Losses narrow at Trintech but revenue down

Irish company Trintech has reported results for the fourth quarter and for the year.

For the quarter operating losses fell 35% compared with Q4, 2001 and it also saw a 63% decline in proforma basic and net loss per equivalent ADS.

This was $0.03 for the quarter compared with $0.17 for the previous fourth quarter.

Trintech provides secure infrastructure payment solutions and the weak IT environment was reflected in a strong decline in revenue.

For the quarter ended January 31, it was $10.5m (€9.76m) compared with $15.5m (€14.41m) for the same quarter a year ago, a decrease of 32%.

Revenue for the whole year was down 37% to $68.3m (€63.5m).

Chairman and CEO Cyril McGuire commented on the results: "Despite a continuing weak IT environment, Trintech remains on track for pro-forma profitability in the ear term. ..The payments industry is still consolidating and Trintech’s product set and strong financial base will enhance its competitive position as the market improves."