Earnings Fall At DigitalInsight
CALABASAS, Calif. - (02/18/05) -- Internet services provider DigitalInsight Corp. said net income plunged in its fourth quarter by 85%to $3.9 million, or 11 cents a share, despite a 16% rise inrevenues, based on the elimination of tax advantage the companybooked in 2003. Digital Insight booked a $29.6 million tax benefitin the fourth quarter of 2003 from the release of its deferred taxvaluation allowance, creating a fourth quarter net of $35.5 millionduring the period. The elimination of the tax benefit also pusheddown the company's fiscal year earnings by 65% to $16.7 million, or47 cents a share, from $46.6 million, or $1.38 a share, for fiscal2003. Still, Digital Insight said revenues rose a healthy 16% forthe fourth quarter, to $48.9 million, and by 22% for the year, to$84.3 million. Fourth quarter results included a 16% rise inInternet banking revenues, based on strong growth in the company'sbill pay and online banking products. Revenues from online lendingservices advanced 19% for the fourth quarter.