Online Resources Restates Earnings To AddTax Windfall
CHANTILLY, Va. - (03/20/06) Online Resources Corp. reportedFriday it will restate its 2005 earnings after recognizing a $13.7million tax benefit in the fourth quarter. The company said itdecided to release $36 million of the remaining $81 million itholds it net loss carry-forwards. This will result in an unreservedtax asset of $13.7 million for the fourth quarter. It will push upnet income for the fourth quarter from $2.9 million to $16.5million; and for the full year from $9 million to $22.7 million, or36 cents a share. Revenues for the Internet services providerincreased 38% for the fourth quarter to $15.8 million; and by 43%for the year to $60.5 million.