Deals Dont Add Up ForCorillian
PORTLAND, Ore. - (02/10/06) Expenses related to twocorporate acquisitions weighed down Corillian Corp. in the fourthquarter, as the online banking and fraud detection provider slippedinto the red. The company reported a loss of $39,000 in the fourthquarter, pushing down fiscal year earnings 25% to $10.6 million, orsix cents a share, compared to $10.6 million, or 26 cents a share,for 2004. Last years acquisitions of Intelidata TechnologiesCorp. and qbt Systems helped push Corillians revenuesslightly higher, to $13.8 million, for the fourth quarter, butannual revenues declined slightly to 449.2 million. Integration andother costs related to the two corporate deals forced expenses up34% for the year to $7.5 million. Corillian reported major salesfor its online authentication solution, as well as the addition of15 new credit union customers due to its qbt purchase, in thefourth quarter.