New contracts lift Temenos above Q1 targets

New contracts lift Temenos above Q1 targets

Back office systems vendor Temenos has reconfirmed guidance for full year 2003 revenues of approximately $130 million after recording better-than-expected new licence sales in the first quarter.

The Swiss-based banking systems supplier, which reported an operating loss of $44.4 million for the year ending December 2002, is reporting new licensing deals with Fortis Global Custody Management, Industrial and Commercial Bank of China and the Central Bank of Nigeria.

The vendor says the value of new contracts signed in Q1 2003 amounted to $8.2 million, give percent higher than its target of $7.8 million. The signings comprised 75% new licences and 25% upgrade sales to existing customers.

In addition, Commerzbank Zurich, Schroder Zurich, MeesPierson Guernsey and RZB Poland went live with Temenos' systems during the quarter.

The firm says it has exceeded Q1 targets in Northern Europe and in the Middle East, but fell slightly below target in Asia Pacific, Southern Europe and CIS regions.

George Koukis, chairman and CEO, says the firm is very satisfied with its performance during Q1 2003.

"This is of particular importance as we seek to rebuild investor confidence and reaffirm the strength of our business model," adds Koukis.

Anticipated revenues originating from business closed to date represent 83% of 2003 target revenues. Remaining revenues are expected to be generated from signings in Q2. Temenos says potential signings in the second half of the year could represent an upside to full year 2003 targeted revenues.

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