CHANTILLY, Va. – Online Resources Corp. on Tuesday reported third quarter losses increased to $1.7 million, up from $700,000 for the third quarter last year, even as revenues grew by 4%.
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Third quarter revenues were $38.2 million, up from $36.2 million for the same period last year.
“We again exceeded our revenue and earnings expectations in the third quarter, primarily due to higher than anticipated same-store payment transaction growth in our e-commerce business,” said Joseph Cowan, chief executive of the company.
For the first three quarters of the year ORCC reported a 4% increase in revenues, to $116 million, and a loss of $11.2 million, up from a loss of $2.2 million for the same period last year.
