Canadian wealth management vendor Spectra Securities Software is revising upwards financial forecasts for the year ahead following a strong first quarter performance in fiscal 2002.
The Toronto-based company is reporting a quick recovery in the first quarter of fiscal 2002, despite the effect of September 11th on its New York customer base. After an initial delay, work on existing projects resumed and prospect activity increased in the US market, says the vendor. Revenues for the three months ended 30 November, 2001, stand at $5.6 milion, an increase of 29% over the same period last year.
Shortly after the quarter ended, Spectra says it signed two new customers in the United States and received additional orders from existing Canadian clients.
As a result, revenue forecast for fiscal 2002 has been raised 11% from $22.1 million to $24.5 million. Net income for the year is expected to increase from a loss of $.625 million to a profit of $3.3 million.
John McLeod, Spectra's president and chief executive officer, comments: "Despite the effects of the World Trade disaster, we have seen a return to growth in our business when many companies are experiencing revenue shortfalls."