| By Jim Bruene on May 19, 1997 8:06 AM | Comments (0) |
CheckFree
www.checkfree.com
CheckFree’s bill payment user base is rising rapidly, growing six-fold during the past five quarters. The company is projecting 1.8 million subscribers by June 30 as it begins processing for Wells Fargo and Bank One.
The P&L is not quite so rosy. The company did book record revenues of $50.2 million for its third quarter ended March 31 compared to $21.7 million for the same quarter of 1996. However, CheckFree reported a net loss for the current quarter of $142.9 million compared to a net loss of $97.5 million a year ago. For the nine months ended March 31, CheckFree reported a loss of $155.9 million compared to a loss of $97.8 million in FY 1996. Results for the current quarter include the operations of Intuit Services Corporation beginning on January 27, 1997. FY 97 revenues for the nine months ended March 31, 1997 were $121.4 million, compared to $47.4 million for the same period in FY 1996. Wall Street loved the numbers, bidding the stock up from its 52-week low in the mid-$9’s to the $16-17 range.
Contacts: Mark Phelan is EVP; Hugh Fraser is VP & Director Retail Financial Services, 614.825-3000.
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