Online Resources Reports Black Ink, Looks Ahead to Money HQ Launch

McLEAN, Va. – Online Resources Corp. reported that income and earnings continued to increase in the third quarter of 2003. The Internet banking and payments vendor, which trades on the Nasdaq as ORCC and has more than 550 credit union and bank clients, said revenue for the quarter ending Sept. 30 was $9.3 million, up 14% from $8.2 million in the same period of 2002. Gross profit was $5.2 million for the third quarter, also a 14%increase from the $4.6 million reported in the third quarter last year, and earnings before interest, taxes, depreciation and amortization (EBITDA) was $1.4 million, compared with $1.1 million in the year-ago period. Net income, meanwhile, was $364,000, or 2 cents per share, compared with $93,000, or 1 cent per share, in the year-ago quarter. Matt Lawlor, Online Resources chairman and CEO, said the launch of Money HQ in the fourth quarter and “strong momentum in our bill payment business” bodes well for the new year and that “strategically, we see some exciting possibilities to expand beyond bill payments into other applications of our real-time debit gateway.”