PORTLAND, Ore. – Corillian Corp. beat the Street with a record profitable quarter for the three months ending June 30, the Internet banking vendor said. The company had net income of $1.8 million, or 5 cents per diluted share. First Call's consensus estimate for the Nasdaq-traded stock had been a net loss of 1 cent per share, which the company had recorded in the first quarter of the year. Second quarter revenues were $11.5 million, compared with $10.8 million for the previous quarter and $9 million for the second quarter of 2003, Corillian said. "We achieved GAAP (generally accepted accounting principles) profitability for the first time in company history, well ahead of our 2003 plan. This achievement, combined with our revenue growth, cost containment and cash generation, represents a significant milestone in the history of our company," said Alex Hart, Corillian's president and CEO The company said approximately 11.6 million end users, more than a quarter of the online banking and bill payment population of the United States, use Corillian's Voyager platform. That's up from 7.2 million in the year-ago quarter.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.