Checkfree Announces Fiscal 2004 Second Quarter Results And Raises Fiscal 2004 Expectations
Tuesday January 20, 4:30 pm ET
ATLANTA, Jan. 20 /PRNewswire-FirstCall/ -- CheckFree Corporation (Nasdaq: CKFR - News) today announced second quarter revenue of $149.9 million, representing 11 percent growth over the same period last year. The Company's GAAP (Generally Accepted Accounting Principles) net loss was $1.9 million or a loss per share of $0.02, and underlying net income was $23.4 million, or $0.25 per share. Free cash flow was $37.7 million for the quarter as outlined in Attachment A.
GAAP Results: Net loss for the second quarter was $1.9 million, compared to $11.2 million for the same quarter last year. Loss per share was $0.02 for the second quarter of fiscal 2004, compared to a loss per share of $0.13 for the second quarter of last year. GAAP net cash provided by operating activities was $41.4 million for the second quarter of fiscal 2004, compared to $47.1 for the same period last year.
Underlying Results: Underlying net income for the second quarter was $23.4 million, compared to $17.7 million for the same quarter of last year. Underlying earnings per share were $0.25 for the second quarter of fiscal 2004, compared to $0.20 for the second quarter of last year. Underlying net income and earnings per share exclude the amortization of acquisition-related intangible assets, write-off of in-process research and development costs, interest expense related to the call premium and write-off of unamortized issuance costs related to the redemption of our 6.5 percent convertible subordinated notes, a loss on investments, and related income tax benefits. A reconciliation of CheckFree's underlying results to its GAAP results is included in Attachment A.
"The Company executed solidly during the quarter," said Pete Kight, CheckFree Chairman and Chief Executive Officer. "We experienced strong transaction growth, reflecting positive gains by many Consumer Service Providers who take advantage of our full service processing capabilities and saw nice gains in electronic bill delivery and portfolios under management. From this base of consistently improving execution and bottom-line results, we're taking advantage of opportunities to expand our reach in financial transaction management. . ."
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