Online Resources Reports $1.2 million Loss in Quarter

Online Resources Corp. (NASDAQ: ORCC) last week reported a loss in the second quarter of $1.2 million compared with net income of $1.4 million in the second quarter a year ago. The Chantilly, Va.-based company reported revenues of $31.9 million, up 83 percent from $17.4 million a year ago.

The company said its core net income was $1.9 million, down from $2.2 million a year ago. The core net income figure is a non-GAAP measure. GAAP stands for generally accepted accounting principles.

Online Resources provides Web-based services to 2,700 financial institutions, billers and credit providers, processing over $100 billion annually. Its Virtual Collection Agent service allows qualified debtors to choose the amount and timing of their payments to creditors. This year eight of the top 20 credit card issuers are using the service. The company doesn’t break out revenues for the service.

Online Resources also announced it would pay $45 million in stock and cash for Internet Transaction Solutions, a biller service provider.