|CheckFree Announces Fourth Quarter and Annual Results for Fiscal 2004|
Tuesday August 3, 4:01 pm ET
ATLANTA, Aug. 3 /PRNewswire-FirstCall/ -- CheckFree Corporation (Nasdaq: CKFR - News) today announced fourth quarter consolidated revenue of $160.0 million, representing 11 percent growth over the same period last year. The Company's GAAP (Generally Accepted Accounting Principles) net income for the quarter was $11.4 million or $0.12 per share, and underlying net income was $27.3 million, or $0.30 per share. CheckFree reported consolidated revenue of $606.5 million for fiscal 2004, representing 10 percent growth over fiscal 2003. For the year, the Company's GAAP net income was $10.5 million, or $0.11 per share, and underlying net income was $96.5 million, or $1.05 per share. Free cash flow was $47.5 million for the fourth quarter, and $147.8 million for the year as outlined in Attachment A.
GAAP Results: For the fourth quarter, the Company's GAAP net income of $11.4 million compared to a net loss of $17.0 million for the same quarter last year. Earnings per share were $0.12, compared to a loss per share of $0.19 for the same quarter last year. For fiscal 2004, net income was $10.5 million, or $0.11 per share, compared to a net loss of $52.2 million, or $0.59 per share for fiscal 2003. Net cash provided by operating activities was $53.9 million for the fourth quarter of 2004, compared to $41.9 million for the same period last year. Net cash provided by operating activities was $171.1 million for fiscal 2004, compared to $157.8 million for fiscal 2003.
Underlying Results: For the fourth quarter, the Company reported underlying net income of $27.3 million, compared to $20.0 million for the same quarter of last year. Underlying earnings per share were $0.30 for the fourth quarter of fiscal 2004, compared to underlying earnings per share of $0.22 for the fourth quarter of last year. For fiscal 2004, underlying net income was $96.5 million, or $1.05 per share, compared to underlying net income of $72.2 million, or $0.81 per share, for fiscal 2003. Underlying net income and earnings per share for the fourth quarter of fiscal 2004 exclude the amortization of acquisition-related intangible assets and related tax benefits. Underlying net income and earnings per share for the fourth quarter of fiscal 2003 exclude the amortization of acquisition-related intangible assets, an intangible asset impairment charge, a true-up of a previous reorganization charge and related income tax benefits. A reconciliation of CheckFree's quarterly and annual underlying results to its GAAP results is included in Attachment A.
"Our results reflect continued solid execution for the quarter and our fiscal year overall," said CheckFree Chairman and Chief Executive Officer, Pete Kight. "During the year, we significantly increased the number of Consumer Service Providers offering electronic billing and payment services to consumers and extended the services we offer to billers. We also continued to enhance our infrastructure with sizable investments in advanced customer care capability and development of the next generation platform serving our money manager and broker/dealer clients."
"Delivering process excellence, driving innovation, and defining the quality experience for our customers and their customers will continue to be our focus in fiscal 2005," he added. "We will continue to consider opportunities for growth by acquisition, optimization of our infrastructure and strategic partnerships. . ."