The NASDAQ-listed Irish software firm Trintech has reported revenues of US$10 million for its third quarter, down just 1pc on the same quarter in 2008, with revenues of US$29.1 million reported for the first nine months of the year.
The financial software and payments company, which is based in Dallas, Texas, said it generated net income of US$1.4 million for its third quarter, compared to net income of US$550,000 for the same quarter in 2008.
Software licence revenue was up 12pc in the third quarter to US$5.4 million compared with the US$4.8 million reported in the same quarter in 2008, while service revenue for the quarter fell 13pc to US$4.6 million.
Trintech said it had reduced R&D expenses by 20pc for its third quarter to US$1.3 million, compared to the US$1.6 million spent during the Q3 2008. Sales and marketing spend was also down 23pc from US$2.8 million to US$2.2 million.
End of October cash balances
The company’s balance sheet at the end of October had cash balances of US$18.9 million.
Trintech CEO Cyril McGuire said the company’s third-quarter trading showed a strong performance.
“During the quarter, we experienced encouraging signs of market confidence in our products in the US with the outlook in some of our international markets also improving.
“Overall, we believe Trintech is well positioned to capitalise on future market opportunities and to deliver revenue and earnings growth in 2010 as the broader economy recovers,” McGuire added.
Photo: Trintech CEO Cyril McGuire.
Article courtesy of businessandleadership.com