CheckFree Redefines the Online Financial Services Experience with Acquisition of Corillian Corporation
15 Maio 2007 - 2:17PM
PR Newswire (US)
Combined Organization to Provide Banks with Flexible Online Banking
and Bill Payment Options and Deliver World-Class Online User
Experience to Consumers ATLANTA, May 15 /PRNewswire-FirstCall/ --
CheckFree Corporation (NASDAQ:CKFR) today announced the completion
of its acquisition of Corillian Corporation (NASDAQ:CORI), a
Hillsboro, Ore.-based online banking software and services firm.
Under the terms of the agreement, CheckFree acquired all
outstanding shares of Corillian common stock at a price of $5.15
per share in cash, for a total purchase price of approximately $245
million on a fully diluted basis, primarily funded by its revolving
credit facility. The acquisition brings together two industry
leaders in financial electronic commerce. The combined organization
will have the potential to provide a market-leading, fully
integrated, secure and scalable online banking, electronic billing
and payment platform. Together, CheckFree and Corillian's platforms
serve 21 of the top 25 financial institutions, more than 40 million
online banking consumers, more than 31 million electronic billing
and payment consumers, and more than 250,000 small businesses.
"CheckFree's strategy is to deliver innovation in online financial
services to help banks, credit unions and other financial
institutions fully realize their customer acquisition, retention
and profitability goals," said Pete Kight, CheckFree chairman and
chief executive officer. "Corillian shares our vision of optimizing
the online financial services experience by offering broader
payment capabilities, integrated self-service tools and helping
financial institutions generate revenues through the online
channel." As an integrated organization, CheckFree and Corillian
plan to deliver a complete suite of online financial services
solutions that provides a rich user experience, simplifies the
customer enrollment and bill activation processes, drives increased
consumer usage of online financial services, and enables banks to
cross-sell products and deliver premium services. The combined
company plans to deliver highly flexible deployment options to help
customers manage total cost of ownership, including hosted,
software-based and flexible component solutions to meet the
requirements of financial institutions of virtually any size. "We
expect the Corillian transaction to add between $7 million and $9
million of underlying revenue for the fourth quarter of fiscal
2007, ending June 30, 2007," stated David Mangum, CheckFree chief
financial officer. "CheckFree expects the transaction to be $0.01
to $0.02 dilutive to CheckFree's underlying earnings per share in
the fourth quarter of fiscal 2007, and for fiscal 2007 as a whole,
primarily due to the interest expense on our revolving line of
credit," said Mangum. CheckFree is in the process of finalizing its
purchase accounting for the Corillian acquisition, including a
review of the expected impact from acquisition-related intangible
amortization expenses, the expected purchase accounting reduction
in the value of the deferred revenue acquired with Corillian, and
acquisition-related integration costs, and thus cannot provide an
expected range of additional GAAP revenues for the fourth quarter
of fiscal 2007 from the acquisition or the expected range of
dilutive impact to GAAP earnings per share in the fourth quarter of
fiscal 2007 or the current fiscal year. CheckFree will provide
fiscal 2008 GAAP and underlying earnings per share expectations on
its fourth quarter earnings conference call. The differences
between GAAP and underlying revenue expectations addressed above
for the fourth quarter of fiscal 2007 are expected to be due to a
decrease in the value of the deferred revenue liability acquired
with Corillian expected to result from a required purchase
accounting revaluation, and the related income tax benefit. The
differences between GAAP and underlying earnings expectations
addressed above for the fourth quarter of fiscal 2007 and fiscal
2007 are expected to be due to interest expense on the company's
revolving line of credit, acquisition-related intangible
amortization expenses, a purchase accounting reduction in the value
of the deferred revenue acquired with Corillian,
acquisition-related integration costs and the related income tax
charges or benefits from each of the foregoing. About CheckFree
(http://www.checkfreecorp.com/) Founded in 1981, CheckFree
Corporation (NASDAQ:CKFR) provides financial electronic commerce
services and products to organizations around the world. CheckFree
Electronic Commerce solutions enable thousands of financial
services providers and billers to offer the convenience of
receiving and paying household bills online, via phone or in person
through retail outlets. CheckFree Investment Services provides a
broad range of investment management solutions and outsourced
services to hundreds of financial services organizations, which
manage about $1.8 trillion in assets. CheckFree Software develops,
markets and supports payment processing solutions that are used by
financial institutions to process more than two-thirds of the 14
billion Automated Clearing House transactions in the United States,
and supports reconciliation, exception management, risk management,
transaction process management, corporate actions processing, and
compliance within thousands of organizations worldwide. Use of
Non-GAAP Financial Information CheckFree supplements its reporting
of total revenues, income (loss) from operations, net income (loss)
and earnings (loss) per share information determined in accordance
with GAAP by using "underlying revenue," "underlying income (loss)
from operations," "underlying net income (loss)" and "underlying
earnings (loss) per share." Management believes that certain
non-cash adjustments to revenues or expenses enhance its evaluation
of CheckFree's performance, and are not pertinent to day-to-day
operational decision making in the business. Therefore, CheckFree
excludes these items from GAAP revenue, income (loss) from
operations, net income (loss) and earnings (loss) per share in
calculating underlying revenue, underlying income (loss) from
operations, underlying net income (loss) and underlying earnings
(loss) per share. Examples of such non-cash charges may include,
but not be limited to, intangible asset amortization expense and
in-process research and development costs associated with
acquisitions, integration costs associated with acquisitions,
charges associated with the impairment of intangible assets, the
impact of discontinued operations, charges resulting from warrants
issued to third parties, and charges associated with reorganization
activities, all offset by the cumulative tax impact of these
charges. CheckFree excludes these items in order to more clearly
focus on the factors it believes are pertinent to the daily
management of its operations, and its management uses underlying
results to evaluate the impact of operational business decisions.
CheckFree regularly reports underlying results to its Chairman and
Chief Executive Officer and Chief Operating Officer, CheckFree's
chief operating decision makers, who use this information in
allocating resources to the various business units. Additionally,
as CheckFree rewards its management for their decisions that
increase revenues and decrease controllable costs, CheckFree uses
underlying revenues and underlying income (loss) from operations as
factors in determining short-term incentive compensation for
management, and uses underlying revenues, underlying net income
(loss) and underlying earnings (loss) per share as factors in
determining long-term incentive compensation for management.
Because CheckFree utilizes underlying financial results in the
management of its business and to determine incentive compensation
for management, CheckFree believes this supplemental information is
useful to investors for their independent evaluation and
understanding of the performance of CheckFree's management and its
core business performance. CheckFree's underlying revenues,
underlying income (loss) from operations, underlying net income
(loss) and underlying earnings (loss) per share should be
considered in addition to, and not as a substitute for, revenues,
income (loss) from operations, net income (loss) or earnings (loss)
per share or any other amount determined in accordance with GAAP.
CheckFree's measures of underlying revenues, underlying income
(loss) from operations, underlying net income (loss) and underlying
earnings (loss) per share reflect management's judgment of
particular items, and may not be comparable to similarly titled
measures reported by other companies. Certain of the Company's
statements in this press release are not purely historical, and as
such are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These include
statements regarding management's intentions, plans, beliefs,
expectations or projections of the future and include statements
regarding expectations for the combined company, revenue for the
fourth quarter of fiscal 2007 and earnings per share for the fourth
quarter of fiscal 2007 and fiscal 2007 (paragraphs 3, 4, 5, 6, 7
and 8). Forward-looking statements involve risks and uncertainties,
including without limitation, the various risks inherent in the
Company's business, its ability to successfully integrate acquired
companies and other risks and uncertainties detailed from time to
time in the Company's periodic reports filed with the Securities
and Exchange Commission, including the Company's Annual Report on
Form 10-K for the year ended June 30, 2006 (filed September 8,
2006), Form 10-Q for the quarter ended September 30, 2006 (filed
November 8, 2006), Form 10-Q for the quarter ended December 31,
2006 (filed February 8, 2007) and Form 10-Q for the quarter ended
March 31, 2007 (filed May 10, 2007). One or more of these factors
have affected, and could in the future affect the Company's
business and financial results in future periods, and could cause
actual results to differ materially from plans and projections.
There can be no assurance that the forward-looking statements made
in this press release will prove to be accurate, and issuance of
such forward-looking statements should not be regarded as a
representation by the Company, or any other person, that the
objectives and plans of the Company will be achieved. All
forward-looking statements made in this press release are based on
information presently available to management, and the Company
assumes no obligation to update any forward-looking statements.
DATASOURCE: CheckFree Corporation CONTACT: Media, Judy DeRango
Wicks, +1-678-375-1595, , or Investors, Tina Moore,
+1-678-375-1278, , both of CheckFree Corporation Web site:
http://www.checkfreecorp.com/
Copyright
Checkfree Corp (MM) (NASDAQ:CKFR)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Checkfree Corp (MM) (NASDAQ:CKFR)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024