The online banking technology provider Online Resources Corp. moved into the black in the third quarter, despite a decline in revenue because of weak transaction volume.
The Chantilly, Va., company reported Wednesday net income of $400,000, or a penny a share, compared with a net loss of $1.5 million a year earlier. Revenue fell 4%, to $36.6 million.
Matt Lawlor, Online Resources' chairman and chief executive, attributed the drop in revenue to "weaker consumer transactions," and said in a press release that the "recession has had a major impact on our accounts receivable management clients, contributing to a decline in user-paid fees."
