Online Resources Corp. (Nasdaq: ORCC), a provider of web-based financial services, reported a net loss of $3.6 million, or 12 cents per share, compared to a net loss of $9.5 million, or 36 cents per share, in the comparable year ago period.
Revenue increased to $39.2 million, up 27 percent from the $30.8 million in the first quarter of 2007.
The company had earlier cautioned investors that its interest income would be softer in 2008 due to the Federal Reserve’s reduction in interest rates, but expected to start benefiting from new clients added in late 2007 by the second half of this year (“Online Resources Shows Profit for Quarter, Loss for Year,” Feb. 22).
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