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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel? -- Ignore unavailable to you. Want to Upgrade?

To: StocksMan who wrote (20032)	4/22/2003 4:34:09 PM
From: StocksMan	Respond to of 20297

CheckFree Reports Solid Financial and Operational Results for Third Quarter Of Fiscal 2003 Tuesday April 22, 4:30 pm ET ATLANTA, April 22 /PRNewswire-FirstCall/ -- CheckFree Corporation (Nasdaq: CKFR - News) today announced third quarter revenues of $141.3 million and net income of $20.5 million, or $0.23 per share, on a pro forma basis; a net loss of $7.8 million, or $0.09 per share, on a GAAP basis; and free cash flow of $40.5 million. Total revenues for the quarter ended March 31, 2003 increased 13 percent over the comparative quarter of last year, when the company reported revenue of $124.6 million. Pro forma net income of $20.5 million for the quarter compares to pro forma net income of $5.9 million for the third quarter of fiscal 2002. Pro forma results for the quarter exclude $46.0 million of acquisition-related amortization and $1.3 million for an other-than-temporary decline in investments, offset by $19.0 million of related tax benefits. This compares to pro forma results for the third quarter of fiscal 2002 that excluded $90.3 million of acquisition-related amortization and a $15.9 million reorganization charge, offset by $22.8 million of related tax benefits. The Company calculates free cash flow by taking GAAP net cash provided by operating activities of $44.9 million and deducting property and software cash purchases of $4.4 million. On a GAAP basis for the quarter, CheckFree reported a net loss of $7.8 million, or a loss per share of $0.09, compared to a net loss of $77.5 million, or a loss per share of $0.89, for the third quarter of fiscal 2002. With the July 1, 2002, adoption of Statement of Financial Accounting Standards (SFAS) No. 142 regarding accounting for goodwill, the Company discontinued amortizing its remaining balance of goodwill of $529.2 million associated with 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 $35.7 million and its net loss per share would have been $0.41 for the quarter ended March 31, 2002. CheckFree Chairman and CEO Pete Kight said, "We continue to experience solid results across all our divisions. Through our Electronic Commerce business, we continue to broaden the reach of electronic billing and payment services to more U.S. consumers by steadily increasing the number of Consumer Service Providers that offer the service, and the number of electronic bills available to consumers. In our Software division, growth remains steady as we continue to strengthen the business relationships vital to the financial services markets we serve. Tough economic conditions persist for our Investment Services business; however, the Company's ongoing commitment to innovations important to the investment community will help us sustain our competitive lead through this challenging period. Overall, we're executing well, and we expect to continue to see the same type of solid results going forward. . ." biz.yahoo.com