ACI Worldwide Slashes FY13 Targets - Quick Facts

(RTTNews) - ACI Worldwide, Inc. (ACIW), a provider of electronic payment and banking systems, reported preliminary results for the fourth quarter ended December 31, 2013. The expected results presented are based on preliminary data and are not final until the financial reporting process is complete.

For the full year, non-GAAP revenues are currently expected to be in a range of $865 million - $870 million, below its prior forecast of $883 million - $905 million; while non-GAAP operating income is now expected to be in a range of $150 million - $155 million, lower than its earlier range of $165 million - $175 million.

Annual adjusted EBITDA is now expected to be $235 million - $240 million, below the company's prior forecast of $257 million - $267 million. This revised guidance does not impact the firm's 2014 expectations.

hil Heasley, President and CEO, ACI Worldwide, stated: "While we are disappointed Pwith the timing, we made the disciplined decision to defer certain contracts until 2014 to position ACI for better economic terms. Some of these contracts were consummated subsequent to quarter end and we continue to be in discussions with all others. Additionally, we had expected approximately $7 million of income to be recorded in the fourth quarter that now must be recorded to the acquisition-related balance sheet, thus reducing operating income."