Stock Watch: CFO Resignation Sends Official Payments Plunging

Official Payments Corp. (Nasdaq: OPAY) lost more than half its value Thursday, closing down 11 1/2 at 5 1/4 after the company posted a first-quarter loss and announced the departure of its chief financial officer.

Official Payments, which provides government agencies with electronic payment systems, said it lost $8.9 million, or 42 cents a share, in the quarter, compared with a loss of $121,000, or one cent, in the year-earlier quarter. Revenue rose to $1.8 million from $830,000.

The company said CFO Brian W. Nocco resigned “to pursue other opportunities.” Chief Operating Officer Michael Presto will act as CFO until a permanent successor is found, Official Payments said.

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