Trintech announces cash usage predictions

Trintech Group PLC, a leading global provider of secure payment infrastructure solutions, announced today that it expects cash usage for the first quarter will be in the range of $7m (€7.7m) to $8m (€8.8m) as previously guided.

Continued progress on tight fiscal management of the company's cash burn has resulted in an approximate 50% sequential decrease on the prior quarter's cash usage of $13m (€14.4m).

The company also announced today that revenues for the first quarter will be less than previously expected.

Owing to a short-term deterioration of its European PoS business line the company now expects that quarter one revenues will be in the range of $9.5m (€10.5m) to $10.5m (€11.64m).

"The management team is 100% focussed on our core operations and we are taking the necessary actions to place the company on a solid foundation to improve shareholder value," said Cyril McGuire, Chairman and CEO, Trintech.

Full first quarter results will be announced and discussed by the company on Wednesday May 29.

Founded in 1987, Trintech is a leading provider of secure payment infrastructure solutions for card-based transactions for physical world commerce, eCommerce and mobile commerce.