Trintech returns to profitability with fourth quarter revenue growth of 17%

Friday 27 February 2004 11:01 CET | News

Trintech Group has reported fourth quarter revenues of $12.3 million and a return to profitability. Net income was $577,000 for Q4, equivalent to a basic and diluted net income per equivalent American Depositary Share (ADS) of $0.04.

Trintech achieves profitability in Q4, with a net income of $577,000 and an Adjusted EBITDA net income of $1.2 million. Adjusted EBITDA net income excludes restructuring charges, net amortization and impairment of goodwill and purchased intangible assets, depreciation, adjustment of acquisition liabilities, stock compensation, interest income, net and income taxes. Gross margins continue to expand to 59% in Q4, a sequential increase from 58% for the previous quarter. Operating expenses in Q4 fell 75% to $6.7 million compared to the corresponding quarter last year. Adjusted EBITDA operating expenses for Q4 this year were $6.2 million, a reduction of 16% on the Adjusted EBITDA operating expenses for Q4 last year. Adjusted EBITDA operating expenses exclude restructuring charges, net amortization and impairment of goodwill and purchased intangible assets, depreciation, and adjustment of acquisition liabilities and stock compensation. Basic and diluted net income per equivalent ADS for the quarter ended January 31, 2004 was $0.04 compared with basic and diluted net loss per equivalent ADS of $(1.55) for the corresponding quarter ended January 31, 2003. Recent highlights include: - Trintech acquired CW & Associates, Inc, doing business as DataFlow Services, a private company, for an announced total consideration of approximately $5 million in November 2003. The announced consideration comprised initial cash consideration of $3 million, 150,000 American Depositary Shares (ADSs) issued from Trintech Treasury Shares, with a value of $570,000, and a performance based earn out over two years, estimated at $1.5 million. In January 2004, Trintech paid $200,000 additional consideration in respect of net acquired working capital in excess of targets agreed to at acquisition date, increasing the estimated total consideration to $5.3 million. The acquisition was immediately accretive to earnings not withstanding the impact of amortization of acquired intangible assets included in the purchase price. - Trintech announced that Dubai Bank selected Trintechs PayWare CMS solution to manage all its card processing requirements. Dubai Bank, the UAEs newest and most innovative bank, plans to expand its Credit Card issuing operations through its branch network in Dubai and later through other branches across the Emirates. PayWare CMS provides Dubai Bank with an enterprise card management solution that is designed to handle multiple card products and technologies. - Trintech announced that State Bank of Mauritius (SBM) implemented PayWare MPI to provide payment authentication to SBM merchant customers under the Verified by Visa and MasterCard SecureCode(tm) programs for Internet payments. SBMs existing PayWare eCommerce environment includes Trintechs PayWare Acquirer Internet payment gateway, which securely processes card payment transactions on behalf of SBM web merchants. With the addition of PayWare MPI, SBM merchants will benefit immediately by offering Verified by Visa and SecureCode authentication services to their customers, giving them instant protection from online fraud losses. - Trintech announced that Aston Villa F.C., one of the UKs top soccer clubs, has selected Trintechs bank-accredited PayWare Merchant to automate the processing and distribution of match tickets bought using a debit or credit card. The new system has been implemented at the clubs stadium in the Midlands and will allow fans to pay for tickets at an unmanned payment KIOSK, located at the entrance to the stadium. - Trintech announced that Manchester City F.C., another top UK Premier League club, selected Trintechs bank-accredited PayWare Merchant to process retail and mail order card payments including EMV Chip and PIN card transactions. Manchester City F.C. has implemented Trintechs PayWare solution at the clubs high-tech stadium in Manchester, origin

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Categories: Payments & Commerce | Payments General
Countries: World
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