I hear ya...I've been to $9 and change too...once more around the block...I guess.
But..last time we were at $9, 15, 18 months ago...we didn't have this to deal with...from the Quarterly..
Commenting on lower than expected recurring revenue growth, chief operating officer Pete Sinisgalli noted: "New subscriber growth was lower than expected because of a factor we do not control: how quickly our bank clients promote electronic banking services to acquire new subscribers. The fact is, more clients than we anticipated delayed promoting electronic bill payment services while they developed their Internet solutions, and several major banks that did continue to market and generate strong subscriber growth were under contract minimums" Sinisgalli added.
Sinisgalli noted that while this transition softens CheckFree's near-term revenue growth, it ultimately puts the Company on an accelerated path to uninterrupted growth levels. "With more than 30 million U.S. households having access to the Internet today, we expect that the faster Internet offerings are available, the faster new subscribers will enroll. We fully support the banks' move to the Internet, despite its near-term revenue effect, because in the long term, the emergence of the Internet as a pivotal financial interchange medium strengthens our ability to extend our market leadership position," he said.
Twenty-two of the Company's 30 largest clients are actively moving from PC-software-based electronic banking solutions to Internet-based ones, according to Kight. He said he expects four of the Company's large bank clients to begin promoting Internet-based bill payment solutions in this calendar year. He said eight of CheckFree's 10 largest bank clients plan to be promoting Internet-based on-line banking solutions before the Company's fiscal year end on June 30, 1999, and that three-quarters of the top 65 plan to have Web-based services in the market by then.
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