21 October 2017
visit www.avoka.com

Sanchez on course in Q1

29 April 2003  |  3045 views  |  0 Sanchez on course in Q1

Sanchez Computer Associates says it exceeded its 2003 first quarter revenue estimates by generating $23 million and hit its profit target for the period by posting net earnings of $335,000.

The earnings announcement followed the news of a launch by retail brokerage Schwab of a new direct banking business powered by Sanchez technology.

Frank Sanchez, chief executive officer of Sanchez, comments: "The launch of Charles Schwab Bank is expected to have a significant positive impact on our revenues and earnings for the remainder of 2003 and in the years to come."

He adds that the existing Sanchez client base continued to generate significant revenues for the company during the first quarter: "This is a positive sign in a climate that remains soft for new sales of large-scale, financial technology solutions."

Comparing 2002's first quarter over Q1 2003, the company's revenues rose 19% from $19.3 million to $23 million. Revenue contributions were recognised from across the client base and included new license sales in Poland and Hungary and implementations with Krung Thai Bank in Thailand and Scotiabank in Canada.

Comparing the company's key revenue lines, product revenues increased approximately 48% from $3.9 million in 2002's first quarter to $5.7 million in Q1 2003; services revenues increased approximately 15 percent from $5.7 million to $6.6 million; and software maintenance and other increased approximately 31 percent from $3.9 million to $5.1 million. Processing revenues were flat at $4.6 million.

Earnings from operations rose from $134,000, achieved in the first quarter 2002, to $417,000, reached in the first quarter 2003. Net earnings increased from $218,000 to $335,000. The company recognised a net gain of $156,000 on an investment in a partner company in Poland, but took a foreign exchange charge of $207,000 due to a weakening US dollar against the Canadian dollar

Management reaffirmed its estimates that the company can grow its 2003 revenues 10 to 20%, which is a range of $102 million to $112 million.

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

Schwab Bank live on Sanchez

Schwab Bank live on Sanchez

28 April 2003  |  4776 views  |  0 comments
Poland's AmerBank selects Sanchez core banking system

Poland's AmerBank selects Sanchez core banking system

08 April 2003  |  3408 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.com visit www.atos.net

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8949 views comments | 22 tweets | 26 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8678 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7749 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7230 views comments | 10 tweets | 22 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6842 views comments | 14 tweets | 23 linkedin

Featured job

Find your next job