CHANTILLY, Va. – Online Resources Corp. on Friday reported a fourth quarter loss of $1.1 million and loss for the full year of $4.1 million.
Revenue grew by almost 3% for the fourth quarter to $38.2 million, but was almost flat for the year at $151.8 million.
Fourth quarter financials include $600,000 in charges related to the December departure of the company’s founder and CEO Matthew Lawlor.
"Despite a revenue environment that remained challenging, we closed the year with strong new client signings, particularly for our customizable Internet banking products. We also forged several new distribution partnerships that will give us broader access to the small financial institution market," said Raymond Crosier, the company’s president and interim CEO. "In addition, we achieved our goals for earnings and cash flow for the quarter and the year, which enabled us to significantly accelerate the pace of reducing our senior debt."
On Dec. 1, 2009, the Company prepaid $15 million of the senior secured debt it incurred to finance the acquisition of Princeton eCom. Of the $85 million originally borrowed, $48.8 million now remains outstanding.
