) (248,675)
Total stockholders' equity 45,717 7,087
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $50,948 $11,281
SOURCE InteliData Technologies Corp.
-0- 05/03/2000
/CONTACT: Rob Borella of InteliData Technologies Corp., 703-259-3017 or
rborella@intelidata.com/
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AP Archive: photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467/
/Web site: intelidata.com
(INTD)
CO: InteliData Technologies Corp.
ST: Virginia |
