Trintech releases third quarter results

Trintech results for Q3 were in line with its preliminary results released on November 13 when it said that revenues would be $17m to $17.4m, less than the original estimate of $19m to $21m.

In the results released today, revenue for the quarter was given as $17.4m, up 24% compared to Q3, 2000.

Ninth month revenue grew by 58% to $52.8m, compared with $33.5m for the nine months ended October 31 2000.

In the third quarter software license revenue grew to $8.2m, up 39% over the same period a year ago. Service revenue rose 22% to $2.5m.

The company reported a sequential decline of 11% in pro forma operating expenses, as compared to Q2.

CEO John McGuire said "we continue to take the necessary steps to reduce our operating costs, which have already delivered significant annualised cost savings, proving that we remain focussed on our strategy to return profitability."

During the quarter, Trintech recorded an exceptional charge of $1.25m in relation to the restructuring of its UK business.

Reported basic and diluted net loss for the quarter ended October 31, 2001 was $0.22 per share compared with $O.10 per share in Q3, 2000.