Ohio software maker's shares jump 19% Trading in Checkfree Nasdaq's 4th most active

September 29, 1995|By BLOOMBERG BUSINESS NEWS

COLUMBUS, Ohio -- Checkfree Corp. shares rose as much as 27 percent yesterday as investors chased shares of the electronic commerce company, a maker of software for doing business on the Internet.

Shares of the Columbus-based company, priced at $18, closed up $3.50, at $21.50, on trading of 5.6 million shares, making it the fourth-most-active issue on the Nasdaq market and seventh overall.

"Everyday you hear something new about the 'Net," said Iang Jeon, a money and technology analyst at Forrester Research in Cambridge, Mass. "And I know Checkfree aims to be a player in the electronic commerce area."

Checkfree makes computer programs to perform billing, payment and collection electronically. The company also makes computer programs that provide security for purchases made on the Internet, the global computer network.

The company reported net income of $75,000, breaking even, on revenue of $23.5 million for the six-months ended June 30,

compared with net income of $193,000, or 1 cent a share, on revenue of $18 million a year earlier.

Of the 6.5 million shares sold in the offering, 4 million were sold by Checkfree to raise $72 million. The remaining shares were sold by insiders for $45 million. The offering was priced $2 a share above the high end of the $14-to-$16 pricing range, an indication of strong demand for the issue.

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