| |
Has anyone info on the large financial company that recently made a significant equity investment in SFNB. It is referred to, but not named, in the 8/10 earnings report.
Press release on quarterly report is at biz.yahoo.com
Quoting Lead copy:
"ATLANTA, Aug. 10 /PRNewswire/ -- For the quarter ended June 30, 1998, Security First Network Bank (Nasdaq: SFNB - news) and its wholly owned subsidiary Security First Technologies, Inc. (S1), incurred a net loss from continuing operations of $8.1 million, or $0.75 per share, compared to a net loss from continuing operations of $5.8 million, or $0.69 per share, for the second quarter, 1997.
The second quarter 1998 loss includes approximately $2.6 million or $0.24 per share, of goodwill amortization and other charges related to an acquisition during the fourth quarter 1997. Excluding these charges, the net loss from continuing operations for the second quarter was $5.5 million or $0.51 share compared to $5.5 million or $0.65 in the second quarter 1997. Including discontinued operations, the second quarter net loss was $9.0 million, or $0.83 per share, in 1998 and $6.5 million, or $0.77 per share, in second quarter 1997.
For the six months ended June 30, 1998, the Company incurred a net loss from continuing operations of $16.2 million, or $1.52 per share as compared to a net loss of $12.5 million or $1.49 per share in the same period in 1997. For the six months ended June 30, 1998, the net loss from continuing operations, excluding amortization and other acquisition charges, was $11.0 million or $1.03 per share, as compared to $11.8 million or $1.41 per share for the six months ended June 30, 1997.
As of June 30, 1998, 32 institutions including SFNB, are offering S1's Virtual Financial Manager(TM) (VFM) product suite to customers enabling them to bank, pay bills, view credit card statements and manage their money over the Internet. As of July 30, 1998, management estimates there are more than 263,000 accounts using S1 technology worldwide through its three distribution channels. More than 94,600 accounts are represented through the S1 Data Center; 8,400 are accounts of financial institutions using the product suite through third party data processors; and it is estimated that 160,000 are accounts of financial institutions with direct licenses of the software. "
End Quote
The reference to the equity investment is as follows (quoting):
"During the second quarter, S1 announced a $10 million equity investment in the company by a major financial services entity, following the closure of the sale of SFNB banking operations. The $10 million in preferred stock (which will be based upon the average closing price per share of SFNB common stock for each of the ten trading days preceding the sale of the banking operations) will be convertible to common stock at a 40 percent premium of the closing price of the stock. For example, if the preferred stock were purchased at a per share price of $21.16 (the average closing price per share of SFNB common stock for each of the ten trading days preceding August 10, 1998), the entity would purchase a total of 472,590 shares of preferred stock and those shares would be convertible into 337,609 shares of common stock. "
END QUOTE
Doug (long SFNB)
dougsimpson.com |
|
