Transaction banking tech firm Fundtech has downgraded its second quarter revenue guidance after reporting a seven per cent decline in revenues and a net loss of $0.9 million for Q1.
Fundtech posted quarterly revenues of $26.1 million, a seven per cent decrease year-over-year, compared to first quarter revenues of $28.1 million in 2008, and a 13% decline compared to fourth quarter 2008 revenues of $29.8 million.
On a GAAP basis, the US vendor reported a net loss for the quarter of $0.9 million, compared with net income of $0.3 million in the first quarter of 2008, and a Q4 net loss of $2.2 million.
With market conditions still uncertain, the company has marked down its top end guidance for Q2 only, with revenue forecast at between $27.7 million and $28.7 million. This compares to previous guidance for revenues of between $27.7 million and $29.2 million.
Fundtech CEO Reuven Ben Menachem, comments: "We are focused on improving our operating efficiency, continuing to invest in our next generation Services Oriented Architecture (SOA) technology, and ensuring that we are able to meet increased demand for our products and services when market conditions improve."