InteliData Announces Q3 2001 Results and First Inteliworks Customer Agreements
RESTON, Va.--(BUSINESS WIRE)--Nov. 7, 2001--InteliData Technologies Corp. (Nasdaq:INTD)
-- InteliData on target with third quarter 2001 revenues of $5.3
million
-- InteliData reached agreement with first InteliWorks(TM)Payment
Solutions customers to offer the end-to-end EBPP suite to
their retail banking customers
InteliData Technologies Corp. (Nasdaq:INTD), a pioneer in electronic banking and bill payment technology, today reported its financial results for the three-month period ended September 30, 2001, and discussed the current business outlook. Highlights since the end of the second quarter include:
Financial Highlights:
-- Third quarter 2001 revenue grew 22% from the previous quarter
-- Pro forma cash operating loss declined $1.0 million or 17%
from previous quarter.
-- Company on track for previous guidance of $5-$6 million in
fourth quarter 2001 revenues and for profitability in the
second half of 2002
Business Highlights:
-- InteliWorks(TM) Consumer Service Provider (CSP) product named
as the first fully functional, commercially available CSP
solution certified by Spectrum, a bank-owned payment system
that routes electronic bills/payments between billers and
consumers
-- Signed Preferred Provider agreement with Spectrum for
InteliWorks(TM) CSP solution
-- Four Corporate Credit Unions serving approximately 3,000
credit unions launched our Bill Pay Warehouse system as part
of their EBPP offering to their retail customers
-- Referral agreement with First Data Resources now gives FDR's
1,400 card issuers access to InteliData Card Solutions
products and services as preferred provider
-- Hancock Bank and Associated Bank launched our end-to-end
Internet Bill Payment Suite, providing a full-function,
Internet bill payment solution to their bank customers
-- Premier Bankcard's chose InteliData's Card Solutions(TM) to
help its clients manage and review their credit card accounts
using Internet-based customer self-service
Commenting on the Company's results, InteliData President and CEO, Al Dominick, said, "We continued to make significant headway during the quarter as a leading edge provider of payment technology for the financial industry. Each deal that we do focuses on recurring revenues rather than upfront fees, and we are aggressively moving toward our stated goal of profitability in the second half of 2002."
Dominick continued, "We are excited about our agreement with our first InteliWorks(TM) CSP customers - Bank of the West and First Hawaiian Bank - for this quarter's product launch, which will include a national media/analyst tour kicking off in New York, joint marketing events with Spectrum EBP, and some great exposure at BAI's Retail Delivery Conference, the industry's largest retail banking conference."
Revenues from continuing operations for the three-month period were $5,307,000 compared to $1,516,000 for the same period last year. The Q3 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 from continuing operations for the quarter was $(5,185,000) or $(0.11) per share on 45.5 million weighted-average common shares outstanding. Net loss for the quarter including all non-cash charges was $(8,795,000) or $(0.19) per share compared to $(2,843,000) or $(0.07) per share for Q3 2000. The Company's cash and investments on September 30, 2001 were $9.3 million.
Attached are financial statements comparing results for the three months and nine months ended September 30, 2001 to the same periods for 2000.
InteliData will hold a conference call today at 4:30 p.m. Eastern time. Investors can access the call by dialing 800/621-5169. International callers dial 212/346-0336. A replay can be accessed for 72 hours beginning at 6:30 p.m. November 7, by dialing 800/633-8284 and entering code 19877395. Replays will also be available at InteliData's Web site www.InteliData.com , www.StreetFusion.com and www.CompanyBoardroom.com for 30 days.
About InteliData
InteliData provides Internet banking and Electronic Bill Payment and Presentment (EBPP) technology and services to 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, risks associated with the acquisition and assimilation of Home Account, the ability to continue funding operating losses, 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, 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 2001 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)
3 months 3 months 3 months
ended ended ended
9/30/2001 6/30/2001 3/31/2001
--------- --------- ---------
Revenues $ 5,307 $ 4,355 $ 3,151
Cost of revenues 2,421 2,117 1,902
Operating expenses 10,366 10,908 11,048
-------- -------- --------
Operating Loss (7,480) (8,670) (9,799)
-------- -------- --------
Less noncash items:
Amortization of goodwill 1,291 1,352 1,176
Stock-based compensation
expense 538 637 365
Depreciation and
amortization 466 459 341
-------- -------- --------
Total of noncash items 2,295 2,448 1,882
-------- -------- --------
Pro forma cash operating
loss $ (5,185) $ (6,222) $ (7,917)
======== ======== ========
Basic and diluted
weighted-average common
share outstanding 45,521 45,249 44,580
======== ======== ========
Basic and diluted
earnings per common share $ (0.11) $ (0.14) $ (0.18)
======== ======== ========
INTELIDATA TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(in thousands, except per share data; unaudited)
Three months ended Nine months ended
September 30, September 30,
-------------------- --------------------
2001 2000 2001 2000
-------- -------- -------- --------
Revenues
Software $ 1,195 $ 54 $ 1,603 $ 655
Consulting and
services 4,112 1,387 11,210 3,300
Royalties and
other -- 75 -- 544
-------- -------- -------- --------
Total
revenues 5,307 1,516 12,813 4,499
-------- -------- -------- --------
Cost of revenues
Software -- -- 5 --
Consulting and
services 2,421 850 6,435 2,357
-------- -------- -------- --------
Total cost of
revenues 2,421 850 6,440 2,357
-------- -------- -------- --------
Gross profit 2,886 666 6,373 2,142
Operating expenses
General and
administrative 3,058 1,748 8,550 4,598
Selling and
marketing 2,167 1,554 7,318 4,694
Research and
development 3,850 3,801 12,635 9,428
Amortization of
goodwill 1,291 -- 3,819 --
-------- -------- -------- --------
Total operating
expenses 10,366 7,103 32,322 18,720
-------- -------- -------- --------
Operating loss (7,480) (6,437) (25,949) (16,578)
Realized gains on
sales of
investments -- 3,831 1,130 47,822
Unrealized gain
(loss) on Sybase
warrants (1,554) -- (2,268) --
Other income
(expenses), net 79 339 560 659
-------- -------- -------- --------
Income (loss)
before income
taxes (8,955) (2,267) (26,527) 31,903
Provision
(benefit) for
income taxes (160) (57) (160) 633
-------- -------- -------- --------
Income (loss)
from continuing
operations (8,795) (2,210) (26,367) 31,270
Income (loss)
from
discontinued
operations of
Caller ID
leasing, net of
income taxes -- (633) -- (267)
-------- -------- -------- --------
Net income (loss) $ (8,795) $ (2,843) $(26,367) $ 31,003
======== ======== ======== ========
Basic earnings
per common
share
Income (loss)
from
continuing
operations $ (0.19) $ (0.06) $ (0.59) $ 0.82
Income (loss)
from
discontinued
operations 0.00 (0.01) 0.00 (0.01)
-------- -------- -------- --------
Net income
(loss) $ (0.19) $ (0.07) $ (0.59) $ 0.81
======== ======== ======== ========
Diluted earnings
per common share
Income (loss)
from
continuing
operations $ (0.19) $ (0.06) $ (0.59) $ 0.77
Income (loss)
from
discontinued
operations 0.00 (0.01) 0.00 (0.01)
-------- -------- -------- --------
Net income
(loss) $ (0.19) $ (0.07) $ (0.59) $ 0.76
======== ======== ======== ========
Basic wtd-avg
common shares
outstanding 45,521 38,265 45,007 38,199
======== ======== ======== ========
Diluted wtd-avg
common shares
outstanding 45,521 38,265 45,007 40,994
======== ======== ======== ========
INTELIDATA TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2001 AND DECEMBER 31, 2000
(in thousands, except share data)
2001 2000
--------- ---------
(unaudited) (audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 6,540 $ 27,255
Restricted cash -- 440
Investments 2,751 10,217
Accounts receivable, net
of allowance for doubtful
accounts 6,000 1,486
Other receivables 1,408 83
Prepaid expenses and other
current assets 544 320
--------- ---------
Total current assets 17,243 39,801
NONCURRENT ASSETS
Property and equipment,
net 4,350 3,282
Goodwill, net 33,184 --
Other assets 195 195
--------- ---------
TOTAL ASSETS $ 54,972 $ 43,278
========= =========
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 5,579 $ 4,288
Accrued expenses 5,251 3,651
Deferred revenues 3,426 1,014
Other liabilities 332 --
Net liabilities of
discontinued operations 271 455
--------- ---------
TOTAL CURRENT LIABILITIES 14,859 9,408
Net liabilities of
discontinued operations 300 300
Other liabilities 600 --
--------- ---------
TOTAL LIABILITIES 15,759 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
46,812,663 shares in 2001
and 39,320,609 shares in
2000; outstanding
46,006,319 shares in 2001
and 38,629,897 shares in
2000 47 39
Additional paid-in capital 295,916 261,552
Treasury stock, at cost:
806,344 shares in 2001
and 690,712 shares in
2000 (2,473) (2,123)
Deferred compensation (1,847) (1,375)
Accumulated other
comprehensive (loss)
income (1,046) 494
Accumulated deficit (251,384) (225,017)
--------- ---------
TOTAL STOCKHOLDERS'
EQUITY 39,213 33,570
--------- ---------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 54,972 $ 43,278
========= =========
CONTACT:
InteliData
Investor Relations
Deirdre Skolfield, 703/259-3000
dskolfield@intelidata.com
KEYWORD: VIRGINIA
BW2530 NOV 07,2001
13:02 PACIFIC
16:02 EASTERN |
