Checkfree Holdings Corp., the electronic payment processor, confirmed Wednesday that it has an agreement to distribute electronic bills through the Yahoo Inc. Internet portal.
Yahoo will begin rolling out the service to Yahoo users on a limited basis in coming weeks, said Peter J. Kight, Checkfree chairman and chief executive officer, during a conference call on the company's latest quarterly earnings. He said a full launch would follow, though he declined to specify when.
The confirmation came after months of rumors that the two companies were working together. In a now-settled lawsuit filed against Checkfree in March, Intuit Inc. identified Yahoo as the portal with which Checkfree said it had an agreement. Also in Wednesday's conference call, Mr. Kight said Checkfree had revenues of $70.8 million for the fourth fiscal quarter of 1999 that ended June 30, an increase from $63.5 million in the same quarter a year earlier.
Checkfree's net income, adjusted for special items, including charges of $890,000 related to its withdrawn secondary stock offering in June and $2.7 million for a service disruption in April, was $2.8 million for the latest quarter, or 5 cents a share on a diluted basis. That compares with 3 cents per share, diluted, for the same quarter a year earlier. -- Ross Snel