• Total revenue in the third quarter of 2009 increased three percent to $60.3 million from $58.6 million in the third quarter of 2008. Total revenue in the nine months ended September 30, 2009 increased six percent to $179.5 million from $169.8 million in the nine months ended September 30, 2008.
  
• GAAP earnings were $6.9 million or $0.12 per share (diluted) in the third quarter of 2009 compared to GAAP earnings of $6.2 million or $0.11 per share (diluted) in the third quarter of 2008. GAAP earnings were $20.5 million or $0.37 per share (diluted) in the
  nine months ended September 30, 2009, a $0.09 increase over GAAP earnings of $16.5 million or $0.28 per share (diluted) in the nine months ended September 30, 2008. These figures include a stock based compensation benefit of $139 thousand and an expense of $412 thousand in the third quarter of 2009 and 2008, respectively, and
  an expense of $421 thousand and $4.6 million in the nine months ended September 30, 2009 and 2008, respectively.
  
• Adjusted EBITDA in the third quarter of 2009 was $11.7 million compared to $10.5 million in the third quarter of 2008. Adjusted EBITDA in the nine months ended September 30, 2009 was $33.9 million compared to $32.5 million in the nine months ended
  September 30, 2008. Adjusted EBITDA does not include stock based compensation expense and is described below (1) and reconciled to GAAP Net income.
  
• Total revenue from international operations in the third quarter of 2009 increased one percent to $17.8 million from $17.7 million in the third quarter of 2008. Total revenue from international operations in the nine months ended September 30, 2009 increased
  six percent to $51.3 million from $48.3 million in the nine months ended September 30, 2008.
  
• Under a previously announced stock repurchase program, the Company repurchased 755 thousand shares of its common stock for $5.0 million during the thirdrd quarter of 2009. The Company ended the third quarter of 2009 with $70.9 million in cash, cash equivalents and short-term investments.
  
• The Company expects to generate approximately $25 to $26 million in revenue from State Farm in 2010.
  
• The Company reaffirms its full year guidance of $240 to $245 million in revenue and $47 to $50 million in Adjusted EBITDA.

"I am pleased that we were able to post another quarter of year-over-year growth in both revenue and Adjusted EBITDA despite the challenging economic environment," said Johann Dreyer, Chief Executive Officer of S1. "Although financial institutions are proceeding very cautiously with making investment decisions, we continue to see excellent sales opportunities around the world, particularly with our payments and cash management offerings. I am also very excited about the positive feedback we continue to receive on our new Internet banking platform."