CheckFree Raises Fiscal 2003 Guidance On Continuing Strong Results
Tuesday January 21, 4:31 pm ET
Electronic Commerce Division Posts Strong Performance, Software Division Closes the Second Quarter Ahead of Expectations
ATLANTA, Jan. 21 /PRNewswire-FirstCall/ -- CheckFree Corporation (Nasdaq: CKFR - News) today announced
second quarter revenues of $135.5 million and net income of $17.7 million, or 20 cents per share, on a pro forma basis. These results follow a strong first quarter, leading the Company to expect to close its 2003 fiscal year in June with earnings per share in the range of 74 to 77 cents, up from its original expectation of earnings in the range of 58 to 62 cents, both on a pro forma basis.
Revenues for the quarter ended December 31, 2002, were up 12 percent over the $121.3 million reported for the same period last year. Pro forma net income of $17.7 million compares to pro forma break-even performance for the second quarter of fiscal 2002. Pro forma results for the quarter ended December 31, 2002, exclude $46.1 million of acquisition-related amortization and $1.9 million for an "other than temporary" decline in investments, offset by $19.1 million of related tax benefits. This compares to pro forma results for the second quarter of fiscal 2002 that excluded $104.8 million of acquisition-related amortization and an intangible asset impairment charge of $155.1 million, offset by $44.5 million of related tax benefits.
On a GAAP basis for the quarter, CheckFree reported a net loss of $11.2 million, or a loss per share of 13 cents, compared to a net loss of $215.1 million, or a loss per share of $2.47, for the second quarter of fiscal 2002. With the July 1, 2002, adoption of Statement of Financial Accounting Standards (SFAS) No. 142 regarding accounting for goodwill, CheckFree has discontinued amortizing its remaining balance of goodwill of $529.2 million associated with all previous acquisitions. Had CheckFree adopted SFAS 142 in the prior year and eliminated goodwill amortization at that time, the Company's comparative GAAP net loss would have been $165.3 million and its net loss per share would have been $1.90 for the quarter ended December 31, 2001. . .
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