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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 (20112)	8/5/2003 4:34:26 PM
From: StocksMan	Read Replies (1) \| Respond to of 20297

CheckFree Closes Fiscal 2003 With Solid Fourth Quarter Performance Tuesday August 5, 4:31 pm ET ATLANTA, Aug. 5 /PRNewswire-FirstCall/ -- CheckFree Corporation (Nasdaq: CKFR - News) today announced fourth quarter revenue of $144.6 million and net income of $20.0 million, or $0.22 per share, compared to revenue of $130.6 million and net income of $12.8 million, or $0.14 per share, in the fourth quarter of fiscal 2002, all on a pro forma basis. On a GAAP basis, CheckFree reported revenue of $144.6 million compared to revenue of $127.9 million in the fourth quarter of fiscal 2002. The net loss for the quarter of $17.0 million, or $0.19 per share, compared to a net loss of $59.4 million, or $0.67 per share, for the fourth quarter of fiscal 2002. The Company's free cash flow was $37.8 million for the quarter, and $133.5 million for the year. Free cash flow is calculated by taking GAAP net cash provided by operating activities and deducting property and software purchases. Revenue for the quarter ended June 30, 2003, increased 11 percent over the comparative quarter of last year on a pro forma basis. Pro forma results for the quarter exclude $45.0 million of acquisition-related amortization, a $10.2 million intangible asset impairment charge, and a $1.4 million true-up of a previous reorganization charge, offset by $19.7 million of related tax benefits. This compares to pro forma results for the fourth quarter of fiscal 2002 that excluded a non-cash reduction of revenue of $2.7 million associated with warrants issued to a third party, $89.3 million of acquisition-related amortization and a $0.5 million update to a fiscal 2002 third quarter reorganization charge, offset by $20.3 million of related tax benefits. CheckFree adopted Statement of Financial Accounting Standards (SFAS) No. 142 regarding accounting for goodwill as of July 1, 2002, and has discontinued amortizing its goodwill associated with previous acquisitions. Had the Company adopted SFAS 142 in the prior year and eliminated goodwill amortization at that time, its comparative GAAP net loss would have been $17.7 million and net loss per share would have been $0.20 for the quarter ended June 30, 2002. CheckFree Chairman and CEO Pete Kight said, "Overall, we are pleased with our results this quarter, and with our execution throughout this fiscal year. Each of our divisions executed on, or ahead of, plan for the quarter. We experienced on-target biller and Consumer Service Provider signings coupled with tremendous growth in e-bill distribution in our Electronic Commerce division, stronger-than-expected sales in our Software business, and strong service innovations through our Investment Services unit. For the year, we delivered solid execution against our plan, and extended our leadership position in each of the markets in which we compete. "Quality, cost and innovation -- on which we've based our business model -- will continue to drive our strategic and operational direction in the next fiscal year," he continued. "We expect a more stable investment market to benefit our Investment Services division later in the year and anticipate solid performance in our Software division, where we are actively pursuing additional growth opportunities. We also expect to see continued strong gains in electronic payments and continued acceleration in electronic billing," Kight concluded. . . biz.yahoo.com