Online Resources Slips Back Into The Red
CHANTILLY, Va. – Online Resources Corp. said it moved back into the red for the third quarter, in the face of flat revenue growth.
The company reported a $711,000 loss for the third quarter, compared to a slight net of $388,000 for the third quarter last year. Third quarter revenue was up less than 1% to $36.8 million.
For the first three quarters of the year Online Resources reported total revenues of $111.7 million, down 2% from the same period last year, and a loss of $2.2 million.
Joseph Cowan, the company’s CEO, suggested a reorganization may be coming in the fourth quarter. “We have presented a strategic direction to the Board of Directors and are now developing the supporting operating plan for their approval,” he said. “We expect to present this plan to the Board in December and I look forward to sharing it with you once we have finalized our course of action.”