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Money Management Executive

CheckFree Reports 56% Pro Forma Earnings Increase

August 08, 2003, 1:00 a.m. EDT 1 Min Read

CheckFree Corp. has announced fourth quarter pro forma net income of $20 million for the fourth quarter of fiscal 2003, a 56% increase from $12.8 million in the fourth quarter of 2002. On a GAAP basis, CheckFree’s fourth quarter net loss was $17 million, compared to $59.4 million for the year earlier. The pro forma results exclude $45 million of amortization for acquisitions, a $10.2 million intangible asset impairment charge and $1.4 million from a previous reorganization charge.

For the year, CheckFree reported net income of $72.2 million, pro forma, compared with $17.1 million, pro forma, for fiscal 2002 – a 322% increase in earnings. On a GAAP basis for fiscal 2003, CheckFree’s net income fell $52.2 million, compared a net loss of $441 million for fiscal 2002. Pro forma results for the year exclude $183.3 million of acquisition amortization charges, a $10.2 million intangible asset impairment charge, a $1.4 million true-up of a previous reorganization charge and a $3.2 million investment impairment charge.

For fiscal 2004, CheckFree expects to post a 12% to 19% pro forma increase in earnings, and about a breakeven performance on a GAAP basis, said David Mangum, chief financial officer of CheckFree.

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