S1 Corporation, a leading global provider of customer interaction financial and payment solutions, announced financial results for the first quarter ended March 31, 2007.
— Revenue for the first quarter ended March 31, 2007 was $47.6 million, compared to $43.4 million in the first quarter of 2006, a nine percent increase. Postilion segment revenue was essentially flat, while Enterprise segment revenue increased 19 percent primarily related to a 32 percent increase in Enterprise professional services revenue.
— Earnings per share of $0.05 for the 2007 first quarter showed a $0.06 improvement over the $0.01 loss per share in the 2006 first quarter. These figures include stock based compensation expense of $1.9 million and $1.6 million in the first quarter of 2007 and 2006, respectively.
— EBITDA for the first quarter was $5.4 million, compared to $1.4 million in the first quarter of 2006, including stock based compensation expense. EBITDA is described and reconciled to our GAAP income from continuing operations below (1).
— Operating expenses were essentially flat in the year-over-year comparison for the first quarter, despite the increase in revenue.
— As of March 31, 2007, cash and short-term investments were $91.5 million.
— The Board of Directors has authorized a stock repurchase program under which the Company may repurchase up to $30 million of its common stock from time to time in open market and privately negotiated transactions as market and business conditions warrant.
“I am pleased with the progress each business unit made in the first quarter,” said Johann Dreyer, Chief Executive Officer of S1. “The year-over- year growth in revenue and income reflects solid execution against our operating plan. We are increasingly confident about the prospects for the business and have increased visibility for the remainder of 2007. Currently, we anticipate 2007 full year revenues of between $200 million and $206 million and GAAP earnings of between $0.25 and $0.28 per share.”
S1 Corporation (Nasdaq: SONE) delivers customer interaction software for financial and payment services and offers unique solution sets for financial institutions, retailers, and processors. S1 employs over 1,400 people in operations throughout North America, Europe and Middle East, Africa, and Asia- Pacific regions. Worldwide, more than 3,000 customers use S1 software solutions, which are comprised of applications that address virtually every market segment and delivery channel. S1 partners with best-in-class organizations to provide flexible and extensible software solutions for its customers. Additional information about S1 is available at http://www.s1.com.
For complete details on S1 Corp’s first quarter results visit CardData ([www.carddata.com]).