Datawest Reports Fourth Quarter 2003

Tuesday 2 March 2004 20:45 CET | News

Datawest Solutions has reported unaudited financial results for the fourth quarter ended December 31, 2003. The company achieved record growth in operating earnings and earnings over 2002.

Earnings for the quarter were $1.0 million or $0.03 per share, compared to $4.2 million for fourth quarter 2002 and $0.7 million for the previous quarter. Operating earnings rose significantly by 60% or $1.0 million to $2.7 million or $0.09 per share from $1.7 million or $0.05 per share reported in the comparable quarter last year, and increased by 21% or $0.5 million over last quarter’s earnings from $2.4 million or $0.08 per share. Adjusted earnings for the quarter were $1.5 million, a significant 290% or $1.1 million improvement over the comparable quarter last year and 114% or $0.8 million over the previous quarter of $0.7 million. Adjusted operating earnings increased substantially by 90% or $1.5 million to $3.2 million from $1.7 million achieved in the same quarter last year and were up by 33% or $0.8 million from $2.4 million for the previous quarter. Adjusted earnings excludes an $0.8 million restructuring charge in the fourth quarter for a workforce reduction primarily within the Banking Solutions Group to further streamline business operations and improve operating efficiency. Earnings for the year were $2.2 million or $0.05 per share, an $8.9 million improvement compared to last year’s loss of $6.7 million or $0.29 per share. Operating earnings rose to $8.2 million compared to an operating loss of $4.8 million in 2002. Adjusted earnings for the year were a record $2.9 million compared to a $2.1 million loss last year, and adjusted operating earnings saw a substantial improvement to $9.0 million for the year compared to $4.1 million last year.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce