Online Resources Reports LowerEarnings
CHANTILLY, Va. - (07/25/06) -- First-time accounting for equitycompensation and tax expensing pushed down net income at OnlineResources Corp. by 11% for its second quarter to $1.4 million, orfive cents a share, the Internet services provider reported Monday.Revenues rose a strong 21% to $17.4 million, compared to the sameperiod last year. For the first six months of the fiscal year,Online Resources reported a decline in net income of 42% to $2.2million, or eight cents a share, compared to the first half in2005. The company stated that the financials for this year and lastyear are not comparable because it had a $13.7 million tax benefitlast year which added to its net income; the tax rates aredifferent; and this year's financial include equity compensationfor the first time. For the first six months, revenues rose 16%, to$34.1 million, compared to last year's first half. During thesecond quarter Online Resources completed the acquisition ofelectronic bill payment and presentment service provider PrincetoneCom, for $190 million.