ATLANTA — S1 Corp. (Nasdaq:SONE), a provider of integrated front-office applications for financial institutions, announced financial results for the first quarter of 2005, which ended March 31.
Revenue was up 10 percent, from $56.1 million to $62.4 million, from 1Q 2004. License revenue was up $1.6 million, from $11.6 million to $13.2 million, for the same period. Net income per share stayed at $.01 per share.
Contributing to the growth was S1 Corp.'s signing of 25 enterprise contracts, of which eight were new relationships and 17 were add-on purchases from existing customers. The company also added approximately 260 cross-sales to existing customer accounts and added 60 financial-institution customers to the more than 4,000 it serves.
One significant 1Q '05 contract is one S1 Corp. inked with New York Community Bank to drive the bank's ATM network.
"The large number of add-on contracts signed with existing enterprise customers this quarter is an important indicator that our customers are seeing real value in purchasing multiple applications and services from a single source," said Jaime Ellertson, S1 Corp.'s chief executive. "Additional substantiation of our strategy is evidenced by our expanding contractual relationship with Misys, one of the largest international core processors who agreed to distribute our entire enterprise suite, which doubles the number of enterprise products available to be sold by Misys' retail- and wholesale-banking divisions."
