CHANTILLY, Va. - (04/25/06) Internet services providerOnline Resources Corp. reported a 66% drop in net income for itsfirst quarter, to $800,000, or three cents a share, compared to$2.2 million, or 10 cents a share, for the same period last year,despite a rise in revenues. Revenues for the first quarter were up11% to $16.7 million. The decline in earnings was due to thedeparture of three large clients who were acquired and left thecompanys platform, as well as the introduction of equitycompensation and tax expensing, which were not included in thefirst quarter in 2005, the company said.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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