Trintech cuts its losses

27 Aug 2003

Irish electronic payment technology group Trintech has said that losses at the company have narrowed by as much as 30pc in its second quarter results for fiscal year 2004.

This morning the company announced second quarter revenues of US$10.1m, compared to US$10.9m a year ago. However, the company reported that net loss fell 28pc to US$1.8m compared to US$2.5m last year.

The company reported that the latest quarter represented the tenth consecutive quarter of declining pro forma operating expenses, which fell by 20pc in Q2, compared to the corresponding period last year.

Cash usage was US $1.2m for Q2 with Trintech’s balance sheet remaining strong with closing net cash and cash equivalent balances of US$41.6m. This includes expenditure of US$58,000 in respect of the Share Buyback Programme in the quarter.

Commenting on the results, chief executive officer and chairman Cyril McGuire said: “Trintech’s results for Q2 were in line with market expectations, with key performance metrics of stable revenue, improved margins, lower operating costs and reduced losses remaining on track.

“Our goal is to make Trintech more competitive, more responsive to customer needs and better positioned to pursue new growth opportunities. Our strategy is to focus on our key profitable products and leverage our core competency in transaction and payment solutions into new growth markets.

“Our financial position remains strong and we achieved an important milestone of cashflow breakeven from an operating perspective in Q2,” McGuire said.

By John Kennedy