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Trintech Reports Third Quarter Financial Results

Wednesday 26 November 2003 08:36 CET | News

Trintech has reported third quarter revenues of $10.5 million and a basic and diluted net loss per equivalent American Depositary Share (ADS) of ($0.08).

Positive cashflow for Q3. Cash generated was $83,000 for Q3 with Trintechs balance sheet remaining strong with closing net cash and cash equivalent balances of $41.6 million. Gross margins continue to expand to 58% in Q3 from 55% the previous quarter. Operating expenses for Q3 fell strongly by 23%, compared to the corresponding period last year. Basic and diluted net loss per equivalent ADS declined 72% in Q3, compared to the corresponding period last year. Basic and diluted net loss per equivalent ADS for the quarter ended October 31, 2003 was $(0.08) compared with basic and diluted net loss per equivalent ADS of $(0.30) for the corresponding quarter ended October 31, 2002. Recent highlights include: Trintech announced the availability of its new Statement Delivery service for business access to commercial bank account data. With this new service offering, Trintech provides businesses with timely access to validated financial data that can reduce their exposure to fraud, maximize the use of their available funds and automate manual reconciliation processes. Following on from this announcement, Trintech expanded its position in the market by acquiring CW & Associates, Inc, trading as DataFlow Services, a private company, for a total consideration of approximately $5 million. DataFlow, based in Dallas, provides a data delivery service supporting customers bank reconciliation processes by aggregating bank account statement data and delivering it to customers daily in electronic form. The company employs 39 staff and currently services approximately 90 customers of which 60 are also Trintech FMS customers. Trintech announced that Whitbread Group PLC, the UKs leading hotel, leisure and restaurants group, selected ReconNET 6.6, ReconNET Online and ExecuNET to automate reconciliation of its deposit and credit card transactions, streamline its cash management processes, and provide effective risk management and reporting across its businesses. Whitbread Group PLC has more than 1,300 UK locations under such household names as Travel Inn, Marriott Hotels, Beefeater, Brewers Fayre, Brewsters, Costa, TGI Fridays, Pizza Hut, and the market-leading David Lloyd Leisure brand. Trintech announced that Celtic F.C., one of the Scottish Premier Leagues top clubs, selected Trintechs bank-accredited PayWare Merchant to automate the processing of all card payments related to ticket sales. Celtic F.C. deployed Trintechs PayWare solution at the clubs headquarters in Glasgow. The server-based solution will manage all card transactions from all the clubs ticket sale operations including tickets sold over the Internet. Trintech announced that Marsh Supermarkets Inc. implemented PayWare EPS to automate the delivery of gift certificates. Marsh, a leading supermarket chain in the US, implemented PayWare EPS at its Indianapolis, Indiana, headquarters and the solution is currently being rolled out in 120 stores in the Midwest. Trintech announced that Capita Business Services Ltd, part of the Capita Group Plc, the largest and fastest growing professional support service organization in the UK, implemented Trintechs bank-accredited PayWare Merchant solution to process all its card payment transactions for TV Licensing applications. PayWare Merchant, a leading EFT card processing solution, was deployed at Capitas offices to handle television license payments. Trintech announced that it achieved Visa PED (PIN Entry Device) certification on its bank-accredited Smart 5000 and Compact 950 PINPad terminals. This certification followed Trintechs success in being the first company to receive acquirer approval for its integrated point-of-sale EMV Chip and PIN solution. Trintech announced its upcoming release of a new platform for complete Payment Lifecycle Management (PLM). The web-based platform will give high-volume payment and disburse


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Categories: Payments & Commerce | Payments General
Countries: World
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