Online Resources (ORCC) Provides Additional Q1 Results

April 20, 2009 8:38 AM EDT

Late Friday, Online Resources Corporation (Nasdaq: ORCC) provided the following additional information regarding its preliminary financial results for the three months ended March 31, 2009.

• Net loss available to common stockholders is expected to be between $0.07 and $0.05 per diluted share.

Unchanged from the Company's previous announcement are the following preliminary results and supplemental information for Q109:

• Revenue is expected to be between $39.1 million and $39.3 million, compared with $39.2 million for the first quarter of 2008. (Note: first quarter 2008 revenue has been corrected from yesterday's release, where it was incorrectly cited as $37.2 million.) The Street is expecting Q1 sales of $39.02 million.
  
• Adjusted Ebitda1, a non-GAAP measure, is expected to be between $8.2 million and $8.4 million, compared to $7.4 million for the 2008 period.
  
• Non-GAAP core net income2 per share is expected to be between $0.06 and $0.07, compared with $0.05 for the prior year period. The Street is currently expecting EPS of $0.05

The Company also said that after debt repayment of $3.2 million during the quarter, its cash and short-term investment position is expected to be $27.4 million at March 31, 2009, or $3.4 million above its cash and short-term investment position at December 31, 2008.

In addition, the Company incurred approximately $800,000 in expenses related to a proxy contest initiated by hedge fund Tennenbaum Capital Partners and expects to incur additional proxy-related expenses in the second quarter. The Company also cautions shareholders that Tennenbaum has indicated should any of its nominees be elected, it will ask the Company to reimburse its costs for the proxy contest.

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