CheckFree Q2 Revenue Up

CheckFree Corporation announced second quarter revenue of $185.8 million, representing 24% growth over the same period last year. The Company's GAAP net income was $13.0 million, or $0.14 per share. GAAP Results Net income for the second quarter was $13.0

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CheckFree Corporation announced second quarter revenue of $185.8 million, representing 24% growth over the same period last year.

The Company’s GAAP net income was $13.0 million, or $0.14 per share. GAAP Results: Net income for the second quarter was $13.0 million, compared to a net loss of $1.9 million for the same quarter last year. Earnings per share were $0.14 for the second quarter of fiscal 2005, compared to a loss per share of $0.02 for the second quarter of last year. Net cash provided by operating activities was $65.8 million for the second quarter of fiscal 2005, compared to $41.4 million for the same period last year.

Underlying net income was $33.7 million, or $0.36 per share compared to $23.4 million and $0.25, respectively, for the same quarter of last year. Underlying net income and earnings per share exclude the amortization of acquisition-related intangible assets and related tax benefits for the second quarters of fiscal 2004 and 2005, and for the second quarter of fiscal 2004, also primarily exclude the cost of early redemption of our convertible debt and related tax benefits. A reconciliation of CheckFree’s underlying results to its GAAP results is included in Attachment A.

“Each business delivered solid, focused performance this quarter, putting us ahead of our expectations,” said Pete Kight, CheckFree’s Chairman and Chief Executive Officer. “The Electronic Commerce division experienced steady growth in transactions processed. We saw continued portfolio growth in the Investment Services division as the separately managed accounts industry finds traction within the domestic financial markets, and we delivered better-than-expected license sales in our Software business. We believe we are well-positioned for continued solid execution for the current fiscal year, which has allowed us to increase our projected earnings for the full year,” Kight concluded.

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