22 October 2017
visit www.response.ncr.com

InteliData top line growth falters as banks curb spending

27 February 2004  |  3158 views  |  0 InteliData top line growth falters as banks curb spending

US electronic banking and bill payment vendor InteliData is reporting a four per cent revenue decline for 2003 with no sign of an upturn in 2004 as customers continue to struggle with project priorities and budgets.

Revenue for the fourth quarter totalled $4.4 million, a decrease of $0.95 million from the year-ago quarter, while full-year revenue dipped to $20.6 million compared to $21.5 million for 2002.

Net loss for the three-months and year to end-December 2003 was $0.87 million and $1.6 million, versus $0.2 million and $8.6 million for the comparable year-ago periods.

Growth in recurring revenue was unable to offset declines from lost customers and the migration of First Hawaiian Bank and Bank of The West to InteliData's in-house solution, says Alfred Dominick, chairman and CEO.

"These events negatively impacted full-year revenues by approximately $3 million, contributing to the 4% year-over-year decrease," he says. "Despite our improved bottom-line performance during 2003 and considerable technology advancements, the top-line simply did not meet expectations."

He says the company remains focused on reaching net income profitability for 2004, but warns that revenues are unlikely to rise as customers continue to control spending.

Shares in the vendor were down 19 cents or 11.24% to 150 cents as the market digested the news this morning.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Frost Bank to move payment processing inhouse with InteliData

Frost Bank to move payment processing inhouse with InteliData

24 February 2004  |  3285 views  |  0 comments
First Hawaiian and Bank of West move InteliData ASP inhouse

First Hawaiian and Bank of West move InteliData ASP inhouse

30 October 2003  |  3025 views  |  0 comments
InteliData raises $3.3 million additional funding

InteliData raises $3.3 million additional funding

09 July 2003  |  2427 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
13556 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
12480 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9611 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9282 views comments | 12 tweets | 23 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8624 views comments | 9 tweets | 18 linkedin

Featured job

circa £250K total package
London

Find your next job