(RTTNews) - CyberSource Corporation (CYBS: News ), a provider of electronic payment and risk management solutions, Thursday reported an increase in its third-quarter profit, and raised its outlook for the full-year. In addition, the company announced the promotion of Michael Walsh to President and Chief Executive Officer, and the resignation of its President and Chief Operating Officer Scott Cruickshank.

CyberSource's net income for the quarter was $2.7 million or $0.04 per share compared with $0.2 million or $0.00 per share in the year-ago period.

Excluding items, net income for the quarter increased to $14.8 million from $11.7 million in the same quarter last year. On a per share basis, non-GAAP net income increased 25% to $0.20 from $0.16 in the year-ago period.

On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.19 per share for the quarter. Analysts' estimates typically exclude one-time items.

Total revenue increased 14% to $65.7 million from $57.7 million in the year-ago period. Analysts estimated revenue of $64.18 million for the quarter.

Gross profit for the quarter increased to $34.81 million from $29.57 million in the year-ago period. Non-GAAP gross profit totaled $38.52 million, up from $32.66 million in the same quarter last year.

Total operating expenses increased to $31.45 million from $29.75 million, while non-GAAP operating expense increased to $23.38 million from $21.27 million last year.
CyberSource said that it signed 35,000 new customers in the quarter, up 26% over the prior year, increasing its customer base to approximately 284,000 active customers.

For the nine months ended September 30, net income increased to $5.88 million or $0.08 per share from $0.69 million or $0.01 per share last year. Net sales increased to $189.04 million from $166.77 million in the comparable period last year.

Looking forward, for the fourth quarter,the company expects GAAP net income in the range of $2.1 million - $2.6 million or $0.03 - $0.04 per share, and non-GAAP net income of $14.7 million - $15.2 million or $0.20 - $0.21 per share. Total revenue is expected to be between $73.0 million and $74.0 million. Analysts are currently looking for earnings per share of $0.21, on revenues of $73.68 million for the fourth quarter.

For the full year 2009, the company now sees GAAP net income of $7.9 million - $8.4 million or about $0.11 per share, and non-GAAP net income of $55.8 million - $56.3 million or $0.76 -$0.77 per share. This compares with prior guidance of GAAP net income of $6.5 million - $7.0 million or $0.09 - $0.10 per share, and non-GAAP net income of $54.0 million - $55.0 million or $0.74 - $0.75 per share.

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