Jersey-based EFT vendor Fundtech has moved into net profit for the third quarter as revenues show three per cent sequential growth and a 20% hike over the equivalent period last year.
Revenues for the quarter ending September 2003 were $12.0 million, 3% higher than the second quarter of 2003 and 20% higher than the third quarter of 2002. Compared to the second quarter of 2003, service revenues increased by $400,000 and maintenance revenues increased by $300,000, while license revenues declined by $300,000.
Net income for the quarter was $247,000 compared with a net loss of $230,000 in the previous quarter and net loss of approximately $4.8 million in Q3 2002.
Reuven Ben Menachem, CEO of Fundtech, comments: "While general market conditions have remained unchanged, we are now beginning to capitalise on our investments in our suite of next generation products. Since the beginning of 2003, we are also witnessing momentum in the ASP market in the US. This trend bodes well for Fundtech and if it continues, we expect our recurring revenue base to continue to increase in the years to come."
The quarter was marked by a CLS system sale to a European bank, the addition of five new bank customers, and the closure of ASP and disaster recovery deals that are expected to generate $2.2 million of revenues over the next three to five years.