Embattled S1 Corp. Dips Into TheRed

Register now

ATLANTA - (04/28/06) -- S1 Corp., under siege from dissidentshareholders, reported a loss of $444,000, or a penny a share, forits first quarter, compared to a profit of $720,000, or a penny ashare, for last year's first quarter. First quarter resultsincluded a 13% drop in revenues to $48.5 million. Net loss fromcontinuing operations for the first quarter was $1 million,including $1.6 million in stock-based compensation recorded underthe new Financial Accounting Statement 123, and $330,000 inrestructuring costs. An investment group called Ramius CapitalGroup, which holds an 8.6% stake in S1, has called on the board andmanagement of the company, which has struggled in recent years, tosell the company.

For reprint and licensing requests for this article, click here.