Losses Grow At Online Resources
CHANTILLY, Va. – Online Resources Corp., the target of two unsolicited takeover offers over the winter, reported wider second quarter losses of $2.3 million yesterday, even as revenues climbed 5% to $38.3 million.
First half results, which include a $6 million wrongful termination payment to the company’s founder and former CEO Matthew Lawlor, include a $9.5 million loss, up from a $1.5 million loss for the first six months last year.
First half results include a 4% increase in revenues to $77.6 million.
“We exceeded revenue and earnings expectations in the second quarter, growing our top line by 5% over the same quarter last year,” said Joseph Cowan, Online’s CEO.
The company said it was the target of unsolicited takeover offers earlier this year, which it rejected.