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CheckFree Billing to Cut 450 Jobs

March 19, 2002

NORCROSS, Ga. (AP) _ CheckFree Corp., which provides electronic payment services, said Tuesday it will consolidate some operations and eliminate 450 positions, or 13 percent of its work force, by this summer.

CheckFree will close its Texas offices in Austin and Houston, putting about 150 people out of work.

The company will manage its electronic commerce business from offices in suburban Atlanta; suburban Chicago; Dublin, Ohio; and Phoenix. About 150 more positions will be sliced at those offices.

CheckFree also will close its software division offices in Ann Arbor, Mich., and Singapore, eliminating another 100 jobs. The remaining 50 cuts will be made at corporate headquarters.

The cuts and consolidations are expected to save $30 million annually.

The Norcross-based company handles online bill payments for 5.9 million customers, and processes payments through 430 financial services firms.

CheckFree will take a $19 million to $21 million charge, or about 10 cents per share, in the third quarter for the layoffs and consolidations.

CheckFree shares rose 10 cents to close at $14.70 in trading Tuesday on the Nasdaq Stock Exchange.


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