ATLANTA - The Internet banking software provider S1 Corp. had a fourth-quarter loss of 287% despite a 49% increase in revenues.
Its loss was $27.9 million in the quarter and rose sixfold on the year, to $72.8 million. Revenues in the quarter were $60.1 million, despite a 9% drop in licensing revenue, to $11.1 million.
Hits to earnings came from a $6 million cost to phase out the Edify retail banking platform; $3 million to consolidate technology platforms worldwide; $2 million to merge its Vertical One subsidiary with Yodlee; $1.5 million to start a data center to serve Europe, Africa, and the Middle East; and $1.5 million to hire a new chief executive and other senior officers.
For the year revenue from software licenses rose 172%, to $51.7 million, and professional services revenue 174%, to $154 million. Company officials said they remain committed to their goal of reaching profitability in 2001.
S1 announced the quarter and yearly results late Tuesday.