DALLAS (May 16, 2002) – Carreker Corporation (NASDAQ: CANI), a leading provider of technology and consulting solutions for the financial industry, today reports that based on preliminary financial data, it expects revenue for the first quarter of 2002 to be approximately $35 million, above its prior guidance of $32 million to $34 million. The company expects earnings per share on a pro forma basis for the first quarter to be approximately $0.06 per fully diluted share, also higher than its prior guidance of $0.02 to $0.04 per fully diluted share on a pro forma basis.

“The improvement in our first-quarter performance is primarily the result of better-than-expected sales in our Revenue Enhancement business unit and the award of some technology contracts earlier than we had anticipated,” said J.D. (Denny) Carreker, Chairman and Chief Executive Officer of Carreker Corporation.

The company will host an earnings conference call to discuss first quarter results on Wednesday, June 5, 2002, following the market close. Details about the time of and access to the call will be issued at a later date.

PIPE Registration Effective

Carreker also reports that the Securities and Exchange Commission has allowed the company’s registration statement on Form S-3 to go effective, enabling the resale of 1,282,000 privately placed shares of CANI common stock. As previously announced, the shares were sold to institutional investors in a Private Investment Public Equity (PIPE) transaction on April 8, 2002, at $7.83 per share, resulting in net proceeds of about $9.3 million in new equity capital after fees and expenses. The company used the net proceeds to satisfy certain remaining obligations of recently acquired Check Solutions Company and for general corporate purposes.

About Carreker Corporation
Carreker Corporation improves earnings for financial institutions around the world. The company’s integrated consulting and software solutions are designed to increase clients’ revenues and reduce their expenses, while improving security and increasing the value of their customer relationships. Carreker provides products and services to more than 200 clients in the United States, Canada, the United Kingdom, Ireland, Australia and South Africa. Clients include the full range of community, regional and large banks, among them more than 75 of the largest 100 banks in the United States. Headquartered in Dallas, Texas, since 1978, Carreker Corporation also has offices located around the world including London, Toronto and Sydney. For more information, visit www.carreker.com.

Forward Looking Statement - This document contains forward-looking statements based on current expectations that are inherently subject to risks and uncertainties. The words "estimate," "project," "intend," "expect," "believe," "plan" and similar expressions are intended to identify forward-looking statements. The Company's actual results could differ materially from those currently anticipated due to a number of factors, including, but not limited to, changes in the banking industry’s demand for the Company’s solutions, significant customer concentration and the potential loss of a significant customer, variations in operating results, reduction in revenues due to pricing arrangements, the infrequent use of long-term contracts with customers, the focus of the Company's technology and consulting solutions and the chance that they will not be accepted in the marketplace, risks associated with rapid growth in the Company’s business, the inability to attract and retain key personnel, existence of defects or errors in the Company’s software, ability to develop new technologies and services, ability to meet the changing needs of customers, dependence on third-party Internet providers and the Internet, intense competition, risks associated with strategic alliances and acquisitions, inability to protect the Company's proprietary rights, infringement and other claims and related expenses, reliance on third-party licenses, volatility in the Company's stock price, exposure to risks associated with our indebtedness, international operations, reliance on independent contractors, adoption of Financial Accounting Standard No. 142, governmental regulation and legal uncertainties and anti-takeover provisions in the Company's charter documents and under applicable law. These and other factors are set forth in the Company's annual report on Form 10-K filed on April 15, 2002, and in other reports and documents filed by the Company with the Securities and Exchange Commission from time to time.

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