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CyberSource announces fourth quarter 2009 financial results |
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CyberSource Corporation, a company that provides electronic payment and risk management solutions, has announced financial results for its fourth quarter ended December 31, 2009. Fourth quarter revenue was $76.1 million, a 22% increase compared to $62.3 million in the same period the previous year. GAAP net income for the quarter was $5.1 million and earnings per share was $0.07, compared to net income of $10.0 million and earnings per share of $0.14 in the fourth quarter of 2008. During the quarter, CyberSource processed a record 707 million billable transactions, a 29% increase over the same period the previous year. The value of transactions processed was approximately $35.1 billion, a 25% increase over the fourth quarter 2008. CyberSource signed 33,400 new customers in the quarter, 20% more over the prior year, increasing its customer base to approximately 295,000 active customers.  Michael Walsh, President and Chief Executive Officer of CyberSource said his company added 11,600 net new customers in Q4 2009, a 56% increase over Q4 2008, bringing the total net new customers for the year to 40,000, 67% more than 2008. Global acquiring revenue for the quarter grew 16% year over year. “I believe that this demonstrates three things: (1) e-commerce is still nascent and will continue to grow; (2) more businesses are seeking global payment solutions that will help grow their addressable markets; and, (3) CyberSource is well-positioned to capitalize on these trends,” he said. For the year ended December 31, 2009, CyberSource total revenue was $265.1 million compared to $229.0 million for the prior year, an increase of 16%. The company provcessed 2.5 billion billable transactions during the year, a 28% increase over the 1.9 billion billable transactions processed in the previous year. The value of transactions processed was $120 billion in 2009 compared to $109 billion in 2008, an increase of 10%. On a GAAP basis, net income for the year ended December 31, 2009 was $11 million and earnings per share was $0.15 compared to $10.7 million and $0.15 in the prior year. The company signed approximately 138,000 new customers in 2009, a 30% increase over the 106,000 signed in 2008. For the first quarter ending March 31, 2010, CyberSource expects total revenue to be between $73.5 and $74.0 million, processing between 675 and 685 million billable transactions. GAAP gross profit is expected to range between $36.7 and $37.0 million, while GAAP operating expenses are expected to be between $32.7 and $33.0 million. The company said it expects GAAP net income during the first quarter to be between $2.3 and $2.6 million and earnings per share of approximately $0.03 based on a weighted average share count of 73.5 million shares. For the full year 2010, CyberSource expects total revenue between $310.0 and $315.0 million, total GAAP gross profit between $160.0 and $162.0 million, and total operating expenses between $136.0 and $138.0 million. It said it expects GAAP net income to range between $14.5 and $15.0 million, and earnings per share between $0.19 and $0.20 per share, based on a weighted average share count of 74.5 million shares. |
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