22 August 2017
visit www.avoka.com

InteliData top line growth falters as banks curb spending

27 February 2004  |  3101 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  |  3245 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  |  2989 views  |  0 comments
InteliData raises $3.3 million additional funding

InteliData raises $3.3 million additional funding

09 July 2003  |  2396 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.vasco.comvisit www.niceactimize.com

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11999 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
10439 views comments | 22 tweets | 32 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9948 views 0 | 5 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9731 views comments | 10 tweets | 8 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9654 views comments | 19 tweets | 23 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job