Online Resources Corp. was profitable last year, it said, after tax benefits wiped away a previously reported net loss.
The Chantilly, Va., banking technology vendor issued an update Wednesday to the earnings statement it released in February, raising its full-year net income by $11.6 million.
The change pulled the company out of the red, swinging it from an $8.9 million loss last year to a profit of $2.6 million.
Online Resources said that its loss of 33 cents a share became a profit of nine cents a share.
Net income in the fourth quarter increased from $600,000 to $12.1 million, and earnings per share moved from 2 cents to 40 cents.
The company said the changes came from a $13.7 million tax benefit related to a released valuation allowance, which was offset by a $1.4 million state tax loss that had previously been reported as a benefit and by a $700,000 state tax loss that was carried forward.
