Norcross, Virginia – (The Hosting News) – August 18, 2008 – Financial institution web hosting and design technology solutions firm, Goldleaf Financial Solutions, Inc., has reported financial results for the three and six months ending June 30, 2008.
Lynn Boggs, CEO of Goldleaf noted, ”We have had exceptional results in our payments processing segment, specifically in our teller capture and remote deposit automation products. As our product mix continues to shift to payments, data management, and hardware, we now generate more than two-thirds of our revenues from these rapidly growing business channels. While we cautiously watch the economy, our ongoing focus on these growth areas have allowed us to remain competitive, and we expect to leverage these elements for continued growth as we exit 2008 and into 2009.”
Revenues for the quarter ended June 30, 2008 totaled $20.5 million, representing a 39.0% increase over the second quarter of 2007. Operating income totaled $1.0 million for the second quarter of 2008 compared to $0.3 million for the second quarter of 2007. Net income available to common stockholders totaled $0.3 million, or $0.02 per share, in the second quarter of 2008, versus net income available to common stockholders of $0.1 million, or $0.01 per share, in the second quarter of 2007.
Revenue for the first six months of 2008 totaled $39.7 million, compared to $27.8 million for the same period of 2007. Operating income totaled $1.0 million for the first six months of 2008 compared to an operating loss of $225,000 for the first six months of 2007. Net loss available to common stockholders totaled $(191,000), or $(0.01) per share, for the first six months of 2008, versus a net loss available to common stockholders of $(276,000), or $(0.02) per share, for the first six months of 2007.
EBITDAS is a non-GAAP financial measurement calculated as earnings before interest, taxes, depreciation, amortization and non-cash stock based compensation expense. EBITDAS totaled $3.3 million and $5.7 million, for the second quarter and first six months of 2008, respectively, as compared to $1.6 million and $2.1 million in the second quarter and first six months of 2007, respectively.
If the Company included the adjustments related to the CBS, Datatrade, and the Alogent acquisitions, which could not be recognized in the post acquisition financial statements, adjusted EBITDAS for the three and six months ended June 30, 2008 would have been $3.5 million and $6.9 million, respectively. (See Reconciliations of net income (loss) to EBITDAS and Adjusted EBITDAS.)
Goldleaf’s accomplishments in the first half of 2008 include:
- Relocated our corporate headquarters to Norcross, Georgia;
- Substantially completed the integration of Alogent, including the consolidation of Alogent’s Alpharetta offices into our Norcross facility; and
- Participated in three May investor conferences: JMP Securities Research Conference, FBR Growth Conference and DA Davidson and Co. Financial Services Conference.
On August 7, 2008, the company appointed Dan Owens as its chief financial officer. Most recently, Mr. Owens was Goldleaf’s chief accounting officer, with primary responsibilities over accounting, financial reporting and analysis. Mr. Owens replaces Scott Meyerhoff, who has served as acting CFO since November 2007. Mr. Meyerhoff will remain with the company’s executive management team as EVP of finance and strategy.
Mr. Boggs remarked, ”Dan’s strong financial management experience, financial industry insight and leadership qualities have played a key role in our success. Scott has been a tremendous asset to Goldleaf, and will continue to make an impact on our future strategic initiatives and overall business direction.”
The following is forward-looking and the actual results may differ materially. The Company’s outlook includes the effect of all acquisitions completed to date. Further, this outlook does not give effect to any additional potential mergers or acquisitions that may be consummated.
The Company anticipates achieving adjusted revenues for the full year 2008 of $87.0 million and adjusted EBITDAS for the full year 2008 of $15.0 million.
Goldleaf has a replay of its live conference call broadcast, available online under the Investor Relations tab and at www.earnings.com, for 30 days using the same links.
Goldleaf Financial Solutions, Inc. (GFSI) offers a product suite that provides core data processing, item processing and check imaging, ACH origination and processing, remote check capture and deposit processing, accounts receivable financing solutions, a teller automation system, turn-key leasing solutions, financial institution website design and hosting and retail inventory management services. Goldleaf believes its suite of products and services allows financial institutions and small to medium-sized business customers to compete more effectively.
To learn more about Goldleaf Financial Solutions, please visit: www.goldleaf.com.