18 October 2017
Find out more

Sanchez swings to Q2 loss, downgrades annual earnings estimates

30 July 2003  |  3322 views  |  0 Sanchez swings to Q2 loss, downgrades annual earnings estimates

US banking systems and services vendor Sanchez Computer Associates has revised annual earnings estimates downwards after reporting a second-quarter loss.

Although second-quarter revenues grew 7.6% to $24 million, in line with forecasts, the company reported a loss of $0.34 million compared with year ago earnings of $0.23 million. The loss includes a one-off charge of $0.32 million incurred by Sanchez as it relocated its European headquarters from London to Amsterdam.

The company was also hit by a 27% fall in service revenue as a result of decisions made by clients to delay anticipated service projects. Product revenue grew by 121% from $2.8 million in 2002 to $6.3 million, thanks to returns from two of the firm's major implementation projects - Krung Thai Bank in Thailand and Scotiabank in Canada, the inclusion of results from the company's Wealth Management Division (acquired in 2002's third quarter) and the accretion of previously deferred licence revenue.

Warning that "certain initiatives with new and existing customers have been delayed", Sanchez has downgraded its forecasts for the year and estimates its annual revenues to grow to a range of $98 million to $103 million. The company estimates annual earnings in a range of $0.06 to $0.12 per share.

Sanchez had forecast in April that year earnings would reach 18 cents to 22 cents a share on revenue 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

Sanchez releases cash management account solution

Sanchez releases cash management account solution

20 June 2003  |  3203 views  |  0 comments
First Mortgage implements Sanchez's Profile on Linux

First Mortgage implements Sanchez's Profile on Linux

11 June 2003  |  4122 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.innotribe.comRegister now

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15338 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8519 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8056 views 0 | 8 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7582 views comments | 13 tweets | 9 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6730 views comments | 8 tweets | 16 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job