Stock Watch: Corillian Falls on Wider Q1 Loss

Corillian Corp. (Nasdaq: CORI) fell 5 1/16 to 22 1/16 Tuesday after the company reported a wider loss for the first quarter. News of a contract with Microsoft Corp.’s MSN MoneyCentral did not stop the slide.

The Beaverton, Oregon-based maker of e-business software said revenue for the quarter rose 132 percent to $3.3 million. The company, which went public last month, posted a loss before non-cash charges of $6.1 million, or 26 cents a share, compared with a loss of $300,000, or 4 cents, in the year-earlier quarter. Corillian said it saw record bookings and revenue during the quarter, and growth was strong across all product lines.

Separately Tuesday, Corillian said it successfully passed a test of its software at MSN’s MoneyCentral, and its OneSource OFX Network is now available to MoneyCentral’s 10 million unique monthly users. Users of the “MyAccounts” feature can use a log-in name and password to see information about their financial accounts at major institutions.

“Corillian’s technology enables MoneyCentral users to take complete control of their personal finances online,” said Erik Jorgensen, product unit manager for MSN MoneyCentral at Microsoft Corp.

Corillian shares have had a strong run, reaching an all-time high of 32 3/4 on Monday. The shares are still trading well above their initial price of $8.

Leave a Comment

Please sign in to post or reply to a comment. New users create a free account.

E-Commerce Times Channels