14 December 2017
visit www.solutions.lexisnexis.com

Fundtech Q3 revenues rise

02 November 2005  |  1205 views  |  0 Source: Fundtech

Fundtech Ltd. (NASDAQ: FNDT), a leading provider of global electronic payment, settlement and cash management solutions, today announced financial results for its fiscal 2005 third quarter ended September 30, 2005.

Fundtech posted quarterly revenues of $19.1 million, a 35% increase year-over-year, compared to third quarter revenue of $14.2 million in 2004, and a 4% sequential increase compared to second quarter revenue of $18.4 million in 2005.

On a GAAP (Generally Accepted Accounting Principles) basis, the Company reported net income of $1.4 million or $0.09 per diluted share, for the third quarter of 2005 compared with net income of $710,000, or $0.05 per diluted share, in the third quarter of 2004, and net income of $844,000, or $0.05 per diluted share, in the second quarter of 2005.

Excluding amortization of intangibles and amortization of capitalized software costs, Fundtech's adjusted net income for the third quarter of 2005 was $2.0 million, or $0.13 per diluted share, compared with $1.3 million, or $0.09 per diluted share, in the third quarter of 2004 and $1.5 million, or $0.10 per diluted share, in the second quarter of 2005.

"We're very pleased to report another quarter of record operating performance," said CEO Reuven Ben Menachem. "Our continued success is directly attributable to our great products and our global team of talented and dedicated employees."

Third quarter highlights:

  • Fundtech closed 45 new deals and added 4 new bank customers.
  • Closed 7 new system sales: 4 Payments and 3 Cash Management.
  • In the U.S., closed ASP and disaster recovery services transactions, which are expected to generate $1.7 million of revenues over the next five years.
  • A large bank in the far-east selected Cashtech's Enterprise Cash Management System Cash In as its strategic cash management solution.


"Further, we are very excited by our recently announced acquisition of Radius Partners," Ben Menachem added. "Year-to-date revenues from the Securities area now comprise 7% of the Company's total revenue, compared with less than 1% a year ago."

"Looking ahead I believe we will continue to benefit from the strength in the high-end payments marketplace, and look forward to strong revenue and operating growth in the fourth quarter and beyond."

Guidance

The financial guidance provided is current as of today only and the Company undertakes no obligation to update its estimates.

Fundtech is increasing its revenue guidance for the fourth quarter of 2005, while earnings per diluted share guidance for the fourth quarter will remain unchanged. Fundtech is also increasing its full year 2005 guidance for both revenues and diluted earnings per share.

For the fourth quarter of 2005 we expect revenues of between $19.3 million and $19.8 million, GAAP earnings per diluted share of between $0.09 and $0.10 and adjusted earnings per diluted share, before all amortization expenses, are expected to be in the range of $0.13 to $0.14.

Fundtech currently expects 2005 revenues of between $74.0 million to $74.5 million, compared with previous guidance of $72.9 million to $73.8 million. The range for GAAP earnings per diluted share has increased to between $0.26 and $0.27 from prior guidance of between $0.24 and $0.26. Adjusted earnings per diluted share, before all amortization expenses, are expected to be in the range of $0.43 to $0.44, versus a previous range of $0.41 to $0.43.» Download the document now 42.4 kb (Adobe Acrobat Document)

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.solutions.lexisnexis.comvisit www.atos.netvisit www.response.ncr.com

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
12249 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
9572 views comments | 16 tweets | 22 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8197 views comments | 17 tweets | 36 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7405 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7297 views comments | 20 tweets | 11 linkedin

Featured job

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

Find your next job