Online Resources Corp. posted a loss for the third quarter, despite some significant new customers, and it narrowed its full-year guidance on concerns about the economy.
The Chantilly, Va., banking technology vendor said last week that its revenue increased 11% from a year earlier, to $38.1 million, but posted a loss of $1.5 million, compared with a profit of $1.1 million for the third quarter of last year.
Core net income — a figure Online Resources says is a more accurate metric of its ongoing financial health — decreased 17.4%, to $1.9 million.
The vendor said that transaction volume at its e-commerce business increased 41%, and that it had signed up two "major credit card issuers" for its online collection service.
In addition, its largest client, which it did not name, signed a multiyear contract renewal, and bill payment transaction volume increased 18%.
For the full year, Online Resources now expects to report revenue of $152 million to $154 million, compared with an earlier projection of $152 million to $157 million. It also said it expects to report a full-year loss of 29 to 31 cents a share, compared with its previous forecast of 28 to 32 cents.