S1 CP
SymbolSONE

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S1 Corporation Reports Third Quarter 2009 Results

2009-11-05 17:00 ET - News Release

NORCROSS, Ga., Nov. 5, 2009 (GLOBE NEWSWIRE) -- S1 Corporation (Nasdaq:SONE), a leading global provider of customer interaction financial and payment solutions, today announced financial results for the third quarter of 2009: 



 * Total revenue in the third quarter of 2009 increased three percent
   to $60.3 million from $58.6 million in the third quarter of 2008.
   Total revenue in the nine months ended September 30, 2009 increased
   six percent to $179.5 million from $169.8 million in the nine
   months ended September 30, 2008.
 * GAAP earnings were $6.9 million or $0.12 per share (diluted) in the
   third quarter of 2009 compared to GAAP earnings of $6.2 million or
   $0.11 per share (diluted) in the third quarter of 2008.  GAAP
   earnings were $20.5 million or $0.37 per share (diluted) in the
   nine months ended September 30, 2009, a $0.09 increase over GAAP
   earnings of $16.5 million or $0.28 per share (diluted) in the nine
   months ended September 30, 2008. These figures include a stock
   based compensation benefit of $139 thousand and an expense of $412
   thousand in the third quarter of 2009 and 2008, respectively, and
   an expense of $421 thousand and $4.6 million in the nine months
   ended September 30, 2009 and 2008, respectively.
 * Adjusted EBITDA in the third quarter of 2009 was $11.7 million
   compared to $10.5 million in the third quarter of 2008.  Adjusted
   EBITDA in the nine months ended September 30, 2009 was $33.9
   million compared to $32.5 million in the nine months ended
   September 30, 2008. Adjusted EBITDA does not include stock based
   compensation expense and is described below (1) and reconciled to
   GAAP Net income in Tables 4, 5 and 6.
 * Total revenue from international operations in the third quarter of
   2009 increased one percent to $17.8 million from $17.7 million in
   the third quarter of 2008. Total revenue from international
   operations in the nine months ended September 30, 2009 increased
   six percent to $51.3 million from $48.3 million in the nine months
   ended September 30, 2008.
 * Under a previously announced stock repurchase program, the Company
   repurchased 755 thousand shares of its common stock for $5.0
   million during the third quarter of 2009. The Company ended the
   third quarter of 2009 with $70.9 million in cash, cash equivalents
   and short-term investments.
 * The Company expects to generate approximately $25 to $26 million in
   revenue from State Farm in 2010.
 * The Company reaffirms its full year guidance of $240 to $245
   million in revenue and $47 to $50 million in Adjusted EBITDA.

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