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Fundtech revenues decline for second quarter

06 August 2002  |  2653 views  |  0 Fundtech revenues decline for second quarter

Electronic payments firm Fundtech is reporting revenues of $9.3 million for the second quarter, a decline of 16 per cent compared to the same period last year.

Services revenues for the second quarter ended 30 June, 2002 increased $1.0 million from the first quarter to $4.5 million. This off-set a $0.7 million decrease in licence revenues and $0.2 million decrease in hardware sales.

The adjusted net loss for the second quarter was $3.2 million or $0.23 per share. This did not include amortisation of intangibles, non-recurring expenses and amortisation of capitalised software development costs. This compares with an adjusted net loss of $3.7 million or $0.26 per share for the first quarter of 2002, and an adjusted net loss of $2.9 million or $0.20 per share for the same period last year.

On a US GAAP (generally agreed accounting principles) basis, net loss for the second quarter was $3.9 million or $0.27 per share, equal to the net loss for the first quarter of 2002. The net loss in the second quarter of 2001 was $7.0 million or $0.49 per share.

Reuven Menachem, chairman and CEO of Fundtech, says: "Our short-term focus is on moving our existing CLS, Access.pro and Global PAY plus customers to commercial production. We expect this milestone will contribute to our revenue growth in the second half of the. The commercial availability of these new products should result in additional revenues from new customers in 2003 and beyond."

In the longer term, the company aims to reduce expenses by approximately $1.5 million per quarter beginning in the fourth quarter of 2002.
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